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                                                                   Exhibit 10.9

                       DEPOSIT ACCOUNT CONTROL AGREEMENT

May 17, 2001


Mail Stop: CT EH 40225C
Fleet National Bank
777 Main Street
Hartford, CT 06115

Ladies and Gentlemen:

This letter is to notify you (the "Depository Bank") that, pursuant to that
certain Assignment of Account of even date herewith, a copy of which is attached
hereto (the "Assignment of Account"), Mutual Risk Management Ltd., a company
organized under the laws of Bermuda (the "Pledgor"), has (a) assigned to the
Holders (as defined in the Assignment of Account) of certain Debentures (as
defined in the Assignment of Account) and granted to the Holders a first
priority security interest in and lien upon, and (b) assigned to the
Administrative Agent (as defined in the Assignment of Account), for the benefit
of the Lenders (as defined in the Assignment of Account), and the RHINOS Holders
(as defined in the Assignment of Account), and granted to the Administrative
Agent and the RHINOS Holders a second priority security interest in and lien
upon, (a) Account No. 0003493170 (the "Account") maintained by the Pledgor with
you, (b) any extensions or renewals of the Account if the Account is one which
may be extended or renewed, and (c) all of the Pledgor's right, title, and
interest (whether now existing or hereafter created or arising) in and to the
Account, all sums from time to time on deposit therein, credited thereto, or
payable thereon, and all instruments, documents, certificates, and other
writings evidencing the Account (the items described in clauses (a), (b) and (c)
being herein collectively called the "Collateral"). XL Insurance Ltd. (the
"Representative") is acting as agent and representative of the Holders of the
Debentures for purposes of this letter agreement.

In connection therewith, the parties hereto agree (which agreement by the
Pledgor will be construed as instructions to the Depository Bank):

1.   The Depository Bank is instructed to deliver to the Representative, the
     Administrative Agent, and the RHINOS Holders copies of monthly statements
     on the Account.

2.   The Account will be styled:

     "Mutual Risk Management Ltd."

3.   All dividends, interest, gains, and other profits on the Collateral will be
     reported in the name and tax identification number of the Pledgor.

4.   During the effectiveness of this agreement, the Depository Bank will not
     allow any of the Collateral or any interest therein to be sold,
     transferred, or withdrawn by or for the benefit of the Pledgor.

5.   This letter agreement gives the Representative, the Administrative Agent,
     and the RHINOS Holders "control" of the Account and the Collateral.  The
     Depository Bank agrees to comply with any order or instruction from
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     the Representative (which shall also be deemed to be an order or
     instruction from the Administrative Agent and the RHINOS Holders for
     purposes of this letter agreement) as to the withdrawal or disposition of
     any funds from time to time credited to the Account, or as to any other
     matters relating to the Collateral, without the further consent of the
     Pledgor or any other person. The Depository Bank shall be fully entitled to
     rely upon such instructions from the Representative even if such
     instructions are contrary to any instructions or demands that the Pledgor,
     the Administrative Agent, or any other person may give to the Depository
     Bank. The Depository Bank shall have no duty to inquire or determine
     whether the Representative is entitled, under the Assignment of Account, to
     give any such instructions. Any amounts remaining in the Account after
     distribution pursuant to instructions from the Representative shall be
     distributed to Administrative Agent.

6.   The Pledgor agrees to indemnify and hold the Depository Bank, its officers
     and employees, harmless from and against any and all claims, causes of
     action, liabilities, lawsuits, demands, and/or damages, including, without
     limitation, any and all costs, including court costs and reasonable
     attorneys' fees, that may arise or result from the Depository Bank entering
     into and performing its obligations under this letter agreement except to
     the extent that such claims, causes of action, liabilities, lawsuits,
     demands, and/or damages are found in a final, non-appealable judgment by a
     court of competent jurisdiction to have resulted from the gross negligence
     or willful misconduct of the Depository Bank. In addition, the Pledgor
     agrees to pay all reasonable costs and expenses of the Depository Bank in
     entering into and administering this agreement.

7.   The Depository Bank represents that it has not received notice regarding
     any lien, encumbrance, or other claim to the Account or the Collateral from
     any person other than pursuant to this letter agreement and has not entered
     into another agreement with any other party to act on such party's
     instructions with respect to the Account.  The Depository Bank further
     agrees not to enter into any such agreement with any other party.

8.   Each of the parties executing this letter agreement agrees that the Account
     is a "Securities Account" and all assets in the Account are "Financial
     Assets" (as both terms are defined in Article 8 of the Uniform Commercial
     Code).

9.   Unless the Depository Bank has obtained the Representative's, the
     Administrative Agent's, and the RHINOS Holders' prior written consent, the
     Depository Bank agrees not to exercise any right of recoupment or set-off,
     or to assert any security interest or other lien, that it may at any time
     have against or in any of the Collateral on account of any credit or other
     obligations owed to the Depository Bank by the Pledgor or any other person.
     The Pledgor shall pay the customary charges of the Depository Bank in
     maintaining the Account.

10.  This agreement shall automatically terminate upon the release or
     termination of the security interest in the Collateral in accordance with
     the terms of the Assignment of Account.  The Depository Bank shall be
     entitled to rely upon a certificate delivered by the Representative, the
     Administrative Agent, and the RHINOS Holders with respect to such
     termination or release.

11.  To the extent a conflict exists between the terms of this letter agreement
     and any account agreement between the Pledgor and the Depository Bank, the
     terms of this letter agreement will control.

12.  The terms of this letter agreement will in no way be modified except by a
     writing signed by all parties hereto.

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13.  Each of the parties executing this letter agreement represents that he has
     the proper authority to execute this letter agreement.

14.  Governing Law.   Pursuant to Section 5-1401 of the New York General
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     Obligations Law, the substantive laws of the State of New York applicable
     to agreements made and to be performed entirely within such state, without
     regard to the choice of law principles that might otherwise apply, and the
     applicable federal laws of the United States of America, shall govern the
     validity, construction, enforcement and interpretation of this Letter
     Agreement. New York is the jurisdiction of the Depository Bank, as the
     "securities Intermediary" under Section 8-110(e)(1) of the Uniform
     Commercial Code.


       [Remainder of page intentionally blank. Signature page follows.]

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     IN WITNESS WHEREOF, Pledgor, the Representative, the Administrative Agent,
and the RHINOS Holders have agreed to the terms of this letter agreement as of
the date first indicated above.

Pledgor:

MUTUAL RISK MANAGEMENT LTD.



By:  ______________________________
     Name:_________________________
     Title:________________________

Representative:

XL INSURANCE LTD.


By:  ______________________________
     Name:_________________________
     Title:________________________

Administrative Agent:

BANK OF AMERICA, N.A., as Administrative Agent



By:  ______________________________
     Name:_________________________
     Title:________________________


RHINOS Holders:

INTREPID MASTER FUNDING TRUST, as RHINOS Holders



By:  ______________________________
     Name:_________________________
     Title:________________________
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Acknowledged and Agreed on May 17, 2001:

Depository Bank:

FLEET NATIONAL BANK


By:  ______________________________
     Name:_________________________
     Title:________________________