Exhibit 10.7


 


Form of Director and Officer Indemnification
Agreement


 


This Agreement is made as of the [Date] by and
between James River Group Holdings, Ltd., a Bermuda exempted company (the “Company”), and [Name] (the “Indemnitee”),
a [Director/Officer] of the Company or one subsidiary of the Company.


 


WHEREAS it is essential to the Company to retain
and attract as Directors and Officers the most capable persons available, and


 


WHEREAS the substantial increase in corporate
litigation subjects Directors and Officers to expensive litigation risks at the same time that the availability of Directors and
Officers’ liability insurance has been severely limited, and


 


WHEREAS it is the express policy of the Company
to indemnify its Directors and Officers so as to provide them with the maximum possible protection permitted by law, and


 


WHEREAS the Company does not regard the protection
available to the Indemnitee as adequate in the present circumstances, and realizes that the Indemnitee may not be willing to serve
as a Director and/or Officer without adequate protection, and the Company desires the Indemnitee to serve in such capacity;


 


NOW, THEREFORE, in consideration of the Indemnitee’s
service as a Director and/or Officer after the date hereof, the parties agree as follows:


 


		1.	Definitions



 


		1.1	As used in this Agreement:



 


		(a)	The term “Proceeding” shall include any threatened, pending or completed action, suit or proceeding, whether brought
by or in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature;



 


		(b)	The term “Expenses” shall include, but is not limited to, expenses of investigations, judicial, arbitral or administrative
proceedings or appeals, whether threatened, pending or completed, damages, judgments, fines, amounts paid in settlement by or on
behalf of the Indemnitee, attorneys’ fees and disbursements and any expenses of establishing a right to indemnification under
this Agreement; and



 


		(c)	The terms “Director” and “Officer” shall include the Indemnitee’s service at the request of the
Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise
as well as a Director and/or Officer of the Company.



 




    	 



    	 



    

 


 


		2.	Indemnity of Director and/or Officer



 


		2.1	To the fullest extent permitted by applicable law in effect on the date hereof or as amended to increase the scope of permitted
indemnification, and subject only to the limitations set forth in Section 3, the Company will pay on behalf of the Indemnitee
all Expenses actually and reasonably incurred by the Indemnitee in connection with prosecuting, defending, preparing to prosecute
or defend, investigating, being or preparing to be a witness in, appealing or otherwise participating in a Proceeding by reason
of the fact that he is or was a Director and/or Officer of the Company or any of its subsidiaries or any predecessor thereof, or
of any company, corporation or entity as to which he serves or served as a Director and/or Officer at the request of the Company.



 


		2.2	The Company hereby agrees that for the purposes of any advancement of Expenses for which Indemnitee has made written demand
to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s
counsel as being reasonable shall be presumed conclusively to be reasonable.



 


		2.3	Without limiting the foregoing, in the event any Proceeding is initiated by Indemnitee, the Company, any of its subsidiaries
or any other person to enforce or interpret this Agreement or any rights of Indemnitee to indemnification or advancement of Expenses
(or related obligations of Indemnitee) under the Company’s or any such subsidiary’s memorandum of association, bye-laws
or other organizational agreement or instrument, any other agreement to which Indemnitee and the Company or any of its subsidiaries
are party, any vote of shareholders or Directors of the Company or any of its subsidiaries, Bermuda law, any other applicable law
or any liability insurance policy, the Company shall indemnify Indemnitee against Expenses incurred by Indemnitee or on Indemnitee’s
behalf in connection with such Proceeding in proportion to the success achieved by Indemnitee in such Proceeding and the efforts
required to obtain such success, as determined by the court presiding over such Proceeding.



 


		3.	Limitations on Indemnity



 


		3.1	The Company shall not be obligated under this Agreement to make any payment of Expenses to the Indemnitee:



 


		(a)	which payment it is prohibited by applicable law from paying as indemnity;



 


		(b)	for which payment is actually made to the Indemnitee under an insurance policy, except in respect of any excess beyond the
amount of payment under such insurance;



 


		(c)	for which payment the Indemnitee is indemnified by the Company otherwise than pursuant to this Agreement and for which payment
has actually been made by the Company;



 




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		(d)	resulting from a claim decided in a Proceeding adversely to the Indemnitee based upon or attributable to (x) the Indemnitee
gaining in fact any personal profit or advantage to which he was not legally entitled, as decided in a Proceeding, or (y) the
fraud, dishonesty or wilful misconduct of the Indemnitee seeking payment hereunder, in any case as decided in a Proceeding; however,
notwithstanding the foregoing clauses (x) and (y), the Indemnitee shall be indemnified under this Agreement as to any claims upon
which suit may be brought against him by reason of any alleged dishonesty on his part, unless it shall be decided in a Proceeding
that he committed (i) acts of active and deliberate dishonesty, (ii) with actual dishonest purpose and intent, and (iii) which
acts were material to the cause of action so adjudicated.



 


		3.2	For purposes of Sections 3 and 4, the phrase “decided in a Proceeding” shall mean a decision by a court, arbitrator(s),
hearing officer or other judicial agent having the requisite legal authority to make such a decision, which decision has become
final and from which no appeal or other review proceeding is permissible.



 


		4.	Advance Payment of Costs



 


		4.1	Expenses incurred by the Indemnitee in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
being or preparing to be a witness in, appealing or otherwise participating in a Proceeding shall be paid by the Company as incurred
and in advance of the final disposition of such Proceeding. Advances shall be made without regard to Indemnitee’s ability
to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions
of this Agreement. Notwithstanding anything in this Agreement to the contrary, the Indemnitee shall not be entitled to indemnification
or advancement of Expenses pursuant to this Agreement in connection with any claim initiated by the Indemnitee unless (i) the Company
has joined in or the Board of Directors of the Company has authorized or consented to the initiation of such claim or (ii) the
claim is one to enforce the Indemnitee’s rights under this Agreement (including an action pursued by the Indemnitee to secure
a determination that the Indemnitee should be indemnified under applicable law).



 


		4.2	The Indemnitee hereby agrees and undertakes to repay such amounts advanced if it shall be fully adjudicated in a Proceeding
that he is not entitled to be indemnified by the Company pursuant to this Agreement or otherwise.



 


		5.	Enforcement



 


If a claim under this Agreement is not paid by the Company,
or on its behalf, within thirty days after a written claim has been received by the Company, the Indemnitee may at any time thereafter
bring suit against the Company to recover the unpaid amount of the claim and if successful in whole or in part, the Indemnitee
shall also be entitled to be paid the Expenses of prosecuting such claim.


 




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		6.	Subrogation



 


In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers
required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary
to enable the Company effectively to bring suit to enforce such rights.


 


		7.	Notice



 


		7.1	The Indemnitee, as a condition precedent to his right to be indemnified under this Agreement, shall give to the Company notice
in writing as soon as practicable of any claim made against him for which indemnity will or could be sought under this Agreement,
together with such information and cooperation as it may reasonably require; provided that any failure or delay in giving
such notice shall not relieve the Company of its obligations under this Agreement unless and to the extent that (i) none of
the Company and its subsidiaries are party to or aware of such Proceeding and (ii) the Company is materially prejudiced by
such failure.



 


		7.2	Notice to the Company shall be given at its principal office and shall be directed to the Company’s Secretary (or such
other address as the Company shall designate in writing to the Indemnitee).



 


		7.3	Notice shall be deemed received if sent by prepaid mail properly addressed, the date of such notice being the date postmarked.



 


		7.4	The Company shall make indemnification payments to Indemnitee no later than 30 days, and advances to Indemnitee no later than
10 days, after receipt of the written request (and such invoices or other supporting information as reasonably requested by the
Company and reasonably available to Indemnitee) of Indemnitee.



 


		8.	Settlement



 


The Company will not, without the prior written consent
of Indemnitee, which may be provided or withheld in Indemnitee’s sole discretion, effect any settlement of any Proceeding
against Indemnitee or which could have been brought against Indemnitee unless such settlement solely involves the payment of money
by persons other than Indemnitee and includes an unconditional release of Indemnitee from all liability on any matters that are
the subject of such Proceeding and an acknowledgment that Indemnitee denies all wrongdoing in connection with such matters. The
Company shall not be obligated to indemnify Indemnitee against amounts paid in settlement of a Proceeding against Indemnitee if
such settlement is effected by Indemnitee without the Company’s prior written consent, which shall not be unreasonably withheld.


 






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		9.	Presumptions; Burden and Standard of Proof



 


In connection with any determination, or any review of
any determination, by any person, including a court:


 


		9.1	It shall be a presumption that Indemnitee has met the applicable standard of conduct and that indemnification of Indemnitee
is proper in the circumstances.



 


		9.2	The burden of proof shall be on the Company to overcome the presumptions set forth in the preceding subsection, and such presumption
shall only be overcome if the Company establishes that there is no reasonable basis to support it.



 


		10.	Successful Defence



 


To the extent Indemnitee has been successful on the merits
or otherwise in defense of any Proceeding, Indemnitee shall be indemnified against expenses (including attorney fees) actually
incurred by Indemnitee in connection therewith. In the event that any Proceeding to which an Indemnitee is a party is resolved
in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such Proceeding with
or without payment of money or other consideration, or the termination of any issue or matter in such Proceeding by dismissal,
with or without prejudice) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such Proceeding.


 


		11.	Saving Clause



 


If this Agreement or any portion thereof shall be invalidated
on any ground by any court of competent jurisdiction, the Company shall nevertheless indemnify the Indemnitee to the full extent
permitted by any applicable portion of this Agreement that shall not have been invalidated or by any other applicable law.


 


		12.	Non-Circumvention



 


The Company shall not seek or agree to any order of any
court or other governmental authority that would prohibit or otherwise interfere, and shall not take or fail to take any other
action if such action or failure would reasonably be expected to have the effect of prohibiting or otherwise interfering, with
the performance of the Company’s indemnification, advancement or other obligations under this Agreement.


 


		13.	[Other Indemnification and Insurance/Priority of Payments]1







[The Company acknowledges that Indemnitee has certain
rights to: (i) indemnification and/or advancement of expenses provided by one or more of the D. E. Shaw Affiliates (as defined
in the Third Amended and Restated Bye-laws of the Company (as amended


 





 



1 Bracketed provision
to be included only in the Indemnification Agreements with D. E Shaw Directors (as defined in the Bye-laws).


 




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and/or amended and restated from time to time, the “Bye-Laws”))
and/or (ii) insurance provided to one or more of the D. E. Shaw Affiliates and/or certain of its or their affiliates (collectively,
the “Sponsor Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations
to Indemnitee are primary and any obligation of the Sponsor Indemnitors to advance expenses or to provide indemnification or insurance
for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full
amount of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines
and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the Memorandum
of Association of the Company or the Bye-laws (or any other agreement between the Company and Indemnitee), without regard to any
rights that Indemnitee may have against the Sponsor Indemnitors, and, (iii) that it irrevocably waives, relinquishes and releases
the Sponsor Indemnitors from any and all claims against the Sponsor Indemnitors for contribution, subrogation or any other recovery
of any kind in respect thereof. The Company further agrees that no advancement or payment by the Sponsor Indemnitors on behalf
of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing
and the Sponsor Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment
to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Sponsor Indemnitors
are express third party beneficiaries of the terms of this provision.]


 


		14.	Indemnification Hereunder Not Exclusive



 


The indemnification provided by this Agreement shall not
be deemed exclusive of any rights to which Indemnitee may be entitled under the memorandum of association, bye-laws or other organizational
agreement or instrument of the Company or any of its subsidiaries, any other agreement, any vote of shareholders or Directors,
Bermuda law, any other applicable law or any liability insurance policy, provided that to the extent that Indemnitee is entitled
to be indemnified by the Company and by any shareholder of the Company or any affiliate of any such shareholder (other than the
Company) under any other agreement or instrument, or by any insurer under a policy procured or maintained by any such shareholder
or affiliate, (i) the obligations of the Company hereunder shall be primary and the obligations of such shareholder, affiliate
or insurer secondary, and (ii) the Company shall not be entitled to contribution or indemnification from or subrogation against
such equity holder, affiliate or insurer. In the event that any such shareholder or affiliate makes indemnification payments or
advances to Indemnitee in respect of any Expenses, losses, liabilities, judgments, fines, penalties or amounts paid in settlement
for which the Company would also be obligated pursuant to this Agreement, the Company shall reimburse such shareholder or affiliate
in full on demand.


 


		15.	Exculpation, etc.



 


		15.1	Indemnitee shall not be personally liable to the Company or any of its subsidiaries or to the shareholders of the Company or
any such subsidiary for monetary damages for breach of fiduciary duty as a Director of the Company or any such subsidiary; provided,
however, that the foregoing shall not eliminate or limit the



 




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liability of the Indemnitee for acts of
fraud or dishonesty. If Bermuda law or other applicable law shall be amended to permit further elimination or limitation of the
personal liability of directors, then the liability of the Indemnitee shall, automatically, without any further action, be eliminated
or limited to the fullest extent permitted by Bermuda law or such other applicable law as so amended.


 


		15.2	No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company or any of its subsidiaries
against Indemnitee or Indemnitee’s estate, spouses, heirs, executors, personal or legal representatives, administrators or
assigns after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of
the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year
period, provided that if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period
shall govern.



 


		16.	Contribution



 


		16.1	The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought
by Officers, Directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.



 


		16.2	To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable
to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred
by Indemnitee, whether for all expense, liability and loss (including, without limitation, attorneys’ fees, judgments, fines,
excise taxes or penalties of any kind, and amounts paid or to be paid in settlement), in connection with any Proceeding, in such
proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the
relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such
Proceeding; and/or (ii) the relative fault of the Company (and its Directors, Officers, employees and agents) and Indemnitee in
connection with such event(s) and/or transaction(s).



 


		17.	Directors and Officers Liability Insurance.



 


		17.1	So long as the Company or any of its subsidiaries maintains liability insurance for any Directors, Officers, employees or agents
of any such person, the Company shall ensure that Indemnitee is covered by such insurance in such a manner as to provide Indemnitee
the same rights and benefits as are accorded to the most favorably insured of the Company’s and its subsidiaries’ then-current
Directors and Officers. If at any date (i) such insurance ceases to cover acts and omissions occurring during all or any part of
the period of Indemnitee’s status as a Director and/or Officer or (ii) neither the Company nor any of its subsidiaries maintains
any such insurance, the Company shall ensure that Indemnitee is covered, with



 




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respect to acts and omissions prior to
such date, for at least six years (or such shorter period as is available on commercially reasonable terms) from such date, by
other directors and officers liability insurance, in amounts and on terms (including the portion of the period of Indemnitee’s
status as a Director and/or Officer covered) no less favorable to Indemnitee than the amounts and terms of the liability insurance
maintained by the Company [on the date hereof] .


 


		17.2	Upon receipt of notice of any Proceeding, the Company shall give or cause to be given prompt notice of such Proceeding to all
insurers providing liability insurance in accordance with the procedures set forth in all applicable or potentially applicable
insurance policies. The Company shall thereafter take all necessary action to cause such insurers to pay all amounts payable in
accordance with the terms of such insurance policies.



 


		18.	Applicable Law



 


The terms and conditions of this Agreement and the rights
of the parties hereunder shall be governed by and construed in all respects in accordance with the laws of Bermuda. The parties
to this Agreement hereby irrevocably agree that the courts of Bermuda shall have exclusive jurisdiction in respect of any dispute,
suit, action, arbitration or proceedings which may arise out of or in connection with this Agreement and waive any objection to
such proceedings in the courts of Bermuda on the grounds of venue or on the basis that they have been brought in an inconvenient
forum.


 


		19.	Counterparts



 


This Agreement may be executed in any number of counterparts,
each of which shall constitute the original.


 


		20.	Amendment and Termination.



 


No amendment, modification, termination or cancellation
of this Agreement shall be effective unless it is in writing signed by all the parties hereto. No waiver of any of the provisions
of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor
shall such waiver constitute a continuing waiver.


 


		21.	Successors and Assigns



 


This Agreement shall be binding upon the Company and its
respective successors and assigns, including without limitation any acquiror of all or substantially all of the Company’s
assets or business, any person (as such term is used in Sections 13(d) and 14(d) of the United States Securities Exchange Act of
1934, as amended) that acquires beneficial ownership of securities of the Company representing more than 50% of the total voting
power represented by the Company’s then issued and outstanding voting securities and any survivor of any merger, amalgamation
or consolidation to which the Company is party, and shall inure to the benefit of and be enforceable by Indemnitee and Indemnitee’s
estate, spouses, heirs, executors, personal or legal representatives,


 




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administrators and assigns. The Company shall require
and cause any such successor, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree
to perform this Agreement as if it were named as the Company herein, and the Company shall not permit any such purchase of assets
or business, acquisition of securities or merger or consolidation to occur until such written agreement has been executed and delivered.
No such assumption and agreement shall relieve the Company of any of its obligations hereunder, and this Agreement shall not otherwise
be assignable by the Company.


 


		22.	Continuation of Indemnification



 


The indemnification under this Agreement shall continue
as to the Indemnitee even though he may have ceased to be a Director and/or Officer and shall inure to the benefit of the heirs
and personal representatives of the Indemnitee.


 


		23.	Coverage of Indemnification



 


The indemnification under this Agreement shall cover the
Indemnitee’s service as a Director and/or Officer prior to or after the date of the Agreement.


 




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AGREED by the Parties through their authorised signatories on the
date first written above:


 


	For, and on behalf of James River Group Holdings, Ltd. 	 	 	For, and on behalf of Director/Officer
	 	 	 
	 	 	 	 
	Signature	 	 	Signature
	 	 	 
	 	 	 	 
	Print Name	 	 	Print Name
		 	 	
	 	 	 	 
	Date	 	 	Date
	 	 	 	 	 







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