Summary of CRM HOLDINGS, LTD.

Item 8.01. Other Events.

On November 4, 2009, the Board of Directors of CRM Holdings, Ltd. (the "Board"), upon the recommendation of the Compensation Committee, approved a decrease to the annual cash compensation paid to the Company's non-employee directors. This decrease resulted in a 20% reduction to the annual fees paid for Board and committee service effective January 1, 2010, and is expected to yield annualized pre-tax expense savings of approximately $123,000.

The specific reductions in non-employee director fees are shown as follows:

        Fees Earned or Paid in Cash($)                    2009         2010
        Non-Employee Director Retainer                    50,000       40,000
        Chairman of the Board                             50,000       40,000
        Audit Committee Member                            25,000       20,000
        Audit Committee Chairperson                       50,000       40,000
        Compensation Committee Member                     10,000        8,000
        Compensation Committee Chairperson                15,000       12,000
        Nominating & Corporate Governance Committee       10,000        8,000
        Nominating & Corporate Governance Chairperson     15,000       12,000
        Finance & Investment Committee Member             10,000        8,000
        Finance & Investment Committee Chairperson        15,000       12,000