BNET Industries

Mutual Risk Management Ltd.

MLRMF is in the Financial Services Industry

Market Cap:$41.6K
Last Fiscal Year Sales:$497.8M
  • Public
Dow Jones Description

On February 19, 2002, the Company announced a significant loss for the fourth quarter of 2001. Since the date of that release, the net loss for 2001 has increased by $13.0 million to $99.2 million from the previously announced $86.2 million. This increase in the net loss is the result of additional provisions established by the IPC Companies to reflect increased problems in collecting indemnity payments due to these companies from their clients. The results for the fourth quarter included: . The Company established a valuation allowance against its U.S. net deferred tax asset on its Consolidated Balance Sheet at December 31, 2001 of $63.0 million, or $1.50 per diluted share. . an addition to the Company's reserves for losses and loss expenses of $74.5 million; . a gain on the sale of the Company's interest in Tremont Advisors Inc. and Tremont MRM Services Ltd., of $20.8 million; and . a loss on the expected disposal of the Company's CompFirst underwriting management subsidiary of $5.4 million and reductions in the carrying value of a number of the Company's investments, including certain Collateralized Bond Obligations, of $10.4 million.

Chief Executive Officer
Robert A Mulderig
Contact Information

44 Church St

Bermuda

Hamilton Hm 12 Bermu

4412955688

NAICS Code Direct Property and Casualty Insurance Carriers: 524126

News & Analysis

company and mutual risk management ltd. - All News and Analysis

Decision Makers

Name (plus bio) Position
Robert A Mulderig Chief Executive Officer
John Kessock Jr President
Angus H Ayliffe Chief Financial Officer
Michael P. Loftus Chief
Paul D Watson Senior Vice President and Chief Operating Officer
Glenn R Partridge Executive Vice President
Richard G Turner Executive Vice President
Douglas Boyce Senior Vice President
Richard E O'Brien Senior Vice President

Board of Directors

Name (plus bio) Position
Edward W. Kane Board of Directors

Organization Position Status
Mutual Risk Management, Ltd. Chief Executive Officer Current

Organization Position Status
Mutual Risk Management, Ltd. President Current

Organization Position Status
Mutual Risk Management, Ltd. Chief Financial Officer Current

Michael P. Loftus, Vice President and General Auditor, United America Indemnity, Ltd. Michael is Vice President and General Auditor for United America Indemnity, Ltd. and its principal subsidiaries, United National Group, Penn America Group and Penn Independent Corporation, where he has complete responsibility for all internal auditing activities. Mr. Loftus has over 20 years in the insurance industry, with various internal audit roles at CIGNA and served as the chief audit executive at Delphi Financial Group, Mutual Risk Management and PMA Capital. He also has public accounting experience with Peat Marwick Mitchell & Co. Mike graduated from Villanova University in 1982 with a Bachelor of Science in Accounting. He is a CPA, FLMI and CFSA. He is a member of the Institute of Internal Auditors, the American and Pennsylvania Institute of CPA's, and has served as a past state chairman of the PICPAa s Committee on Internal Audit. Mike has also served on the Board of Directors of the Insurance Internal Audit Group since 1999.

Organization Position Status
PMA Capital Corp. Chief Current
Delphi Financial Group, Inc. Chief Current
Mutual Risk Management, Ltd. Chief Current
Penn-America Group, Inc. Vice President and General Auditor Current
Penn-America Group, Inc. Auditor Former
United National Group Ltd. Auditor Current
United America Indemnity, Ltd. Auditor Current
Villanova University Bachelor of Science Former

Organization Position Status
Mutual Risk Management, Ltd. Senior Vice President and Chief Operating Officer Current

Organization Position Status
Mutual Risk Management, Ltd. Executive Vice President Current

Organization Position Status
Mutual Risk Management, Ltd. Executive Vice President Current

Organization Position Status
Mutual Risk Management, Ltd. Senior Vice President Current

Organization Position Status
Mutual Risk Management, Ltd. Senior Vice President Current

Ed Kane is a senior managing director of HarbourVest Partners, LLC and a founder of the Firm. He is responsible for overseeing U.S. and non-U.S. partnership and direct investments. He joined John Hancock's corporate finance department in 1979 and co-founded Hancock Venture Partners in 1982, which later became HarbourVest Partners. He serves as an advisory committee member for several U.S. and foreign private equity partnerships, including funds managed by Candover Partners Limited and Charterhouse Capital Partners. Ed has also served on the Boards of three public companies: Xylogics, AI Corporation, and Mutual Risk Management Ltd., and is a Trustee of the Mystic Seaport Museum. He was previously a Major in United States Army Intelligence where he trained in electronics and telecommunications. His experience also includes four years with the commercial banking division of the New England Merchants National Bank. He received a BA (cum laude) from the University of Pennsylvania in 1971 and an MBA from Harvard Business School in 1975.

Organization Position Status
Harbourvest Senior Managing Director Current
Charterhouse Capital Partners LLP Current
Mutual Risk Management, Ltd. Board of Directors Current
Harbourvest Founder Former
Harvard Business School Mba Former
University of Pennsylvania Ba (Cum Laude) Former
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MLRMF $0.00050 +0.00000 (0% )
Volume 466,883
Shares Outstanding 41.6M
Market Cap 41.6K
Year High 0.015
Year Low 0.00020
Earnings Per Share -2.040
P/E Ratio N/A
Dividend 0.00
Yield 0.00
IndustryTop Rated
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