Mutual Risk Management

  • Home
  • Mutual Risk Management

SHOWING:

51 to 100 of 101 results
  

Sort By:

Search

Filter By:

Topics

Jurisdictions

show more show less

Allegations

XL Capital controls 18.5% of Mutual Risk Management following deal

June 30, 2001
XL Capital is now by far the biggest shareholder in Mutual Risk Management following an XL-led $112 million financing deal that saved the troubled firm from having its ratings lowered.As of June 15, 2001, XL Capital was the beneficial shareholder of 18.5 per cent of MRM's common, according to a recent filing with the SEC.

MRM boss Robert Mulderig part of $112 million financing consortium

May 31, 2001
Mutual Risk Management Chairman and CEO Robert Mulderig was part of the consortium that recently agreed to inject $112.5 million into the ailing company, it has been disclosed.Mulderig's participation was publicly released for the first time in a filing with

Unusual trading in MRM stock before $112 m financing announcement

April 30, 2001
Trading in Mutual Risk Management shares displayed unusual patterns hours before the official announcement that the troubled firm had obtained a $112 million financing package, we can disclose.MRM's share price plummeted from above $5 to $3.40 in early trading on

Suspicious trading patterns of MRM stock

April 19, 2001
News of Mutual Risk Management's infusion of $112.5 million from a consortium of XL Capital Ltd, First Union Capital Partners, High Ridge Capital and Century Capital Partners II seems to have leaked out yesterday before the deal was officially announced, judging by trading patterns on the New York Stock Exchange.

Mutual Risk Management shares continue to plummet

April 17, 2001
The collapse of the share price of Mutual Risk Management is continuing today, with the price down by 24 per cent to just $3.75 per share on heavy volume of 285,000 in the first two hours of trading on the New York Stock Exchange.

Head of MRM-subsidiary Valmet admits to being ‘economical with the truth’

March 31, 2001
The head of Isle of Man-based Valmet Group, which was recently purchased by Mutual Risk Management, has admitted being "economical with the truth" during a criminal trial in New York. Peter Bond is the chief witness in the trial of former penny stock promoter Robert E. Brennan, who is charged with 13 counts of bankruptcy fraud and money laundering.

Arthur Engel snaps up MRM shares as price falls

March 31, 2001
Mutual Risk Management's share price might be dropping like a stone but at least one director is putting his money where his mouth is by snapping up the firm's stock on the open market. Arthur E. Engel has spent $1.43 million buying 120,000 shares on the New York Stock Exchange since December 8, 2000.

MRM insider trades

February 28, 2001
The collapse of Mutual Risk Management's stock price shows the wisdom of several insiders who reported last November that they had exercised options and sold shares for a profit, rather than hang on to them.Records filed with the SEC shows that insiders made a combined profit of $533,133 on the stock market by exercising options at $15.14 per share and selling them for between $17.82 and $18.73.

MRM share price plummets after $46.1M charge

February 28, 2001
Mutual Risk Management's share price fell by more than 25 per cent in one day after the firm reported a net loss of $37.7 million for the quarter ended December 31, 2000. The loss was primarily due to MRM taking an after-tax charge of $46.1 million or $1.11 per share to establish a reserve to settle reinsurance disputes relating to its Program Business.

MRM fights for reinsurance payments

January 31, 2001
Mutual Risk Management boss Robert Mulderig says the group's multi-million dollar disputes with reinsurers is the single biggest factor holding back its share price on NYSE.At September 30, 2000, MRM was involved in litigation and arbitration to reclaim $47 million from its reinsurers, putting a strain on its cash-flow and share price, which is currently at about $13.50.

Break out the vodka: MRM buys Valmet Group

December 31, 2000
Mutual Risk Management is due to complete the purchase of Bermuda-registered financial services firm Valmet Group by January 2, 2001. In acquiring Valmet, MRM is taking over an entity that has received much international publicity over the last few years due to its ties with Russia.

Mutual Risk to buy Valmet Group

December 22, 2000
Mutual Risk Management, whose share price has been in the doldrums for several months on the New York Stock Exchange (Ticker - 'MM'), is in the process of completing the purchase of the Valmet Group, a financial services group with operations in eight different locations.

James Kelly cashes in MRM shares

September 30, 2000
Mutual Risk Management's Chief Financial Officer, James Kelly, received $2.76 million in August from the sale of 150,000 of the company's common shares on the New York Stock Exchange.

Bank of Bermuda sued again over alleged $300 million Ponzi scheme, two arrested

September 30, 2000
The Bank of Bermuda has been sued again over its involvement in the alleged $300 million Cash 4 Titles Ponzi scheme that operated in the United States, the Cayman Islands and the Bahamas. Barely a month after the bank was served with a class action lawsuit in Federal Court in Miami that was filed on behalf of victims, a second action was filed in Illinois on September 19, 2000.

OPL’s massive loss mars generally healthy results for Bermuda insurers

August 31, 2000
Bermuda Insurance Market Results Round-Up: The quarter ended June 30, 2000 was a healthy one for most Bermuda reinsurers, with six reporting profits, and two suffering losses, including a massive one for Overseas Partners Ltd. The general view was that the market has turned, rates have hardened and that profits should start rolling in again following a dismal 1999.

Mutual Risk to take $4.3 m first quarter charge

April 30, 2000
Mutual Risk Management announced on March 30 that it would take a first-quarter charge of $4.3 million or ten cents per share on a buy-back of subordinated debentures. The company stated that it had spent $107.7 million to buy back 5.25 per cent zero coupon subordinated debentures with a face value of $236 million.

Insurance agency alleges fraud against MRM

March 31, 2000
Mutual Risk Management is being sued for fraud and negligence by one of its biggest business producers, Kansas City-based insurance agency VCW Inc. In other news affecting the group, MRM has disclosed that it is involved in three arbitrations in Philadelphia with reinsurers which have allegedly refused to pay $6 million of claims.

Mutual Risk’s performance continues to decline

February 29, 2000
Mutual Risk Management's net income continued to fall in the fourth quarter of 1999, dropping to $8.18 million or 20 cents per share, compared with $16.2 million or 38 cents per share a year earlier. Although total revenues for the quarter increased by 15.4 per cent from $77.35 million to $89.29 million, total expenses went up even higher, by 38 per cent, from $59.28 million to $81.57 million.

MRM directors file to sell shares

November 30, 1999
Two directors of Mutual Risk Management - Jerry Rosenbloom and Allan Fulkerson - gave separate notice to the SEC on September 23 that they intended to each sell 20,000 of the company's shares. There has been no notification to the SEC that the shares have been sold which may indicate that the that the price dropped too steeply to meet their sell criteria.

Stirling Cooke: Where did the $1.4 million go?

November 30, 1999
Stirling Cooke Brown Holdings has refused to explain a mysterious $1.4 million investment write-down that was disclosed in its latest 10Q filing with the SEC. The company is being so secretive about the write-down that it has created an irresistible impression that it has something to hide.

MRM and insiders snap up the company’s stock

October 31, 1999
Mutual Risk Management and its officers and directors have taken advantage of the recent massive collapse in the company's stock price by aggressively snapping up shares on the open market.

Stirling Cooke’s little-known Cayman affiliate

September 30, 1999
The Bermuda-based Stirling Cooke insurance group is a shareholder in a little-known reinsurer called Alternative Risk Reinsurance Company Limited that is registered in the Cayman Islands and managed by Mutual Risk Management (Cayman) Limited.

Mutual Risk Management is Bermuda’s top insurance stock for second straight year

January 29, 1999
For the second consecutive year, the common stock of Mutual Risk Management has outperformed all other Bermuda-based, publicly-listed companies operating in the insurance/reinsurance sector. MRM's stock achieved a total investment return of 31.39 per cent for 1998, way ahead of its nearest rival, EXEL, which returned 20.93 per cent to investors. MRM's stock has now returned 100 per cent in two years.

Mutual Risk Management officers in heavy selling

January 29, 1999
Senior officers of Mutual Risk Management engaged in heavy selling of their company's stock from November 20-December 14, 1998, collectively off-loading 247,214 shares for $9,121,767 on the New York Stock Exchange.

MRM’s Legion Insurance fined for selling unapproved policies

October 31, 1998
Legion Insurance, the Philadelphia based subsidiary of Mutual Risk Management, has been fined $75,000 by regulators in Washington State for violating state insurance laws.The fine was levied earlier this month "for continuing to market and sell medical malpractice insurance in

MRM takes battering on Yahoo! stock message board

August 31, 1998
Mutual Risk Management has been one of the best-performing stocks in any sector since it went public in June, 1991 but you wouldn't think so from the postings on a popular Internet message board run by Yahoo! and used by analysts, investors and others to 'discuss' the firm's stock.

MRM’s millionaire insurance bosses

March 31, 1998
Mutual Risk Management chairman and CEO Robert Mulderig received a financial package worth $2.67 million for fiscal 1997, according to the company's latest Proxy Statement filing with the SEC. Mulderig received a salary of $452,250, a bonus of $486,842, pension contributions of $11,309 and a profit of $1.72 million from exercising stock options. His right-hand man, John Kessock, who is president of the company, received a package valued at $2.64 million, comprising a salary of $452,504, a bonus of $486,842, pension contributions of $4,000 and a stock option profit of $1.7 million.

Comp Indemnity Re granted Cayman insurance license

February 27, 1998
Two subsidiaries of Bermuda-based reinsurers were recently granted licences to operate in the Cayman Islands. Stockton Reinsurance (Cayman) Limited, which was incorporated on July 29, 1997, received a restricted Class B licence, which allows the licensee to cover only the risks of its parent company.

Insider Talking: January 30, 1998

January 30, 1998
OffshoreAlert's unblemished track record when it comes to publishing exposes, despite letters threatening litigation; human cloning group touts Cayman and Bahamas as potential domiciles, who is disgrunted ex-Bank of Butterfield employee who criticized recently-retired chairman Sir David Gibbons?, Richard Black and Mike Cascio look to form new Bermuda insurance facility, possible bribery in the Turks and Caicos Islands, Cayman Islands Monetary Authority MD Neville Grant accepts no responsibility for collapse of First Cayman Bank, Global Private Banking magazine causes mirth by describing closure of FCB as an example of regulators "acting tough on miscreants", Cayman-based Oxford Advisors opens up office in Bermuda, 18 luxury homes in Bermuda sold for a total of $72 m in 1997, and what effect, if any, will the death of Charles Collis have on Bermuda Fire and Marine Insurance litigation? 

Mutual Risk Management is examined by the IRS

February 28, 1997
Bermuda-based Mutual Risk Management, which sells itself to investors as being risk-free and to its ultimate insureds as being a carrier of risk, is currently subject to an examination by the US Internal Revenue Service.

Mutual Risk Management fires auditor

October 14, 1995
Bermuda-based Mutual Risk Management, whose shares are traded on the New York Stock Exchange, has dismissed its auditor of 18 years, KPMG Peat Marwick, and replaced it with Ernst & Young - but will not officially say why.

Park International buys HJF International

October 12, 1995
Bermuda-based Park International Ltd., the insurance brokerage subsidiary of Mutual Risk Management, has bought rival broker HJF International Ltd. and taken on all six of its staff, including HJF's former owners, Michael Jenkins and Mike Foulger.The acquisition has arguably made Park the "leading independent brokerage firm in Bermuda, if you consider an independent broker to be one not connected with another broker", Park's president, Paul Scope, said.

Mutual Risk Management acquires CFM Insurance

September 28, 1995
Mutual Risk Management has agreed to acquire CFM Insurance Managers, a Bermuda company which provides risk management services to captive insurance firms based on the island. Several CFM clients are subsidiaries of European companies and many are involved in the international marine insurance market, a release announcing the deal stated.

Bermuda firms battle for share of COFR market

December 22, 1994
Insurance executives aligned to two groups in Bermuda have been working frantically over the last few weeks to provide the first certificates of financial responsibility now required of shipowners whose vessels will enter US waters. Up for grabs are tens of millions of dollars in annual premiums. David Marchant looks at Bermuda's newest reinsurance product and assesses the winners and losers.

Aneco Re Chairman to sue

December 12, 1991
Aneco Reinsurance Underwriting Ltd chairman Mark Hardy has instructed his lawyers to commence legal proceedings against the underwriters, cedants and brokers responsible for handling Aneco's property catastrophe book of business. The action, to be brought either in Bermuda or in London, will seek damages in connection with the underwriting and placement of this business with Aneco.