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<S> <C> <C> <C> <C> <C> <C>
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
WASHINGTON, D.C. 20549
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[ ] CHECK THIS BOX IF NO STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OMB NUMBER:
LONGER SUBJECT TO 3235-0287
SECTION 16. FORM 4 OR Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, EXPIRES: SEPTEMBER
FORM 5 OBLIGATIONS MAY Section 17(a) of the Public Utility 30, 1998
CONTINUE. SEE Holding Company Act of 1935 or Section 30(f) of the Investment Company Act ESTIMATED AVERAGE
INSTRUCTION 1(B). of 1940 BURDEN
HOURS PER RESPONSE 0.5
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(Print or Type Responses)
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1. Name and Address of 2. Issuer Name AND Ticker or Trading Symbol 6. Relationship of Reporting Person(s)
Reporting Person/*/ to Issuer
Mutual Risk Management Ltd. (MM) (Check all applicable)
Mulderig, Robert A.
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(Last) 3. IRS or Social Security 4. Statement for --- ------
(First) Number of Reporting Month/Year X Officer (give Other (specify
(Middle) Person (Voluntary) September 1997 --- title ------ below)/*/
Mutual Risk Management Ltd. below)
44 Church Street Chief Executive Officer
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(Street) 5. If Amendment, 7. Individual or Joint/Group
Date of Original Filing(Check Applicable Line)
Hamilton HM 12 Bermuda (Month/Year) X Form filed by One Reporting Person
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Form filed by More than One
--- Reporting Person
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(City) (State) (Zip) TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action of Disposed of (D) Securities ship of In-
Date Code Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 8) Owned at Direct Bene-
(Month/ ------------------------------------------- End of Month (D) or ficial
Day/ Month (Instr. Indirect Owner-
Year) 3 and 4) (I) ship
Code V Amount (A) or Price (Instr. 4) (Instr.
(D) 4)
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Debentures convertible 9/11/97 A 165,195(1) A $50.125 D
into Common Stock
(See Table II)
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Common Stock 9/11/97 S 190,000 D $50.125 428,189(2) D
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Reminder: Report on a separate line for each class of securities (Over)
beneficially owned directly or indirectly. SEC 1474 (7-96)
/*/If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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FORM 4 (continued)
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Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security 2. Conversion 3. Transaction 4. Transacation 5. Number of Derivative 6. Date Exercisable
(Instr. 3) or Exercise Date Code Securities Acquired (A) and Expiration
Price of (Month/Day/ (Instr. 8) or Disposed of (D) Date
Derivative Year) (Instr. 3, 4, and 5) (Month/Day/
Security Year)
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Code V (A) (D) Date Expiration
Exer- Date
cisable
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Convertible Debentures (3) 9/11/97 P $15,350,000 Deben- 1/30/2015
Face tures
Amount current-
ly con-
vertible
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7. Title and Amount of 8. Price of Derivative 9. Number of Derivative 10. Ownership Form 11. Nature of Indirect
Underlying Securities Security (Instr. 5) Securities Beneficially of Derivative Security: Beneficial Ownership
(Instr. 3 and 4) Owned at End of Month Direct (D) or (Instr. 4)
Instr. 4) Indirect (I) (Instr. 4)
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Title Amount or
Number of
Shares
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<S> <C> <C> <C> <C>
Common
Stock 165,161(4) (5) $15,350,000 D
Face
Amount
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Explanation of Responses:
(1) Represents Common Shares issuable on conversion of Convertible Debentures.
See Table II.
(2) Includes 165,161 Common Shares issuable on conversion of Convertible
Debentures. Does not include 77,059 shares held indirectly.
(3) Each Convertible Debenture is convertible into Common Stock at the rate of
10.759 shares per $1,000 of principal amount at maturity
(4) The price per Share of the Common Stock at the time of acquisition of the
Convertible Debentures was $50.125.
(5) $55.50 per $100 face amount.
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Robert A. Mulderig 9/12/97
_______________________________ ______________
**Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed. If
space is insufficient, See Instruction 6 for procedure.
Page 2
SEC 1474 (7-96)
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
