SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Expires: February 28, 2011 Estimated average burden hours per response 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* WHITEBOX ADVISORS LLC (Last) (First) (Middle) 3033 EXCELSIOR BOULEVARD, SUITE 300 (Street) MINNEAPOLIS MN 55416 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol CRM Holdings, Ltd. [ CRMH ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) X Other (specify below) See Remarks below
	3. Date of Earliest Transaction (Month/Day/Year) 12/08/2008
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock ( 1 )	12/22/2008		P		7,700	A	$1.6	1,152,321 ( 3 )	D ( 2 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* WHITEBOX ADVISORS LLC (Last) (First) (Middle) 3033 EXCELSIOR BOULEVARD, SUITE 300 (Street) MINNEAPOLIS MN 55416 (City) (State) (Zip)

1. Name and Address of Reporting Person* Whitebox Combined Partners LP (Last) (First) (Middle) 3033 EXCELSIOR BOULEVARD, #300 (Street) MINNEAPOLIS MN 55416 (City) (State) (Zip)

Explanation of Responses:

1. Shares acquired are held directly by Whitebox Combined Partners, L.P. (?WCP?). Whitebox Intermarket Partners, L.P. ("WIP") is also the direct beneficial owner of securities of the Issuer. The general partner of WIP is Whitebox Intermarket Advisors, LLC (?WIA?). The managing member and controlling owner of WIA is WA.

2. The general partner of WCP is Whitebox Combined Advisors, LLC (?WCA?). The managing member and controlling owner of WCA is Whitebox Advisors, LLC (?WA?).

3. Based on the relationships described in note (2), 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, together with WIA and WIP, as described in note (3). The filing of this statement shall not be construed as an admission that WA, WCA, WIA, WCP and WIP are a group, or have agreed to act as a group. WA, WCA, WIA, WCP and WIP each disclaim beneficial ownership of the shares of common stock reported herein except to the extent of their pecuniary interest in such shares.

Remarks:

Members of 13(d) group that is 10% owner

	/s/ Jonathan D. Wood, Chief Operating Officer, on behalf of Whitebox Advisors, LLC and Whitebox Combined Partners, L.P.	12/23/2008
	** Signature of Reporting Person	Date
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