Document:

Exhibit

Exhibit 10.15.1

ADDENDUM NO.1 TO ARE QUOTA SHARE RETROCESSION AGREEMENT
This Addendum No. 1 is made and entered into as of the 1st day of January, 2017 ("Addendum Effective Date"), and amends the Quota Share Retrocession Agreement ("Agreement"), effective January 1, 2014 , by and between Arch Reinsurance Europe Underwriting Designated Activity Company ("ARE") and Watford Re Ltd.
NOW, THEREFORE, in consideration of the mutual provisions and agreements contained herein and in the Agreement, the parties, intending to be bound in contract, hereby agree as follows:
		
	1.
	As of the Addendum Effective Date, the definition of "Requited Security Amount" is amended to mean (i) [**]% of the Retrocessionaire's share of [**] , plus (ii) [**]% of the Retrocessionaire's share of [**] in respect of Short-Tail Business, plus (iii) [**]%of the Retrocessionaire's share of [**] in respect of Long-Tail Business, less [**] of [**] due from the Company to Retrocessionaire under the Agreement.

		
	2.
	"Short-Tail Business" means (i) agriculture, non-standard automobile, property, surety and title business; (ii) proportional reinsurance of marine, aviation and automobile (personal and commercial) business; and (iii) any other lines of business with similar or shorter loss development patterns.

		
	3.
	"Long-Tail Business" means (i) casualty (other than lines specifically enumerated as Short-Tail Business) and mortgage business; (ii) excess of loss reinsurance of marine, aviation and automobile (personal and commercial) business; and (iii) any other lines of business with similar or longer loss development patterns.

		
	4.
	ARE's classifications of specifically enumerated risks shall be conclusive in the absence of bad faith. In cases of doubt as to risks not specifically enumerated as Short- Tail Business or Long-Tail Business, such risks shall be treated as Long-Tail Business.

		
	5.
	In Article 19, paragraph A.1, "[**] of the Required Security Amount" shall be changed to "(a) [**]of the Retrocessionaire's share of the sum of [**] and [**], less (b)[**]of [**] due from the Company to Retrocessionaire under the Agreement."

		
	6.
	Notwithstanding Article 19. A.1 of the Agreement, any amount required to be funded through a letter of credit (including, without limitation, pursuant to paragraph 5 above) may be funded, at the option of the Retrocessionaire, by any combination of qulifying letter of credit (including [**]) under Article 19.A.1 and a Regulatory Trust Account (including [**] of the sum of the [**] and [**]).

		
	7.
	"Regulatory Trust Account" means funds deposited pursuant to a trust agreement in form and substance, and with a third party trustee, in each satisfactory to the Company in its sole discretion that meets the requirements of any applicable law, regulation or regulatory authority (including, without limitation, the Insurance 

[**]         CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION.

Supervision Directorate of the Central Bank of Ireland), which shall be invested in accordance with applicable regulatory investment guidelines (including, without limitation, any regulations promulgated by the Insurance Supervision Directorate of the Central Bank of Ireland) and shall, in addition, conform to the guidelines set forth in the National Association of Insurance Commissioners Credit for Reinsurance Model Regulation, as the same may be supplemented and amended.
		
	8.
	As of the Addendum Effective Date, Article 19, paragraph H, is deleted.

IN WITNESS THEREOF, the parties hereto have executed this Addendum No. 1 as of the day and year first above written.
	
	
	ARCH REINSURANCE EUROPE
UNDERWRITING DESIGNATED
ACTIVITY

	 

	/s/ Sinead Riordan

	 

	WATFORD RE LTD.

	 

	/s/ Jon Levy

[**]         CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION.Exhibit

Exhibit 10.16.1

ADDENDUM NO. 1 TO PROPERTY CATASTROPHE QUOTA SHARE
RETROCESSION AGREEMENT
This Addendum No. 1 is made and entered into as of the 9th day of September, 2014, and amends the Property Catastrophe Quota Share Retrocession Agreement ("Agreement"), effective April 1, 2014, by and between Arch Reinsurance Ltd. ("ARL") and Watford Re Ltd. ("Watford").
NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein and in the Agreement, the parties, intending to be bound in contract, hereby agree as follows:
		
	1.
	Arch Reinsurance Europe Underwriting Limited ("ARE") is hereby added as an additional Company as of the Effective Date.

		
	2.
	All references to "Company" in the Agreement shall refer to the interests of ARL or ARE, as the case may be, arising out of or with respect to their respective Underlying Contracts; provided, however, that the references to "Company" in the definitions of ARL/Watford Retrocession,Watford/ARL Loss Obligations, Watford/ARL Retrocession and Watford/ARL Unearned Premium, and as respects usages of such defined terms, shall refer only to the interests of ARL.

		
	3.
	ARL and ARE shall be treated as one party and shall act jointly as respects any Arbitration under Article 18 and/or remedies with respect to any failure by Watford to meet its security obligations under Article 19 A.

IN WITNESS WHEREOF, the parties hereto have executed this Addendum No. 1 as of the day and year first above written.
	
	
	ARCH REINSURANCE LTD.

	 

	/s/ Maamoun Rajeh

	 

	ARCH REINSURANCE EUROPE 
UNDERWRITING LIMITED

	 

	/s/ Maamoun Rajeh

	 

	WATFORD RE LTD.

	 

	/s/ John RathgeberExhibit

Exhibit 10.16.2

ADDENDUM NO. 2 TO PROPERTY CATASTROPHE QUOTA SHARE
RETROCESSION AGREEMENT
This Addendum No. 2 is made and entered into as of the 3lst day of December, 2014, and admends the Property Catastrophe Quota Share Retrocession Agreement ("Agreement"), effective April 1, 2014, by and between Arch Reinsurance Ltd. ("ARL'') and Watford Re Ltd. ("Watford") as amended by Addendum No. 1 thereo.
NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein and in the Agreement, the parties, intending to be bound in contract, hereby agree as follows:
		
	1.
	Notwithstanding that the Effective Date is April 1, 2014, the first anniversary date shall be deemed to be January 1, 2015, and each subsequent anniversary date shall be deemed to occur on January 1 of each following year.

IN WITNESS WHEREOF, the parties hereto have executed this Addendum No. 2 as of the day and year first above written.
	
	
	ARCH REINSURANCE LTD.

	 

	/s/ Maamoun Rajeh

	 

	ARCH REINSURANCE EUROPE 
UNDERWRITING LIMITED

	 

	/s/ Maamoun Rajeh

	 

	WATFORD RE LTD.

	 

	/s/ John RathgeberExhibit

Exhibit 10.16.3

ADDENDUM NO. 3 TO PROPERTY CATASTROPHE QUOTA SHARE RETROCESSION AGREEMENT
This addendum No. 3 is made and entered into as of the 1st day of January, 2017 (“Addendum Effective Date”) and amends the Property Catastrophe Quota Share Retrocession Agreement (“Agreement”), effective April 1, 2014, by and between Arch Reinsurance Ltd. And Watford Re Ltd. (“Watford”), as amended.
NOW, THEREFORE, in consideration of the mutual provisions and agreements contained herein and in the Agreement, the parties, intending to be bound in contract, hereby agree as follows:
		
	1.
	The first sentence of Article 19 is amended to read:  “The Retrocessionaire shall fund (a) the [**], plus (b) [**]% of the amount of Retrocessionaire's Obligations to the Company hereunder, less (c) [**] of [**] due from the Company to Retrocessionaire hereunder (such total being the Required Collateral Amount’).”

		
	2.
	Notwithstanding Article 19.A.1 of the Agreement, any amount required to be funded through a letter of credit (including, without limitation, pursuant to paragraph 2 above) may be funded, at the option of the Retrocessionaire, by any combination of qualifying letter of credit (including [**]) under Article 19.A.1 and a Regulatory Trust Account (including up to [**]).

		
	3.
	“Regulatory Trust Account” means funds deposited pursuant to a trust agreement in form and substance, and with a third party trustee, in each case satisfactory to the Company in its sole discretion that meets the requirements of any applicable law, regulation or regulatory authority (including, without limitation, the Bermuda Monetary Authority), which shall be invested in accordance with applicable regulatory investment guidelines (including, without limitation, any regulations promulgated by the Bermuda Monetary Authority) and shall, in addition, conform to the guidelines set forth in the National Association of Insurance Commissioners Credit for Reinsurance Model Regulation, as the same may be supplemented and amended.

		
	4.
	“ARE PC Security Amount” means [**] of the Required Collateral Amount attributable to cessions by Arch Reinsurance Europe Designated Activity Company (f/k/a Arch Reinsurance Europe Underwriting Limited) under the Agreement on a stand-alone basis.

		
	5.
	As of the Addendum Effective Date, Article 19, paragraph H is revised as follows: 

Notwithstanding any other provision of this Agreement, the Company and the Retrocessionaire agree that the collateral requirements under this Agreement and the ARL/Watford Retrocession shall be aggregated and that the Watford/ARL [**] and Watford/ARL[**], less [**] amount due from Watford to ARL under the Watford/ARL Retrocession, shall be netted therefrom, (but subject to a minimum collateral requirement equal to the ARE PC Security Amount).  By way of illustration, if the Required Collateral Amount which Retrocessionaire is required to collateralize under this Agreement is $[**], the Required Security Amount which Retrocessionaire is required to collateralize under ARL/Watford Retrocession is $[**], and the Watford/ARL [**] and Watford/ARL [**], less [**] due from Watford to ARL under the Watford/ARL Retrocession, total $[**], then the aggregate requirement for collateral under this Agreement and the ARL/ 

[**]      CONFIDENTIAL PORTIONS OMITTED AND FILED SEPAREATELY WITH THE COMMISSION.

Watford Retrocession combined shall be the greater of $[**] or the ARE PC Security Amount.  Such reduction in the aggregate requirement for collateral may apply, at Retrocession option, in respect of assets to be held in trust pursuant to Articles 19, paragraphs A.2, of this Agreement and the ARL/Watford Retrocession, to letter(s) of credit and/or the Regulatory Trust Account.
IN WITNESS WHEREOF, the parties hereto have executed this Addendum No. 3 as of the day and year first above written.
	
	
	ARCH REINSURANCE LTD.

	 

	/s/ Tim Peckett

	 

	ARCH REINSURANCE EUROPE
DESIGNATED ACTIVITY COMPANY

	 

	/s/ Sinead Riordan

	 

	WATFORD RE LTD.

	 

	/s/ Jon Levy

[**]      CONFIDENTIAL PORTIONS OMITTED AND FILED SEPAREATELY WITH THE COMMISSION.

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