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MUTRISK Press Release
Hamilton, Bermuda, December 14, 1995.
Mutual Risk announces acquisition of Professional Underwriters Corporation
Mutual Risk Management Ltd. (NYSE:MM) today announced
that it had reached an agreement to acquire Professional
Underwriters Corporation, an underwriting manager located in
King of Prussia, Pennsylvania. Professional Underwriters
specializes in underwriting and managing "Program Business"
on behalf of a number of insurance companies including Mutual
Risk's subsidiary, Legion Insurance Company. Program
Business involves a producing agent and one or more insurers
or reinsurers jointly participating in the underwriting
profit and investment income produced by a Mutual Risk
"Alternative Market" program, rather than the insured, and
has been a growing segment of Mutual Risk's business.
John Kessock, Jr., President of Mutual Risk, noted that,
"Professional Underwriters Corporation brings extensive
experience in underwriting and managing Program Business and
will enhance Mutual Risk's ability to grow this important
segment of our business. Professional Underwriters
experience in liability and property lines will be especially
helpful to Mutual Risk as we expect our Program Business to
be significantly less concentrated in the workers'
compensation line than our traditional Alternative Market
business".
The acquisition of Professional Underwriters is expected
to be completed in January, 1996. Professional Underwriters'
1995 revenues are expected to be approximately $5 million and
they employ a staff of about 55 people.
Mutual Risk Management Ltd. provides risk management
services to clients in the United States, Canada and Europe
seeking alternatives to traditional commercial insurance for
certain of their risk exposures, especially workers'
compensation. Mutual Risk Management Ltd. Common Shares are
listed on the New York and Bermuda stock exchanges under the
symbol MM.
Mutual Risk Management Ltd.
P.O. Box HM 2064, 44 Church Street
Hamilton HM HX, Bermuda
Tel: (441) 295-5688 Fax: (441) 292-1867