of its common shares.

The split is effective for all common shares of record as of September 30, 1993. Shares will begin trading on a split basis today.

MRM's chairman, Mr. Robert Mulderig, and president, Mr. John Kessock, Jr., said in a joint statement that the split "reflected the company's positive outlook for the future and was designed to increase liquidity in the company's shares''.

The lower price resulting from the split could also make transactions more attractive to individual investors, they said.

Outstanding common share certificates will not be invalidated by the stock split and will continue to represent the number of shares indicated.

Certificates representing the additional shares are being distributed to shareholders, with fractional shares being cashed out.

MRM 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.

MRM's common shares are listed on the New York and Bermuda stock exchanges.