Document:

Exhibit 4.6

 

Execution Version

 

 

 

WATFORD HOLDINGS LTD.

 

PREFERENCE SHAREHOLDERS’ AGREEMENT

 

March 31, 2014

 

 

 

    	 

    	

    

	Section 1.	 	Certain Definitions	1
	Section 2.	 	Corporate Governance	4
	2.01	 	Subsidiary Governance	4
	2.02	 	Bye-Law Provisions	4
	Section 3.	 	Transfers of Securities	5
	3.01	 	Restrictions on Transfer	5
	3.02	 	Other Restrictions on Transfers	7
	3.03	 	Legend	8
	Section 4.	 	Additional Liquidity Rights	8
	4.01	 	Additional Liquidity Rights	8
	Section 5.	 	Periodic Information Reporting Requirements	9
	5.01	 	Quarterly Financial Statements	9
	5.02	 	Annual Financial Statements	9
	5.03	 	Additional Information	9
	5.04	 	Confidentiality	9
	Section 6.	 	Certain Sale and Other Requirements	10
	6.01	 	Recapitalization	10
	6.02	 	Certain Restrictions	10
	6.03	 	Regulatory Repurchase	10
	Section 7.	 	Tax Matters	12
	7.01	 	Cooperation	12
	Section 8.	 	Representations and Warranties	12
	8.01	 	Authority; Enforceability	12
	8.02	 	No Breach	13
	8.03	 	Consents	13
	8.04	 	Investment Representations	13
	Section 9.	 	Miscellaneous	13
	9.01	 	Compliance with Bermuda law	13
	9.02	 	Amendments and Waivers	13
	9.03	 	Entire Agreement	14
	9.04	 	Term and Termination	14
	9.05	 	Notices	14
	9.06	 	Successors and Assigns; Assignment	15

    	 

    	

    

	9.07	 	Specific Performance	15
	9.08	 	Submission to Jurisdiction; No Jury Trial	15
	9.09	 	Counterparts	16
	9.10	 	Governing Law	16
	9.11	 	Headings	16
	9.12	 	Construction	16
	9.13	 	Severability	17
	9.14	 	Multiple Closings; Future Capital Raises	17

    	 

    	

    

This PREFERENCE
SHAREHOLDERS’ AGREEMENT (this “Agreement”) is made as of March 31, 2014, by and among, Watford
Holdings Ltd., a Bermuda exempted company with limited liability (the “Company”), and the shareholders
of the Preference Shares of the Company who have acquired Preference Shares on or prior to the Closing Date in connection with
the offering of Preference Shares contemplated by the PPM (the “Existing Shareholders”). The Existing Shareholders
and any other shareholder of the Company who agrees in writing to become bound by this Agreement, and each of their respective
successors and permitted assignees, are collectively referred to herein as the “Shareholders” and each individually
as a “Shareholder.”

 

Section 1.               
Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth below:

 

“Accredited
Investor” means an “accredited investor” as that term is defined in Rule 501(a) of Regulation D promulgated
under the Securities Act.

 

“Affiliate”
of any Person means any other Person controlling, controlled by or under common control with such Person. As used in this definition,
“control” (including, with its correlative meanings, “controlled by” and “under common control with”)
shall mean, with respect to any Person, the possession, directly or indirectly, of power to direct or cause the direction of management
or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of
such Person. In the case of a natural Person, his or her Affiliates include members of such Person’s immediate family, natural
lineal descendants of such Person or a trust or other similar entity established for the exclusive benefit of such Person and his
or her immediate family and natural lineal descendants.

 

“Affiliate
Transfer” means (i) in the case of a Shareholder that is not a natural person, a Transfer of Preference Shares from a
Shareholder to an Affiliate of such Shareholder, provided that the transferee agrees to remain an Affiliate of the transferor
so long as it holds such Preference Shares or (ii) a Transfer of Preference Shares from a Shareholder who is a natural person to
(a) any executor, administrator or testamentary trustee of such Shareholder’s estate if such Shareholder dies, (b) any transferee
receiving Preference Shares of such Shareholder by will, intestacy laws or the laws of descent or survivorship, (c) any trustee
of a trust (including an inter vivos trust) of which there are no principal beneficiaries other than such Shareholder or
one or more lineal descendents, siblings or parents of such Shareholder or one or more lineal descendents of any siblings of such
Shareholder or (d) any corporation, partnership or other entity of which such Shareholder owns directly the majority of the outstanding
equity securities or other ownership interests or of which such Shareholder is otherwise entitled to appoint a majority of the
board of directors or other managing body. “Affiliate Transferee” shall have the corresponding meaning.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Arch Underwriters”
means Arch Underwriters Ltd., in its capacity as the reinsurance portfolio manager of Watford Re.

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“Arch Underwriters
Restricted Party” means any Person that is an insurance or reinsurance competitor of Arch Underwriters or any of its
Affiliates, as determined by Arch Underwriters acting reasonably in good faith.

 

“Assignee”
has the meaning set forth in Section 3.01(j).

 

“Board”
means the Board of Directors of the Company.

 

“Business
Day” means any day other than a Saturday, a Sunday or any day on which banks located in New York, New York or Bermuda
are authorized or obliged to close.

 

“Bye-Laws”
means the Bye-Laws of the Company, as may be amended from time to time.

 

“Closing Date”
means the date of the final closing in respect of the private placement of Preference Shares described in the PPM.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

“Commission”
means the United States Securities and Exchange Commission or any other federal agency administering the Securities Act.

 

“Common Shareholders
Agreement” means that certain Shareholders Agreement, dated March 25, 2014, as amended from time to time, among the Company
and the holders of the Common Shares.

 

“Common Shares”
means the Common Shares of the Company, with an initial par value of $0.01 per share.

 

“Companies
Act” means the Bermuda Companies Act 1981, as amended.

 

“Company”
has the meaning set forth in the preamble.

 

“Election
Notice” has the meaning set forth in Section 3.02(b).

 

“Exchange
Act” means the United States Securities Exchange Act of 1934, as amended, or any similar federal statute and the rules
and regulations of the Commission promulgated thereunder, as the same may be amended from time to time.

 

“Existing
Shareholders” has the meaning set forth in the preamble.

 

“FATCA”
has the meaning set forth in Section 7.01(c).

 

“Investment
Company Act” means the United States Investment Company Act of 1940, as amended, or any similar federal statute, and
the rules and regulations of the Commission promulgated thereunder, as the same may be amended from time to time.

 

“Investment
Manager” means Highbridge Principal Strategies LLC, in its capacity as the investment manager of the Company and Watford
Re.

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“Investment
Manager Restricted Party” means any Person that is an “asset management” competitor of the Investment Manager
or any of its Affiliates, as determined by the Investment Manager acting reasonably in good faith.

 

“IPO”
means the initial registered public offering of the Preference Shares in the United States or a listing of the Preference Shares
on a United States national securities exchange.

 

“J.P. Morgan”
has the meaning set forth in Section 9.05(b).

 

“Offer Notice”
has the meaning set forth in Section 3.02(a).

 

“Officer”
means an officer of the Company from time to time during the term of this Agreement.

 

“Person”
means an individual, a partnership, a company, a corporation, a limited liability company, an association, a joint stock company,
a trust, a joint venture, an unincorporated organization or a governmental or quasi-governmental entity or any department, agency
or political subdivision thereof.

 

“PPM”
means the Company’s Confidential Private Placement Memorandum, dated January 2014, related to the Company’s offering
of Common Shares and Preference Shares, as supplemented by the Supplement to Confidential Private Placement Memorandum dated March
14, 2014.

 

“Preference
Shares” means the Preference Shares of the Company, with an initial par value of $0.01 per share, and includes a fraction
of a Preference Share.

 

“Proposed
Transferee” has the meaning set forth in Section 3.02(a).

 

“Qualified
Transaction” means (i) an IPO or (ii) a Sale Transaction.

 

“Restricted
Party” means an Investment Manager Restricted Party or an Arch Underwriters Restricted Party.

 

“Sale Price”
has the meaning set forth in Section 3.02(a).

 

“Sale Transaction”
means a sale of all or substantially all of the equity or assets of the Company or Watford Re.

 

“Securities
Act” means the United States Securities Act of 1933, as amended, or any similar federal statute and the rules and regulations
of the Commission promulgated thereunder, as the same may be amended from time to time.

 

“Shareholders”
has the meaning set forth in the preamble.

 

“Subscription
Agreement” means the subscription agreement, including the subscriber information form completed in connection
therewith, executed by an Existing Shareholder and

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the Company in connection with the issuance of the Preference Shares to such
Existing Shareholder.

 

“Transfer”
means any direct or indirect sale, exchange, transfer (including, without limitation, any transfer by gift or operation of law,
or any transfer of an economic interest in any derivative security of any security), assignment, pledge, hypothecation, mortgage,
distribution or other disposition, or issuance or creation of any option or any voting proxy, voting trust or other transfer of
interest, in whole or in part, whether in a single transaction or a series of related transactions and whether voluntarily or involuntarily
or by operation of law or at a judicial sale or otherwise.

 

“Transfer
Securities” has the meaning set forth in Section 3.02(a).

 

“Transferring
Shareholder” has the meaning set forth in Section 3.01(a).

 

“U.S. GAAP”
means Unites States generally accepted accounting principles.

 

“Watford Re”
means Watford Re Ltd., a Bermuda exempted company with limited liability and a wholly owned subsidiary of the Company.

 

“$”
means the legal currency of the United States of America.

 

Section 2.               
Corporate Governance.

 

2.01                                 
Subsidiary Governance. The Company and each Shareholder agree that the Board of Directors of Watford Re at the date
hereof shall be comprised of the individuals who are serving as directors on the Board in accordance with this Agreement, the Common
Shareholders Agreement and the bye-laws of Watford Re. After the date hereof, any vacancies shall be filled in accordance with
this Agreement, the Common Shareholders Agreement and, subject to the Common Shareholders Agreement and Section 2.02 hereof, the
bye-laws of Watford Re.

 

2.02                                 
Bye-Law Provisions. To the extent the Shareholders have the right to vote pursuant to the Bye-Laws or any applicable
law, each Shareholder agrees to vote its Preference Shares or execute proxies or written consents, as the case may be, and to take
all other actions necessary to ensure that the Bye-Laws (a) facilitate, and do not at any time conflict with, any provision of
this Agreement and (b) permit each Shareholder to receive the benefits to which each such Shareholder is entitled under this Agreement.
The Company agrees to vote its common shares in Watford Re and any other subsidiary of the Company, or execute proxies or written
consents, as the case may be, and to take all other actions necessary to ensure that the bye-laws of Watford Re and any other subsidiary
of the Company (a) facilitate, and do not at any time conflict with, any provision of this Agreement and (b) permit each Shareholder
to receive the benefits to which each such Shareholder is entitled under this Agreement.

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Section 3.               Transfers of Securities.

 

3.01                                 
Restrictions on Transfer.

 

(a)               
Prior to the earlier to occur of the fifth (5th) anniversary of the date hereof and, if the Company consummates
an IPO, the expiration of any lockup period with respect to the Preference Shares in connection therewith, no Shareholder shall
Transfer all or any part of the Preference Shares owned by it without the prior written consent of the Board, which consent may
be given or withheld in the sole discretion of the Board, to any other Person. The Shareholders hereby acknowledge that, although
it is in the sole discretion of the Board to give or withhold any such consent, the Company’s intent is that, before the
third (3rd) anniversary of the date hereof, the Board will not approve any Transfer that is not an Affiliate Transfer.

 

(b)              
Prior to the consummation of an IPO and the expiration of any lockup period with respect to the Preference Shares in connection
therewith, no Transfer of Preference Shares shall be permitted unless (i) the Board determines in its sole discretion that such
Transfer: (A) would not violate the Securities Act or any state securities or “blue sky” laws applicable to the Company
or the Preference Shares to be transferred; (B) has been approved, if necessary, by the Bermuda Monetary Authority; (C) would not
result in the Preference Shares being held by 2,000 or more persons who are Accredited Investors or otherwise cause the Company
to become subject to the reporting requirements under Section 12 of the Exchange Act; (D) would not cause the Company to become
subject to registration as an investment company under the Investment Company Act; and (E) would not have any other material adverse
legal, tax or regulatory effect on the Company; and (ii) the Shareholder that proposes to Transfer Preference Shares delivers,
at the Board’s request, an opinion of counsel which, to the Board’s reasonable satisfaction, is knowledgeable in securities
law matters to the effect that such Transfer may be effected without registration of such Preference Shares under the Securities
Act.

 

(c)               
[Reserved.]

 

(d)              
The Board may condition any Transfer upon receipt of such information, representations, warranties, covenants and indemnities
from the transferor and transferee as the Board may determine in its sole discretion.

 

(e)               
If the Board in good faith concludes that any applicable conditions in Section 3.01(b) have been satisfied, then it shall
not withhold its consent to (i) any Affiliate Transfer, or (ii) any other Transfer occurring after the fifth anniversary of the
date hereof, if such Transfer involves at least 40,000 Preference Shares (or, if less, the transferor’s entire holding of
Preference Shares).

 

(f)                In
the event of any purported or attempted Transfer that does not comply with the provisions of this Agreement, the
attempted Transfer shall be null and void ab initio and will confer no rights whatsoever on the purported transferee
as against the Company or any other shareholder of the Company, including the Shareholders, and the Company shall not record
such Transfer on its books or treat any purported transferee of such Preference Shares as the owner of such Preference Shares
for any purpose.

 

(g)              
Notwithstanding anything contained herein to the contrary, following an IPO of the Company, in addition to any lockup period
required by the underwriters, the Board may impose Transfer restrictions on Preference Shares to ensure that no such Transfer would
(i) cause the Company to become subject to registration as an investment company under

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the Investment Company Act or (ii) have
any other material adverse legal, tax or regulatory effect on the Company.

 

(h)              
Notwithstanding anything contained herein to the contrary, prior to the consummation of an IPO, any transferee of Preference
Shares who is not a Shareholder (other than the Company) and has acquired such Preference Shares from a Shareholder shall upon
the consummation of, and as a condition to, such Transfer execute and deliver to the Company a transfer agreement and an instrument
substantially in the form attached hereto as Exhibit A (or a counterpart to this Agreement) pursuant to which such transferee
agrees to be bound by the terms of this Agreement as a Shareholder, with such rights of the transferor that are assigned by the
transferor in compliance with this Section 3.01.

 

(i)                
Expenses of Transfer. The transferring Shareholder agrees that it will pay all expenses, including attorneys’
fees and fees in connection with the evaluation of the transfer pursuant to this Section 3.01, incurred by the Company in connection
with any attempted or realized Transfer of all or any portion of its interest, whether or not the Board consents to such Transfer.
Such costs generally will include the amount of any transfer taxes due as a result of a Shareholder’s Transfer and the costs
of accounting for such Transfers, including for applicable tax purposes.

 

(j)                
Indemnification by Transferor. In the event that the Company or any member of the Board becomes involved in any capacity
in any action, proceeding, or investigation brought by or against any Person (including any Shareholder) in connection with any
Transfer by a Shareholder of a Shareholder’s interest in the Company or the admission into the Company as a Shareholder of
any purchaser, assignee, transferee, donee, heir, legatee, distributee or other recipient (each, an “Assignee”)
of such transferring Shareholder’s interest in the Company, the Shareholder who has transferred all or any portion of its
interest in the Company will periodically reimburse each of the Company and the members of the Board for each of their legal and
other expenses (including the cost of any investigation and preparation) incurred in connection with such action, proceeding or
investigation. To the fullest extent permitted by law, the transferring Shareholder also will indemnify the Company and the members
of the Board for any losses, claims, damages, or liabilities to which any of them may become subject in connection with such Transfer.
The reimbursement and indemnity obligations of the transferring Shareholder under this Section 3.01(j) shall be in addition to
any liability that the transferring Shareholder may otherwise have, shall extend upon the same terms and conditions to the partners,
employees, stockholders, members, managers, and controlling Persons of the Company, and shall be binding upon and inure to the
benefit of any successors, assigns, heirs and personal representatives of the Company, the members of the Board and any such Persons.
The obligations of a transferor under the foregoing provisions shall survive the Transfer of its interest or any termination of
this Agreement.

 

(k)              
Recognition of Transfer. The Company shall not recognize for any purpose any purported Transfer of all or any portion
of the interest in the Company of a Shareholder unless (i) the provisions of Section 3.01 hereof shall have been complied with,
and (ii) there shall have been filed with the Company a dated notice of such Transfer, in form satisfactory to the Company, executed
and acknowledged by both the transferring Shareholder and the Assignee and such notice (A) contains the acceptance by the Assignee
of all the terms

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and provisions of this Agreement and the Assignee’s agreement to be bound thereby, (B) represents that such
Transfer was made in accordance with all applicable laws and regulations, and (C) contains a power of attorney authorizing the
Company to execute this Agreement on behalf of the Assignee.

 

(l)                
The Board may delegate its responsibilities pursuant to this Section 3.01 to a committee of the Board and if the Board so
delegates, all references to the “Board” in this Section 3.01 shall be deemed to refer to such committee.

 

3.02                                 
Other Restrictions on Transfers.

 

(a)               
If a Shareholder intends to Transfer any of its Preference Shares (such transferring Shareholder, the “Transferring
Shareholder”), such Transferring Shareholder shall give written notice (an “Offer Notice”) to the
Company stating the Transferring Shareholder’s bona fide intention to make such a Transfer, describing in reasonable detail
the proposed Transfer, including the identity of the proposed transferee (the “Proposed Transferee”), the number
of Preference Shares proposed to be Transferred pursuant to the offer (the “Transfer Securities”), and specifying
the bona fide per share purchase price that the Proposed Transferee has agreed to pay for the Transfer Securities (the “Sale
Price”), which Sale Price shall be payable in cash at the closing of the transaction.

 

(b)              
Upon receipt of the Offer Notice, the Company shall have the exclusive option to purchase, upon delivery of a notice (the
“Election Notice”) to the Transferring Shareholder within thirty (30) days of its receipt of the Offer Notice,
all or any portion of the Transfer Securities. The Company shall deliver an Election Notice to the Transferring Shareholder of
its election to purchase or not purchase any such Transfer Securities within such thirty (30) day period, together with the payment
to the Transferring Shareholder of the Sale Price therefor (in the event that the Company so elects to purchase any Transfer Securities).
If the Company elects to purchase the Transfer Securities, the Transfer of any Transfer Securities shall be consummated as soon
as practicable after delivery of the Election Notice, but in no event later than fifteen (15) Business Days after the delivery
of the Election Notice.

 

(c)                In
the event that less than all of the Transfer Securities have been acquired by the Company, the Transferring Shareholder may,
no later than 90 calendar days after the expiration of the applicable election period set forth in Section 3.02(b),
Transfer the Transfer Securities not purchased by the Company to the Proposed Transferee at a price no less than the price
per share specified in the Offer Notice and on other terms in the aggregate no more materially favorable to the Proposed
Transferee than offered to the Company in the Offer Notice, provided that the Board has approved the Transfer to the Proposed
Transferee in accordance with Section 3.01. It shall be a condition precedent to the consummation of any Transfer of Transfer
Securities to a Person not a party to this Agreement that such Person agrees in writing to be bound by the terms and
conditions of this Agreement pursuant to an instrument substantially in the form attached hereto as Exhibit A (or a
counterpart to this Agreement). Any Transfer Securities not Transferred to the Proposed Transferee within such 90-day period
shall be re-offered (without obligation to purchase) to the Company under this Section 3 prior to any subsequent Transfer
pursuant to the terms of this Section 3.

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(d)              
This Section 3.02 shall terminate upon consummation of an IPO.

 

3.03                                 
Legend. In addition to any other legend that may be required, each certificate for Preference Shares, if any, issued
to any Shareholder shall bear a legend in substantially the following form:

 

“THE SHARES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), UNDER APPLICABLE U.S. STATE SECURITIES LAWS OR UNDER THE LAWS OF ANY OTHER JURISDICTION, AND MAY
BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO PERSONS WHO ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF
RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT, (B) IF
SUCH SALE, PLEDGE OR TRANSFER HAS RECEIVED THE CONSENT OF THE COMPANY’S BOARD OF DIRECTORS (OR A COMMITTEE THEREOF), (C)
IN ACCORDANCE WITH APPLICABLE LAWS, AND (D) TO A TRANSFEREE WHO AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

THE SHARES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO THE COMPANY’S BYE-LAWS, THE CERTIFICATE OF DESIGNATION RELATING TO THE PREFERENCE SHARES
AND A PREFERENCE SHAREHOLDERS’ AGREEMENT DATED MARCH 31, 2014 (AS MAY BE AMENDED FROM TIME TO TIME). A COPY OF SUCH BYE-LAWS,
CERTIFICATE OF DESIGNATION AND PREFERENCE SHAREHOLDERS’ AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE CORPORATION TO
THE HOLDER HEREOF UPON WRITTEN REQUEST.”

 

If any Preference Shares
are certificated and cease to be subject to any and all restrictions on Transfer set forth in the Bye-Laws or this Agreement, the
Company, upon the written request of the holder thereof, shall issue to such holder a new certificate evidencing such Preference
Shares without reference in the above legend to the Bye-Laws or to this Agreement, as the case may be.

 

Section 4.               
Additional Liquidity Rights.

 

4.01                                 
Additional Liquidity Rights.

 

(a)               
In the event that the Company has not, by the fifth (5th) anniversary of the date hereof, consummated an IPO,
then, subject to compliance with the Companies Act, the Company will annually make a tender offer to purchase in the first quarter
of each annual period, on a pro rata basis among all holders of Preference Shares, up to 20% of the then outstanding Preference
Shares for a price equal to book value per Preference Share (as of the end of the fiscal quarter immediately preceding the commencement
of the tender offer) until an IPO

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or a Sale Transaction is consummated. Notwithstanding the foregoing, the Company will not be
required to make any such repurchases (x) if the Board determines that such repurchases will have a negative effect on any of the
Company’s then outstanding ratings, (y) unless all necessary regulatory authorities have approved the repurchases (and the
Company shall use commercially reasonable efforts to obtain any such approvals), and (z) unless the Board determines that after
giving effect to the repurchases, the Company has sufficient capital to conduct its business.

 

(b)              
If an initial registered public offering of the Common Shares in the United States or a listing of the Common Shares on
a United States national securities exchange has not been consummated by the fifth (5th) anniversary of the date of
the Common Shareholders Agreement, the Common Shareholders Agreement will obligate the Company, subject to compliance with the
Companies Act, to annually make a tender offer to repurchase up to 20% of the then outstanding Common Shares for a price equal
to book value per Common Share on substantially the same terms as set forth above with respect to the Preference Shares. In the
event that the Board determines that less than 20% of the Preference Shares and Common Shares may be repurchased, any such reduced
percentage of Preference Shares and Common Shares shall be repurchased on a pro rata basis.

 

Section 5.               
Periodic Information Reporting Requirements.

 

5.01                                 
Quarterly Financial Statements. The Company shall prepare condensed, consolidated financial statements for each of
the first three fiscal quarters of each fiscal year in accordance with U.S. GAAP consistently applied. The Company shall provide
such quarterly financial statements to each Shareholder not later than 45 days after the end of each fiscal quarter.

 

5.02                                 
Annual Financial Statements. The Company shall prepare consolidated financial statements for each fiscal year in
accordance with U.S. GAAP consistently applied and shall cause such financial statements to be audited. The Company shall provide
such audited financial statements and the auditor’s report thereon to the Shareholders not later than 120 days after the
end of each fiscal year.

 

5.03                                 
Additional Information. If a Shareholder requests in writing information about the Company or its subsidiaries in
addition to the financial statements made available pursuant to Sections 5.01 and 5.02 in order to, among other things, comply
with disclosure requirements under laws and regulations applicable to such Shareholder or to meet the tax reporting requirements
of such Shareholder, the Company shall use its commercially reasonable efforts to provide such additional information to such Shareholder
as soon as practicable after such written request has been received; provided, however, that the Company shall
not be required to provide any such additional information if the Company reasonably believes that the disclosure of such information
could have a materially adverse effect on the financial condition, business or prospects of the Company on a consolidated basis
or is of a confidential nature.

 

5.04                                 
Confidentiality. Except as authorized in writing by the Company, each of the Shareholders shall not disclose any
of the information provided to such Shareholder pursuant to this Section 5 to any Person that is not a director, officer, partner,

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member, trustee, employee, representative (including any accountant, attorney or other professional) or Affiliate of such Shareholder
or a party to this Agreement, and each Shareholder shall use its commercially reasonable efforts to cause its directors, officers,
partners, members, trustees, employees, representatives and Affiliates not to disclose such information to any Person that is not
a party to this Agreement; provided, however, that such Shareholder shall not be prohibited from disclosing
any such information if such information (w) becomes publicly available through no breach of this Agreement by the Shareholder
or its directors, officers, partners, members, trustees, employees, representatives or Affiliates, (x) is required to be disclosed
by law or the rules of a national securities exchange, (y) is required to be furnished to a governmental agency in connection with
any legal or administrative proceeding or (z) the information is requested by a prospective transferee or purchaser of Preference
Shares so long as such third party enters into a confidentiality agreement with the Company reasonably satisfactory to the Company.
Notwithstanding the foregoing, prospective investors (and their agents) are authorized, without restriction of any kind, to disclose
the tax treatment and tax structure of the transactions set forth or contemplated herein.

 

Section 6.               
Certain Sale and Other Requirements.

 

6.01                                 
Recapitalization. In anticipation of a Qualified Transaction, the Company shall be entitled to require all Shareholders
to participate in any recapitalization or restructuring transaction in connection with which the Preference Shares are converted
into new securities (which shall not be disproportionately adverse in any material respect to any Shareholder), whether in connection
with a Qualified Transaction of a successor to the Company, any part of the Company, or otherwise; provided that
the rights and obligations of the Shareholders shall apply (without any material change) with respect to any successor entity resulting
from such recapitalization or restructuring transaction.

 

6.02                                 
Certain Restrictions. Without the prior approval of the Board and the Investment Manager or Arch Underwriters (as
applicable), until the earliest to occur of (i) the seventh anniversary of the date hereof, (ii) the consummation of an IPO and
(iii) the date on which the Investment Manager is no longer serving as manager of the Company’s investments or Arch Underwriters
is no longer serving as manager of the Company’s reinsurance portfolio, as applicable, the Company shall not, and shall not
permit any of its subsidiaries to, directly or indirectly, (i) sell, transfer or otherwise convey all or substantially all of the
assets or capital stock of the Company or any of its subsidiaries to a Restricted Party or (ii) effect any transaction which results
in a Restricted Party owning more than (or increasing its ownership percentage above) twenty percent (20%) of the outstanding Common
Shares of the Company or any of its subsidiaries.

 

6.03                                 
Regulatory Repurchase.

 

(a)               
Each Shareholder acknowledges that (i) future dispositions and other changes in the business or assets of the Company or
its subsidiaries or changes in the law could result in the Company potentially becoming an “investment company” as
defined under the Investment Company Act and (ii) it may become necessary or advisable for the Company to take certain actions
(A) in order for the Investment Manager to comply with the Bank Holding Company Act of 1956, as amended (the “BHCA”),
the Dodd-Frank Wall Street Reform and

    	- 10 -

    	

    

Consumer Protection Act or any other current or future laws, rules, regulations or legal
requirements applicable to the Investment Manager or its affiliates (including JPMorgan Chase & Co. and its affiliates (“JPMorgan”))
or (B) to reduce or eliminate the impact or applicability to the Company of any bank regulatory restrictions that might otherwise
be imposed upon the Company as a result of JPMorgan’s status as a bank holding company under the BHCA.

 

(b)              
If the Board determines that the Company is or could become an “investment company” as defined under the Investment
Company Act and that the Company will seek to qualify for the exemption from registration under Section 3(c)(7) of the Investment
Company Act, then:

 

(i)                
the Company shall have the right to request from each Shareholder, and such Shareholder agrees to promptly provide to the
Company, such additional information, representations, warranties as the Company in good faith requests in order to determine whether
such Shareholder is a “qualified purchaser,” as defined in Section 2(a)(51)(A) of the Investment Company Act or a similar
concept as a result of changes in the law; and

 

(ii)              
if the Company determines that a Shareholder is not a “qualified purchaser” or lacks such other relevant status
pursuant to a change in law, the Company shall have the right to repurchase all of the Preference Shares owned by such Shareholder
at a price equal to the fair market value thereof (which may be based on book value or such other method as determined in good
faith by the Board).

 

(c)                If
the Board determines that it is necessary or advisable that a Shareholder cease to be a Shareholder in order to comply with
the BHCA, the Dodd-Frank Wall Street Reform and Consumer Protection Act or any other current or future laws, rules,
regulations or legal requirements applicable to JPMorgan or to reduce or eliminate the impact or applicability to the Company
of any bank regulatory restrictions that might otherwise be imposed upon the Company as a result of JPMorgan’s status
as a bank holding company under the BHCA, the Company shall have the right, subject to compliance with the Companies Act, to
repurchase all of the Preference Shares owned by such Shareholder at a price equal to the fair market value thereof (which
may be based on book value or such other method as determined in good faith by the Board).

 

(d)              
Each Shareholder agrees to provide the Company any information that the Company may reasonably request or require in order
to comply with applicable United States or non-United States laws, including tax laws, or to reduce any United States or non-United
States tax that may be imposed on the Company or any investor in the Company’s securities. In addition, each Shareholder
agrees to update such information if and when any such information is no longer true or correct and to provide any additional true
and correct information required pursuant to any change in law, or the application or interpretation thereof. If a Shareholder
does not provide (or appropriately update) any such true and correct information with respect to the Company, the Company may repurchase,
subject to compliance with the Companies Act, such Shareholder’s entire interest at a price equal to the fair market value
thereof (which may be based on book value or such other method as determined in good faith by the Board).

    	- 11 -

    	

    

Section 7.               
Tax Matters.

 

7.01                                 
Cooperation.

 

(a)               
Each Shareholder agrees to provide the Company whatever information is reasonably requested by the Company on an ongoing
basis for purposes of monitoring “related person insurance income” as defined in the Code (and any other legitimate
matter related to taxes) and monitoring compliance with the limitation on benefits provisions in the US/Bermuda tax treaty.

 

(b)              
Each Shareholder further agrees that such Shareholder will, upon request of the Company, provide any information or documentation,
execute any forms or documents (including a power of attorney or settlement or closing agreement) and take any further action requested
by the Company in connection with any tax matter (including in connection with a tax audit or proceeding) affecting the Company.

 

(c)                Without
limiting the foregoing, each Shareholder further agrees that such Shareholder will, upon  request of the
Company, provide identifying information as to themselves and, as applicable, their direct and indirect owners, and to
certify such information in such form as may be reasonably requested by the Company to comply with Sections 1471-1474 of the
Code (“FATCA”), any current or future regulations, treaties, laws or agreements thereunder or official
interpretations thereof, any similar provision of law or, if applicable, any intergovernmental agreement entered into between
the United States and Bermuda. Each Shareholder further agrees to cooperate with the Company in connection with any steps the
Company may elect to take, in its reasonable discretion to ensure compliance with the foregoing, it being expressly
understood and agreed that such steps may in the Company’s discretion include a forced sale and/or repurchase of any
Shares held by a Shareholder who fails to provide such information.

 

Section 8.               
Representations and Warranties.

 

8.01                                 
Authority; Enforceability. Each of the parties hereto hereby severally represents and warrants to each of the other
parties hereto that such party has, as applicable, the legal capacity or power and authority, corporate or otherwise, to enter
into this Agreement and to carry out each of its obligations hereunder as they may hereafter arise. Such party (in the case of
parties that are not natural persons) is duly organized, validly existing and in good standing under the laws of its jurisdiction
of organization, and the execution of this Agreement and consummation of the transactions contemplated herein have been duly authorized
by all necessary action. No other act or proceeding, corporate or otherwise, on its part is necessary to authorize the execution
of this Agreement or the consummation of any of the transactions contemplated hereby. This Agreement has been duly executed by
such party and constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms of this
Agreement, except to the extent that such enforceability may be limited by bankruptcy, insolvency, reorganization or other laws
and judicial decisions of general application relating to or affecting the enforcement of creditors’ rights general or by
general equitable principles.

    	- 12 -

    	

    

8.02                                 
No Breach. Each of the parties hereto severally represents and warrants to each of the other parties hereto that
neither the execution of this Agreement nor the performance by such party of its obligations hereunder does or will:

 

(a)               
in the case of parties that are not natural persons, conflict with or violate its articles of incorporation, bylaws or other
applicable organizational documents;

 

(b)              
violate, conflict with or result in the termination of, or otherwise give any other Person the right to accelerate, renegotiate
or terminate or receive any payment or constitute a default or any event of default, with or without notice, lapse of time, or
both, under the terms of, any contract or agreement to which it is a party or by which it or any of its assets or operations are
bound or affected; or

 

(c)               
constitute a violation by such party of any law, ruling, writ, injunction, award, determination or decree of any arbitral
body or court or any agency, commission, department or body of any local, state, federal or foreign governmental, regulatory, administrative,
judicial or quasi-governmental unit, entity or authority.

 

8.03                                  Consents.
Each of the parties hereto hereby severally represents and warrants to each of the other parties hereto that no consent,
waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such
party, other than those which have been made or obtained, in connection with (i) the execution or enforceability of
this Agreement or (ii) the consummation of any of the transactions contemplated hereby.

 

8.04                                 
Investment Representations. Each Shareholder, by executing this Agreement (or taking any other action by which such
Shareholder is deemed to have executed this Agreement) or an amendment hereto, hereby confirms the representations and warranties
made by such Shareholder hereunder and contained in the Subscription Agreement between the Company and such Shareholder.

 

Section 9.               
Miscellaneous.

 

9.01                                 
Compliance with Bermuda law. The Company shall have no obligation under the provisions of this Agreement unless and
until all approvals required from the Bermuda Monetary Authority are received.

 

9.02                                 
Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers
or consents to departure from the provisions hereof may not be given, unless the Company has obtained the written consent of the
Shareholders representing a majority of the Preference Shares subject to this Agreement; provided, however, that
the consent of the Shareholders shall not be required (i) to include as a party hereto any purchaser of Preference Shares pursuant
to an additional closing as contemplated by Section 9.14, (ii) to include as a party hereto any purchaser of Preference Shares
in connection with a Transfer of Preference Shares as contemplated by Section 3.01 and/or Section 3.02, and (iii) to include as
a party hereto any purchaser of Preference Shares pursuant to a future private placement as contemplated by Section 9.14.

    	- 13 -

    	

    

9.03                                 
Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties in respect of
its subject matters and supersedes all prior understandings, agreements, or representations by or among the parties, written or
oral, to the extent they relate in any way to the subject matter hereof. Except as expressly contemplated hereby, there are no
third party beneficiaries having rights under or with respect to this Agreement.

 

9.04                                  Term
and Termination. This Agreement may be terminated at any time by an instrument in writing signed by the Company and
Shareholders representing 662⁄3% of the Preference Shares subject to this Agreement. This Agreement shall terminate
automatically as to any Shareholder that Transfers all of its equity securities of the Company, except as provided in Section
3.01(j). Unless sooner terminated, this Agreement shall terminate ten (10) years after the closing of an IPO, unless, at any
time within one (1) year prior to such date, all of the parties extend its duration for as many additional periods, each not
to exceed ten (10) years, as they may desire.

 

9.05                                 
Notices.

 

(a)               
All notices and other communications provided for hereunder shall be made in writing by hand-delivery, first-class mail,
telecopier, e-mail, or air courier guaranteeing overnight delivery:

 

(i)                
if by the Company to a Shareholder, then to the address set forth in such Shareholder’s Subscription Agreement or
joinder in the form attached hereto as Exhibit A or to such address that such Shareholder may subsequently notify the Company
in writing, or

 

(ii)              
if by a Shareholder to the Company, as set forth below:

 

Watford Holdings Ltd.

P.O. Box HM 2069

Hamilton HM HX

Bermuda

 

with a copy (which shall not
constitute notice) to:

 

Clifford Chance US LLP

31 West 52nd Street

New York, New York 10019

Attention: Gary D. Boss

Telecopier No.: (212) 878-8375

Telephone No.: (212) 878-8063

 

All such notices and
communications shall be deemed to have been duly given when delivered by hand, if personally delivered; five (5) Business Days
after being deposited in the United States mail, if being mailed by first class mail; two (2) Business Days after being delivered
via a next-day air courier; when receipt is acknowledged by the recipient’s telecopier machine, if telecopied; and on the
date sent by e-mail (with confirmation of delivery) if sent

    	- 14 -

    	

    

during normal business hours of the recipient, and on the next Business
Day if sent after normal business hours of the recipient.

 

(b)               Notwithstanding
Section 9.05(a)(i) or anything else in this Agreement to the contrary, each Shareholder authorizes the Company to send all
reports (including tax reporting information), notices and other communications (including but not limited to all Company
reports, capital account statements, financial statements, periodic investor letters, account balances and
distributions), that the Company would otherwise provide to such Shareholder pursuant to this Agreement, the Bye-Laws, the
Certificate of Designation relating to the Preference Shares or applicable law to J.P. Morgan Securities LLC and/or its
private banking and wealth management affiliates (collectively, “J.P. Morgan”) or another third party
selected by the Company for further dissemination to such Shareholder by J.P. Morgan or such other third party. For the
avoidance of doubt, the Shareholders acknowledge that J.P. Morgan is under no obligation to, and will not, receive and
disseminate any such reports, notices and other communications to any such Shareholder following the consummation of an IPO
unless otherwise agreed by the Company and J.P. Morgan.

 

9.06                                 
Successors and Assigns; Assignment. This Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto and their respective successors and permitted assigns. No Shareholder may assign either this Agreement or
any of its rights, interests, or obligations hereunder without the prior written consent of the Company. The Company may (a) assign
any or all of its rights and interests hereunder to one or more of its Affiliates and (b) designate one or more of its Affiliates
to perform its obligations hereunder (in any or all of which cases the Company nonetheless will remain responsible for the performance
of all of its obligations hereunder).

 

9.07                                 
Specific Performance. Each party acknowledges and agrees that the other parties would be damaged irreparably if any
provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached. Accordingly, each
party agrees that the other parties will be entitled to an injunction or injunctions to prevent breaches of the provisions of this
Agreement and to enforce specifically this Agreement and its terms and provisions in any action instituted in any court of the
United States or any state thereof having jurisdiction over the parties and the matter, in addition to any other remedy to which
they may be entitled, at law or in equity.

 

9.08                                 
Submission to Jurisdiction; No Jury Trial.

 

(a)               
Each party submits to the jurisdiction of any state or federal court sitting in New York, New York in any action arising
out of or relating to this Agreement and agrees that all claims in respect of the action may be heard and determined in any such
court. Each party agrees that a final judgment in any action so brought will be conclusive and may be enforced by action on the
judgment or in any other manner provided at law or in equity. Each party waives any defense of inconvenient forum to the maintenance
of any action so brought and waives any bond, surety, or other security that might be required of any other party with respect
thereto.

    	- 15 -

    	

    

(b)               THE
PARTIES EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS. The scope of
this waiver is intended to be all encompassing of any and all action that may be filed in any court and that relate to the
subject matter of the transactions contemplated hereby, including, contract claims, tort claims, breach of duty claims and
all other common law and statutory claims. The parties each acknowledge that this waiver is a material inducement to enter
into a business relationship and that they will continue to rely on the waiver in their related future dealings. Each party
further represents and warrants that it has reviewed this waiver with its legal counsel, and that each knowingly and
voluntarily waives its jury trial rights following consultation with legal counsel. NOTWITHSTANDING ANYTHING TO THE CONTRARY
CONTAINED HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL
APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS
RELATING HERETO. In the event of an action, this Agreement may be filed as a written consent to trial by a court.

 

9.09                                 
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

 

9.10                                 
Governing Law. This Agreement shall be governed by the laws of the State of New York, without giving effect to any
choice of law or conflict of law provision or rule that would cause the application of the law of any jurisdiction other than the
State of New York.

 

9.11                                 
Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof.

 

9.12                                 
Construction. The parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity
or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption
or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of this Agreement. Any
reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations
promulgated thereunder, unless the context requires otherwise. The word “including” means “including without
limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words
in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this
Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of similar
import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties intend
that each representation, warranty, and covenant contained herein will have independent significance. If any party has breached
any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter (regardless of the relative levels of specificity)

    	- 16 -

    	

    

which the party has not breached
will not detract from or mitigate the fact that the party is in breach of the first representation, warranty, or covenant.

 

9.13                                 
Severability. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. If any
term, provision, covenant or restriction of this

 

Agreement is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions
set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same
result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

9.14                                 
Multiple Closings; Future Capital Raises.

 

(a)               
To the extent the Company conducts one or more additional closings in connection with the Company’s offering of Preference
Shares, as contemplated by the PPM, the Company shall cause each purchaser of Preference Shares pursuant to any such additional
closing to execute a Subscription Agreement with the Company, which provides, among other things, that by executing such Subscription
Agreement such purchaser will be deemed to have executed this Agreement in all respects and, upon such additional closing, each
such purchaser shall be deemed to be a party to this Agreement and an Existing Shareholder for purposes of this Agreement as of
the date of such additional closing.

 

(b)              
To the extent the Company conducts one or more future private placements of Preference Shares, the Company may cause each
purchaser of Preference Shares pursuant to any such future private placement to execute a joinder substantially in the form attached
hereto as Exhibit A and, upon the closing of such private placement and execution and delivery of such joinder, each such
purchaser shall be deemed to be a party to this Agreement and a Shareholder, for purposes of this Agreement as of the date of such
closing.

 

[REST OF PAGE DELIBERATELY LEFT BLANK]

    	- 17 -

    	

    

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first written above.

 

	 	Watford
Holdings Ltd.
	 	 	 
	 	By:  	/s/ John Rathgeber
	 	 	Name:
	 	 	Title:

 

The purchasers of Preference Shares have
each executed a Subscription Agreement with the Company, which provides, among other things, that by executing the Subscription
Agreement such purchaser is deemed to have executed this Preference Shareholders’ Agreement in all respects.

    	 

    	

    

Exhibit A

 

FORM OF JOINDER TO PREFERENCE SHAREHOLDERS’
AGREEMENT

 

This Joinder Agreement
(this “Joinder Agreement”) is made as of the date written below by the undersigned (the “Joining Party”)
in accordance with the Preference Shareholders’ Agreement dated as of March 31, 2014 (the “Shareholders’ Agreement”)
among Watford Holdings Ltd. and certain other parties, as the same may be amended from time to time. Capitalized terms used, but
not defined, herein shall have the meaning ascribed to such terms in the Shareholders’ Agreement.

 

The Joining Party hereby
acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the Joining Party shall be deemed to be a party
to the Shareholders’ Agreement as of the date hereof and shall have all of the rights and obligations of, and shall be deemed
to have made all of the representations and warranties of, a “Shareholder” thereunder as if it had executed the Shareholders’
Agreement (including, without limitation, that the representations and warranties contained in Section 8 of the Shareholders’
Agreement [and in [Section 4 and, if applicable, Section 5 or 6], of the Subscription Agreement dated [•], 2014, between
the Company and [name of transferring shareholder]]1)
and all of such representations and warranties are true and correct as of the date hereof as if such representations and warranties
were made by the Joining Party. The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound by, all of the
terms, provisions and conditions contained in the Shareholders’ Agreement.

 

IN WITNESS WHEREOF, the
undersigned has executed this Joinder Agreement as of the date written below.

 

Date: ___________ ___, ______

 

	 	[NAME OF JOINING PARTY]
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	Address for Notices:

 

 

1
To be included in connection with transfers of Preference Shares.Exhibit 4.7

 

Execution Version

 

 

WATFORD HOLDINGS LTD.

 

PREFERENCE SHARE REGISTRATION RIGHTS 

AGREEMENT

 

March 31, 2014

 

 

 

    	 

    	

    

	1.	Certain Definitions	1
	2.	Piggyback Registration	4
	 	(a)	Right to Piggyback	4
	 	(b)	Priority on Piggyback Registrations	4
	 	(c)	Other Registrations	5
	3.	Lockup	5
	 	(a)	Lockup Agreement	5
	 	(b)	Stop Transfer Instructions	5
	 	(c)	Blackout Period	5
	4.	Registration Procedures	6
	 	(a)	Copies of Registration Statement	6
	 	(b)	Preparation of Registration Statement; Effectiveness	6
	 	(c)	General Notification	6
	 	(d)	Notification of Stop Orders; Suspensions of Qualifications and Exemptions	7
	 	(e)	Copies of the Registration Statement	7
	 	(f)	Copies of the Prospectus	8
	 	(g)	Blue Sky	8
	 	(h)	Certificates	8
	 	(i)	SEC Compliance; Earnings Statement	8
	 	(j)	Shareholder Information	8
	 	(k)	Agreements	9
	 	(l)	Legal Opinion; Certificates; Cold Comfort Letter	9
	 	(m)	Listing	9
	 	(n)	Due Diligence	9
	 	(o)	Participation	9
	 	(p)	10b-5 Notification	9
	 	(q)	Other Approvals	10
	 	(r)	FINRA	10
	 	(s)	Road Show	10
	 	(t)	Transfer Agent, Register and CUSIP	10
	 	(u)	Other Actions	10
	 	(v)	Notice to Discontinue	10
	 	(w)	Free Writing Prospectuses	11

    	 

    	

    

	5.	Registration Expenses	11
	6.	Certain Limitations on Registration Rights	11
	7.	Indemnification	11
	 	(a)	Indemnification by the Company	11
	 	(b)	Indemnification by Shareholders	12
	 	(c)	Indemnification Procedures	13
	 	(d)	Contribution if Indemnification Against Public Policy	14
	 	(e)	Obligations Not Exclusive	14
	8.	Representations and Warranties; Covenants	14
	 	(a)	Authority; Enforceability	14
	 	(b)	No Breach	15
	 	(c)	Consents	15
	 	(d)	Investment Representations	15
	 	(e)	Preservation of Rights	15
	9.	Miscellaneous	15
	 	(a)	Compliance with Bermuda law	15
	 	(b)	Amendments and Waivers	16
	 	(c)	Entire Agreement	16
	 	(d)	Term and Termination	16
	 	(e)	Notices	16
	 	(f)	Successors and Assigns; Assignment	17
	 	(g)	Specific Performance	17
	 	(h)	Submission to Jurisdiction; No Jury Trial	18
	 	(i)	Counterparts	18
	 	(j)	Governing Law	18
	 	(k)	Headings	18
	 	(l)	Construction	18
	 	(m)	Severability	19
	 	(n)	Multiple Closings; Future Capital Raises	19

    	 

    	

    

This PREFERENCE
SHARE REGISTRATION AGREEMENT (this “Agreement”) is made as of March 31, 2014, by and among WATFORD
Holdings Ltd., a Bermuda exempted company with limited liability (the “Company”), and the holders
of the Preference Shares of the Company who acquired Preference Shares on or prior to the Closing Date in connection with the offering
of Preference Shares contemplated by the PPM (the “Existing Shareholders”). The Existing Shareholders and any
other holder of Preference Shares of the Company who agrees in writing to become bound by this Agreement, and each of their respective
successors and permitted assignees, are collectively referred to herein as the “Shareholders” and each individually
as a “Shareholder.”

 

R E C I T A L S

 

WHEREAS, the Company
and the Shareholders are parties to that certain Preference Shareholders Agreement, dated as of the date hereof, as amended from
time to time (the “Shareholders Agreement”), establishing and setting forth their agreement with respect to
certain rights and obligations associated with the ownership of Preference Shares of the Company and certain arrangements relating
to the management of the Company; and

 

WHEREAS, in connection
with entering into the Shareholders Agreement, the Company has agreed to provide the registration rights set forth in this Agreement.

 

NOW, THEREFORE, in
consideration of the promises and of the mutual covenants and obligations hereinafter set forth, the parties hereto hereby agree
as follows:

 

1.          Certain Definitions.
As used herein, the following terms shall have the meanings set forth below:

 

“Advice”
has the meaning set forth in Section ‎4(c).

 

“Affiliate”
of any Person means any other Person controlling, controlled by or under common control with such Person. As used in this definition,
“control” (including, with its correlative meanings, “controlled by” and “under common control with”)
shall mean, with respect to any Person, the possession, directly or indirectly, of power to direct or cause the direction of management
or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of
such Person. In the case of a natural Person, his or her Affiliates include members of such Person’s immediate family, natural
lineal descendants of such Person or a trust or other similar entity established for the exclusive benefit of such Person and his
or her immediate family and natural lineal descendants.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Board”
means the Board of Directors of the Company.

 

“Business
Day” means any day other than a Saturday, a Sunday or any day on which banks located in New York, New York or Bermuda
are authorized or obliged to close.

    	- 1 -

    	

    

“Bye-Laws”
means the Bye-Laws of the Company, as may be amended from time to time.

 

“Closing Date”
means the date of the final closing in respect of the private placement of Preference Shares described in the PPM.

 

“Commission”
means the United States Securities and Exchange Commission or any other federal agency administering the Securities Act.

 

“Company”
has the meaning set forth in the preamble and includes any successor(s) by merger, acquisition, reorganization or otherwise.

 

“Exchange
Act” means the United States Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules
and regulations of the Commission promulgated thereunder, as the same may be amended from time to time.

 

“Existing
Shareholders” has the meaning set forth in the preamble.

 

“FINRA”
means Financial Industry Regulatory Authority.

 

“IPO”
means the initial registered public offering of the Preference Shares in the United States.

 

“Issuer Free
Writing Prospectus” has the meaning set forth in Section ‎4(w).

 

“J.P. Morgan”
has the meaning set forth in Section 9(e)(ii).

 

“Listing”
means the listing of the Preference Shares on a securities exchange registered as a “national securities exchange”
under Section 6 of the Exchange Act.

 

“Maximum Number
of Securities” means, with respect to any underwritten Piggyback Registration, the maximum number of securities which
can be sold in such offering without materially and adversely affecting the marketability of such offering.

 

“Person”
means an individual, a partnership, a company, a corporation, a limited liability company, an association, a joint stock company,
a trust, a joint venture, an unincorporated organization or a governmental or quasi-governmental entity or any department, agency
or political subdivision thereof.

 

“Piggyback
Registration” has the meaning set forth in Section ‎2(a).

 

“PPM”
means the Company’s Confidential Private Placement Memorandum, dated January 2014, related to the Company’s offering
of Common Shares of the Company, with an initial par value of $0.01 per share, and Preference Shares, as supplemented by the Supplement
to Confidential Private Placement Memorandum dated March 14, 2014.

    	- 2 -

    	

    

“Preference
Shares” means the 81⁄2% Cumulative Redeemable Preference Shares of the Company, with an initial par value of $0.01
per share, and includes a fraction of a Preference Share.

 

“Register,”
“registered” and “registration” refer to a registration effected by preparing and filing
a Registration Statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such Registration
Statement.

 

“Registrable
Securities” means (i) the Preference Shares held by each Shareholder as of the date such Shareholder agrees in writing
to become bound by this Agreement and (ii) any Preference Shares issued, issuable, converted, convertible, exchanged or exchangeable
in respect of the securities referred to in clause (i) above upon any stock split, stock dividend, recapitalization or similar
event; provided, however, that Registrable Securities shall not include any securities referred to in clauses (i)
or (ii) if (A) the holder of such securities may resell such securities pursuant to Rule 144 (or successor rule) under the Securities
Act without any volume restrictions, manner of sale requirements or notice requirements set forth in such Rule, (B) the sale of
such securities has been registered pursuant to the Securities Act and such sale has been consummated or (C) the securities have
been transferred in a transaction in which registration rights are not transferred pursuant to Section ‎9(f) hereof.

 

“Registration
Expenses” shall have the meaning set forth in Section 5 hereof.

 

“Registration
Statement” means any registration statement of the Company on Form S-1 (or, if the Company is then eligible to
use such form, Form S-3) or any successor or similar forms which covers any of the Registrable Securities pursuant to the provisions
of this Agreement, including the prospectus, amendments and supplements to such Registration Statement, including post-effective
amendments, all exhibits and all materials incorporated by reference in such Registration Statement.

 

“Remaining
Number of Securities” means, with respect to any underwritten Piggyback Registration, the greater of (x) the sum
of the Maximum Number of Securities minus the number of securities included on behalf of persons entitled to first priority
with respect to inclusion of their preferred equity securities; and (y) zero.

 

“Securities
Act” means the United States Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations
of the Commission promulgated thereunder, as the same may be amended from time to time.

 

“Shareholders”
has the meaning set forth in the preamble.

 

“Shareholders
Agreement” has the meaning set forth in the recitals hereto.

 

“Subscription
Agreement” means the subscription agreement, including the subscriber information form completed in connection therewith,
executed by an Existing Shareholder and the Company in connection with the issuance of the Preference Shares to such Existing Shareholder.

    	- 3 -

    	

    

“Transfer”
means any direct or indirect sale, exchange, transfer (including, without limitation, any transfer by gift or operation of law,
or any transfer of an economic interest in any derivative security of any security), assignment, pledge, hypothecation, mortgage,
distribution or other disposition, or issuance or creation of any option or any voting proxy, voting trust or other transfer of
interest, in whole or in part, whether in a single transaction or a series of related transactions and whether voluntarily or involuntarily
or by operation of law or at a judicial sale or otherwise.

 

“$”
means the legal currency of the United States of America.

 

2.          Piggyback
Registration.

 

(a)        Right to
Piggyback. After the consummation of an IPO or a Listing (should either one occur), if the Company proposes to file any registration
statement under the Securities Act for the purposes of a public offering of its preferred equity securities (whether or not for
sale for its own account and including, but not limited to, registration statements relating to secondary offerings of preferred
equity securities of the Company, but excluding registration statements relating to any registration on Form S-4 or S-8 or any
successor or similar forms) (a “Piggyback Registration”), the Company will give prompt written notice to all
the Shareholders of its intention to effect such a registration and shall, subject to Section ‎2(b), use all commercially
reasonable efforts to include in such registration all Registrable Securities with respect to which the Company has received written
requests for inclusion therein within 30 days after the receipt of the Company’s notice; provided, however,
that the Company may at any time withdraw or cease proceeding with any such Piggyback Registration if it will at the same time
withdraw or cease proceeding with the registration of all other Company preferred equity securities originally proposed to be registered.
Notwithstanding the foregoing, if any Person other than the Company offers preferred equity securities in the IPO, all Shareholders
holding Registrable Securities shall be entitled to participate in such IPO on the terms set forth herein as if the IPO were a
Piggyback Registration. The rights to Piggyback Registration may be exercised an unlimited number of occasions. Any Shareholder
shall have the right to withdraw such Shareholder’s request for inclusion of such Shareholder’s Registrable Securities
in any Registration Statement filed in connection with a Piggyback Registration by giving written notice to the Company of such
withdrawal within five (5) Business Days prior to the anticipated effectiveness of such registration statement in connection therewith.

 

(b)        Priority
on Piggyback Registrations. If a Piggyback Registration is an underwritten offering and the managing underwriter advises the
Company in writing (with a copy to each party hereto requesting registration of Registrable Securities) that in its opinion the
number of preferred equity securities which the Company desires to sell, taken together with any Registrable Securities requested
to be included in such registration by the Shareholders, exceeds the Maximum Number of Securities, the Company will include in
such registration preferred equity securities in the following priority:

 

(i)        first, the preferred
equity securities the Company proposes to sell up to the Maximum Number of Securities; and

    	- 4 -

    	

    

(ii)        second, the Company
shall include in such registration Registrable Securities requested to be included by any Shareholders pursuant to Section ‎2(a)
up to the Remaining Number of Securities, and if the aggregate number of such Registrable Securities exceeds the Remaining Number
of Securities, the Company shall include only such Shareholders’ pro rata share of the Remaining Number of Securities based
on the amount of Registrable Securities beneficially owned by such Shareholders.

 

(c)        Other Registrations.
If the Company has previously filed a Registration Statement with respect to Registrable Securities pursuant to Section ‎2(a),
and if such previous registration has not been withdrawn or abandoned, the Company shall not file or cause to be effected any other
registration of any of its preferred equity securities or securities convertible or exchangeable into or exercisable for its preferred
equity securities under the Securities Act (except on Form S-4 or S-8 or any successor or similar forms), whether on its own behalf
or at the request of any holders of the Company’s preferred equity securities, until a period of at least 90 days has elapsed
from the effective date of such previous registration.

 

3.          Lockup.

 

(a)        Lockup Agreement.
To the extent not inconsistent with applicable law, each Shareholder agrees not to effect any public sale or distribution (including
sales pursuant to Rule 144 under the Securities Act) of (i) preferred equity securities of the Company or any securities, options
or rights convertible into or exchangeable or exercisable for such securities, or (ii) to the extent any such public sale or distribution
would be required to be reported in a filing with the Commission pursuant to Section 16(a) of the Exchange Act, common equity securities
of the Company or any securities, options or rights convertible into or exchangeable or exercisable for such securities, in each
case, during the seven days prior to, and the 180-day period beginning on the effective date of, an IPO, unless expressly authorized
by the underwriters managing the registered public offering; provided that such restrictions shall not be more restrictive
in duration or scope than restrictions imposed on (A) any officer or director of the Company, or (B) any other holders of at least
5% of the total Preference Shares on a fully diluted and converted basis; and provided, further, that nothing herein
shall restrict, directly or indirectly:

 

(i)        any bona fide
pledge of Preference Shares in accordance with the Shareholders Agreement or the subsequent Transfer upon default in connection
with any such pledge; or

 

(ii)        subject to obtaining
any required Bermuda Monetary Authority approval, any charitable contribution in accordance with the Shareholders Agreement.

 

(b)        Stop Transfer
Instructions. The Company may impose stop transfer instructions with respect to Registrable Securities or other securities
subject to the foregoing Section ‎3(a) until the end of the relevant period.

 

(c)        Blackout
Period. The Company agrees (i) not to effect any public sale or distribution of its preferred equity securities, or any securities
convertible into or exchangeable or exercisable for such securities, during the seven days prior to and during the 90-day period
(180 days in the case of an IPO) beginning on the effective date of any underwritten Piggyback

    	- 5 -

    	

    

Registration (except as part of such underwritten
registration or pursuant to registrations on Form S-4 or S-8 or any successor or similar form), unless the underwriters managing
the registered public offering otherwise agree, and (ii) to cause each holder of its Preference Shares, or any securities convertible
into or exchangeable or exercisable for Preference Shares, that were purchased from the Company at any time after the date of this
Agreement (other than in a registered public offering) to agree not to effect any public sale or distribution (including sales
pursuant to Rule 144) of any such securities during such period (except as part of such underwritten registration, if otherwise
permitted), unless the underwriters managing the registered public offering otherwise agree to a shorter period.

 

4.          Registration
Procedures. In connection with any Registration Statement filed pursuant to Section ‎2, the following provisions shall
apply:

 

(a)        Copies of
Registration Statement. The Company shall furnish as promptly as practicable to each selling Shareholder, prior to filing a
Registration Statement or any supplement or amendment thereto, a copy of such Registration Statement, supplement or amendment as
it is proposed to be filed, and after such filing such number of copies of such Registration Statement, each amendment and supplement
thereto (in each case including all exhibits thereto), the prospectus included in such Registration Statement (including each preliminary
prospectus) and such other documents as each Shareholder may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such selling Shareholder.

 

(b)        Preparation
of Registration Statement; Effectiveness. The Company shall prepare and, within 90 days after the end of the period within
which requests for registration may be given to the Company, file with the Commission a Registration Statement with respect to
such Registrable Securities and thereafter use its commercially reasonable efforts to cause such Registration Statement to become
effective as soon as practicable after the initial filing thereof and remain effective for a period of either (i) not less than
180 days or, if such Registration Statement relates to an underwritten offering, such longer period as in the opinion of counsel
for the underwriters a prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter
or dealer or (ii) such shorter period as will terminate when all of the securities covered by such Registration Statement have
been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such Registration
Statement (but in any event not before the expiration of any longer period required under the Securities Act), and to comply with
the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement until
such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the seller
or sellers thereof set forth in such Registration Statement.

 

(c)        General Notification.
The Company shall promptly advise the selling Shareholders, and, if requested by such Shareholders, confirm such advice in writing:

 

(i)        when the Registration
Statement or the prospectus included therein or any prospectus amendment or supplement or post-effective amendment has been filed
with the Commission and when the Registration Statement or any post effective amendment thereto has become effective;

    	- 6 -

    	

    

(ii)        of any request
by the Commission for amendments or supplements to the Registration Statement or the prospectus included therein or for additional
information;

 

(iii)        of any notification
by the Commission whether there will be a “review” of such Registration Statement;

 

(iv)        of the issuance
by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings
for that purpose;

 

(v)        of any comments
(oral or written) by the Commission and by the blue sky or securities commissioner or regulator of any state with respect thereto;
and

 

(vi)        of the receipt
by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in
any jurisdiction or the initiation or threatening of any proceeding for such purpose.

 

Each Shareholder agrees
that upon receipt of any written notice of the Company pursuant to paragraphs (ii) through (vi) of Section ‎4(c) hereof,
such Shareholder shall discontinue offering such Registrable Securities pursuant to the Registration Statement until such Shareholder’s
receipt of copies of the supplemented or amended prospectus contemplated by Section ‎4(d) hereof, or until advised in writing
(the “Advice”) by the Company that the use of the applicable prospectus may be resumed. If the Company shall
give any notice under Section ‎4(c)(ii)-(vi) during the registration period, such registration period shall be extended by
the number of days during such period from and including the date of the giving of such notice to and including the date when each
seller of Registrable Securities covered by the Registration Statement shall have received (x) the copies of the supplemental or
amended prospectus contemplated by Section ‎4(d) (if an amended or supplemental prospectus is required) or (y) the Advice
(if no amended or supplemental prospectus is required).

 

(d)        Notification
of Stop Orders; Suspensions of Qualifications and Exemptions. Upon the occurrence of any event contemplated by paragraphs (ii)
through (vi) of Section ‎4(c) hereof during the period for which the Company is required to maintain an effective Registration
Statement, the Company shall (A) use its commercially reasonable efforts to prevent the issuance of a stop order, and in the event
of such issuance, to obtain the withdrawal of any stop order or order suspending the effectiveness of the Registration Statement
and (B) prepare a post-effective amendment to the Registration Statement or a supplement to the related prospectus or file any
other required document as soon as possible so that, as thereafter delivered to purchasers of the Registrable Securities, the prospectus
will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading, and will comply with the Securities Act and the rules
promulgated thereunder.

 

(e)        Copies of
the Registration Statement. The Company will furnish to each Shareholder included within the coverage of the Registration Statement,
without charge, copies of the Registration Statement and any amendment thereto, including financial statements and schedules, and,
if any Shareholder so requests in writing, all exhibits (including those

    	- 7 -

    	

    

incorporated by reference) in such number
as such Shareholder may reasonably request from time to time.

 

(f)        Copies of
the Prospectus. The Company will deliver to each Shareholder included within the coverage of the Registration Statement, without
charge, as many copies of the prospectus (including each preliminary prospectus) included in the Registration Statement and any
amendment or supplement thereto as each such Shareholder may reasonably request; and the Company consents to the use of the prospectus
or any amendment or supplement thereto by each Shareholder in connection with the offering and sale of the Registrable Securities
covered by the prospectus or any amendment or supplement thereto.

 

(g)        Blue Sky.
Prior to any public offering of Registrable Securities pursuant to a Registration Statement, the Company shall use its commercially
reasonable efforts to register or qualify (or seek an exemption from registration or qualification) or cooperate with each Shareholder
selling Registrable Securities pursuant to such Registration Statement and their respective counsel in connection with the registration
or qualification of such securities for offer and sale under the securities laws of such jurisdictions as such counsel reasonably
requests in writing on behalf of such Shareholder and do any and all other acts or things necessary or advisable to enable the
offer and sale in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided, however,
that the Company will not be required to qualify to do business or to qualify as a dealer in securities in any jurisdiction where
it is not then so qualified or to take any action which would subject it to general service of process or to taxation in any such
jurisdiction where it is not then so subject.

 

(h)        Certificates.
The Company shall cooperate with each Shareholder to facilitate the timely, in the case of beneficial interests in Registrable
Securities held through a depositary, transfer of such equivalent Registrable Securities with an unrestricted CUSIP, or, in the
case of certificated shares, preparation and delivery of certificates representing Registrable Securities to be sold pursuant to
such Registration Statement free of any restrictive legends and registered in such names as such Shareholder may request in writing
prior to sales of Registrable Securities pursuant to the Registration Statement.

 

(i)        SEC Compliance;
Earnings Statement. The Company shall use its commercially reasonable efforts to comply with all applicable rules and regulations
of the Commission and shall make generally available to its Shareholders, as soon as reasonably practicable, but in any event not
later than eighteen (18) months after the effective date of the applicable Registration Statement, an earnings statement covering
a period of twelve (12) months beginning after the effective date of such Registration Statement, in a manner which satisfies the
provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder.

 

(j)        Shareholder
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to Section ‎2
herein with respect to the Registrable Securities of any Shareholder that such Shareholder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be
reasonably required to effect the registration of such Shareholder’s Registrable Securities.

    	- 8 -

    	

    

(k)        Agreements.
The Company shall enter into such customary agreements (including, if requested, an underwriting agreement in customary form) and
take all such other action, if any, as Shareholders that hold a majority of the Registrable Securities being sold or the managing
underwriters (if any) shall reasonably request in order to facilitate the disposition of Registrable Securities pursuant to the
Registration Statement; provided, however, that the Company shall have no obligation to pay any discounts or underwriting
commissions of any selling Shareholder.

 

(l)        Legal Opinion;
Certificates; Cold Comfort Letter. The Company, if requested by those Shareholders that together hold a majority of the Registrable
Securities being sold, or the managing underwriters (if any) in connection with the Registration Statement, shall cause (i) its
counsel to deliver an opinion relating to the Registration Statement and the Registrable Securities, in customary form (and covering
such matters of the type customarily covered by legal opinions of such nature) addressed to such Shareholders and the managing
underwriters, if any, thereof and dated the effective date of such Registration Statement; (ii) its officers to execute and deliver
all customary documents and certificates; and (iii) its independent public accountants to provide a “cold comfort”
letter in customary form (and covering such matters of the type customarily covered by a “cold comfort” letter).

 

(m)        Listing.
The Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by the Registration Statement
to be listed on each securities exchange, if any, on which similar securities issued by the Company are then listed.

 

(n)        Due Diligence.
For a reasonable period prior to the filing of a Registration Statement pursuant to this Agreement, the Company shall make available
for inspection and copying by any Shareholder or underwriter participating in any disposition pursuant to such Registration Statement,
and any attorney, accountant or other agent retained by any such Shareholder or underwriter, all financial and other information
and books and records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors,
employees and independent accountants to supply all information reasonably requested by any such Shareholder, underwriter, attorney,
accountant or agent in connection with such Registration Statement, as will be reasonably necessary in the judgment of such persons,
to conduct a reasonable investigation within the meaning of the Securities Act; provided, however, that if requested
by the Company, each Shareholder will enter into a confidentiality agreement with the Company prior to participating in the preparation
of the Registration Statement or the Company’s release or disclosure of confidential information to such Shareholder.

 

(o)        Participation.
No Shareholder may participate in any registration hereunder which is underwritten unless such Shareholder agrees to sell such
Shareholder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Shareholder entitled
hereunder to approve such arrangements (including, without limitation, pursuant to the terms of any over-allotment or “green
shoe” option requested by the managing underwriter(s); provided that no Shareholder will be required to sell more
than the number of Registrable Securities that such Shareholder has requested the Company to include in any registration).

 

(p)        10b-5 Notification.
The Company shall promptly notify in writing each selling Shareholder and the managing underwriter of the offering in which Registrable
Securities are

    	- 9 -

    	

    

being sold pursuant to any Registration
Statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act upon discovery that,
or upon the happening of an event as a result of which, any prospectus included in such Registration Statement (or amendment or
supplement thereto) contains an untrue statement of a material fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein not misleading in light of the circumstances under which they were made, and the Company
will promptly prepare a supplement or amendment to such prospectus and file it with the Commission (in any event no later than
ten (10) days following notice of the occurrence of such event to each selling Shareholder and the managing underwriter) so that
after delivery of such prospectus, as so amended or supplemented, to the purchasers of such Registrable Securities, such prospectus,
as so amended or supplemented, will not contain an untrue statement or a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they
were made.

 

(q)        Other Approvals.
The Company shall use its commercially reasonable efforts to obtain all other approvals, consents, exemptions or authorizations
from such governmental agencies or authorities as may be necessary to enable the Shareholders and underwriters to consummate the
disposition of the Registrable Securities.

 

(r)        FINRA.
The Company shall cooperate with each Shareholder and each underwriter participating in the disposition of such Registrable Securities
and underwriters’ counsel in connection with any filings required to be made with FINRA.

 

(s)        Road Show.
The Company shall cause the appropriate officers as are requested by a managing underwriter to participate in a “road show”
or similar marketing effort being conducted by such underwriter with respect to an underwritten public offering.

 

(t)        Transfer
Agent, Register and CUSIP. The Company shall provide a transfer agent and register for all Registrable Securities pursuant
hereto and a CUSIP number for all such Registrable Securities, in each case, no later than the effective date of registration.

 

(u)        Other Actions.
The Company shall use its commercially reasonable efforts to take all other actions necessary to effect the registration of the
Registrable Securities contemplated hereby.

 

(v)        Notice to
Discontinue. Each Shareholder whose Registrable Securities are covered by a Registration Statement filed pursuant to this Agreement
agrees that, upon receipt of written notice from the Company of the happening of an event of the kind described in Section ‎4(p),
such Shareholder will forthwith discontinue the disposition of Registrable Securities until such Shareholder’s receipt of
the copies of the supplemented or amended prospectus contemplated by Section ‎4(p) or until it is advised in writing by the
Company that the use of the prospectus may be resumed and has received copies of any additional or supplemental filings which are
incorporated by reference into the prospectus, and, if so directed by the Company in the case of an event described in Section
‎4(p), such Shareholder will deliver to the Company (at the Company’s expense) all copies, other than permanent file
copies then in such Shareholder’s possession, of the prospectus covering such Registrable Securities which is current at
the time of receipt of such notice. If the Company will give any such notice, the Company will extend the

    	- 10 -

    	

    

period during which such
Registration Statement is to be maintained effective by the number of days during the period from and including the date of the
giving of such notice pursuant to Section ‎4(p) to and including the date when the Shareholder will have received the copies
of the supplemented or amended prospectus contemplated by, and meeting the requirements of, Section ‎4(p).

 

(w)        Free Writing
Prospectuses. Each Shareholder agrees that, unless it obtains the prior consent of the Company and any managing underwriter,
it will not make any offer relating to the Registrable Securities that would constitute an “issuer free writing prospectus,”
as defined in Rule 433 under the Securities Act (an “Issuer Free Writing Prospectus”), or that would otherwise
constitute a “free writing prospectus,” as defined in Rule 405 under the Securities Act, required
to be filed with the Commission.

 

5.          Registration
Expenses. The Company shall bear all expenses incurred in connection with the performance of its obligations under this Agreement
(except as otherwise provided in the proviso to Section ‎4(k) hereof) and the Company shall reimburse the Shareholders for
the fees, disbursements and expenses of one counsel (and one local counsel as reasonably required) chosen by the holders of a majority
of the Registrable Securities included in such registration (collectively, “Registration Expenses”).

 

6.          Certain Limitations
on Registration Rights. No Shareholder may participate in any Registration Statement hereunder unless such Shareholder completes
and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, and other documents reasonably required
under the terms of underwriting arrangements which are entered into in connection with such Registration Statement and agrees to
sell such Shareholder’s Registrable Securities on the basis provided in any underwriting agreement approved by the Shareholder
or Shareholders entitled hereunder to approve such arrangements; provided, however, that (a) no such Shareholder
will be required to make any representations or warranties to the Company or the underwriters in connection with any such registration
other than representations and warranties as to (i) the accuracy of the disclosure included in the Registration Statement related
to such Shareholder , (ii) such Shareholder’s ownership of its Registrable Securities to be sold in the offering, and (iii)
such Shareholder’s power and authority to effect such sale; and (b) no such Shareholder will be required to undertake any
indemnification or contribution obligations to the Company or any underwriters except to the extent provided in Section ‎7.
Shareholders of Registrable Securities to be sold by such underwriters may, at their option, require that any or all of the representations
and warranties by, and the other agreements on the part of the Company to and for the benefit of such underwriters, will also be
made to and for the benefit of such Shareholders and that any or all of the conditions precedent to the obligations of the underwriters
under the underwriting agreement be conditions precedent to the obligations of the Shareholders.

 

7.          Indemnification.

 

(a)        Indemnification
by the Company. The Company shall, notwithstanding termination of this Agreement, indemnify and hold harmless to the full extent
permitted by applicable law, each of the Shareholders named in any Registration Statement filed pursuant to this Agreement and
the officers and directors of such Shareholders and each person, if any, who controls such Shareholders within the meaning of Section
15 of the Securities Act or Section 20

    	- 11 -

    	

    

of the Exchange Act against any losses,
claims, damages or liabilities, joint or several, to which such Shareholder or such other Person may become subject under the Securities
Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement
under which such Registrable Securities were registered under the Securities Act, or any preliminary, final or summary prospectus
contained therein or furnished by the Company to any such Shareholder, or any Issuer Free Writing Prospectus related to such registration,
or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading and, in any such case, the Company
shall promptly reimburse such Shareholder for any legal or other expenses reasonably incurred by them in connection with investigating
or defending any such action or claim as such expenses are incurred; provided, however, that the Company shall not
be required to indemnify any such person pursuant to this Section ‎7(a) to the extent that any such loss, claim, damage or
liability (or actions in respect thereof) arises out of or is based upon (i) fraud or dishonesty or an untrue statement or alleged
untrue statement or omission or alleged omission made in the Registration Statement, or preliminary, final or summary prospectus,
or Issuer Free Writing Prospectus, or amendment or supplement thereto, that was furnished in writing to the Company by such person
expressly for inclusion in the Registration Statement, or preliminary, final or summary prospectus, or Issuer Free Writing Prospectus,
or amendment or supplement thereto, or (ii) the use by any such person of a prospectus in violation of any stop order or other
suspension of the Registration Statement of which the Company made the Shareholder or other holder of Registrable Securities aware.

 

(b)        Indemnification
by Shareholders. Each Shareholder of Registrable Securities included in any Registration Statement filed pursuant to this Agreement
shall, notwithstanding termination of this Agreement, severally and not jointly, (i) indemnify and hold harmless the Company, its
officers and directors, each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act and all other Shareholders against any losses, claims, damages or liabilities to which the Company,
its officers or directors, such controlling persons or such other Shareholders may become subject under the Securities Act, the
Exchange Act, or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of
or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, or
any preliminary, final or summary prospectus contained therein or furnished by the Company to any such Shareholder, or any Issuer
Free Writing Prospectus related to such registration, or any amendment or supplement thereto, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement
or omission or alleged omission was furnished in writing to the Company by such Shareholder expressly for inclusion in the Registration
Statement, or preliminary, final or summary prospectus, or Issuer Free Writing Prospectus, or amendment or supplement thereto,
and (ii) reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating
or defending any such action or claim as such expenses are incurred; provided, however, that no such Shareholder
shall be required to undertake liability to any Person under this Section ‎7(b) for any amounts in excess of the dollar amount
of the net proceeds actually received by such Shareholder from the

    	- 12 -

    	

    

sale of such Shareholder’s Registrable
Securities pursuant to such Registration Statement and such undertaking shall be several, not joint and several, among such Shareholders.

 

(c)        Indemnification
Procedures. Promptly after receipt by an indemnified party under Section ‎7(a) or ‎7(b) hereof of written notice
of the commencement of any action or threat thereof, such indemnified party shall, if a claim in respect thereof is to be made
against an indemnifying party pursuant to the indemnification provisions of or contemplated by this Section ‎7, notify such
indemnifying party in writing of the commencement of such action or threat; but the omission so to notify the indemnifying party
shall not relieve it from any liability which it may have to any indemnified party other than under the indemnification provisions
of or contemplated by Section ‎7(a) or ‎7(b) hereof and unless and to the extent such indemnifying party is materially
prejudiced by such failure. In case any such action shall be brought against any indemnified party and it shall notify an indemnifying
party of the commencement thereof, such indemnifying party shall be entitled to participate therein and, to the extent that it
shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party, and, after notice from the indemnifying party to such indemnified party of its election
so to assume the defense thereof, such indemnifying party shall not be liable to such indemnified party for any legal expenses
of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense
thereof other than reasonable costs of investigation; provided, that if (i) any indemnified party shall have reasonably
concluded that there may be one or more legal or equitable defenses available to such indemnified party which are additional to
or conflict with those available to the indemnifying party, or that such claim or litigation involves or could have an effect upon
matters beyond the scope of the indemnity provided hereunder, or (ii) such action seeks an injunction or equitable relief against
any indemnified party or involves actual or alleged criminal activity, the indemnifying party shall not have the right to assume
the defense of such action on behalf of such indemnified party without such indemnified party’s prior written consent (but,
without such consent, shall have the right to participate therein with counsel of its choice) and such indemnifying party shall
reimburse such indemnified party and any Person controlling such indemnified party for that portion of the fees and expenses of
any counsel retained by the indemnified party which is reasonably related to the matters covered by the indemnity provided hereunder.
If the indemnifying party is not entitled to, or elects not to, assume the defense of a claim, it shall not be obligated to pay
the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim,
unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and
any other of such indemnified parties with respect to such claim. In such instance, the conflicting indemnified parties shall have
a right to retain one separate counsel, chosen by the holders of a majority of the Registrable Securities included in the registration,
at the expense of the indemnifying party. Such indemnifying party shall not enter into any settlement with a party unless such
settlement (i) includes an unconditional release of each indemnified party with respect to any and all claims against each indemnified
party and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of
any indemnified party or commit any indemnified party to take or refrain from taking any action. An indemnified party shall not
enter into any settlement without the consent of the indemnifying party, which consent shall not be unreasonably withheld or delayed.

    	- 13 -

    	

    

(d)        Contribution
if Indemnification Against Public Policy. Each party hereto agrees that, if for any reason the indemnification provisions contemplated
by Section ‎7(a) or ‎7(b) hereof are unavailable to or insufficient to hold harmless an indemnified party in respect
of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities
(or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and
the indemnified party in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities
(or actions in respect thereof), as well as any other relevant equitable considerations. The relative fault of such indemnifying
party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying
party or by such indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions
pursuant to this Section ‎7(d) were determined by pro rata allocation (even if the Shareholders were treated as one entity
for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to
in this Section ‎7(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages, or
liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the
foregoing, the liability of any Shareholder hereunder this Section ‎7(d) shall be limited to the amount of net proceeds received
by such Shareholder in the offering giving rise to such liability, less any amounts paid pursuant to Section ‎7(b). No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The Shareholders’ obligations in this Section ‎7(d)
to contribute shall be several in proportion to the principal amount of Registrable Securities registered by them severally and
not jointly.

 

(e)        Obligations
Not Exclusive. The obligations of the Shareholders contemplated by this Section ‎7 shall be in addition to any liability
which the respective Shareholder may otherwise have and shall extend, upon the same terms and conditions, to each officer and director
of the Company and to each person, if any, who controls the Company within the meaning of the Securities Act.

 

8.          Representations
and Warranties; Covenants.

 

(a)        Authority;
Enforceability. Each of the parties hereto hereby severally represents and warrants to each of the other parties hereto that
such party has, as applicable, the legal capacity or power and authority, corporate or otherwise, to enter into this Agreement
and to carry out each of its obligations hereunder as they may hereafter arise. Such party (in the case of parties that are not
natural persons) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and
the execution of this Agreement and consummation of the transactions contemplated herein have been duly authorized by all necessary
action. No other act or proceeding, corporate or otherwise, on its part is necessary to authorize the execution of this Agreement
or the consummation of any of the transactions

    	- 14 -

    	

    

contemplated hereby. This Agreement has been duly executed by such party and constitutes
its legal, valid and binding obligation, enforceable against it in accordance with the terms of this Agreement, except to the extent
that such enforceability may be limited by bankruptcy, insolvency, reorganization or other laws and judicial decisions of general
application relating to or affecting the enforcement of creditors’ rights general or by general equitable principles.

 

(b)        No Breach.
Each of the parties hereto severally represents and warrants to each of the other parties hereto that neither the execution of
this Agreement nor the performance by such party of its obligations hereunder does or will:

 

(i)        in the case of
parties that are not natural persons, conflict with or violate its articles of incorporation, bylaws or other applicable organizational
documents;

 

(ii)        violate, conflict
with or result in the termination of, or otherwise give any other Person the right to accelerate, renegotiate or terminate or receive
any payment or constitute a default or any event of default, with or without notice, lapse of time, or both, under the terms of,
any contract or agreement to which it is a party or by which it or any of its assets or operations are bound or affected; or

 

(iii)        constitute a
violation by such party of any law, ruling, writ, injunction, award, determination or decree of any arbitral body or court or any
agency, commission, department or body of any local, state, federal or foreign governmental, regulatory, administrative, judicial
or quasi-governmental unit, entity or authority.

 

(c)        Consents.
Each of the parties hereto hereby severally represents and warrants to each of the other parties hereto that no consent, waiver,
approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such party, other
than those which have been made or obtained or those that are specified herein, in connection with (i) the execution or enforceability
of this Agreement or (ii) the consummation of any of the transactions contemplated hereby.

 

(d)        Investment
Representations. Each Shareholder, by executing this Agreement (or taking any other action by which such Shareholder is deemed
to have executed this Agreement) or an amendment hereto, hereby confirms the representations and warranties made by such Shareholder
hereunder and contained in the Subscription Agreement between the Company and such Shareholder.

 

(e)        Preservation
of Rights. The Company shall not (i) grant any registration rights to third parties which are more favorable than or inconsistent
with the rights granted hereunder, or (ii) enter into any agreement, take any action, or permit any change to occur, with respect
to its securities that violates or subordinates the rights expressly granted to the holders of Registrable Securities in this Agreement.

 

9.          Miscellaneous.

 

(a)        Compliance
with Bermuda law. The Company shall have no obligation under the provisions of this Agreement unless and until all approvals
required from the Bermuda Monetary Authority are received.

    	- 15 -

    	

    

(b)        Amendments
and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departure
from the provisions hereof may not be given, unless the Company has obtained the written consent of the Shareholders holding a
majority of the Registrable Securities then outstanding; provided, however, that the consent of the Shareholders
shall not be required (i) to include as a party hereto any purchaser of Preference Shares pursuant to an additional closing as
contemplated by Section 9(n), (ii) to include as a party hereto any purchaser of Preference Shares in connection with a Transfer
of Preference Shares as contemplated by Section 9(f), and (iii) to include as a party hereto any purchaser of Preference Shares
pursuant to a future private placement as contemplated by Section 9(n).

 

(c)        Entire Agreement.
This Agreement constitutes the entire agreement and understanding of the parties in respect of its subject matters and supersedes
all prior understandings, agreements, or representations by or among the parties, written or oral, to the extent they relate in
any way to the subject matter hereof. Except as expressly contemplated hereby, there are no third party beneficiaries having rights
under or with respect to this Agreement.

 

(d)        Term and
Termination. This Agreement may be terminated at any time by an instrument in writing signed by all of the parties hereto.
This Agreement shall terminate automatically as to any Shareholder that no longer holds Registrable Securities; provided, however,
that such Shareholder’s lockup agreement obligations under Section 3(a) and indemnification and contribution obligations
under Section ‎7 shall survive any such termination. The Company shall have no further obligations pursuant to this
Agreement at such time as no Registrable Securities are outstanding; provided, however, that the Company’s indemnification
and contribution obligations under Section ‎7 shall survive any such termination.

 

(e)        Notices.

 

(i)        All notices and
other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail, telecopier,
e-mail, or air courier guaranteeing overnight delivery:

 

(A)        if by the Company
to a Shareholder, then to the address set forth in such Shareholder’s Subscription Agreement or joinder in the form attached
hereto as Exhibit A or to such address that such Shareholder may subsequently notify the Company in writing, or

 

(B)        if by a Shareholder
to the Company, as set forth below:

 

Watford Holdings Ltd.

P.O. Box HM 2069

Hamilton HM HX

Bermuda

    	- 16 -

    	

    

with a copy (which shall
not constitute notice) to:

 

Clifford Chance US LLP

31 West 52nd Street

New York, New York 10019

Attention: Gary D. Boss

Telecopier No.: (212) 878-8375

Telephone No.: (212) 878-8063

 

All such notices and
communications shall be deemed to have been duly given when delivered by hand, if personally delivered; five (5) Business Days
after being deposited in the United States mail, if being mailed by first class mail; two (2) Business Days after being delivered
via a next-day air courier; when receipt is acknowledged by the recipient’s telecopier machine, if telecopied; and on the
date sent by e-mail (with confirmation of delivery) if sent during normal business hours of the recipient, and on the next Business
Day if sent after normal business hours of the recipient.

 

(ii)        Notwithstanding
Section 9(e)(i) or anything else in this Agreement to the contrary, each Shareholder authorizes the Company to send all reports,
notices and other communications that the Company would otherwise provide to such Shareholder pursuant to this Agreement, the Bye-Laws
or applicable law to J.P. Morgan Securities LLC and/or its private banking and wealth management affiliates (collectively, “J.P.
Morgan”) or another third party selected by the Company for further dissemination to such Shareholder by J.P. Morgan
or such other third party. For the avoidance of doubt, the Shareholders acknowledge that J.P. Morgan is under no obligation to,
and will not, receive and disseminate any such reports, notices and other communications to any such Shareholder following the
consummation of an IPO or Listing unless otherwise agreed by the Company and J.P. Morgan.

 

(f)        Successors
and Assigns; Assignment.

 

(i)        This Agreement
shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors and
assigns.

 

(ii)        Upon compliance
with the provisions of the Shareholders Agreement, the rights, interests and obligations hereunder may be transferred with a Transfer
of the Preference Shares so long as the transferee agrees in writing to be bound by the terms and conditions of this Agreement
pursuant to an instrument substantially in the form attached hereto as Exhibit A.

 

(iii)        The Company
may (a) assign any or all of its rights and interests hereunder to one or more of its Affiliates and (b) designate one or more
of its Affiliates to perform its obligations hereunder (in any or all of which cases the Company nonetheless will remain responsible
for the performance of all of its obligations hereunder).

 

(g)        Specific
Performance. Each party acknowledges and agrees that the other parties would be damaged irreparably if any provision of this
Agreement is not performed in accordance with its specific terms or is otherwise breached. Accordingly, each party agrees that
the other parties will be entitled to an injunction or injunctions to prevent breaches of the provisions of this Agreement and
to enforce specifically this Agreement and its terms and provisions in any action instituted in any court of the United States
or any state thereof having jurisdiction over the

    	- 17 -

    	

    

parties and the matter, in addition to
any other remedy to which they may be entitled, at law or in equity.

 

(h)        Submission
to Jurisdiction; No Jury Trial. (i) Each party submits to the jurisdiction of any state or federal court sitting in New York,
New York in any action arising out of or relating to this Agreement and agrees that all claims in respect of the action may be
heard and determined in any such court. Each party agrees that a final judgment in any action so brought will be conclusive and
may be enforced by action on the judgment or in any other manner provided at law or in equity. Each party waives any defense of
inconvenient forum to the maintenance of any action so brought and waives any bond, surety, or other security that might be required
of any other party with respect thereto.

 

(ii)        THE PARTIES EACH
HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER
AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS. The scope of this waiver is intended to be
all encompassing of any and all action that may be filed in any court and that relate to the subject matter of the transactions
contemplated hereby, including, contract claims, tort claims, breach of duty claims and all other common law and statutory claims.
The parties each acknowledge that this waiver is a material inducement to enter into a business relationship and that they will
continue to rely on the waiver in their related future dealings. Each party further represents and warrants that it has reviewed
this waiver with its legal counsel, and that each knowingly and voluntarily waives its jury trial rights following consultation
with legal counsel. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY
NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS
AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. In the event of an action, this Agreement may be filed as a
written consent to trial by a court.

 

(i)        Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

(j)        Governing
Law. This Agreement shall be governed by the laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule that would cause the application of the law of any jurisdiction other than the State of New York.

 

(k)        Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(l)        Construction.
The parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent
or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of
proof will arise favoring or disfavoring any party because of the authorship of any provision of this Agreement. Any reference
to any federal, state, local, or foreign law will be deemed also to refer

    	- 18 -

    	

    

to law as amended and all rules and regulations
promulgated thereunder, unless the context requires otherwise. The word “including” means “including without
limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words
in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this
Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of similar
import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties intend
that each representation, warranty, and covenant contained herein will have independent significance. If any party has breached
any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter (regardless of the relative levels of specificity) which the party has not breached
will not detract from or mitigate the fact that the party is in breach of the first representation, warranty, or covenant.

 

(m)        Severability.
The remedies provided herein are cumulative and not exclusive of any remedies provided by law. If any term, provision, covenant
or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall
in no way be affected, impaired or invalidated, and the parties hereto shall use their reasonable efforts to find and employ an
alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void
or unenforceable.

 

(n)        Multiple
Closings; Future Capital Raises.

 

(i)        To the extent
the Company conducts one or more additional closings in connection with the Company’s offering of Preference Shares, as contemplated
by the PPM, the Company shall cause each purchaser of Preference Shares pursuant to any such additional closing to execute a Subscription
Agreement with the Company which provides, among other things, that by executing such Subscription Agreement such purchaser will
be deemed to have executed this Agreement in all respects and, upon such additional closing, each such purchaser shall be deemed
to be a party to this Agreement and an Existing Shareholder for purposes of this Agreement as of the date of such additional closing.

 

(ii)        To the extent
the Company conducts one or more future private placements of Preference Shares, the Company may cause each purchaser of Preference
Shares pursuant to any such future private placement to execute an instrument substantially in the form attached hereto as Exhibit
A and, upon the closing of such private placement, each such purchaser shall be deemed to be a party to this Agreement and
a Shareholder, for purposes of this Agreement as of the date of such closing.

 

[REST OF PAGE DELIBERATELY LEFT BLANK]

    	- 19 -

    	

    

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first written above.

 

	 	WATFORD Holdings Ltd.
	 	 
	 	By:  	/s/ John Rathgeber
	 	 	Name: 
	 	 	Title:

 

The purchasers of Preference Shares have each
executed a Subscription Agreement with the Company, which provides, among other things, that by executing the Subscription Agreement
such purchaser is deemed to have executed this Preference Share Registration Rights Agreement in all respects.

    	 

    	

    

Exhibit A

 

JOINDER TO PREFERENCE SHARE REGISTRATION
RIGHTS AGREEMENT

 

This Joinder Agreement
(this “Joinder Agreement”) is made as of the date written below by the undersigned (the “Joining Party”)
in accordance with the Preference Share Registration Rights Agreement dated as of March 31, 2014 (the “Registration Rights
Agreement”) among Watford Holdings Ltd. and certain other parties, as the same may be amended from time to time. Capitalized
terms used, but not defined, herein shall have the meaning ascribed to such terms in the Registration Rights Agreement.

 

The Joining Party hereby
acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the Joining Party shall be deemed to be a party
to the Registration Rights Agreement as of the date hereof and shall have all of the rights and obligations of a “Shareholder”
thereunder, [and shall be deemed to have made all of the representations and warranties of a “Shareholder” under
the Shareholders Agreement as if it had executed the Shareholders’ Agreement (including, without limitation, that the representations
and warranties contained in Section 8 of the Shareholders Agreement and in [Section 4, and, if applicable, Section 5 or 6,] of
the Subscription Agreement dated [•], 2014, between the Company and [name of transferring shareholder]) and all of such representations
and warranties are true and correct as of the date hereof as if such representations and warranties were made by the Joining Party]1.
The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions
contained in the Registration Rights Agreement.

 

IN WITNESS WHEREOF, the
undersigned has executed this Joinder Agreement as of the date written below.

 

Date: ___________ ___, ______

 

	 	[NAME OF JOINING PARTY]
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	Address for Notices:

 

 

 

1
To be included in connection with transfers of Preference Shares.

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