CRM Holdings, Ltd.
EXHIBIT 10.3
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<TYPE>EX-10.3
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<DESCRIPTION>EXHIBIT 10.3
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<p  align=right><font size="2" face="Times New Roman"><b>Exhibit 10.3</b></font></p>
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<font size="2" face="Times New Roman">AMENDMENT TO LOAN AGREEMENT</font></p>
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<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment dated as of the 30th day of June, 2006, by and between TWIN BRIDGES (BERMUDA) LTD., a Bermuda Company whose registered office is at Cannon&#146;s Court, 22 Victoria Street, Hamilton HM 12, Bermuda (&#147;Borrower&#148;) and KEYBANK NATIONAL ASSOCIATION, a national banking association with offices at 4910 Tiedeman Road, OH-01-51-0541, Brooklyn, Ohio 44144 (&#147;Lender&#148;) to that certain Amended and Restated Loan Agreement dated October 3, 2005 between Borrower and Lender, as Amended in December 2005 (the &#147;Agreement&#148;)</font></p>
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<font size="2" face="Times New Roman">W I T N E S S E T H :</font></p>
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<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to the Agreement, Lender has made available to Borrower a line of credit in the maximum principal amount of $7,500,000.00, the availability of said sum expiring on June 30, 2006, and</font></p>
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<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual covenants herein contained, Borrower and Lender, incorporating the defined terms used in the Agreement, hereby amend the Agreement to read as follows:</font></p>
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<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;2.1.&#148;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Credit Facility.</u></b>&#160; The Lender hereby agrees to extend a Line of Credit to Borrower, subject to the terms and conditions of this Agreement in the principal amount of $9,000,000, which will be used by the Borrower for the following purpose:&#160; To support Standby Letters of Credit for operations / agreements with New York Marine and General Insurance Company.&#160; </font></p>
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<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;2.2.&#148;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Term of Facility.</u></b>&#160; Availability under the Facility will expire June 30, 2007.&#160; Standby Letters of Credit issued under the facility will be renewable annually at the Lender&#146;s option.&#160; </font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;2.3.&#148;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Fee.</u></b>&#160; The Borrower will pay a fee equal to 0.35% per annum of the amount requested for each Standby Letter of Credit, calculated from the time issued until the current expiration date of the Letter.</font></p>
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<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as hereby amended, the Agreement shall remain in full force and effect.</font></p>
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<font size="2" face="Times New Roman"><b>THIS SPACE LEFT INTENTIONALLY BLANK.</b></font></p>

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<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, Borrower and Lender have executed this Amendment as of the date first hereinabove set forth.</font></p>
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<font size="2" face="Times New Roman">TWIN BRIDGES   (BERMUDA) LTD.</font></p>  </td>
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<font size="2" face="Times New Roman">KEYBANK   NATIONAL ASSOCIATION</font></p>  </td>
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<font size="2" face="Times New Roman">By:</font></p>  </td>
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<font size="2" face="Times New Roman">/s/ Nicholas   M. Frost</font></p>  </td>
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<font size="2" face="Times New Roman">By:</font></p>  </td>
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<font size="2" face="Times New Roman">/s/ Joseph   F. Markey</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Name:</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Nicholas M.   Frost</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="2" face="Times New Roman">Name:</font></p>  </td>
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  <p><font size="2" face="Times New Roman">Joseph F.   Markey</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Title:</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Vice   President</font></p>  </td>
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  <p><font size="2" face="Times New Roman">Title:</font></p>  </td>
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  <p><font size="2" face="Times New Roman">Senior Vice   President</font></p>  </td>
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