Park International for an estimated $1.35 million.

The deal, expected to be completed within 60 days, allows Mutual Risk to offer broking services with alternative market insurers such as ACE Limited, XL Insurance Ltd., and Corporate Officers and Directors Assurance Limited (CODA).

Park International, which began operating in 1989, has specialised in placing coverage with alternative market insurers. Mutual's Mr. Robert Mulderig said Park's business represents a new service that will add to Mutual Risk's existing range of services.

"We wanted to acquire their book of business,'' he said. "We have marketing contacts in the US but this (buy out) will help us build a lot more.'' In a statement, he said: "We believe that, as part of the Mutual Risk group of companies, Park will continue its growth as an independent Bermuda broker and will offer its services to many of the retail insurance brokers through whom Mutual Risk presently markets its other risk management services.'' Mutual Risk plans to exchange 45,000 of its common shares for all of Park's shares. Mr. Mulderig said Mutual Risk's shares closed at $30 on the New York Stock Exchange on Wednesday.

Park International, now located in the Windsor Place, will move into Mutual Risk's offices in the Bermuda Commercial Bank building on Church Street, but Mr. Mulderig said it will keep its own name and will continue to operate independently.

Mutual Risk, which went public in June, 1991, yesterday reported a 1992 second quarter profit of $3.8 million, an increase of approximately $1.7 million over the same period in 1991.

Net income per common share totalled 43 cents, up 14 cents from the same quarter last year.

Revenues for the three months totalled $19.3 million, compared to $12.5 million for the same period in 1991. Expenses were $14.1 million in the second quarter, up nearly $5 million from $9.2 million during the same period the previous year.

For the first six months of 1992, profits were $7.3 million, up more than $3 million from $4 million for the first six months last year.

Earnings per share for the six months were 84 cents, compared to 61 cents from January through June, 1991.