Document:

Exhibit 4.4

 

Execution Copy

 

 

 

 

WATFORD HOLDINGS LTD.

 

COMMON SHAREHOLDERS’
AGREEMENT

 

March 25, 2014

 

 

 

    	 

    	

    

	Section 1.	 	Certain Definitions	1
	Section 2.	 	Corporate Governance	5
	2.01	 	Subsidiary Governance	5
	2.02	 	Bye-Law Provisions	5
	2.03	 	Voting Limitation	6
	2.04	 	Board of Directors	7
	Section 3.	 	Transfers of Securities	9
	3.01	 	Restrictions on Transfer	9
	3.02	 	Other Restrictions on Transfers	12
	3.03	 	Legend	13
	Section 4.	 	Additional Liquidity Rights	13
	4.01	 	Additional Liquidity Rights	13
	Section 5.	 	Periodic Information Reporting Requirements	14
	5.01	 	Quarterly Financial Statements	14
	5.02	 	Annual Financial Statements	14
	5.03	 	Additional Information	14
	5.04	 	Confidentiality	15
	Section 6.	 	Certain Sale and Other Requirements; Certain Preemptive Rights	15
	6.01	 	Recapitalization	15
	6.02	 	Certain Restrictions	15
	6.03	 	Regulatory Repurchase	16
	6.04	 	Exchange Act	17
	6.05	 	Preemptive Rights	17
	Section 7.	 	Tax Matters	19
	7.01	 	Cooperation	19
	Section 8.	 	Representations and Warranties	19
	8.01	 	Authority; Enforceability	19
	8.02	 	No Breach	19
	8.03	 	Consents	20
	8.04	 	Investment Representations	20
	Section 9.	 	Miscellaneous	20
	9.01	 	Compliance with Bermuda law	20
	9.02	 	Amendments and Waivers	20

    	 

    	

    

	9.03	 	Entire Agreement	21
	9.04	 	Term and Termination	21
	9.05	 	Notices	21
	9.06	 	Successors and Assigns; Assignment	22
	9.07	 	Specific Performance	23
	9.08	 	Submission to Jurisdiction; No Jury Trial	23
	9.09	 	Counterparts	23
	9.10	 	Governing Law	23
	9.11	 	Headings	24
	9.12	 	Construction	24
	9.13	 	Severability	24
	9.14	 	Multiple Closings; Future Capital Raises	24

    	 

    	

    

This COMMON SHAREHOLDERS’
AGREEMENT (this “Agreement”) is made as of March 25, 2014, by and among, Watford
Holdings Ltd., a Bermuda exempted company with limited liability (the “Company”), and the shareholders
of the Common Shares of the Company who acquired Common Shares on or prior to the Closing Date in connection with the offering
of Common 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:

 

“9.9% Holder”
means a Person whose Controlled Shares constitute 9.9% or more of the Total Voting Power.

 

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

 

“ACGL”
means Arch Capital Group Ltd.

 

“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 Common 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
Common Shares or (ii) a Transfer of Common 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 Common 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.

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

 

“Arch
Designated Director” has the meaning set forth in Section 2.04(b).

 

”Arch
Entities” means, collectively, ACGL and its Affiliates. “Arch Entity” shall have the corresponding
meaning.

 

“Arch
Excepted Holder” means ACGL and any direct or indirect subsidiary of ACGL that (i) is treated as a corporation for U.S.
tax purposes, and (ii) is not a United States Person (as defined in Section 957(c) of the Code).

 

“Arch Re (Bermuda)”
means Arch Reinsurance Ltd., a Bermuda exempted company with limited liability.

 

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

 

“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).

 

“Attribution Percentage”
means, with respect to a Shareholder and a Tentative 9.9% Holder, the percentage of such Tentative 9.9% Holder’s Controlled
Shares that are owned by such Shareholder.

 

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

 

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

 

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

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“Controlled Shares”
in reference to any Person or Shareholder means all Common Shares owned by such Person or Shareholder either (i) directly, with
respect to any Person or Shareholder who is a United States person within the meaning of Section 957 of the Code, indirectly or
constructively, within the meaning of Section 958(a) or 958(b) of the Code, or (ii) beneficially within the meaning of Section
13(d)(3) of the Exchange Act.

 

“Derivative Security”
has the meaning set forth in Section 6.05(b).

 

“Director”
means any member of the Company’s Board.

 

“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).

 

“HPS Excepted
Holder” means Highbridge Capital Management LLC, Highbridge Principal Strategies LLC, employees of either of the foregoing,
any person bearing a relationship to any such employee described in Section 318(a)(1)(A) of the Code, any entity controlled by,
or trust established by, any such employee, and any person that is treated, under Section 958 of the Code, as the owner of shares
actually held by any of the foregoing.

 

“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 Management
Agreement” means that certain Amended and Restated Investment Management Agreement, dated as of March 24, 2014, among
the Company, Watford Re Ltd., the Investment Manager and, solely for the limited purposes set forth therein, Arch Underwriters.

 

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

 

“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 Common Shares in the United States or a listing of the Common Shares on a United
States national securities exchange.

 

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

 

“New Company Securities”
has the meaning set forth in Section 6.05(b).

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“New Issue Notice”
has the meaning set forth in Section 6.05(c).

 

“Notice of Acceptance”
has the meaning set forth in Section 6.05(c).

 

“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.

 

“Other Holders”
means Shareholders owning no Common Shares treated as Controlled Shares of any Tentative 9.9% Holder.

 

“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 Shareholders
Agreement” means that certain Shareholders Agreement, dated on or about March 31, 2014, as amended from time to time,
among the Company and the holders of the Preference Shares.

 

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

 

“Services Agreement”
means that certain Services Agreement, dated as of March 24, 2014, among the Company, Watford Re, Arch Underwriters and, solely
for the limited purposes set forth therein, the Investment Manager, as may be amended from time to time.

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

 

“Tentative
9.9% Holder” means a Person that, but for adjustments to the voting rights of Common Shares pursuant to Section 2.03,
would be a 9.9% Holder.

 

“Total Voting Power”
means with respect to any vote taken by the Shareholders, the total votes attributable to all outstanding Common Shares entitled
to vote.

 

“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 3.02(a).

 

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

 

“Voting Cut Back
Restriction” has the meaning set forth in Section 2.03(f).

 

“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 (including pursuant
to Section 2.04) and, subject to Section 2.02, the bye-laws of Watford Re. After the date hereof, any vacancies shall be
filled in accordance with this Agreement and subject to Section 2.02, the bye-laws of Watford Re.

 

2.02                               
Bye-Law
Provisions. Each Shareholder agrees to vote its Common 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

    	- 5 -

    	

    

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.

 

2.03                            
Voting Limitation.

 

(a)            
If a Shareholder
is a Tentative 9.9% Holder with respect to any vote taken by Shareholders, then the aggregate votes conferred by the Common Shares
that constitute Controlled Shares of such Tentative 9.9% Holder shall be reduced to the extent necessary so that the Controlled
Shares of such Tentative 9.9% Holder will constitute less than 9.9% of the Total Voting Power. In applying the previous sentence,
where Common Shares held by more than one Shareholder are treated as Controlled Shares of a Tentative 9.9% Holder, the reduction
in votes shall apply to such Shareholders in accordance with their Attribution Percentages. The votes attributable to Common Shares
of all Other Holders shall, in the aggregate, be increased by the same number of votes subject to reduction as described above.
Such increase shall apply in proportion to the voting power of such Other Holders at the time, provided that such increase shall
be redistributed among the Other Holders to the extent necessary to avoid causing any such Other Holder to own Controlled Shares
with respect to a 9.9% Holder.

 

(b)            
The Board may,
by notice in writing, require any Shareholder to provide within not less than ten (10) Business Days complete and accurate
information to the registered office or such other place as the Board may designate in respect of any or all of the following
matters:

 

(i)                 
The number of
Common Shares in which such Shareholder is the legal or beneficial owner;

 

(ii)                
The Persons who
beneficially own Common Shares in respect of which such Shareholder is the registered holder;

 

(iii)             
The
relationship, association or affiliation of such Shareholder with any other Shareholder or Person, whether by means of common
control or ownership or otherwise; or

 

(iv)              
Any other facts
or matters which the Board may consider relevant to the determination of the number of Controlled Shares attributable to any Person.

 

(c)            
If any
Shareholder does not respond to any notice given pursuant to Section 2.03(b) hereof within the time specified therein or the
Board shall have reason to believe that any information provided in relation thereto is incomplete or inaccurate, the Board
may determine that the votes attaching to any Common Shares registered in the name of such Shareholder shall be disregarded
for all purposes until such time as a response (or additional response) to such notice reasonably satisfactory
to the Board has been received as specified therein.

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(d)            
With respect to
any vote taken by the Shareholders, the voting cutback provision described in Section 2.03(a) shall be applied successively as
many times as may be necessary to ensure the Controlled Shares attributable to each Tentative 9.9% Holder shall be reduced to the
extent necessary so that Controlled Shares of such Tentative 9.9% Holder will be less than 9.9% of the Total Voting Power (after
giving effect to any prior reduction in voting rights attaching to Common Shares of other Persons as provided in this Section 2.03).

 

(e)            
Notwithstanding
the provisions of this Section 2.03, having applied the provisions hereof as they consider reasonably practicable, the Board may
make such final adjustments to the aggregate number of votes attaching to the Common Shares of any Shareholder that they consider
fair and reasonable in all circumstances to ensure that no Shareholder or other Person is a 9.9% Holder (after giving effect to
any prior reduction in voting rights attaching to Common Shares of other persons as provided in this Section 2.03).

 

(f)            
The foregoing
provisions of this Section 2.03 (the “Voting Cut Back Restriction”) shall not apply to any HPS Excepted
Holder so long as the HPS Excepted Holders in the aggregate own (directly, indirectly or constructively, after application of
Section 318 of the Code as modified by Section 958 of the Code) no more than twenty percent (20%) of any class of shares then
outstanding. The Voting Cut Back Restriction shall also not apply to any Arch Excepted Holder so long as the ownership of
Common Shares or Preference Shares by such Arch Excepted Holder does not result in any person being treated as a
“United States Shareholder” (within the meaning of Section 951(b) of the Code) of the Company or any of its
subsidiaries; provided, that, if the Voting Cut Back Restriction does apply to an Arch Excepted Holder, the
voting right of such Arch Excepted Holder shall be restricted only to the extent sufficient to cause the Person not to be
treated as a United States Shareholder.  Each HPS Excepted Holder and Arch Excepted Holder agrees to provide such
information as the Company may reasonably request in order to determine share ownership.

 

2.04                             
Board of
Directors.

 

(a)            
The Board shall
initially be comprised of seven Directors and the number of Directors shall not be changed except in accordance with this Agreement,
the Bye-Laws and the Certificate of Designation relating to the rights of the holders of the Preference Shares. Each Director shall
be entitled to one vote.

 

(b)            
Arch Re
(Bermuda) shall be entitled to designate two individuals to serve as Directors on the Board (each, an “Arch
Designated Director”); provided, however, that from and after the earlier to occur of the date that (i) the
Services Agreement is terminated and (ii) the number of Common Shares, in the aggregate, that Arch Entities own is less than
seventy-five percent (75%) of the number of Common Shares owned by Arch Entities as of the Closing Date (as adjusted for
stock splits, stock dividends or similar events), the number of Arch Designated Directors which Arch Re (Bermuda) shall be
entitled to designate and have serve on the Board shall be reduced from two to one; provided, further, that the right
of Arch Re (Bermuda) to designate Arch Designated Directors shall terminate on the date that (x) if the Services Agreement is
then in effect, the number of Common Shares, in the aggregate, that Arch Entities own is less than fifty percent (50%)
of the number of Common Shares owned by Arch Entities as of the Closing Date (as adjusted for stock splits, stock dividends or
similar events),

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and (y) if the Services Agreement
is not then in effect, the number of Common Shares, in the aggregate, that Arch Entities own either (A) is less than fifty percent
(50%) of the number of Common Shares owned by Arch Entities as of the Closing Date (as adjusted for stock splits, stock dividends
or similar events), or (B) comprises less than 5% of the Company’s outstanding Common Shares.

 

(c)            
For so long as
Arch Re (Bermuda) is entitled to designate at least one Arch Designated Director:

 

(i)             
the affirmative
vote of at least one Arch Designated Director shall be required for the Board to take any of the following actions:

 

(A)               
increase the
number of members of the Board;

 

(B)               
form or create
any subsidiaries or branches of the Company;

 

(C)               
change the name
of the Company or any of its subsidiaries; or

 

(D)               
appoint, remove
or replace the Chief Executive Officer or Chief Risk Officer of the Company or any of its subsidiaries; and

 

(ii)              
Arch Re
(Bermuda) will be entitled to have at least one Arch Designated Director on each committee of the Board; provided that upon
the consummation of the earlier to occur of (x) an IPO and (y) 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, the Arch
Designated Director on any Board committee that is subject to independence requirements for membership on such committee
under the Exchange Act or the rules and regulations of the national securities exchange on which the Common Shares and/or
Preference Shares are listed shall be a person that satisfies such independence requirements.

 

Notwithstanding clause (i)(D)
above, upon the consummation of an IPO, the affirmative vote of at least one Arch Designated Director shall no longer be required
to appoint, remove or replace the Chief Risk Officer of the Company or any of its subsidiaries.

 

(d)            
The Arch
Designated Directors shall not be entitled to vote upon any matters before the Board that relate to (i) the Services
Agreement or any other matters directly and primarily affecting an Arch Entity in a capacity other than as a Shareholder or
Director or (ii) the termination of the Investment Management Agreement, or any amendments to the fee arrangements contained
therein.

 

(e)            
An Arch
Designated Director may be removed (i) at any time without cause by Arch Re (Bermuda) or (ii) for cause (as such term is
defined in the Bye-Laws) in accordance with the Bye-Laws. If, following election to the Board, any Arch Designated Director resigns, is removed, or is unable
to serve for any reason prior to the expiration of his or her term as a Director, then, subject to the other provisions of this
Section 2.04 and applicable

    	- 8 -

    	

    

laws, Arch Re (Bermuda) shall
be entitled to designate a replacement. If Arch Re (Bermuda) is entitled to designate a person to fill any directorship and Arch
Re (Bermuda) fails to do so, then such directorship shall remain vacant until filled by Arch Re (Bermuda) in accordance with this
Section 2.04.

 

(f)            
Each Arch
Designated Director shall be entitled to (i) the same indemnification in connection with his or her role as a Director as the
other members of the Board and (ii) reimbursement for documented, reasonable out-of-pocket expenses incurred in attending
meetings of the Board, or any committee thereof, to the same extent as the other members of the Board. As between the
Company, on the one hand, and Arch Re (Bermuda), on the other hand, the Company shall, in all events, be the full indemnitor
of first resort and shall not be entitled to any contribution, indemnification or other payment by or from Arch Re (Bermuda).
The Company shall be required to advance the full amount of expenses incurred by each Arch Designated Director and shall be
liable for the full amount of all expenses and liabilities to the extent legally permitted and as required by the terms of
the organizational documents of the Company (and any other agreement regarding indemnification between the Company and any
Arch Designated Director), without regard to any rights an Arch Designated Director may have against Arch Re (Bermuda). The
Company further agrees that no advancement or payment by the Company on behalf of any Arch Designated Director with respect
to any claim for which such Designated Director has sought indemnification from the Company shall affect the foregoing and
the Company shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of
the rights of recovery of such Arch Designated Director against the Company.

 

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 Common Shares in connection therewith, no Shareholder shall Transfer all
or any part of the Common 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. Notwithstanding the foregoing, prior to the earlier to
occur of the fifth (5th) anniversary of the date hereof and, if the Company consummates an IPO, the first
anniversary of such IPO, no Shareholder that is an Arch Entity shall Transfer (other than to another Arch Entity or in
connection with a tender offer made to all Shareholders) all or any part of the Common Shares owned by it or any other Arch
Entity as of the date hereof 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 required by this Section 3.01(a), 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 Common Shares in connection therewith, no
Transfer of Common Shares shall be permitted unless (i) the Board determines in its sole discretion that such

    	- 9 -

    	

    

Transfer: (A) would not violate
the Securities Act or any state securities or “blue sky” laws applicable to the Company or the Common Shares to be
transferred; (B) has been approved, if necessary, by the Bermuda Monetary Authority; (C) would not result in the Common 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 Common 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 Common Shares under the Securities Act.

 

(c)            
The Board shall
act by majority vote; provided, however, that 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, (x)
the Investment Manager’s consent will be required for any proposed transfer that would result in an Investment Manager Restricted
Party owning more than 20% of the Common Shares of the Company (or increasing its position to an amount greater than 20%) and (y)
Arch Underwriters’ consent will be required for any proposed transfer that would result in an Arch Underwriters Restricted
Party owning more than 20% of the Common Shares of the Company (or increasing its position to an amount greater than 20%).

 

(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 100,000 Common Shares (or, if less, the transferor’s entire holding of Common
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 Common Shares as the owner of such Common 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 Common Shares to ensure that no such
Transfer would (i) cause the Company to become subject to registration as an investment company under the Investment Company
Act or (ii) have any other material adverse legal, tax or regulatory effect on the Company.

    	- 10 -

    	

    

(h)            
Notwithstanding
anything contained herein to the contrary, prior to the consummation of an IPO, any transferee of Common Shares who is not a Shareholder
(other than the Company) and has acquired such Common 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 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,

    	- 11 -

    	

    

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 Common 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 Common 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.

 

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

    	- 12 -

    	

    

3.03                              
Legend.
In addition to any other legend that may be required, each certificate for Common 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 AND A COMMON SHAREHOLDERS’ AGREEMENT DATED MARCH 25, 2014
(AS MAY BE AMENDED FROM TIME TO TIME). A COPY OF SUCH BYE-LAWS AND COMMON SHAREHOLDERS’ AGREEMENT WILL BE FURNISHED WITHOUT
CHARGE BY THE CORPORATION TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”

 

If any Common 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 Common 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 Common Shares, up to 20% of the then outstanding Common Shares for a
price equal to book value per Common Share (as of the end of the fiscal quarter immediately preceding the commencement of the
tender offer) until an IPO 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

    	- 13 -

    	

    

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 Preference Shares in the United States or a listing of the Preference Shares on a United
States national securities exchange has not been consummated by the fifth (5th) anniversary of the date of the
Preference Shareholders Agreement, the Preference 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 Preference Shares for
a price equal to book value per Preference Share on substantially the same terms as set forth above with respect to the
Common Shares. In the event that the Board determines that less than 20% of the Common Shares and Preference Shares may be
repurchased, any such reduced percentage of Common Shares and Preference 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.
Notwithstanding the foregoing, so long as the Company’s financial information is consolidated into the financial
information of ACGL, the Company shall provide quarterly financial statements to Arch Re (Bermuda) on such earlier date as
may be necessary to enable ACGL to comply with its reporting obligations as a public company.

 

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. Notwithstanding the foregoing, so long as the Company’s financial information is consolidated into
the financial information of ACGL, the Company shall provide annual financial statements to Arch Re (Bermuda) on such earlier
date as may be necessary to enable ACGL to comply with its reporting obligations as a public company.

 

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,
except with respect to additional information requested by Shareholders that are Arch Entities which information is necessary
or advisable to enable ACGL to comply with its reporting obligations as a public company, 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 

    	- 14 -

    	

    

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, 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 Common Shares so long as such third party enters into a confidentiality agreement with
the Company reasonably satisfactory to the Company. Notwithstanding the foregoing, (i) 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 and (ii) each Shareholder that is an Arch Entity is authorized, without restriction of any
kind, to disclose information provided to such Shareholder to ACGL and, the Company acknowledges that ACGL may further
disclose such information as may be necessary or advisable to enable ACGL to comply with its reporting obligations as a
public company.

 

Section 6.               
Certain Sale and Other Requirements; Certain Preemptive Rights.

 

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 Common 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

    	- 15 -

    	

    

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 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 Common 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 Common 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

    	- 16 -

    	

    

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).

 

6.04                            
Exchange
Act. Prior to the consummation of an IPO, in the event there are 500 or more record holders of the Common Shares as of
the end of any fiscal year, each Shareholder agrees to certify to the Company its continued status as an Accredited Investor
as of the end of such fiscal year, to the extent reasonably requested by the Company.

 

6.05                            
Preemptive
Rights.

 

(a)            
The Company
hereby grants to Arch Re (Bermuda), on behalf of each Shareholder that is an Arch Entity, the right to purchase up to the
Arch Entities’ aggregate pro rata share on a fully diluted as converted basis of all New Company
Securities (as defined below) that the Company may, from time to time prior to the first day following an IPO, propose to
issue, offer or sell, in order to permit the Arch Entities, collectively, to maintain their then-current aggregate percentage
ownership of the Company’s equity capital. The “pro rata share” of an Arch Entity for purposes of this
Section 6.05 shall be expressed as a fraction, (i) the numerator of which is the number of Common Shares held by such Arch
Entity on the date of the Company’s written notice pursuant to Section 6.05(c) hereof, and (ii) the denominator of
which is the number of Common Shares outstanding on the date of the Company’s written notice pursuant to Section
6.05(c) hereof, assuming for this purpose conversion or exercise of all outstanding Derivative Securities.

 

(b)            
“New
Company Securities” means (i) any Common Shares, preferred shares or other equity securities of the Company,
whether now authorized or not, issued after the date hereof; and (ii) any options, warrants, convertible notes, or similar
rights issued after the date hereof that are or may become convertible into or exercisable or exchangeable for, or that carry
rights to subscribe for, any equity securities of the Company (each, a “Derivative Security”); provided,
however, that the term “New Company Securities” does not include (a) securities issued as consideration to
effect the acquisition of another entity by the Company pursuant to a merger, consolidation, amalgamation, exchange of
shares, the purchase of all or substantially all of the assets, or otherwise, approved by the Board (including the
affirmative vote of at least one Arch Designated Director); (b) options issued to any directors or employees of the Company
or any of its subsidiaries pursuant to any incentive stock plan or other form of incentive compensation approved by the Board
or by the compensation committee thereof (in each case, including the affirmative vote of at least one Arch Designated
Director), whether now authorized or not, and any Common Shares issued upon the exercise thereof; (c) Common Shares issued upon the exercise of or
conversion of any Derivative Security that is outstanding on the date hereof; (d) Common Shares or other securities issued upon
the exercise

    	- 17 -

    	

    

or conversion of any Derivative
Security as to which a New Issue Notice (as defined below) has already been made; (e) Common Shares or other capital stock issued
to the Company’s Shareholders upon any stock split, stock dividend, combination or other similar event with respect to the Common
Shares or other capital stock; or (f) Common Shares, Preference Shares and Warrants issued after the date hereof and on or prior
to the Closing Date in connection with the private placements described in the PPM.

 

(c)            
In the event
that the Company proposes to undertake an issuance of New Company Securities, the Company will give Arch Re (Bermuda) written
notice (a “New Issue Notice”) of its intention, describing the type of New Company Securities, the price
and amount proposed to be issued, the other terms and conditions upon which the Company proposes to issue New Company
Securities and the persons or entities, if known, to which the New Company Securities are to be offered, issued or sold. Such
New Issue Notice shall be delivered to Arch Re (Bermuda) prior to the proposed issue date of such New Company Securities and
Arch Re (Bermuda) shall have 30 days from the date of receipt of each New Issue notice to deliver to the Company notice (a
“Notice of Acceptance”) of the amount of the applicable New Company Securities that it (or one or more
Arch Entities as determined by Arch Re (Bermuda)) intends to purchase. The acquisition by an Arch Entity of any New Company
Securities is subject in all cases to the preparation, execution and delivery by the Company and the applicable Arch Entities
of definitive documentation relating to the acquisition of such New Company Securities in form and substance reasonably
satisfactory to such Arch Entities and the Company. If Arch Re (Bermuda) delivered a Notice of Acceptance, upon the
consummation of the issuance, sale or exchange of the New Company Securities described in the related New Issue Notice, Arch
Re (Bermuda) shall cause one or more Arch Entities to acquire from the Company, and the Company shall issue to such Arch
Entities, the number or amount of New Company Securities specified in the Notice of Acceptance upon the terms and conditions
specified in the related New Issue Notice. If Arch Re (Bermuda) did not deliver a Notice of Acceptance, the Company shall
have 90 days from the date of a New Issue Notice to consummate the issuance, sale or exchange in whole or in part of the New
Company Securities described in such New Issue Notice on terms and conditions that are the same as the terms and
conditions described in the New Issue Notice or less favorable to the purchaser of such New Company Securities than the terms
and conditions described in the New Issue Notice. For avoidance of doubt, (i) upon expiration of such 90 day period, or
(ii) if Arch Re (Bermuda) did not deliver a Notice of Acceptance and the terms and conditions of the proposed issuance
of New Company Securities are more favorable to the purchaser of such New Company Securities than those set forth in the
initial New Issue Notice, the Company shall be required to deliver another New Issue Notice in connection with the proposed
issuance of New Company Securities.

 

(d)            
The Company
shall be under no obligation to consummate any proposed sale of New Company Securities, nor shall there be any liability on
the part of the Company to any Shareholder that is an Arch Entity if the Company does not consummate a proposed sale of New
Company Securities for whatever reason, whether or not the Company shall have delivered a notice in respect thereof to the
Shareholders that are Arch Entities.

    	- 18 -

    	

    

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, applying the voting limitations described in Section 2.03
(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.

 

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:

    	- 19 -

    	

    

(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 Common Shares subject to this Agreement; provided, however, that
any such amendment or modification that (i) modifies the rights or obligations of any Arch Entity under this Agreement
(including under Sections 2.03, 2.04, 3.01(a), 5, 6.05 and this Section 9.02) that apply only to Arch Entities, (ii)
adversely affects any of the rights or obligations granted expressly to Arch Entities hereunder (and that are not granted to
all Shareholders generally) or (iii) modifies any of the related defined terms in such a way that would cause (i) or (ii) to
be affected, shall also require the written consent of each Shareholder that is an Arch Entity; provided, further,
that the consent of the Shareholders shall not be required (i) to include as a party hereto any purchaser of Common Shares
pursuant to an additional closing as contemplated by Section
9.14, (ii) to include as a party hereto any purchaser of Common Shares in connection with a Transfer of Common Shares as contemplated
by Section

    	- 20 -

    	

    

3.01 and/or Section 3.02,
and (iii) to include as a party hereto any purchaser of Common Shares pursuant to a future private placement as contemplated by
Section 9.14.

 

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 Common 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 (other than a Shareholder that is an Arch Entity), 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,

 

(ii)               
if by the
Company to a Shareholder that is an Arch Entity, as set forth below:

 

c/o Arch Reinsurance Ltd.

100 Pitts Bay Road

Pembroke HM-08

Bermuda

 

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

 

Cahill Gordon & Reindel LLP

80 Pine Street

New York, New York 10005

Attention: John Schuster

Telephone No.: 212.701.3323

Telecopier No.: 212.269.5420

    	- 21 -

    	

    

(iii)               
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 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 (other than any Shareholder that is an
Arch Entity) 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 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).

    	- 22 -

    	

    

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.

 

(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.

    	- 23 -

    	

    

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) 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 Common Shares, as
contemplated by the PPM, the Company shall cause each purchaser of Common 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 Common Shares, the Company may cause each purchaser of Common
Shares pursuant to any such future private placement to execute a joinder substantially in the form

    	- 24 -

    	

    

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]

    	- 25 -

    	

    

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 Common 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 Common Shareholders’ Agreement in all respects.

    	 

    	

    

Exhibit A

 

FORM OF JOINDER TO COMMON 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
Common Shareholders’ Agreement dated as of March 25, 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 Common Shares.Exhibit 4.5

 

Execution Copy

 

 

 

WATFORD HOLDINGS LTD.

 

COMMON SHARE REGISTRATION RIGHTS 

AGREEMENT

 

March 25, 2014

 

 

 

    	 

    	

    

	1.	Certain Definitions	1
	2.	Piggyback Registration; Shelf Registrations	4
	 	(a)	Right to Piggyback	4
	 	(b)	Priority on Piggyback Registrations	5
	 	(c)	Shelf Registrations	5
	 	(d)	Priority on Shelf Underwritten Offerings	6
	 	(e)	Other Registrations	6
	3.	Lockup	7
	 	(a)	Lockup Agreement	7
	 	(b)	Stop Transfer Instructions	7
	 	(c)	Blackout Period	7
	4.	Registration Procedures	8
	 	(a)	Copies of Registration Statement	8
	 	(b)	Preparation of Registration Statement; Effectiveness	8
	 	(c)	General Notification	8
	 	(d)	Notification of Stop Orders; Suspensions of Qualifications and Exemptions	9
	 	(e)	Copies of the Registration Statement	9
	 	(f)	Copies of the Prospectus	9
	 	(g)	Blue Sky	10
	 	(h)	Certificates	10
	 	(i)	SEC Compliance; Earnings Statement	10
	 	(j)	Shareholder Information	10
	 	(k)	Agreements	10
	 	(l)	Legal Opinion; Certificates; Cold Comfort Letter	10
	 	(m)	Listing	11
	 	(n)	Due Diligence	11
	 	(o)	Participation	11
	 	(p)	10b-5 Notification	11
	 	(q)	Other Approvals	12
	 	(r)	FINRA	12
	 	(s)	Road Show	12
	 	(t)	Transfer Agent, Register and CUSIP	12
	 	(u)	Other Actions	12

    	 

    	

    

	 	(v)	Notice to Discontinue	12
	 	(w)	Free Writing Prospectuses	12
	5.	Registration Expenses	13
	6.	Certain Limitations on Registration Rights	13
	7.	Indemnification	13
	 	(a)	Indemnification by the Company	13
	 	(b)	Indemnification by Shareholders	14
	 	(c)	Indemnification Procedures	15
	 	(d)	Contribution if Indemnification Against Public Policy	16
	 	(e)	Obligations Not Exclusive	16
	8.	Representations and Warranties; Covenants	16
	 	(a)	Authority; Enforceability	16
	 	(b)	No Breach	17
	 	(c)	Consents	17
	 	(d)	Investment Representations	17
	 	(e)	Preservation of Rights	17
	9.	Miscellaneous	18
	 	(a)	Compliance with Bermuda law	18
	 	(b)	Amendments and Waivers	18
	 	(c)	Entire Agreement	18
	 	(d)	Term and Termination	18
	 	(e)	Notices	18
	 	(f)	Successors and Assigns; Assignment	20
	 	(g)	Specific Performance	20
	 	(h)	Submission to Jurisdiction; No Jury Trial	20
	 	(i)	Counterparts	21
	 	(j)	Governing Law	21
	 	(k)	Headings	21
	 	(l)	Construction	21
	 	(m)	Severability	21
	 	(n)	Multiple Closings; Future Capital Raises	22

    	 

    	

    

This COMMON SHARE
REGISTRATION AGREEMENT (this “Agreement”) is made as of March 25, 2014, by and among Watford
Holdings Ltd., a Bermuda exempted company with limited liability (the “Company”), the holders of
the Common Shares of the Company who acquired Common Shares on or prior to the Closing Date in connection with the offering of
Common Shares contemplated by the PPM (the “Existing Shareholders”) and the holders of the Warrants of the Company
who acquired Warrants on or prior to the Closing Date in connection with the issuance of Warrants contemplated by the PPM (the
“Existing Warrantholders”). The Existing Shareholders, the Existing Warrantholders and any other holder of Common
Shares or Warrants 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
certain of the Shareholders are parties to that certain Common 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 Common Shares of the Company and certain arrangements relating
to the management of the Company; and

 

WHEREAS, in connection with
entering into the Shareholders Agreement and issuing the Warrants, 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.

 

“Arch”
means Arch Reinsurance Ltd., a Bermuda exempted company with limited liability.

    	- 1 -

    	

    

“Arch Entities”
means, collectively, Arch Capital Group Ltd. and its Affiliates. “Arch Entity” shall have the corresponding
meaning.

 

“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.

 

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

 

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

 

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

 

“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.

 

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

 

“FINRA”
means Financial Industry Regulatory Authority.

 

“Investor Letter”
means the investor letter executed by an Existing Warrantholder and delivered to the Company in connection with the issuance of
the Warrants to such Existing Warrantholder.

 

“IPO”
means the initial registered public offering of the Common 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 Common 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 or Shelf Underwritten Offering, the maximum
number of securities which can be sold in such offering without materially and adversely affecting the marketability of such offering.

    	- 2 -

    	

    

“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 and 81⁄2% Cumulative Redeemable Preference Shares of the Company, with an initial par value of $0.01 per
share, as supplemented by the Supplement to Confidential Private Placement Memorandum dated March 14, 2014.

 

“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 Common Shares held by each Shareholder as of the date such Shareholder agrees in writing to become bound by this
Agreement and, in the case of Arch, any Common Shares acquired after such date, (ii) any Common Shares issued or issuable to any
Shareholder pursuant to the Warrants and (iii) any Common Shares issued, issuable, converted, convertible, exchanged or exchangeable
in respect of the securities referred to in clause (i) or (ii) 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) , (ii) or (iii) 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. For the avoidance of doubt, the parties acknowledge that a Shareholder holding Warrants shall not be required to exercise
any Warrant in order to have the Registrable Securities underlying such Warrant registered for sale, and immediately prior to the
consummation of such sale such Shareholder may either (i) exercise the applicable Warrant or (ii) in connection with an underwritten
Piggyback Registration or Shelf Underwritten Offering, if the relevant underwriters agree, transfer such Warrant to such underwriters.

 

“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 or Shelf Underwritten Offering,
the greater of (x) the sum of the Maximum Number

    	- 3 -

    	

    

 of Securities minus the number of securities included on behalf of persons
entitled to first priority with respect to inclusion of their common 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.

 

“Shelf Registration
Statement” shall have the meaning set forth in Section 2(c) hereof.

 

“Shelf Underwritten
Offering” shall have the meaning set forth in Section 2(c) hereof.

 

“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 Common Shares to such Existing Shareholder.

 

“Take-Down Notice”
shall have the meaning set forth in Section 2(c) hereof.

 

“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.

 

“Warrant Investor
Letter” means the warrant investor letter executed by an Existing Warrantholder and the Company in connection with the
issuance of Warrants to such Existing Warrantholder.

 

“Warrants”
means (i) the Warrants issued by the Company on the date hereof and initially covering an aggregate of 1,704,691 Common Shares
and (ii) any Warrants issued by the Company pursuant to an additional closing or to members of the Company’s management,
in each case, as contemplated by Section 9(n) hereof.

 

“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.

 

2.                Piggyback Registration;
Shelf Registrations.

 

(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

    	- 4 -

    	

    

 for the purposes of a public offering of its common equity securities (whether or not for sale for its
own account and including, but not limited to, registration statements relating to secondary offerings of common equity securities
of the Company, but excluding the Shelf Registration Statement and 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 common equity securities originally proposed
to be registered. Notwithstanding the foregoing, if any Person other than the Company offers common 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
common 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
common equity securities in the following priority:

 

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

 

(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)               
Shelf Registrations.
After the consummation of an IPO or a Listing (should either one occur), the Company shall use reasonable commercial efforts to
qualify and remain qualified to register common equity securities under the Securities Act pursuant to a Registration Statement
on Form S-3 or any successor form thereto. At such time as the Company shall have qualified for the use of a Registration Statement
on Form S-3 or any successor form, Arch shall have the right to request that the Company file promptly (and, in any event, within
45 days of such request) a “shelf” registration statement providing for the registration of, and the sale on a continuous
or delayed basis of, the Registrable Securities of Arch and the other Shareholders

    	- 5 -

    	

    

 pursuant to Rule 415 of the Securities Act or
otherwise (a “Shelf Registration Statement”). Upon filing any Shelf Registration Statement, the Company shall
use its commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective as soon as practicable,
keep such Shelf Registration Statement effective with the SEC at all times, re−file such Shelf Registration Statement upon
its expiration, and cooperate in any shelf take−down, whether or not underwritten, by amending or supplementing the Prospectus
related to such Shelf Registration Statement as may be reasonably requested by Arch or as otherwise required, until such time as
all Registrable Securities that could be sold in such Shelf Registration Statement have been sold or are no longer outstanding.
At any time that a Shelf Registration Statement covering Registrable Securities is effective, Arch may deliver a notice to the
Company (a “Take−Down Notice”) stating that it intends to effect an underwritten offering of all or part
of its Registrable Securities included by it on the Shelf Registration Statement (a “Shelf Underwritten Offering”);
provided that Arch may deliver a maximum of three such Take-Down Notices. Upon the Company’s receipt of a Take-Down Notice,
the Company shall promptly deliver such Take−Down Notice to all other holders included on such Shelf Registration Statement
and permit each holder to include its Registrable Securities included on the Shelf Registration Statement in the Shelf Underwritten
Offering if such holder notifies the Company within 5 Business Days after delivery of the Take−Down Notice to such holder.
Arch shall select the investment banking firm or firms to act as the managing underwriter or underwriters in connection with a
Shelf Underwritten Offering.

 

(d)               
Priority on Shelf
Underwritten Offerings. If the managing underwriter of the Shelf Underwritten Offering advises the Company and Arch in writing
(with a copy to each party hereto requesting to participate in such Shelf Underwritten Offering) that in its opinion the number
of common equity securities which Arch desires to sell, taken together with any Registrable Securities requested to be included
in such Shelf Underwritten Offering by other Shareholders, exceeds the Maximum Number of Securities, the Company will include in
such Shelf Underwritten Offering common equity securities in the following priority:

 

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

 

(ii)               
second, Registrable
Securities requested to be included by other Shareholders pursuant to Section 2(c) 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.

 

(e)               
Other Registrations.
Except as provided in Section 2(c), 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 common equity securities or securities convertible or exchangeable
into or exercisable for its common 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 common equity 

    	- 6 -

    	

    

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) common 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, preferred 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 Common Shares on a fully diluted and converted basis; provided, further, that any waiver
or other exception to such restriction provided to any officer or director, any other holder of at least 5% of the total Common
Shares or any Shareholder shall also apply to Arch; and provided, further, that nothing herein shall restrict, directly
or indirectly:

 

(i)               
any bona fide pledge
of Common 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 common 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 Registration or Shelf Underwritten Offering
(except as part of such underwritten registration or offering 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 Common Shares, or any securities convertible into or exchangeable or exercisable for Common 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.

    	- 7 -

    	

    

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;

 

(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;

    	- 8 -

    	

    

(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 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.

    	- 9 -

    	

    

(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.

 

(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 Arch (if Registrable Securities held by Arch are being sold) or 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 Arch (if Registrable Securities held by Arch are being sold)
or those Shareholders that together hold a majority of the Registrable Securities being sold or the managing underwriters (if any)
in

    	- 10 -

    	

    

 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 Arch (if Arch is selling), the selling Shareholders and the managing underwriters (if any), 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 Shareholders
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 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,

    	- 11 -

    	

    

 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 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 

    	- 12 -

    	

    

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”); provided that,
so long as the Services Agreement dated the date hereof by and among the Company, Watford Re, Arch Underwriters Ltd. and the other
parties named therein remains in effect, the Company shall pay all expenses incurred by Arch and its Affiliates (other than underwriting
discounts or commissions) in connection with any such registration.

 

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; (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; and (c) the Company
shall provide Arch and its counsel copies of each such Registration Statement, and each prospectus or amendment or supplement thereto,
a reasonable period time before the proposed filing thereof and such documents shall be subject to review and comment by Arch and
its counsel and approval by Arch with respect to any reference to Arch and any information included therein about Arch, which approval
shall not be unreasonably withheld with respect to any such reference or information that the Company determines is reasonably
necessary to be included in such Registration Statement, prospectus, amendment or supplement. 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 

    	- 13 -

    	

    

controls such Shareholders within the meaning of Section
15 of the Securities Act or Section 20 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

    	- 14 -

    	

    

 excess of the dollar amount
of the net proceeds actually received by such Shareholder from the 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 (i) if the Services Agreement
is still in effect, or a claim relates to a time when the Services Agreement was in effect, and an Arch Entity is an indemnified
party, Arch shall have the right to retain separate counsel at the expense of the indemnifying party, or (ii) 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 which case 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

    	- 15 -

    	

    

 party shall not enter into any settlement
without the consent of the indemnifying party, which consent shall not be unreasonably withheld or delayed.

 

(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

    	- 16 -

    	

    

 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.

 

(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.

    	- 17 -

    	

    

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.

 

(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 any such amendment or modification
that (i) modifies the rights or obligations of Arch under this Agreement (including under Sections 2, 3(a), 5, 6 and this Section
9(b)) that apply only to Arch, (ii) adversely affects any of the rights or obligations granted expressly to Arch hereunder (and
that are not granted to all Shareholders generally) or (iii) modifies any of the related defined terms in such a way that would
cause (i) or (ii) to be affected, shall also require the written consent of each Shareholder that is an Arch Entity (as defined
in the Shareholders Agreement); provided, further, that the consent of the Shareholders shall not be required (i)
to include as a party hereto any purchaser of Common Shares or Warrants pursuant to an additional closing as contemplated by Section
9(n), (ii) to include as a party hereto any purchaser of Common Shares or Warrants in connection with a Transfer of Common Shares
or Warrants as contemplated by Section 9(f), and (iii) to include as a party hereto any member of the Company’s management
that is issued Warrants or any purchaser of Common Shares pursuant to a future private placement, in each case, 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 (other than a Shareholder that is an Arch Entity), then to the address set forth in such Shareholder’s Subscription
Agreement,

    	- 18 -

    	

    

 Warrant Investor Letter or joinder in the form attached hereto as Exhibit A, as applicable, or to such address
that such Shareholder may subsequently notify the Company in writing,

 

(B)             if by the Company
to a Shareholder that is an Arch Entity, as set forth below:

 

c/o Arch Reinsurance Ltd.

100 Pitts Bay Road

Pembroke HM-08

Bermuda

 

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

 

Cahill Gordon & Reindel LLP

80 Pine Street

New York, New York 10005

Attention: John Schuster

Telephone No.: 212.701.3323

Telecopier No.: 212.269.5420

 

(C)             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 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 (other than any Shareholder that is an Arch
Entity) 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

    	- 19 -

    	

    

 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 or the Warrants, as applicable, the rights, interests and obligations hereunder
may be transferred with a Transfer of the Common Shares or the Warrants 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 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

    	- 20 -

    	

    

 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 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

    	- 21 -

    	

    

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 Common Shares, as contemplated
by the PPM, the Company shall cause each purchaser of Common Shares or Warrants pursuant to any such additional closing to execute
a Subscription Agreement with the Company or an Investor Letter which provides, among other things, that by executing such Subscription
Agreement or Investor Letter 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 or Existing Warrantholder,
as applicable, for purposes of this Agreement as of the date of such additional closing.

 

(ii)               
To the extent the
Company from time to time issues Warrants to its management, as contemplated by the PPM, or conducts one or more future private
placements of Common Shares, the Company may cause each recipient of such Warrants and/or each purchaser of Common Shares pursuant
to any such future private placement to execute an instrument substantially in the form attached hereto as Exhibit A and,
upon the issuance of such Warrants or closing of such private placement, each such recipient or purchaser, as applicable, shall
be deemed to be a party to this Agreement and a Shareholder, for purposes of this Agreement as of the date of such issuance or
closing.

 

[REST OF PAGE DELIBERATELY LEFT BLANK]

    	- 22 -

    	

    

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 Common Shares or Warrants have
each executed either (i) a Subscription Agreement with the Company or (ii) an Investor Letter, each of which provides, among other
things, that by executing the Subscription Agreement or the Investor Letter such purchaser is deemed to have executed this Common
Share Registration Rights Agreement in all respects.

    	 

    	

    

Exhibit A

 

JOINDER TO COMMON 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 Common Share Registration Rights Agreement dated as of March 25, 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 Common Shares.

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