CRM Holdings Prices Initial Public Offering

January 9, 2006

CRM Holdings Ltd, a provider of fee-based management and other services for workers’ compensation self-insured groups in New York and California, has priced its initial public offering of 8.85 million common shares at $13 per share. CRM is offering 6 million common shares, and selling shareholders are offering the remaining 2.85 million common shares. Certain selling shareholders have granted the underwriters an option to purchase up to an additional 947,952 shares at the initial public offering price within 30 days to cover over-allotments, if any.

The shares began trading on The NASDAQ National Market under the symbol CRMH on Dec. 21, 2005.

Sandler O’Neill & Partners, L.P. acted as the sole book-running manager and KeyBanc Capital Markets acted as co-lead manager for the offering.

A final prospectus relating to the offering may be obtained by visiting the Securities and Exchange Commission’s website at or by calling (800) 635-6851.For more information, visit

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