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                                  Exhibit 11
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                                                                      Exhibit 11

                          MUTUAL RISK MANAGEMENT LTD.
                       COMPUTATION OF EARNINGS PER SHARE

<TABLE>
<CAPTION>
 
                                                Quarter Ended September 30,  Nine Months Ended September 30

                                                       1997         1996         1997         1996       
                                                     (in thousands except share and per share amounts)  
<S>                                             <C>          <C>              <C>          <C>           
Primary                                                                                                  
-------                                                                                                  

Net income available to common shareholders     $    13,084  $     9,433   $    34,895   $    27,565
                                                ===========  ===========   ===========   ===========
                                                                                                       
Weighted Average Common Shares                                                                         
 Common shares outstanding                       37,422,524   36,496,954    37,298,504    36,247,978   
                                                -----------  -----------   -----------   -----------
                                          
Common share equivalents associated with  
   options and Redeemable Common Shares:  
  Options                                         3,824,704    3,295,382     3,824,704     3,295,382
  Redeemable Common Shares                          937,168      937,168       937,168       937,168
                                                -----------  -----------   -----------   ----------- 
                                                  4,761,872    4,232,550     4,761,872     4,232,550
                                                            
Common Shares purchased with proceeds from                  
options exercised                                (2,112,426)  (2,489,418)   (2,459,066)   (2,275,222)
                                                -----------  -----------   -----------   -----------
                                                  2,649,446    1,743,132     2,302,806     1,957,328
                                                -----------  -----------   -----------   ----------- 
Total Weighted Average Common Shares             40,071,970   38,240,086    39,601,310    38,205,306
                                                ===========  ===========   ===========   ===========
Primary Earnings Per Common Share:                          
Net income available to common shareholders           $0.33        $0.24         $0.88         $0.72
                                                ===========  ===========   ===========   ===========
                                                            
Fully Diluted                                               
-------------                                               
Net income available to common shareholders     $    13,084  $     9,433   $    34,895   $    27,565
Debenture interest                                    1,632        1,549         4,840         4,595
                                                $    14,716  $    10,982   $    39,735   $    32,160
                                                ===========  ===========   ===========   ===========  
Weighted Average Common Shares                              
 Common shares outstanding                       37,422,524   36,496,954    37,298,504    36,247,978
                                                -----------  -----------   -----------   -----------
                                                            
Common share equivalents associated with                    
 options, Redeemable Common Shares                          
 and Convertible Debentures:                                
  Options                                         3,824,704    3,295,382     3,824,704     3,295,382
  Redeemable Common Shares                          937,168      937,168       937,168       937,168
  Convertible Debentures                          6,978,800    6,978,800     6,978,800     6,978,800
                                                -----------  -----------   -----------   ----------- 
                                                 11,740,672   11,211,350    11,740,672    11,211,350
                                                            
Common Shares purchased with proceeds from                  
options exercised                                (2,112,426)  (2,489,418)   (2,459,066)   (2,275,222)
                                                -----------  -----------   -----------   ----------- 
                                                  9,628,246    8,721,932     9,281,606     8,936,128
                                                -----------  -----------   -----------   -----------

Total Weighted Average Common Shares             47,050,770   45,218,886    46,580,110    45,184,106
                                                ===========  ===========   ===========   ===========
Fully Diluted Earnings Per Common Share:
  Net income available to common shareholders   $      0.31  $      0.24   $      0.85   $      0.71
                                                ===========  ===========   ===========   ===========
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