Daniel G. Hickey, Jr and Martin D. Rakoff, Co-CEOs of CRM Holdings, Ltd.,
Ring The NASDAQ Stock Market Opening Bell

Thursday, March 16, 2006
at NASDAQ's MarketSite
in New York City.

CRM Holdings, Ltd.

Daniel G. Hickey, Jr and Martin D. Rakoff, Co-CEOs of CRM Holdings, Ltd., preside over the opening bell to celebrate its initial public offering. CRM is a leading provider of fee-based management and other services for workers' compensation self-insured groups in New York and California. CRM has been in the business of forming and managing self-insured groups in New York since 1999.

Click for larger pictures of the NASDAQ MarketSite. Additional Photographs for 3/16/2006 Download Hi-Res Quality Photo of this NASDAQ Market Open - Pictured: Daniel G. Hickey, Jr and Martin D. Rakoff, Co-CEOs of CRM Holdings, Ltd., ring the Opening Bell These photos are Copyright 2006, The Nasdaq Stock Market Inc. and available for re-publication by the news media only. Any commercial use is strictly prohibited without the prior written consent of The Nasdaq Stock Market Inc. © Copyright 2006, The NASDAQ Stock Market, Inc. Reprinted with the permission of The Nasdaq Stock Market, Inc.