Exhibit 10.5 LOAN AGREEMENT THIS AGREEMENT (as the same may be amended, restated or otherwise modified, the "Agreement") is made as of this 28th day of October, 2004, between COMPENSATION RISK MANAGERS, LLC, a New York limited liability company with...Loan Agreement • September 19th, 2005 • CRM Holdings, Ltd. • New York
to WORKERS' COMPENSATION AND EMPLOYER'S LIABILITY PROPORTIONAL REINSURANCE AGREEMENT NYM-01/03 (hereinafter referred to as the "Agreement") betweenInterest and Liabilities Contract • September 19th, 2005 • CRM Holdings, Ltd.
