X0202 4 2005-12-27 0001338949 CRM Holdings, Ltd. CRMH 0001347502 Birsner David C/O COMPENSATION RISK MANAGEMENT, LLC 112 DELAFIELD ST POUGHKEEPSIE NY 12601 1 0 0 0 Common Shares 2005-12-27 4 A 0 512355 A 512355 D Common Shares 2005-12-27 4 S 0 107000 13.00 D 405355 D Common Shares 2005-12-29 4 A 0 611 A 405966 D Shares acquired pursuant to a reorganization transaction in which the Reporting Person contributed to CRM Holdings, Ltd. (the "Issuer") his interests in CRM USA Holdings Inc. and Twin Bridges (Bermuda) Ltd., each a subsidiary of the Issuer, in exchange for 512,355 common shares of the Issuer. The Reporting Person's acquisition of shares from the Issuer in this transaction was specifically approved, in advance, by the Issuer's board of directors. Shares granted to Reporting Person in the form of a restricted stock award under the 2005 Long-Term Incentive Plan, all of which shares will vest in three equal annual installments, commencing on the first anniversary of their date of grant. None of these shares is deemed outstanding under the laws of Bermuda until such shares vest. /s/ David M. Birsner by Louis J. Viglotti, Attorney-in-Fact 2005-12-29