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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
                                                                             1999        1998               1999        1998
                                                                        (in thousands except share and per share amounts)
<S>                                                                  <C>         <C>               <C>          <C>
Basic

Income Available to Common Shareholders                                     $5,361       $17,097          $42,255       $48,363
                                                                        ----------    ----------       ----------    ----------

Weighted Average Common Shares outstanding                              43,583,086    41,730,688       43,214,037    41,026,217
                                                                        ----------    ----------       ----------    ----------

Basic earnings per Common Share                                              $0.12         $0.41            $0.98         $1.18
                                                                        ----------    ----------       ----------    ----------
Diluted

Income Available to Common Shareholders                                     $5,361       $17,097          $42,255       $48,363
Debenture interest                                                               0(a)      1,634            4,513         4,967
                                                                        ----------    ----------       ----------    ----------
                                                                            $5,361       $18,731          $46,768       $53,330

Weighted Average Common Shares outstanding                              43,583,086    41,730,688       43,214,037    41,026,217


Common share equivalents associated with options
     and Convertible Debentures:
         Net effect of dilutive stock options                              869,179     2,062,026        1,314,909     2,322,814
         Assumed conversion of Convertible Debentures                            0(a)  6,647,233        5,869,042     6,804,209
                                                                        ----------    ----------       ----------    ----------
                                                                           869,179     8,709,259        7,183,951     9,127,023

     Total Weighted Average Common Shares                               44,452,265(a) 50,439,947       50,397,988    50,153,240
                                                                        ----------    ----------       ----------    ----------

Diluted earnings per Common Share                                           $0.12          $0.37            $0.93         $1.06
                                                                        ----------    ----------       ----------    ----------

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(a) Excludes the conversion of Convertible Debentures which would have an
    anti-dilutive effect.