-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 uKMLfhIL8+hQBhvIyll8Ww==

<SEC-DOCUMENT>0001181431-09-039727.txt : 20090814
<SEC-HEADER>0001181431-09-039727.hdr.sgml : 20090814
<ACCEPTANCE-DATETIME>20090814171628
ACCESSION NUMBER:		0001181431-09-039727
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081208
FILED AS OF DATE:		20090814
DATE AS OF CHANGE:		20090814

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WHITEBOX ADVISORS LLC
		CENTRAL INDEX KEY:			0001257391
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32705
		FILM NUMBER:		091017086

	BUSINESS ADDRESS:	
		STREET 1:		3033 EXCELSIOR BLVD.
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55416

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CRM Holdings, Ltd.
		CENTRAL INDEX KEY:			0001338949
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MANAGEMENT SERVICES [8741]
		IRS NUMBER:				000000000

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX HM 2062
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM HX
		BUSINESS PHONE:		441-295-2185

	MAIL ADDRESS:	
		STREET 1:		PO BOX HM 2062
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM HX

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			F Cubed Partners LP
		CENTRAL INDEX KEY:			0001468563
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32705
		FILM NUMBER:		091017085

	BUSINESS ADDRESS:	
		STREET 1:		3033 EXCELSIOR BLVD. SUITE 300
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55416
		BUSINESS PHONE:		612-253-6001

	MAIL ADDRESS:	
		STREET 1:		3033 EXCELSIOR BLVD. SUITE 300
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55416
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd250827.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-12-08</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0001338949</issuerCik>
        <issuerName>CRM Holdings, Ltd.</issuerName>
        <issuerTradingSymbol>CRMH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001257391</rptOwnerCik>
            <rptOwnerName>WHITEBOX ADVISORS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3033 EXCELSIOR BOULEVARD, SUITE 300</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MINNEAPOLIS</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55416</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See Remarks below</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001468563</rptOwnerCik>
            <rptOwnerName>F Cubed Partners LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3033 EXCELSIOR BOULEVARD, SUITE 300</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MINNEAPOLIS</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55416</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See Remarks Below</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2009-08-13</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3200</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.10</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1615370</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Shares acquired are held directly by F-Cubed Partners, L.P. (&quot;FCP&quot;).</footnote>
        <footnote id="F2">The general partner of FCP is Whitebox Combined Advisors, LLC (&quot;WCA&quot;).  The managing member and controlling owner of WCA is Whitebox Advisors, LLC (&quot;WA&quot;).</footnote>
        <footnote id="F3">Based on the relationships described in notes (2) and (3), the entities referenced therein may be deemed to constitute a group for purposes of Rule 13d-5(b)(1) under the Securities and Exchange Act of 1934.  The filing of this statement shall not be construed as an admission that WA, WCA and FCP are a group, or have agreed to act as a group.  WA, WCA, and FCP each disclaim beneficial ownership of the shares of common stock reported herein except to the extent of their pecuniary interest in such shares.</footnote>
    </footnotes>

    <remarks>Members of 13(d) group that is 10% owner</remarks>

    <ownerSignature>
        <signatureName>/s/ Jonathan D. Wood, Chief Operating Officer, on behalf of F - Cubed Partners, L.P. and Whitebox Advisors, LLC</signatureName>
        <signatureDate>2009-08-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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