<HTML>
<HEAD>
<TITLE>FORM S-8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As
filed with the Securities and Exchange Commission on December&nbsp;29, 2005</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;333-</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION
STATEMENT</b><BR>
<b><i>UNDER<BR>
THE SECURITIES ACT OF 1933</i></b>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CRM HOLDINGS, LTD.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Bermuda</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>N/A</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(State or other jurisdiction of<BR>
incorporation or organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(I.R.S. Employer<BR>
Identification No.)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Skandia International House<BR>
16 Church Street<BR>Hamilton HM 11<BR>
Bermuda<BR>
(441)&nbsp;295-2185<BR>
(Address of Principal Executive offices, including Zip Code)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CRM Holdings, Ltd. 2005 Long-Term Incentive Plan<BR>
(Full Title of the Plan)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Louis J. Viglotti, Esq.<BR>
General Counsel<BR>
Compensation Risk Managers, LLC<BR>
112 Delafield Street<BR>
Poughkeepsie, New York 12601<BR>
(845)&nbsp;452-4100<BR>
(Name, Address, including Zip Code, and Telephone Number, including Area Code, of Agent for Service)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Copy to:<BR>
Roslyn Tom, Esq.<BR>
Baker &#038; McKenzie LLP<BR>
1114 Avenue of the Americas<BR>
New York, New York 10036<BR>
(212)&nbsp;751-5700</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>




<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->

<TR style="font-size: 8pt" valign="bottom">
<TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>





    <TD nowrap align="center" colspan="2"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
<TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>


    <TD colspan="2" align="center"><B>maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
<TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>offering price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>


    <TD colspan="2" align="center" nowrap><B>aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>registration</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD width="1%">&nbsp;</TD>
    <TD nowrap align="left"><B>Title of securities to be registered</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap><B>registered(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>


    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>





    <TD nowrap align="center" colspan="2"><B>per share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>

    <TD align="center"><B>offering price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>



    <TD nowrap align="center"><B>fee(4)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="48" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>




<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
                               <TD><DIV style="margin-left:15px; text-indent:-15px">Common Shares, par value $0.01 per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>1,500,000(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>13.37(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$20,055,000(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$2,145.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="48" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416, this Registration Statement shall also cover any additional shares of the
Registrant&#146;s Common Shares that become issuable under the plans by reason of any stock dividend, stock
split, recapitalization or other similar transaction.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents shares issuable under the CRM Holdings, Ltd. 2005
Long-Term Incentive Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee and, pursuant to Rule 457(h) under
the Securities Act of 1933, as amended, computed based upon the
average of the high ($13.74) and low
($13.00) selling prices per share of the Registrant&#146;s Common
Shares on December&nbsp;27, 2005, on the Nasdaq
National Market.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Calculated at a rate of $107.00 per $1,000,000 pursuant to SEC Fee Rate Advisory #5 for Fiscal Year 2006.</TD>
</TR>




</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART I<BR> INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1. Plan Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2. Registrant Information and Employee Plan Annual Information</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">PART II<BR> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4.<U> Description of Securities</U></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5.<U> Interests of Named Experts and Counsel</U></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6.<U> Indemnification of Directors and Officers</U></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7.<U> Exemption from Registration Claimed</U></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8.<U> Exhibits</U></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9.<U> Undertakings</U></A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y16018exv5w1.htm">EX-5.1: OPINION OF APPLEBY SPURLING HUNTER</A></TD></TR>
<TR><TD colspan="9"><A HREF="y16018exv23w1.htm">EX-23.1: CONSENT OF JOHNSON LAMBERT & CO.</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "PART I<BR> INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>

<!-- link2 "Item&nbsp;1. Plan Information" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1. Plan Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not filed
as part of this Registration Statement pursuant to the Note to Part&nbsp;I of Form S-8.
The documents containing the information specified in this item have been or will be sent or given
to employees as specified by Rule&nbsp;428(b)(1) of the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;). These documents, and the documents
incorporated by reference in this Registration Statement pursuant to
Item&nbsp;3 of Part&nbsp;II of this Form&nbsp;S-8, taken together,
constitute a prospectus that meets the requirements of
Section&nbsp;10(a) of the Securities Act.
</DIV>

<!-- link2 "Item&nbsp;2. Registrant Information and Employee Plan Annual Information" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not filed
as part of this Registration Statement pursuant to the Note to Part&nbsp;I of Form S-8.
The documents containing the information specified in this item have been or will be sent or given
to employees as specified by Rule&nbsp;428(b)(1) of the Securities
Act. These documents, and the documents
incorporated by reference in this Registration Statement pursuant to
Item&nbsp;3 of Part&nbsp;II of this Form&nbsp;S-8, taken together,
constitute a prospectus that meets the requirements of
Section&nbsp;10(a) of the Securities Act.

</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "PART II<BR> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;3. Incorporation of Documents by Reference</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following documents, which have been filed by CRM Holdings, Ltd. (the &#147;Company&#148;) under the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;) with the Securities and Exchange
Commission (the &#147;Commission&#148;) are incorporated in this Registration Statement by reference, except
as superseded or modified as described herein:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Prospectus, dated December&nbsp;20, 2005 and filed on
December&nbsp;21, 2005 pursuant to Rule 424(b) of the Securities Act,
which relates to the Company&#146;s Registration Statement on Form S-1
(Registration No.&nbsp;333-128424).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Company&#146;s common shares, par value $0.01 per
share, included under the caption &#147;Description of Share Capital&#148; in
the Prospectus forming a part of the Company&#146;s Registration Statement
on Form S-1, initially filed with the Commission on September&nbsp;19, 2005
(Registration No.&nbsp;333-128424), including exhibits, and as amended,
which description has been incorporated by reference in Item&nbsp;1 of the
Company&#146;s Registration Statement on Form 8-A, filed pursuant to
Section&nbsp;12 of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), on December&nbsp;16, 2005.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, all documents and other reports the Company files with the SEC under Sections&nbsp;13(a),
13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and prior to
the filing of a post-effective amendment to this Registration Statement, which indicates that all
securities offered by this Registration Statement have been sold or which deregisters all
securities then remaining unsold, will be automatically incorporated by reference as of and from
the date of filing; provided, however, that the Company is not incorporating by reference any
information furnished under Item&nbsp;2.02 or Item&nbsp;7.01 of any Current Report on Form 8-K, unless, and
to the extent, specified in any such Current Report on Form 8-K. Any statement contained in this
Registration Statement or in a document incorporated or deemed to be incorporated by reference
herein will be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement contained herein or in any subsequently filed document which also is or
is deemed to be incorporated by reference in this Registration Statement modifies or supersedes
such statement. Any such statement so modified or superseded will only be deemed to be a part of
this Registration Statement as so modified or superseded.
</DIV>

<!-- link2 "Item&nbsp;4.<U> Description of Securities</U>" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;4.<U> Description of Securities</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.
</DIV>

<!-- link2 "Item&nbsp;5.<U> Interests of Named Experts and Counsel</U>" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;5.<U> Interests of Named Experts and Counsel</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.
</DIV>

<!-- link2 "Item&nbsp;6.<U> Indemnification of Directors and Officers</U>" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;6.<U> Indemnification of Directors and Officers</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The
amended and restated bye-laws of the Company provide for
the indemnification of the Company&#146;s officers and
directors, members of a (duly constituted) committee and any
resident representative (and their respective heirs, executors
or administrators), each referred to as an &#147;Indemnified
Person,&#148; against all actions, costs, charges, liabilities,
loss, damage or expense to the full extent permitted by Bermuda
law, incurred or suffered by such party by reason of any act
done, conceived in or omitted in the conduct of the
Company&#146;s business or in the discharge of his/her
duties; provided that such indemnification shall not extend to
any matter which would render it void pursuant to the Companies
Act 1981 (the &#147;Companies Act&#148;) as in effect from time
to time in Bermuda.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s amended and restated bye-laws state that
an Indemnified Person shall be indemnified out of the funds of
the Company against all liabilities incurred by him or her by
reason of any act done, conceived in or omitted in the conduct
of the Company&#146;s business or in the discharge of his or
her duties, in defending any proceedings, whether civil or
criminal, in which judgment is given in his or her favor, or in
which he or she is acquitted, or in connection with the
application under the Companies Act in which relief is granted
to him or her by the court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, each shareholder and the Company agree to waive
any claim or right of action such shareholder or it may have at
any time, whether individually or by or in the right of the
Company against any Indemnified Person on account of any
action taken by such person in the performance of his or her
duties with or for the Company; provided that such waiver
shall not apply to any claims or rights of action which would
render it void pursuant to the Companies Act as in effect from
time to time in Bermuda, and any claim or rights of action
arising out of fraud or dishonesty on the part of such
Indemnified Person or with respect to the recovery of any gain,
personal profit or advantage to which such Indemnified Person is
not legally entitled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Companies Act provides that a Bermuda company may indemnify
its directors in respect of any loss arising or liability
attaching to them as a result of any negligence, default, breach
of duty or breach of trust of which they may be guilty. However,
the Companies Act also provides that any provision, whether
contained in a company&#146;s bye-laws or in a contract or
arrangement between the company and the director, indemnifying a
director against any liability which would attach to him in
respect of his fraud or dishonesty will be void.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Company&#146;s employment agreements with each of
Daniel G. Hickey,&nbsp;Jr. and Martin D. Rakoff, the
<FONT style="white-space: nowrap">Co-Chief</FONT> Executive
Officers, if either of Messrs.&nbsp;Hickey or Rakoff is made or
threatened to be made a party to any action, suit or proceeding
by reason of his service to the Company, he shall be
indemnified to the fullest extent allowed under the
Company&#146;s organizational documents or Board resolutions
or, if greater, the laws of the State of New York against all
expenses and liabilities reasonably incurred in connection
therewith. Such indemnification shall survive the term of
employment and shall inure to the benefit of the heirs,
executors and administrators of each of Messrs.&nbsp;Hickey and
Rakoff.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to the form of Underwriting Agreement
filed as Exhibit&nbsp;1.1 to the Company&#146;s Registration Statement on Form&nbsp;S-1 (Registration&nbsp;No.&nbsp;333-128424) for provisions providing that the
underwriters are thereunder obligated, under certain circumstances, to
indemnify the directors, certain officers and the controlling
persons of the Company against certain liabilities under the
Securities Act.
</DIV>




<!-- link2 "Item&nbsp;7.<U> Exemption from Registration Claimed</U>" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;7.<U> Exemption from Registration Claimed</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.
</DIV>

<!-- link2 "Item&nbsp;8.<U> Exhibits</U>" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;8.<U> Exhibits</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a list of exhibits filed as part of this Registration Statement, which are
incorporated herein.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Memorandum of Association of the Company*</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended and Restated Bye-Laws of the Company**</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specimen Common Share Certificate***</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CRM Holdings, Ltd. 2005 Long-Term Incentive Plan**</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Appleby Spurling Hunter</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Johnson Lambert &#038; Co.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Appleby Spurling Hunter (included in Exhibit&nbsp;5.1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">24.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney of certain officers and directors of the Company to file future amendments (set forth on the signature page of this Registration Statement)</TD>
</TR>


</TABLE>
</DIV>



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>


<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed on September&nbsp;19, 2005 as an exhibit to the Company&#146;s Registration Statement on Form
S-1, as amended (File No.&nbsp;333-128424).<BR></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed on December&nbsp;7, 2005 as an exhibit to the Company&#146;s Registration Statement on Form
S-1, as amended (File No.&nbsp;333-128424).<BR></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed on December&nbsp;20, 2005 as an exhibit to the Company&#146;s Registration Statement on
Form S-1, as amended (File No.&nbsp;333-128424).</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;9.<U> Undertakings</U>" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.<U> Undertakings</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1)&nbsp;to file, during any period in which offers or sales are being made, a post-effective amendment
to this Registration Statement:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of
the Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth
in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20%
change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration
Fee&#148; table in the effective Registration Statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information
in the Registration Statement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><I>provided,
however, that:</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(A)&nbsp;paragraphs&nbsp;(i) and (ii) of this section do not apply if the Registration
Statement is on Form&nbsp;S-8, and the information required to be included
in a post-effective amendment by those paragraphs is contained in reports filed with or furnished
to the Commission
by the Company pursuant to section&nbsp;13 or section 15(d) of the Securities Exchange Act
that are incorporated by reference in the Registration
Statement; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(B)&nbsp;paragraphs&nbsp;(i), (ii) and (iii) of this section
do not apply if the Registration Statement is on Form&nbsp;S-3 or
Form&nbsp;F-3 and the information required to be included in a
post-effective amendment by those paragraphs is contained in reports
filed with or furnished to the Commission by the Company pursuant to
section&nbsp;13 or section&nbsp;15(d) of the Securities Exchange Act
that are incorporated by reference in the Registration Statement, or
is contained in a form of prospectus filed pursuant to
Rule&nbsp;424(b) that is part of the
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(C)&nbsp;<I>provided,
however</I>, that paragraphs (i) and (ii)&nbsp;do not apply if the Registration
Statement is on Form S-3 or Form S-8 or Form F-3 and the information required to be included
in a post-effective amendment by those paragraphs is contained in reports filed with or furnished
to the Commission
by the Company pursuant to Section&nbsp;13 or Section 15(d) of the Securities Exchange Act of 1934
(the &#147;Securities Exchange Act&#148;) that are incorporated by reference in the Registration
Statement;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2)&nbsp;that, for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new Registration Statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(3)&nbsp;to remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(4)&nbsp;that, for the purpose of determining liability under the Securities Act of 1933 to any
purchaser:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each prospectus filed by the Company pursuant to Rule&nbsp;424(b)(3) shall be deemed to be
part of the Registration Statement as of the date the filed prospectus was deemed part of
and included in the Registration Statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5) or (b)(7) as
part of a Registration Statement in reliance on Rule&nbsp;430B relating to an offering made
pursuant to Rule&nbsp;415(a)(1)(i), (vii)&nbsp;or (x)&nbsp;for the purpose of providing the information
required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and
included in the Registration Statement as of the earlier of the date such form of
prospectus is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in prospectus. As provided in Rule&nbsp;430B, for
liability purposes of the issuer and any person that is at that date an underwriter, such
date shall be deemed to be a new effective date of the Registration Statement relating to
the securities in the Registration Statement to which the prospectus relates, and the
offering of such securities at that time shall be deemed to be the initial <I>bona fide</I>
offering thereof. <I>Provided, however</I>, that no statement made in a Registration Statement or
prospectus that is part of the Registration Statement or made in a document incorporated
or deemed incorporated by reference into the Registration Statement or prospectus that is
part of the Registration Statement will, as to a purchaser with a time of contract of sale
prior to such effective date, supersede or modify any statement that was made in the
Registration Statement or prospectus that was part of the Registration Statement or made
in any such document immediately prior to such effective date; and
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(5)&nbsp;that, for the purpose of determining liability of the Company under the Securities Act to any purchaser in the initial distribution of the securities, the Company undertakes that
in a primary offering of securities of the Company pursuant to this Registration Statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the following communications,
the Company will be a seller to the purchaser and will be considered to offer or sell such
securities to such purchaser:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the Company relating to the offering
required to be filed pursuant to Rule&nbsp;424;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of
the Company or used or referred to by the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering
containing material information about the Company or its securities provided by or on
behalf of the Company; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the Company to
the purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Company&#146;s annual report pursuant to Section 13(a) or Section
15(d) of the Securities Exchange Act (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant to
section 15(d) of the Securities Exchange Act) that is incorporated by reference in this Registration
Statement shall be deemed to be a new Registration Statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Company pursuant to the
foregoing provisions, or otherwise, the Company has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by
the Company of expenses
incurred or paid by a director, officer or controlling person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Company will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Act and will be governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt">II-4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized in the City of New York, State of New York, on this 29th&nbsp;day of December, 2005.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CRM Holdings, Ltd.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Daniel G. Hickey, Jr.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Daniel G. Hickey, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Co-Chief Executive Officer</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                      /s/ Martin D. Rakoff
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Martin D. Rakoff&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Co-Chief Executive Officer</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below does hereby
constitute and appoint Daniel G. Hickey, Jr. and Martin D. Rakoff and each of them, with full power
of substitution and full power to act, his true and lawful attorney-in-fact and agent to act for
him in his name, place and stead, in any and all capacities, to sign any and all amendments to this
Registration Statement, and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in order to effectuate the same as fully, to
all intents and purposes, as they or he might or could do in person, hereby ratifying and
confirming all that all said attorneys-in-fact and agents or any one of them or their or his
substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">/s/ Daniel G. Hickey, Jr.
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Daniel G. Hickey, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Co-Chief Executive
Officer and Chairman
of the Board
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;29,&nbsp;2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Martin D. Rakoff
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Martin D. Rakoff</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Co-Chief Executive
Officer and Deputy
Chairman of the Board
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;29, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ James J. Scardino
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
James J. Scardino</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;29, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Allan W. Fulkerson
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Allan W. Fulkerson</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;29, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Daniel G. Hickey, Sr.
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Daniel G. Hickey, Sr.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;29, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ David M/ Birsner
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
David M. Birsner</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December 29, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Keith S. Hynes
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Keith S. Hynes</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;29, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Philip J. Magnarella
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Philip J. Magnarella</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;29, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Louis Rosner
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Louis Rosner</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;29, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Salvatore A. Patafio
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Salvatore A. Patafio</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;29, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Daniel G. Hickey, Jr.
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Daniel G. Hickey, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Authorized
Representative in the
United States
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;29, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="012"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit Description</B></TD>
</TR>

<!-- End Table Head -->

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Memorandum of Association of the Company*</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended and Restated Bye-Laws of the Company**</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specimen Common Share Certificate***</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CRM Holdings, Ltd. 2005 Long-Term Incentive Plan**</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Appleby Spurling Hunter</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Johnson Lambert &#038; Co.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Appleby Spurling Hunter (included in Exhibit&nbsp;5.1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">24.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney of certain officers and directors of the Company to file future amendments (set forth on the signature page of this Registration Statement)</TD>
</TR>


</TABLE>
</DIV>



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>


<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed on September&nbsp;19, 2005 as an exhibit to the Company&#146;s Registration Statement on Form
S-1, as amended (File No.&nbsp;333-128424).<BR></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed on December&nbsp;7, 2005 as an exhibit to the Company&#146;s Registration Statement on Form
S-1, as amended (File No.&nbsp;333-128424).<BR></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed on December&nbsp;20, 2005 as an exhibit to the Company&#146;s Registration Statement on
Form S-1, as amended (File No.&nbsp;333-128424).</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "y16018sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 55000}]
{"company-data": {"conformed-name": "CRM Holdings, Ltd.", "cik": "0001338949", "assigned-sic": "8741", "irs-number": "000000000"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-130747", "film-number": "051290809"}, "business-address": {"street1": "PO BOX HM 2062", "city": "HAMILTON", "state": "D0", "zip": "HM HX", "phone": "441-295-2185"}, "mail-address": {"street1": "PO BOX HM 2062", "city": "HAMILTON", "state": "D0", "zip": "HM HX"}}
FORM S-8
Table of Contents
As
filed with the Securities and Exchange Commission on December 29, 2005
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION
STATEMENT
UNDER
THE SECURITIES ACT OF 1933
CRM HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)
Bermuda
N/A
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
Skandia International House
16 Church Street
Hamilton HM 11
Bermuda
(441) 295-2185
(Address of Principal Executive offices, including Zip Code)
CRM Holdings, Ltd. 2005 Long-Term Incentive Plan
(Full Title of the Plan)
Louis J. Viglotti, Esq.
General Counsel
Compensation Risk Managers, LLC
112 Delafield Street
Poughkeepsie, New York 12601
(845) 452-4100
(Name, Address, including Zip Code, and Telephone Number, including Area Code, of Agent for Service)
Copy to:
Roslyn Tom, Esq.
Baker & McKenzie LLP
1114 Avenue of the Americas
New York, New York 10036
(212) 751-5700
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Amount
maximum
maximum
Amount of
to be
offering price
aggregate
registration
Title of securities to be registered
registered(1)
per share
offering price
fee(4)
Common Shares, par value $0.01 per share
1,500,000(2)
$
13.37(3)
$20,055,000(3)
$2,145.89
(1)
Pursuant to Rule 416, this Registration Statement shall also cover any additional shares of the
Registrant's Common Shares that become issuable under the plans by reason of any stock dividend, stock
split, recapitalization or other similar transaction.
(2)
Represents shares issuable under the CRM Holdings, Ltd. 2005
Long-Term Incentive Plan.
(3)
Estimated solely for the purpose of calculating the registration fee and, pursuant to Rule 457(h) under
the Securities Act of 1933, as amended, computed based upon the
average of the high ($13.74) and low
($13.00) selling prices per share of the Registrant's Common
Shares on December 27, 2005, on the Nasdaq
National Market.
(4)
Calculated at a rate of $107.00 per $1,000,000 pursuant to SEC Fee Rate Advisory #5 for Fiscal Year 2006.
TABLE OF CONTENTS
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information
Item 2. Registrant Information and Employee Plan Annual Information
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
Item 4.
Description of Securities
Item 5.
Interests of Named Experts and Counsel
Item 6.
Indemnification of Directors and Officers
Item 7.
Exemption from Registration Claimed
Item 8.
Exhibits
Item 9.
Undertakings
SIGNATURES
EXHIBIT INDEX
EX-5.1: OPINION OF APPLEBY SPURLING HUNTER
EX-23.1: CONSENT OF JOHNSON LAMBERT & CO.
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information
Not filed
as part of this Registration Statement pursuant to the Note to Part I of Form S-8.
The documents containing the information specified in this item have been or will be sent or given
to employees as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended (the
"Securities Act"). These documents, and the documents
incorporated by reference in this Registration Statement pursuant to
Item 3 of Part II of this Form S-8, taken together,
constitute a prospectus that meets the requirements of
Section 10(a) of the Securities Act.
Item 2. Registrant Information and Employee Plan Annual Information
Not filed
as part of this Registration Statement pursuant to the Note to Part I of Form S-8.
The documents containing the information specified in this item have been or will be sent or given
to employees as specified by Rule 428(b)(1) of the Securities
Act. These documents, and the documents
incorporated by reference in this Registration Statement pursuant to
Item 3 of Part II of this Form S-8, taken together,
constitute a prospectus that meets the requirements of
Section 10(a) of the Securities Act.
Table of Contents
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The following documents, which have been filed by CRM Holdings, Ltd. (the "Company") under the
Securities Act of 1933, as amended (the "Securities Act") with the Securities and Exchange
Commission (the "Commission") are incorporated in this Registration Statement by reference, except
as superseded or modified as described herein:
(a)
The Company's Prospectus, dated December 20, 2005 and filed on
December 21, 2005 pursuant to Rule 424(b) of the Securities Act,
which relates to the Company's Registration Statement on Form S-1
(Registration No. 333-128424).
(b)
Not applicable.
(c)
The description of the Company's common shares, par value $0.01 per
share, included under the caption "Description of Share Capital" in
the Prospectus forming a part of the Company's Registration Statement
on Form S-1, initially filed with the Commission on September 19, 2005
(Registration No. 333-128424), including exhibits, and as amended,
which description has been incorporated by reference in Item 1 of the
Company's Registration Statement on Form 8-A, filed pursuant to
Section 12 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), on December 16, 2005.
In addition, all documents and other reports the Company files with the SEC under Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and prior to
the filing of a post-effective amendment to this Registration Statement, which indicates that all
securities offered by this Registration Statement have been sold or which deregisters all
securities then remaining unsold, will be automatically incorporated by reference as of and from
the date of filing; provided, however, that the Company is not incorporating by reference any
information furnished under Item 2.02 or Item 7.01 of any Current Report on Form 8-K, unless, and
to the extent, specified in any such Current Report on Form 8-K. Any statement contained in this
Registration Statement or in a document incorporated or deemed to be incorporated by reference
herein will be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement contained herein or in any subsequently filed document which also is or
is deemed to be incorporated by reference in this Registration Statement modifies or supersedes
such statement. Any such statement so modified or superseded will only be deemed to be a part of
this Registration Statement as so modified or superseded.
Item 4.
Description of Securities
Not applicable.
Item 5.
Interests of Named Experts and Counsel
Not applicable.
Item 6.
Indemnification of Directors and Officers
The
amended and restated bye-laws of the Company provide for
the indemnification of the Company's officers and
directors, members of a (duly constituted) committee and any
resident representative (and their respective heirs, executors
or administrators), each referred to as an "Indemnified
Person," against all actions, costs, charges, liabilities,
loss, damage or expense to the full extent permitted by Bermuda
law, incurred or suffered by such party by reason of any act
done, conceived in or omitted in the conduct of the
Company's business or in the discharge of his/her
duties; provided that such indemnification shall not extend to
any matter which would render it void pursuant to the Companies
Act 1981 (the "Companies Act") as in effect from time
to time in Bermuda.
The Company's amended and restated bye-laws state that
an Indemnified Person shall be indemnified out of the funds of
the Company against all liabilities incurred by him or her by
reason of any act done, conceived in or omitted in the conduct
of the Company's business or in the discharge of his or
her duties, in defending any proceedings, whether civil or
criminal, in which judgment is given in his or her favor, or in
which he or she is acquitted, or in connection with the
application under the Companies Act in which relief is granted
to him or her by the court.
In addition, each shareholder and the Company agree to waive
any claim or right of action such shareholder or it may have at
any time, whether individually or by or in the right of the
Company against any Indemnified Person on account of any
action taken by such person in the performance of his or her
duties with or for the Company; provided that such waiver
shall not apply to any claims or rights of action which would
render it void pursuant to the Companies Act as in effect from
time to time in Bermuda, and any claim or rights of action
arising out of fraud or dishonesty on the part of such
Indemnified Person or with respect to the recovery of any gain,
personal profit or advantage to which such Indemnified Person is
not legally entitled.
The Companies Act provides that a Bermuda company may indemnify
its directors in respect of any loss arising or liability
attaching to them as a result of any negligence, default, breach
of duty or breach of trust of which they may be guilty. However,
the Companies Act also provides that any provision, whether
contained in a company's bye-laws or in a contract or
arrangement between the company and the director, indemnifying a
director against any liability which would attach to him in
respect of his fraud or dishonesty will be void.
Under the Company's employment agreements with each of
Daniel G. Hickey, Jr. and Martin D. Rakoff, the
Co-Chief
Executive
Officers, if either of Messrs. Hickey or Rakoff is made or
threatened to be made a party to any action, suit or proceeding
by reason of his service to the Company, he shall be
indemnified to the fullest extent allowed under the
Company's organizational documents or Board resolutions
or, if greater, the laws of the State of New York against all
expenses and liabilities reasonably incurred in connection
therewith. Such indemnification shall survive the term of
employment and shall inure to the benefit of the heirs,
executors and administrators of each of Messrs. Hickey and
Rakoff.
Reference is made to the form of Underwriting Agreement
filed as Exhibit 1.1 to the Company's Registration Statement on Form S-1 (Registration No. 333-128424) for provisions providing that the
underwriters are thereunder obligated, under certain circumstances, to
indemnify the directors, certain officers and the controlling
persons of the Company against certain liabilities under the
Securities Act.
Item 7.
Exemption from Registration Claimed
Not applicable.
Item 8.
Exhibits
The following is a list of exhibits filed as part of this Registration Statement, which are
incorporated herein.
4.1
Memorandum of Association of the Company*
4.2
Amended and Restated Bye-Laws of the Company**
4.3
Specimen Common Share Certificate***
4.4
CRM Holdings, Ltd. 2005 Long-Term Incentive Plan**
5.1
Opinion of Appleby Spurling Hunter
23.1
Consent of Johnson Lambert & Co.
23.2
Consent of Appleby Spurling Hunter (included in Exhibit 5.1)
24.1
Power of Attorney of certain officers and directors of the Company to file future amendments (set forth on the signature page of this Registration Statement)
*
Previously filed on September 19, 2005 as an exhibit to the Company's Registration Statement on Form
S-1, as amended (File No. 333-128424).
**
Previously filed on December 7, 2005 as an exhibit to the Company's Registration Statement on Form
S-1, as amended (File No. 333-128424).
***
Previously filed on December 20, 2005 as an exhibit to the Company's Registration Statement on
Form S-1, as amended (File No. 333-128424).
Table of Contents
Item 9.
Undertakings
The Company hereby undertakes:
(1) to file, during any period in which offers or sales are being made, a post-effective amendment
to this Registration Statement:
(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) to reflect in the prospectus any facts or events arising after the effective date of
the Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth
in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20%
change in the maximum aggregate offering price set forth in the "Calculation of Registration
Fee" table in the effective Registration Statement; and
(iii) to include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information
in the Registration Statement;
provided,
however, that:
(A) paragraphs (i) and (ii) of this section do not apply if the Registration
Statement is on Form S-8, and the information required to be included
in a post-effective amendment by those paragraphs is contained in reports filed with or furnished
to the Commission
by the Company pursuant to section 13 or section 15(d) of the Securities Exchange Act
that are incorporated by reference in the Registration
Statement; and
(B) paragraphs (i), (ii) and (iii) of this section
do not apply if the Registration Statement is on Form S-3 or
Form F-3 and the information required to be included in a
post-effective amendment by those paragraphs is contained in reports
filed with or furnished to the Commission by the Company pursuant to
section 13 or section 15(d) of the Securities Exchange Act
that are incorporated by reference in the Registration Statement, or
is contained in a form of prospectus filed pursuant to
Rule 424(b) that is part of the
Registration Statement.
(C)
provided,
however
, that paragraphs (i) and (ii) do not apply if the Registration
Statement is on Form S-3 or Form S-8 or Form F-3 and the information required to be included
in a post-effective amendment by those paragraphs is contained in reports filed with or furnished
to the Commission
by the Company pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
(the "Securities Exchange Act") that are incorporated by reference in the Registration
Statement;
(2) that, for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new Registration Statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof;
(3) to remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering;
(4) that, for the purpose of determining liability under the Securities Act of 1933 to any
purchaser:
(i) Each prospectus filed by the Company pursuant to Rule 424(b)(3) shall be deemed to be
part of the Registration Statement as of the date the filed prospectus was deemed part of
and included in the Registration Statement; and
(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as
part of a Registration Statement in reliance on Rule 430B relating to an offering made
pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information
required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and
included in the Registration Statement as of the earlier of the date such form of
prospectus is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in prospectus. As provided in Rule 430B, for
liability purposes of the issuer and any person that is at that date an underwriter, such
date shall be deemed to be a new effective date of the Registration Statement relating to
the securities in the Registration Statement to which the prospectus relates, and the
offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
Provided, however
, that no statement made in a Registration Statement or
prospectus that is part of the Registration Statement or made in a document incorporated
or deemed incorporated by reference into the Registration Statement or prospectus that is
part of the Registration Statement will, as to a purchaser with a time of contract of sale
prior to such effective date, supersede or modify any statement that was made in the
Registration Statement or prospectus that was part of the Registration Statement or made
in any such document immediately prior to such effective date; and
(5) that, for the purpose of determining liability of the Company under the Securities Act to any purchaser in the initial distribution of the securities, the Company undertakes that
in a primary offering of securities of the Company pursuant to this Registration Statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the following communications,
the Company will be a seller to the purchaser and will be considered to offer or sell such
securities to such purchaser:
(i) Any preliminary prospectus or prospectus of the Company relating to the offering
required to be filed pursuant to Rule 424;
(ii) Any free writing prospectus relating to the offering prepared by or on behalf of
the Company or used or referred to by the Company;
(iii) The portion of any other free writing prospectus relating to the offering
containing material information about the Company or its securities provided by or on
behalf of the Company; and
(iv) Any other communication that is an offer in the offering made by the Company to
the purchaser.
(b) The Company hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Company's annual report pursuant to Section 13(a) or Section
15(d) of the Securities Exchange Act (and, where applicable, each
filing of an employee benefit plan's annual report pursuant to
section 15(d) of the Securities Exchange Act) that is incorporated by reference in this Registration
Statement shall be deemed to be a new Registration Statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Company pursuant to the
foregoing provisions, or otherwise, the Company has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by
the Company of expenses
incurred or paid by a director, officer or controlling person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Company will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Act and will be governed by the final adjudication of such issue.
II-4
Table of Contents
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized in the City of New York, State of New York, on this 29th day of December, 2005.
CRM Holdings, Ltd.
By:
/s/ Daniel G. Hickey, Jr.
Daniel G. Hickey, Jr.
Co-Chief Executive Officer
By:
/s/ Martin D. Rakoff
Martin D. Rakoff
Co-Chief Executive Officer
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below does hereby
constitute and appoint Daniel G. Hickey, Jr. and Martin D. Rakoff and each of them, with full power
of substitution and full power to act, his true and lawful attorney-in-fact and agent to act for
him in his name, place and stead, in any and all capacities, to sign any and all amendments to this
Registration Statement, and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in order to effectuate the same as fully, to
all intents and purposes, as they or he might or could do in person, hereby ratifying and
confirming all that all said attorneys-in-fact and agents or any one of them or their or his
substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Daniel G. Hickey, Jr.
Daniel G. Hickey, Jr.
Co-Chief Executive
Officer and Chairman
of the Board
December 29, 2005
/s/ Martin D. Rakoff
Martin D. Rakoff
Co-Chief Executive
Officer and Deputy
Chairman of the Board
December 29, 2005
/s/ James J. Scardino
James J. Scardino
Chief Financial Officer
December 29, 2005
/s/ Allan W. Fulkerson
Allan W. Fulkerson
Director
December 29, 2005
/s/ Daniel G. Hickey, Sr.
Daniel G. Hickey, Sr.
Director
December 29, 2005
/s/ David M/ Birsner
David M. Birsner
Director
December 29, 2005
/s/ Keith S. Hynes
Keith S. Hynes
Director
December 29, 2005
/s/ Philip J. Magnarella
Philip J. Magnarella
Director
December 29, 2005
/s/ Louis Rosner
Louis Rosner
Director
December 29, 2005
/s/ Salvatore A. Patafio
Salvatore A. Patafio
Director
December 29, 2005
/s/ Daniel G. Hickey, Jr.
Daniel G. Hickey, Jr.
Authorized
Representative in the
United States
December 29, 2005
Table of Contents
EXHIBIT INDEX
Exhibit
Number
Exhibit Description
4.1
Memorandum of Association of the Company*
4.2
Amended and Restated Bye-Laws of the Company**
4.3
Specimen Common Share Certificate***
4.4
CRM Holdings, Ltd. 2005 Long-Term Incentive Plan**
5.1
Opinion of Appleby Spurling Hunter
23.1
Consent of Johnson Lambert & Co.
23.2
Consent of Appleby Spurling Hunter (included in Exhibit 5.1)
24.1
Power of Attorney of certain officers and directors of the Company to file future amendments (set forth on the signature page of this Registration Statement)
*
Previously filed on September 19, 2005 as an exhibit to the Company's Registration Statement on Form
S-1, as amended (File No. 333-128424).
**
Previously filed on December 7, 2005 as an exhibit to the Company's Registration Statement on Form
S-1, as amended (File No. 333-128424).
***
Previously filed on December 20, 2005 as an exhibit to the Company's Registration Statement on
Form S-1, as amended (File No. 333-128424).