CRM Announces Management Changes

Hamilton, Bermuda-based CRM Holdings, Ltd. announced top-level management changes following the completion of its acquisition of Majestic Insurance Company.

Effective Dec. 28, 2006, Daniel G. Hickey, Jr., will transition from co-chief executive officer to chief executive officer, while remaining as chairman of the board. In addition, CRM announced that Robert V. Polansky has joined as an executive officer of the company in the position of senior vice president of Sales and Product Development. Polansky has 19 years of experience in the insurance industry, most recently at Arthur J. Gallagher & Co. He will be responsible for overseeing the company’s sales division and product development, reporting directly to Hickey.

Martin D. Rakoff, the company’s co-chief executive officer and deputy chairman of the board, has tendered his resignation in order to pursue other interests. Keith S. Hynes, a director and chairman of the company’s Audit Committee, has been appointed deputy chairman of the board of directors, replacing Rakoff.

As part of Rakoff’s resignation, the company has agreed to file a registration statement registering the CRM shares owned by Rakoff, in order to allow him to diversify his portfolio.

CRM is a provider of products and services for workers’ compensation risk management; from the provision of traditional workers’ compensation insurance, to the delivery of services and risk management for workers’ compensation self-insured groups.