UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 21, 2009

RAM Holdings Ltd.
(Exact name of registrant as specified in its charter)

Bermuda	001-32864	Not Applicable
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

RAM Re House
46 Reid Street
Hamilton HM 12 Bermuda
(Address of principal executive offices)
(Zip Code)

Registrant’s telephone number, including area code:  (441) 296-6501

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[   ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[   ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[   ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02  Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d)

On January 21, 2009, the Board of Directors of the Company appointed Ms. Victoria W. Guest to fill the vacancy resulting from the resignation of Mr. Dirk A. Stuurop. Ms. Guest is the General Counsel and Secretary of the Company and is not an “independent” director under the requirements of the Nasdaq Global Market. Ms. Guest will serve as a Director until the next Annual General Meeting of the shareholders of the Company. Ms. Guest will not be compensated for her service on the Board.

The Board also appointed director Allan S. Bufferd, a member of the Nominating & Corporate Governance Committee, to serve as Chairman of the Nominating & Corporate Governance Committee.

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SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	RAM Holdings Ltd.
	(Registrant)
Dated: January 23, 2009	By:	/s/  Victoria W. Guest
		Name: Victoria W. Guest
		Title: General Counsel

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