Document:

Exhibit 4.5

 

Execution Version

 

 

WATFORD HOLDINGS LTD.

 

PREFERENCE SHARE REGISTRATION RIGHTS 

AGREEMENT

 

March 31, 2014

 

 

 

    	 

    	

    

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

    	 

    	

    

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

    	 

    	

    

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

 

R E C I T A L S

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

 

“FINRA”
means Financial Industry Regulatory Authority.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

2.          Piggyback
Registration.

 

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

 

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

 

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

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

 

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

 

3.          Lockup.

 

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

 

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

    	- 10 -

    	

    

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

 

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

 

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

 

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

 

7.          Indemnification.

 

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

    	- 11 -

    	

    

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

 

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

    	- 12 -

    	

    

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

 

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

    	- 13 -

    	

    

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

 

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

 

8.          Representations
and Warranties; Covenants.

 

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

    	- 14 -

    	

    

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

9.          Miscellaneous.

 

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

    	- 15 -

    	

    

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

 

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

 

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

 

(e)        Notices.

 

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

 

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

 

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

 

Watford Holdings Ltd.

P.O. Box HM 2069

Hamilton HM HX

Bermuda

    	- 16 -

    	

    

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

 

Clifford Chance US LLP

31 West 52nd Street

New York, New York 10019

Attention: Gary D. Boss

Telecopier No.: (212) 878-8375

Telephone No.: (212) 878-8063

 

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

 

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

 

(f)        Successors
and Assigns; Assignment.

 

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

 

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

 

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

 

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

    	- 17 -

    	

    

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

 

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

 

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

 

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

 

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

 

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

 

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

    	- 18 -

    	

    

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

 

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

 

(n)        Multiple
Closings; Future Capital Raises.

 

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

 

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

 

[REST OF PAGE DELIBERATELY LEFT BLANK]

    	- 19 -

    	

    

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

 

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

 

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

    	 

    	

    

Exhibit A

 

JOINDER TO PREFERENCE SHARE REGISTRATION
RIGHTS AGREEMENT

 

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

 

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

 

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

 

Date: ___________ ___, ______

 

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

 

 

 

1
To be included in connection with transfers of Preference Shares.Exhibit 4.6

 

THIS WARRANT AND ANY SHARES ACQUIRED UPON
THE EXERCISE OF THIS WARRANT REPRESENTED HEREBY HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE TRANSFERRED, SOLD, OR OTHERWISE DISPOSED OF, UNLESS (I) SUCH SECURITIES HAVE BEEN
REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT, (II) SUCH SECURITIES ARE SOLD PURSUANT TO RULE 144 PROMULGATED UNDER THE SECURITIES
ACT, OR (III) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER, SALE, OR DISPOSITION
MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT.

 

THIS WARRANT SHALL BE VOID AFTER 5:00 P.M.
EASTERN TIME ON THE EXPIRATION DATE (AS DEFINED HEREIN).

 

	No. 01	Date of Issuance:  March 25, 2014

 

WATFORD HOLDINGS LTD.

 

WARRANT TO PURCHASE 975,503

COMMON SHARES, PAR VALUE $0.01 PER SHARE

 

For VALUE RECEIVED, Arch Reinsurance Ltd. (the “Warrantholder”), is entitled to purchase, subject to the provisions of this Warrant, from
Watford Holdings Ltd., a Bermuda exempted company with limited liability (the “Company”), at any time commencing
upon the earlier of the consummation the IPO or the Listing and ending not later than 5:00 P.M., Eastern time, on the date that
is the sixth anniversary of either the Date of Issuance set forth above or, if subsequent to the Date of Issuance, the date of
the final closing in connection with the Private Placement, as contemplated by the PPM (the “Expiration Date”),
975,503 (the “Warrant Shares”) of the Company’s common shares, par value $0.01 per share (the “Common
Shares”), at a price per Warrant Share equal to the Warrant Price (as defined in Section 8 hereof). As used herein, (i)
“IPO” means the first public offering by the Company of its Common Shares pursuant to an effective registration
statement under the Securities Act of 1933, as amended (the “Securities Act”), (ii) “Listing”
means the listing of the Common Shares on a securities exchange registered as a “national securities exchange” under
Section 6 of Securities Exchange Act of 1934, as amended, (iii) “Private Placement” means the Company’s
private placement of Common Shares conducted pursuant to Regulation D under the Securities Act, and (iv) “PPM”
refers to the Company’s Confidential Private Placement Memorandum, dated January 2014 (as supplemented by the Supplement
to Confidential Private Placement Memorandum dated March 14, 2014), related to the Private Placement. The number of Warrant Shares
purchasable upon exercise of this Warrant and the Warrant Price shall be subject to adjustment from time to time as described herein.
In connection with the issuance of this Warrant, the Warrantholder has completed and delivered to the Company an investor letter,
dated as of the Date of Issuance (the “Investor Letter”).

    	 

    	

    

Section 1.       Registration.
The Company shall maintain books for the transfer and registration of the Warrant. Upon the initial issuance of this Warrant, the
Company shall issue and register the Warrant in the name of the Warrantholder.

 

Section 2.       Transfers.
As provided herein, this Warrant may be transferred only pursuant to a registration statement filed under the Securities Act or
an exemption from such registration. Subject to such restrictions, the Company shall transfer this Warrant from time to time upon
the books to be maintained by the Company for that purpose, upon surrender hereof for transfer, properly endorsed or accompanied
by appropriate instructions for transfer and such other documents as may be reasonably required by the Company to establish that
such transfer is being made in accordance with the terms hereof, and a new Warrant shall be issued to the transferee and the surrendered
Warrant shall be canceled by the Company.

 

Section 3.       Exercise
of Warrant. Subject to the provisions hereof, the Warrantholder may exercise this Warrant, in whole or in part, at any time
commencing upon the earlier of the consummation of the IPO or the Listing and prior to the Expiration Date upon surrender of the
Warrant, together with delivery of a duly executed notice of exercise, in the form attached hereto as Appendix 1 (the “Notice
of Exercise”) and payment by cash, certified check or wire transfer of funds (or, in certain circumstances, by cashless
exercise as provided below) of the aggregate Warrant Price for that number of Warrant Shares then being purchased, to the Company
during normal business hours on any business day at the Company’s principal executive offices (or such other office or agency
of the Company as it may designate by notice to the Warrantholder). The Warrant Shares so purchased shall be deemed to be issued
to the Warrantholder or the Warrantholder’s designee, as the record owner of such shares, as of the close of business on
the date on which this Warrant shall have been surrendered (or the date evidence of loss, theft or destruction thereof and security
or indemnity reasonably satisfactory to the Company has been provided to the Company), the Warrant Price shall have been paid and
the completed Notice of Exercise shall have been delivered. Subject to compliance with Section 4 hereof, the Warrant Shares so
purchased shall be issued in book-entry form (unless the Warrantholder requests that the Warrant Shares be issued in certificated
form) and delivered to the Warrantholder within a reasonable time, not exceeding five (5) business days, after this Warrant shall
have been so exercised. The Warrant Shares (and, if applicable, certificates representing the Warrant Shares) so delivered shall
be in such denominations as may be requested by the Warrantholder and shall be registered in the name of the Warrantholder or such
other name as shall be designated by the Warrantholder, as specified in the Notice of Exercise. If this Warrant shall have been
exercised only in part, then, unless this Warrant has expired, the Company shall, at its expense, at the time of delivery of the
Warrant Shares (and, if applicable, certificates representing the Warrant Shares), deliver to the Warrantholder a new Warrant representing
the right to purchase the number of shares with respect to which this Warrant shall not then have been exercised. As used herein,
“business day” means a day, other than a Saturday or Sunday, on which banks in New York City and Bermuda are
open for the general transaction of business. Each exercise hereof shall constitute the re-affirmation by the Warrantholder that
the representations and warranties contained in the Investor Letter of the Warrantholder are true and correct.

 

Section 4.       Compliance
with the Securities Act. The Company may cause the legend set forth on the first page of this Warrant to be set forth on each
Warrant, and, if required, a similar legend on any security issued or issuable upon exercise of this Warrant, unless counsel

    	- 2 -

    	

    

for the Company is of
the opinion as to any such security that such legend is unnecessary. For the avoidance of doubt, (i) the Warrant Shares will be
considered “Registrable Securities” for purposes of the Common Share Registration Rights Agreement, dated as of March
25, 2014, by and among the Company, the Warrantholder and the other parties named therein (the “Registration Rights Agreement”)
and will be entitled to the registration rights set out therein, and (ii) pursuant to the Registration Rights Agreement, the Warrantholder
shall not be required to exercise this Warrant in order to have the Registrable Securities underlying this Warrant registered for
sale, and immediately prior to the consummation of such sale such Warrantholder may either (a) exercise this Warrant or (b) in
connection with an underwritten Piggyback Registration or Shelf Underwritten Offering (each as defined in the Registration Rights
Agreement), if the relevant underwriters agree, transfer this Warrant to such underwriters, subject to Section 2 hereof.

 

Section 5.       Payment
of Taxes. The Company will pay any documentary stamp taxes attributable to the initial issuance of Warrant Shares issuable
upon the exercise of the Warrant; provided, however, that the Company shall not be required to pay any tax
or taxes which may be payable in respect of any transfer involved in the issuance or delivery of any certificates for Warrant Shares
in a name other than that of the Warrantholder in respect of which such shares are issued, and in such case, the Company shall
not be required to issue or deliver any certificate for Warrant Shares or any Warrant until the person requesting the same has
paid to the Company the amount of such tax or has established to the Company’s reasonable satisfaction that such tax has
been paid. The Warrantholder shall be responsible for all other taxes, including income taxes due under federal, state or other
law, if any such tax is due.

 

Section 6.       Mutilated
or Missing Warrants. In case this Warrant shall be mutilated, lost, stolen, or destroyed, the Company shall issue in exchange
and substitution of and upon surrender and cancellation of the mutilated Warrant, or in lieu of and substitution for the Warrant
lost, stolen or destroyed, a new Warrant of like tenor and for the purchase of a like number of Warrant Shares, but only upon receipt
of evidence reasonably satisfactory to the Company of such loss, theft or destruction of the Warrant, and with respect to a lost,
stolen or destroyed Warrant, reasonable indemnity with respect thereto, if requested by the Company; provided that, with
respect to an initial Warrantholder and its affiliates, a written indemnity agreement shall be satisfactory.

 

Section 7.       Reservation
of Common Shares. The Company hereby represents and warrants that there have been reserved, and the Company shall at all applicable
times keep reserved until issued (if necessary) as contemplated by this Section 7, out of the authorized and unissued Common Shares,
sufficient shares to provide for the exercise of the rights of purchase represented by this Warrant. The Company agrees that all
Warrant Shares issued upon due exercise of this Warrant in accordance with the terms hereof shall be, at the time of delivery of
such Warrant Shares, duly authorized, validly issued and fully paid Common Shares of the Company, and such Warrant Shares will
be non-assessable Common Shares of the Company such that no further sums will be required to be paid by the holders thereof in
connection with the issue thereof.

 

Section 8.       Warrant
Price; Adjustments. Subject and pursuant to the provisions of this Section 8, the Warrant Price shall be determined, and the
Warrant Price and number of

    	- 3 -

    	

    

Warrant Shares subject
to this Warrant shall be subject to adjustment from time to time, as set forth hereinafter.

 

(a)       On
each date this Warrant is exercised pursuant to the terms hereof, the Warrant Price per Warrant Share shall be determined as
set forth in Exhibit A (as such dollar amount per share may be adjusted pursuant to this Section 8, the “Warrant
Price”).

 

(b)       If
the Company shall, at any time or from time to time while this Warrant is outstanding, pay a dividend or make a distribution
on its Common Shares in Common Shares, subdivide its issued and outstanding Common Shares into a greater number of shares or
combine its issued and outstanding Common Shares into a smaller number of shares or issue by reclassification of its issued
and outstanding Common Shares any of its share capital (including any such reclassification in connection with a
consolidation or merger in which the Company is the continuing company), then the number of Warrant Shares purchasable upon
exercise of this Warrant shall be adjusted by multiplying the number of Warrant Shares purchasable upon exercise of this
Warrant immediately prior to (but not including) the date on which such change shall become effective by a fraction, the
numerator of which is shall be the number of Common Shares outstanding immediately after giving effect to such change and the
denominator of which shall be the number of Common Shares outstanding immediately prior to such change. Such adjustments
shall be made successively whenever any event listed above shall occur.

 

(c)       If
any (i) capital reorganization or reclassification of the share capital of the Company, (ii) consolidation, amalgamation or
merger of the Company with another company in which the Company is not the survivor, (iii) sale, transfer or other
disposition of all or substantially all of the Company’s assets to another company or (iv) purchase offer, tender offer
or exchange offer pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other
shares, securities or assets and such offer has been accepted by the holders of more than 50% of the outstanding Common
Shares (each a “Fundamental Transaction”), shall be effected, then, as a condition of such Fundamental
Transaction, lawful and adequate provision shall be made whereby each Warrantholder shall thereafter have the right to
purchase and receive upon the basis and upon the terms and conditions herein specified and in lieu of the Warrant Shares
immediately theretofore issuable upon exercise of the Warrant, the highest amount of such shares, securities or assets as
would have been issuable or payable with respect to or in exchange for a number of Warrant Shares equal to the number of
Warrant Shares immediately theretofore issuable upon exercise of the Warrant, had such Fundamental Transaction not taken
place, and in any such case appropriate provision shall be made with respect to the rights and interests of each
Warrantholder to the end that the provisions hereof (including, without limitation, provision for adjustment of the Warrant
Price) shall thereafter be applicable, as nearly equivalent as may be practicable in relation to any shares, securities or
assets thereafter deliverable upon the exercise hereof. The Company shall not effect any such Fundamental Transaction unless
prior to or simultaneously with the consummation thereof the successor company (if other than the Company) resulting from
such consolidation, amalgamation or merger, or the company purchasing or otherwise acquiring such assets or other appropriate
company or entity shall assume the obligation to deliver to the Warrantholder, at the last address of the Warrantholder
appearing on the books of the Company, shares, securities or assets as, in accordance with the foregoing provisions, the
Warrantholder may be entitled to purchase, and the other obligations under this Warrant. The provisions of this paragraph (c)
shall similarly

    	- 4 -

    	

    

apply to any successive
Fundamental Transactions. Notwithstanding the foregoing, in the event of a Fundamental Transaction, other than one in which a successor
entity (a “Public Successor”) whose common equity is quoted or listed for trading on an Eligible Market (as
defined below) assumes this Warrant and the Warrant Shares immediately theretofore issuable upon exercise of the Warrant may be
exercisable for the publicly traded common equity of such Public Successor, at the request of the Warrantholder delivered before
the 90th day after such Fundamental Transaction, the Company (or the successor entity) shall purchase this Warrant from the Warrantholder
by paying to the Warrantholder, within five business days after such request (or, if later, on the effective date of the Fundamental
Transaction), cash in an amount determined by taking the product obtained by multiplying (i) the greater of (A) the highest amount
of consideration per Common Share to be received by any shareholder of the Company upon consummation of such Fundamental Transaction
and (B) the average of the daily VWAP during the seven consecutive trading days preceding the date on which such Fundamental Transaction
was first publicly announced (as adjusted for share dividends, share splits, share combinations, reverse share splits or other
similar transactions) by (ii) the aggregate number of Common Shares into which this Warrant was exercisable immediately prior to
such consummation (without regard to any limitations on the exercise of this Warrant) and subtracting from such product an amount
equal to the product obtained by multiplying the Warrant Price then in effect by the aggregate number of Common Shares into which
this Warrant is then exercisable (without regard to any limitations on the exercise of this Warrant). For purposes of this paragraph,
(i) “VWAP” means, for any trading day, the per share volume-weighted average price of the Common Shares as displayed
under the heading “Bloomberg VWAP” on Bloomberg Page LRP Equity AQR (or its equivalent successor if such page is not
available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading
session on such trading day, without regard to after-hours trading or any trading outside the regular trading session, or, if such
volume-weighted average price is unavailable, the market value of one Common Share on such trading day as determined by the Board
of Directors of the Company in good faith in a commercially reasonable manner, using a volume-weighted average price method; provided
that, in making a volume-weighted average price determination, the Board of Directors of the Company may rely conclusively
on the determination of daily volume-weighted average price for such trading day made by an independent nationally recognized securities
dealer selected by the Board of Directors of the Company; and (ii) “Eligible Market” means The New York Stock
Exchange, Inc., NYSE MKT LLC or The NASDAQ Global Select Market.

 

(d)       An
adjustment to the Warrant Price or number of Warrant Shares purchasable upon exercise of this Warrant shall become effective
immediately after the payment date in the case of each dividend or distribution and immediately after the effective date of
each other event which requires an adjustment.

 

(e)       In
the event that, as a result of an adjustment made pursuant to this Section 8, the Warrantholder shall become entitled to
receive any share capital of the Company other than Common Shares, the number of such other shares so receivable upon
exercise of this Warrant shall be subject thereafter to adjustment from time to time in a manner and on terms as nearly
equivalent as practicable to the provisions with respect to the Warrant Shares contained in this Warrant.

    	- 5 -

    	

    

Section 9.       Fractional
Interest. The Company shall not be required to issue fractions of Warrant Shares upon the exercise of this Warrant. If any
fractional Common Share would, except for the provisions of the first sentence of this Section 9, be deliverable upon such exercise,
the Company, in lieu of delivering such fractional share, shall pay to the exercising Warrantholder an amount in cash equal to
the Market Price of such fractional Common Share on the date of exercise. “Market Price” as of a particular
date (the “Valuation Date”) shall mean the following: (i) if the Common Shares are then listed on the New York
Stock Exchange or any other national securities exchange, the closing sale price of one Common Share on such exchange on the last
trading day prior to the Valuation Date; (ii) if the Common Shares are then quoted on the Over-the-Counter Bulletin Board (the
“Bulletin Board”) or such similar quotation system or association, the closing sale price of one Common Share
on the Bulletin Board or such other quotation system or association on the last trading day prior to the Valuation Date or, if
no such closing sale price is available, the average of the high bid and the low asked price quoted thereon on the last trading
day prior to the Valuation Date; or (iii) if the Common Shares are not then listed on a national securities exchange or quoted
on the Bulletin Board or such other quotation system or association, the fair market value of one Common Share as of the Valuation
Date, as determined in good faith by the Board of Directors of the Company and the Warrantholder. If the Common Shares are not
then listed on a national securities exchange, the Bulletin Board or such other quotation system or association, the Board of Directors
of the Company shall respond promptly, in writing, to an inquiry by the Warrantholder prior to the exercise hereunder as to the
fair market value of a Common Share as determined by the Board of Directors of the Company. In the event that the Board of Directors
of the Company and the Warrantholder are unable to agree upon the fair market value in respect of subpart (iii) of this paragraph,
the Company and the Warrantholder shall jointly select an appraiser, who is experienced in such matters. The decision of such appraiser
shall be final and conclusive, and the cost of such appraiser shall be borne equally by the Company and the Warrantholder.

 

Section 10.       Benefits.
Nothing in this Warrant shall be construed to give any person, firm or company (other than the Company and the Warrantholder) any
legal or equitable right, remedy or claim, it being agreed that this Warrant shall be for the sole and exclusive benefit of the
Company and the Warrantholder.

 

Section 11.       Notices
to Warrantholder. Upon the occurrence of any event requiring an adjustment of the Warrant Price, the Company shall promptly
give written notice thereof to the Warrantholder as provided in Section 19, stating the adjusted Warrant Price and the adjusted
number of Warrant Shares resulting from such event and setting forth in reasonable detail the method of calculation and the facts
upon which such calculation is based.

 

Section 12.       Identity
of Transfer Agent. The Transfer Agent for the Common Shares is American Stock Transfer & Trust Company LLC. Upon the appointment
of any subsequent transfer agent for the Common Shares or other shares of the Company’s share capital issuable upon the exercise
of the rights of purchase represented by the Warrant, the Company will mail to the Warrantholder a statement setting forth the
name and address of such transfer agent.

 

Section 13.      Successors.
All the covenants and provisions hereof by or for the benefit of the Warrantholder shall bind and inure to the benefit of its
respective successors and assigns hereunder.

    	- 6 -

    	

    

Section 14.       Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Warrant shall be governed by, and construed in accordance with, the
internal laws of the State of New York, without reference to the choice of law provisions thereof. The Company and, by accepting
this Warrant, the Warrantholder, each irrevocably submits to the exclusive jurisdiction of the courts of the State of New York
located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit,
action, proceeding or judgment relating to or arising out of this Warrant and the transactions contemplated hereby. Service of
process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the
same methods as are specified for the giving of notices under this Warrant. The Company and, by accepting this Warrant, the Warrantholder,
each irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue
in such court. The Company and, by accepting this Warrant, the Warrantholder, each irrevocably waives any objection to the laying
of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action
or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE COMPANY AND, BY ITS ACCEPTANCE
HEREOF, THE WARRANTHOLDER HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS WARRANT AND
REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WARRANT.

 

Section 15.       Cashless
Exercise; Cash Settlement.

 

(a)       Notwithstanding any other provision contained herein to the contrary, the Warrantholder may elect to receive, without the payment by the Warrantholder
of the aggregate Warrant Price in respect of the Common Shares to be acquired, Common Shares of equal value to the value of this
Warrant, or any specified portion hereof, by the surrender of this Warrant (or such portion of this Warrant being so exercised)
together with a Notice of Exercise, duly executed, to the Company. Thereupon, the Company shall issue to the Warrantholder such
number of fully paid, validly issued and nonassessable Common Shares as is computed using the following formula:

 

		X = Y	 x (A – B)

A

 

where:

 

		X =	the number of Common Shares to which the Warrantholder
is entitled upon such cashless exercise;

 

		Y =	the total number of Common Shares covered by this
Warrant for which the Warrantholder has surrendered purchase rights at such time for cashless exercise (including both shares
to be issued to the Warrantholder and shares as to which the purchase rights are to be cancelled as payment therefor);

    	- 7 -

    	

    

		A =	volume weighted average price per Common Share for
the 20 trading days immediately prior to (but not including) the date of exercise; and

 

		B =	the Warrant Price in effect under this Warrant at
the time the net issue election is made.

 

(b)       Notwithstanding any other provision contained herein to the contrary, the Warrantholder may request to receive a cash payment, in lieu of receiving
Warrant Shares, by the surrender of this Warrant (or such portion of this Warrant being so exercised) together with a Notice of
Exercise, duly executed, to the Company. Upon receipt of such request, the Company may, at the Company’s option and in its
sole discretion, elect to pay to the Warrantholder, in respect of the full portion of this Warrant then being exercised by the
Warrantholder, cash in an amount computed using the following formula:

 

X = Y x (A –
B)

 

where:

 

X =       the cash amount to which the Warrantholder is entitled upon the
Company’s election to effect a cash settlement in respect of such exercise (the “Cash Settlement
Amount”);

 

Y =       the total number of Common Shares covered by this Warrant for which
the Warrantholder has surrendered purchase rights at such time for exercise;

 

A =       volume weighted average price per Common Share for the 20 trading days immediately prior to (but not including) the date of exercise;
and

 

B =       the Warrant Price in effect under this Warrant at the time of exercise.

 

The Company shall deliver
a notice to the Warrantholder indicating whether the Company elects to effect a cash settlement pursuant to this Section 15(b)
not later than the second business day following the related exercise date. If the Company does not deliver such a notice within
such time period, the Company will be deemed not to have elected to effect a cash settlement. The Cash Settlement Amount in respect
of any exercise of this Warrant shall be paid to the Warrantholder within five (5) business days after the related exercise date.
If the Company does not elect, or is deemed not have elected, to effect a cash settlement, the Warrantholder shall be deemed to
have elected a cashless exercise pursuant to Section 15(a) in respect of the full portion of this Warrant then being exercised
by the Warrantholder.

 

Section 16.       No
Rights as Shareholder. Prior to the exercise of this Warrant, the Warrantholder shall not have, and may not exercise, any rights
as a shareholder of the Company by virtue of its ownership of this Warrant.

 

Section
17.       Amendment; Waiver. This Warrant is one of a series of Warrants of like tenor issued by the Company in
connection with the Private Placement and as described in the PPM (collectively, the “Private Placement
Warrants”). Any term of this Warrant may be amended or waived (including the adjustment provisions included in
Section 8 of this Warrant)

    	- 8 -

    	

    

upon the written consent
of the Company and the holders of Private Placement Warrants representing at least 662⁄3% of the number of Common Shares then
subject to all outstanding Private Placement Warrants; provided, that (x) any such amendment or waiver must apply to all
Private Placement Warrants; and (y) the number of Warrant Shares subject to this Warrant, the Warrant Price and the Expiration
Date may not be amended, and the right to exercise this Warrant may not be altered or waived, without the written consent of the
Warrantholder. For the avoidance of doubt, to the extent following the Date of Issuance the Company conducts one or more additional
closings in connection with the Private Placement, as contemplated by the PPM, any Warrants issued in connection with such additional
closings shall be deemed to be Private Placement Warrants for purposes of this Warrant.

 

Section 18.       Section
Headings. The section headings in this Warrant are for the convenience of the Company and the Warrantholder and in no way alter,
modify, amend, limit or restrict the provisions hereof.

 

Section 19.       Notices.
All notices, requests and other communications to any party hereto hereunder shall be in writing (including facsimile or similar
writing) and shall be given,

 

If to the Company:

 

Watford Holdings
Ltd.

P.O. Box HM 2069

Hamilton HM HX

Bermuda

Attention: John Rathgeber, Chief Executive Officer

Telecopier No.: (441) 278-3451

Telephone No.: (441) 278-3450

 

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

 

If to an initial Warrantholder,
to the address provided to the Company in the Investor Letter in connection with its investment in the Warrants;

 

If to a transferee Warrantholder,
to the address of such Warrantholder set forth in the transfer documentation provided to the Company;

 

or such other address
or facsimile number as any such party (or transferee) may hereafter specify for the purpose by notice to the other parties. Each
such notice, request or other communication shall be effective (a) if given by facsimile, when such facsimile is transmitted to
the facsimile number specified in this Section 19 and the appropriate facsimile confirmation is

    	- 9 -

    	

    

received or (b) if given
by any other means, when delivered at the address specified in this Section 19.

 

[Signature page follows.]

    	- 10 -

    	

    

IN WITNESS WHEREOF,
the Company has caused this Warrant to be duly executed, as of the 25th day of March, 2014.

 

	 	WATFORD HOLDINGS LTD.
	 	 	 	 	 
	 	By:  	/s/ John Rathgeber	 
	 	 	Name:	John Rathgeber
	 	 	Title:	Chief Executive Officer

 

[Signature Page to Warrant No. 1]

    	 

    	

    

Appendix 1

 

FORM OF EXERCISE NOTICE

 

(To be executed by the Holder to exercise
the right to purchase Common Shares/receive cash under the foregoing Warrant)

 

To Watford Holdings Ltd.:

 

The undersigned is the Holder of Warrant
No. _____ (the “Warrant”) issued by Watford Holdings Ltd., a Bermuda exempted company with limited liability
(the “Company”). As a condition to this exercise, the undersigned Holder hereby represents and warrants to the
Company that the representations and warranties set forth in the Investor Letter are true and correct in all material respects
as of the date hereof as if they had been made on such date with respect to the Warrant Shares. The undersigned Holder further
acknowledges that the sale, transfer, assignment or hypothecation of the Warrant Shares to be issued upon any exercise of this
Warrant is subject to the terms and conditions contained in the Warrant. Capitalized terms used herein and not otherwise defined
have the respective meanings set forth in the Warrant.

 

		1.	The Warrant is currently exercisable to purchase a total of __________ Warrant Shares.

 

		2.	The undersigned Holder hereby exercises its right to purchase __________ Warrant Shares pursuant
to the Warrant.

 

		3.	The Holder intends that payment of the Exercise Price shall be made as (check one):

 

_____ “Cash Exercise”
under Section 3

 

_____ “Cashless Exercise”
if permitted under Section 15(a)

 

Alternatively, the Holder requests
that payment of the Exercise Price be made as:

 

_____ “Cash Settlement”
if permitted under Section 15(b)

 

		4.	If the holder has elected a Cash Exercise, the holder shall pay the sum of $__________ to the Company
in accordance with the terms of the Warrant.

 

		5.	Pursuant to this exercise, the Company shall deliver to the holder __________ Warrant Shares or,
to the extent the holder has requested a Cash Settlement, the Company may, at the Company’s option and in its sole discretion,
elect to pay $_____ in cash in accordance with the terms of the Warrant.

 

		6.	Following this exercise, the Warrant shall be exercisable to purchase a total of __________ Warrant
Shares.

    	 

    	

    

	Dated:  __________, ____	 	Name of Holder:	 
	 	 	(Print)	 

 

	 	 	By:	 	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)
	 	 	 
	 	 	Taxpayer Identification Number:
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	ACKNOWLEDGED AND AGREED TO this ____ day of __________, 20__	 	 	 	 
	 	 	 	 	 
	WATFORD HOLDINGS LTD.	 	 	 	 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

    	 

    	

    

Exhibit A

 

On each date this Warrant is exercised pursuant
to the terms hereof (each an “Exercise Date”), the Warrant Price per Warrant Share shall be determined so that,
if this Warrant and the other Private Placement Warrants then outstanding were exercised in full on such Exercise Date in respect
of the Common Shares then subject to this Warrant and such Private Placement Warrants, the Initial Common Shareholders would achieve
a target return from and after the Initial Closing Date, through and including such Exercise Date, of 15.0% per annum compounded
annually (the “Target Return”), assuming all Initial Common Shareholders purchased their Initial Common Shares
on the Initial Closing Date.

 

The Target Return shall be calculated in a
manner consistent with the illustrative strike price calculation set forth below and shall be based on (i) the aggregate purchase
price paid for the Initial Common Shares by the Initial Common Shareholders, and (ii) the market value of the Initial Common Shares
(i.e., the trading price of the Common Shares multiplied by the number of Initial Common Shares) that would be necessary for the
Initial Common Shareholders to achieve the Target Return if the Initial Common Shareholders disposed of the Initial Common Shares
on the applicable Exercise Date.

 

As used herein, (i) “Initial Common
Shares” means the aggregate number of Common Shares offered and sold by the Company in the Private Placement, including
the 22,682,875 Common Shares issued or irrevocably subscribed for on the Initial Closing Date and any Common Shares issued in connection
with any subsequent closing, as contemplated by the PPM, (ii) “Initial Common Shareholders” means the original
purchasers of the Initial Common Shares in the Private Placement and (iii) “Initial Closing Date” means March
25, 2014.

 

The following illustrative strike price calculation
shows the calculation of the Warrant Price assuming (i) an Exercise Date on the second anniversary of the Initial Closing Date,
(ii) 22,682,875 Initial Common Shares are sold in the Private Placement at $40.00 per share, and (iii) outstanding Private Placement
Warrants covering an aggregate of 1,704,691 Common Shares:

 

	Illustrative strike price calculation	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Label	 	Formula
	Daily Strike Price Calculation	 	 	 	 	 	 
	Initial equity before formation costs ($)	 	$907,315,000	 	A 	 	 
	Initial Closing Date	 	3/25/2014	 	B 	 	 
	Initial Common Shares 	 	22,682,875 	 	C 	 	 
	Warrants ownership	 	6.99% 	 	D 	 	 
	BVPS at Initial Closing Date	 	$40.0	 	 	 	A / C 
	 	 	 	 	 	 	 
	Assumed Exercise Date	 	3/25/2016	 	E 	 	 
	Years from Initial Closing Date	 	2.0 yrs	 	F 	 	F = (E - B) / 365 
	Target Return	 	15.0% 	 	G 	 	 
	 	 	 	 	 	 	 
	Market value of equity necessary to reach 15% target return ($)	 	$1,199,924,088	 	H 	 	H = A * (1 + G) ^ F  
	Strike price	 	$52.9	 	I 	 	H / C 
	 	 	 	 	 	 	 
	Share Count Post-Exercise	 	 	 	 	 	 
	Original shares 	 	22,682,875	 	C 	 	 
	New shares issued to warrant holders 	 	1,704,691	 	J 	 	J = C / (1-D) * D 
	Pro forma shares	 	24,387,566 	 	K 	 	K = C + J 
	 	 	 	 	 	 	 
	Illustration of Warrant Value if “In the Money” and Exercised	 	 	 	 	 	 
	(Assumes stock price @ 3/25/2016 is greater than or equal to strike price)	 	 	 	 	 	≥I
	Cost to exercise warrants ($)	 	$90,178,153.9	 	L 	 	L = J * I

    	 

    	

    

If the Company pays or makes a dividend
or distribution on its Common Shares in Common Shares, subdivides its outstanding Common Shares into a greater number of
shares or combines its outstanding Common Shares into a smaller number of shares or issues by reclassification of its
outstanding Common Shares any of its share capital (including any such reclassification in connection with a consolidation or
merger in which the Company is the continuing company), then the number of Initial Common Shares shall be adjusted to reflect
such dividend, distribution, subdivision, combination or issuance.

 

If the Company pays or makes a dividend or
distribution to all holders of Common Shares of evidences of indebtedness or assets (including cash dividends or cash distributions
but excluding dividends or distributions in Common Shares), or subscription rights or warrants, the calculation of the Target Return
shall also take into account the fair market value (as determined by the Company’s Board of Directors in good faith) of such
evidences of indebtedness or assets, or of such subscription rights or warrants, paid or made on the Initial Common Shares as of
the date of such dividend or distribution.

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