**Exhibit 5.1**

----

**ROYAL & SUN ALLIANCE INSURANCE GROUP      PLC AND ITS GROUP SUBSIDIARIES**

| **Location**     | **Principal    Activity** | **Status**     | **Company            Name and Immediate parent shareholding**                                                                                                                             |
|------------------|---------------------------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |                      |           |                                                                                                                                                                                      |
| England          | INS HOLD                  | active         | Royal & Sun Alliance Insurance Group        plc ("RSAIG")                                                                                                                             |
| England          |                      | dormant        |     Foxstern Limited        (100.00%)                                                                                                                                 |
| England          | Mortgages                 | active         |     Royal & Sun        Alliance Insurance Finance Limited (100.00%)                                                                                               |
| Australia        |                      | In Liquidation |     Royal Australia        Finance Limited (100%)                                                                                                                     |
| England          | INS HOLD                  | active         |     Royal Insurance        Holdings plc (100.00%)                                                                                                                     |
| England          | Holding Co                | active         |         Blue        Holdco Limited (100.00%)                                                                                                      |
| England          | GEN INS                   | active         |         R&SA        Marketing Services PLC (100.00%)                                                                                          |
| England          | GEN INS                   | active         |         Royal & Sun        Alliance Insurance plc (100.00%)                                                                                   |
| England          | Inspection of Machinery   | active         |             B.E.        Inspection Limited (100.00%)                                                                          |
| Italy            |                      | active         |                 B.E.        Inspection Italia SRL (95.00%)                                                |
| Italy            |                      | dormant        |                     Royal & SunAlliance        Team Srl (100.00%)                 |
| England          |                      | dormant        |             Bretton        Financial Services Holdings Limited (100.00%)                                                      |
| England          | real estate               | active         |                 Archbest        Limited (100.00%)                                                         |
| England          | Mortgage Finance          | active         |             Bretton        Financial Services Limited (100.00%)                                                               |
| England          | GEN INS                   | active         |             British        and Foreign Marine Insurance Company Limited (85.69%)                                              |
| England          | GEN INS                   | active         |             British        Aviation Insurance Company Limited (27.36%)                                                        |
| England          |                      | active         |                 Airclaims        Group Limited (50.00%)                                                   |
| England          | GEN INS                   | active         |             British        Engine Insurance Limited (100.00%)                                                                 |
| Italy            |                      | active         |                 B.E.        Inspection Italia SRL (5.00%)                                                 |
| England          | GEN INS                   | active         |             Cavendish        Insurance Limited (100.00%)                                                                      |
| England          |                      | dormant        |                 Royal        Insurance Service Company Limited (00.70%)                                   |
| England          |                      | dormant        |             Commercial        Bridging Limited (100.00%)                                                                      |
| England          |                      | In Liquidation |             Cultview        Limited (100.00%)                                                                                 |
| England          | Mortgage Finance          | active         |             Home        Bridging Limited (100.00%)                                                                            |
| England          | real estate               | active         |             Industrial        Investments Limited (100.00%)                                                                   |
| Guernsey         | GEN INS                   | active         |             Insurance        Corporation of the Channel Islands Limited (100.00%)                                             |
| Guernsey         |                      | active         |                 Insurance        Corporation Service Company Limited (99.98%)                             |
| England          |                      | In Liquidation |             Marlyn        Homes Centre Limited (100.00%)                                                                      |
| England          |                      | dormant        |             Non-Destructive        Testers Limited (100.00%)                                                                  |
| England          |                      | dormant        |                 Allen & Harris        (Newbury) Limited (100.00%)                                     |
| England          |                      | dormant        |                 Brown & Mumford        Limited (100.00%)                                              |
| England          |                      | dormant        |                 Fox & Sons        (East) Limited (100.00%)                                            |
| England          |                      | dormant        |                 Fox & Sons        (South) Limited (100.00%)                                           |
| England          |                      | dormant        |                 Fox & Sons        Limited (100.00%)                                                   |
| England          |                      | dormant        |                 Fox        Commercial Limited (100.00%)                                                   |
| England          |                      | dormant        |                 Fox        Professional Services Limited (100.00%)                                        |
| England          |                      | dormant        |                 Fox        Property Services Limited (100.00%)                                            |
| England          |                      | dormant        |                 John        Thornborrow & Company Limited (100.00%)                                   |
| England          |                      | dormant        |                 Kent        Insurance Company Limited (100.00%)                                           |
| England          |                      | dormant        |                 Law        Union and Rock Company Limited (100.00%)                                       |
| England          |                      | dormant        |                 Legal        Assistance Limited (100.00%)                                                 |
| England          |                      | dormant        |                 Moody & Co.        (Estate Agents) Limited (100.00%)                                  |
| England          |                      | dormant        |                 Oyston        and Longden & Cook Limited (100.00%)                                    |
| England          |                      | dormant        |                 Oyston        Estate Agency Limited (100.00%)                                             |
| England          |                      | dormant        |                 Philip        G Robinson Limited (100.00%)                                                |
| England          |                      | dormant        |                 Rles        Estate Agents Limited (100.00%)                                               |
| England          |                      | dormant        |                 Royal        Insurance Property Management Limited (100.00%)                              |
| England          |                      | dormant        |                 Royal        Insurance Service Company (U.K.) Limited (100.00%)                           |
| England          |                      | dormant        |                 Royal        Insurance Service Company Limited (99.30%)                                   |
| England          |                      | dormant        |                 Royal        Life Corporate Business Services Limited (100.00%)                           |
| England          |                      | dormant        |                 Royal        Life Direct Marketing Limited (100.00%)                                      |
| England          |                      | dormant        |                 Royal        Life Finance Limited (100.00%)                                               |
| England          |                      | dormant        |                 Roysun        Limited (100.00%)                                                           |
| England          |                      | dormant        |                 Stappard & Hill        Limited (100.00%)                                              |
| England          |                      | dormant        |                 Swetenhams        Limited (100.00%)                                                       |
| England          |                      | dormant        |                 Takefine        Builders Limited (100.00%)                                                |
| England          |                      | dormant        |                 The        Advice Service Limited (50.00%)                                                |
| England          |                      | dormant        |                 The        Claims Service Limited (100.00%)                                               |
| England          |                      | dormant        |                 The        Finance Service Limited (100.00%)                                              |
| England          |                      | dormant        |                 Westgate        House Nominees Holdings Limited (100.00%)                                 |
| England          |                      | dormant        |                 Westgate        House Nominees Limited (100.00%)                                          |
| scotland         |                      | dormant        |                 Westgate        Properties (Scotland) Limited (100.00%)                                   |
| England          |                      | In Liquidation |             Pepper        Fox Limited (100.00%)                                                                               |
| Jersey           | Holding Co                | active         |             PHS        Holdings Limited (100.00%)                                                                             |
| England          |                      | active         |                 Pet        Healthcare Services Limited (100.00%)                                          |
| England          |                      | active         |             Polaris        U.K. Limited (25.38%)                                                                              |
| England          |                      | In Liquidation |             Quintonlord        Limited (100.00%)                                                                              |
| England          |                      | Active         |             R&SA        6 Limited (100.00%)                                                                               |
| England          |                      | Dormant        |             R&SA        Global Network Limited (52.00%)                                                                   |
| Switzerland      |                      | active         |             Rothschilds        Continuation Holdings AG (21.50%)                                                              |
| Hong Kong        |                      | active         |                 N        M Rothschild and Sons (Hong Kong) Limited (100.00%)                              |
| England          | GEN INS                   | active         |             Royal & Sun        Alliance Insurance (Global) Limited (100.00%)                                              |
| England          | GEN INS                   | active         |                 British        and Foreign Marine Insurance Company Limited (14.31%)                      |
| England          | GEN INS                   | active         |                 The        Marine Insurance Company Limited (15.00%)                                      |
| Ireland          | Holding Co                | active         |             Royal & Sun        Alliance (Ireland) Limited (100.00%)                                                       |
| India            | IT services               | active         |             Royal & Sun        Alliance IT Solutions (India) Private Limited (100.00%)                                    |
| England          | GEN INS                   | active         |             Royal & Sun        Alliance Life Holdings Limited (100.00%)                                                   |
| England          | INS HOLD                  | dormant        |                 Royal        Life Holdings Limited (100.00%)                                              |
| England          |                      | active         |             Royal & Sun        Alliance Property Services Limited (100.00%)                                               |
| England          |                      | dormant        |                 M.I.Finance        (Wakefield) Limited (99.02%)                                           |
| Northern Ireland | Finance                   | active         |                 McQuitty & Co        Limited (100.00%)                                                |
| England          | GEN INS                   | active         |             Royal & Sun        Alliance Reinsurance Limited (100.00%)                                                     |
| Uruguay          | GEN INS                   | active         |             Royal & Sun        Alliance Seguros (Uruguay) SA (27.33%)                                                     |
| England          | GEN INS                   | active         |             Royal        Insurance (U.K.) Limited (100.00%)                                                                   |
| Netherlands      |                      | active         |             Royal        Insurance Global B.V. (100.00%)                                                                      |
| England          | Finance Leasing           | active         |             Royal        Insurance Leasing Limited (100.00%)                                                                  |
| England          |                      | active         |             Royal        Insurance Operational Services (UK) Limited (100.00%)                                                |
| England          | GEN INS                   | active         |             Royal        International Insurance Holdings Limited (100.00%)                                                   |
| Singapore        | GEN INS                   | active         |                 Royal & Sun        Alliance Insurance (Singapore) Limited (100.00%)                   |
| Thailand         | GEN INS                   | active         |                    Royal        and Sun Alliance Insurance (Thailand) Limited (25.00%)     |
| Chile            | GEN INS                   | active         |                 Royal & Sun        Alliance Seguros (Chile) SA (96.91%)                               |
| Chile            |                      | active         |                     Servilar        SA (99.00%)                                       |
| Chile            |                      | active         |                     Unidad        Latinoamericana Desarollo de Segurous Ltda (1.00%)  |
| Venezuela        | GEN INS                   | active         |                 Royal & Sun        Alliance Seguros (Venezuela) SA (99.79%)                           |
| Venezuela        | Premium Finance           | active         |                     Inversiones        Soporte CA (100.00%)                           |
| Ireland          | INS HOLD                  | active         |                 RSA        Overseas Holdings (No 1) (0.19%)                                               |
| USA              | INS HOLD                  | active         |                     Arrowpoint        General Partnership (Delaware) (10.00%) - see * |

1

----

**ROYAL & SUN ALLIANCE INSURANCE GROUP PLC AND ITS GROUP SUBSIDIARIES**

| **Location** | **Principal        Activity** | **Status**     | **Company              Name and Immediate parent shareholding**                                                                                                                                                                                                                                                                                                           |
|--------------|-------------------------------|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |                          |           |                                                                                                                                                                                                                                                                                                                                                                      |
| USA          |                          | active         |                     R&SA        US Holdings (No. 1) Inc (10.00%)                                                                                                                                                                                                  |
| USA          |                          | active         |                         R&SA        US (No. 2) Inc (100.00%)                                                                                                                                                                                  |
| Ireland      | INS HOLD                      | active         |                     RSA        Overseas Holdings (No 2) (100.00)                                                                                                                                                                                                      |
| USA          | INS HOLD                      | active         |                         Arrowpoint        General Partnership (Delaware) (90.00%) - see *                                                                                                                                                         |
| USA          |                          | active         |                         R&SA        US Holdings (No. 1) Inc (90.00%)                                                                                                                                                                          |
| USA          |                          | active         |                             R&SA        US (No. 2) Inc (100.00%)                                                                                                                                                          |
| England      | GEN INS                       | active         |                     The        Globe Insurance Company Limited (100.00%)                                                                                                                                                                                              |
| Isle of Man  | Reinsurance                   | active         |                         Globe        Reinsurance (I.O.M.) Limited (100.00%)                                                                                                                                                                       |
| Bermuda      |                          | active         |                         Intrepid        Re Holdings Limited (38.50%)                                                                                                                                                                              |
| Bermuda      | Reinsurance                   | active         |                             Intrepid        Re Limited (100.00%)                                                                                                                                                              |
| Italy        |                          | dormant        |                         Investment        Srl (51.00%)                                                                                                                                                                                            |
| Netherlands  | INS HOLD                      | active         |                         Royal & SunAlliance        Benelux Holdings NV (100.00%)                                                                                                                                                              |
| USA          |                          | active         |                         Royal & SunAlliance        Insurance Agency, Inc (100.00%)                                                                                                                                                            |
| Hong Kong    | GEN INS                       | active         |                         Royal & Sun        Alliance Insurance (Hong Kong) Limited (100.00%)                                                                                                                                                   |
| Mexico       | GEN INS                       | active         |                         Royal & Sun        Alliance Seguros (Mexico) S.A. de C.V. (100.00%)                                                                                                                                                   |
| Mexico       |                          | active         |                         Royal & Sun        Alliance Pensiones (Mexico) S.A. de C.V. (100.00%)                                                                                                                                                 |
| Kenya        |                          | active         |                         Royal        Insurance Company of East Africa Limited (15.00%)                                                                                                                                                            |
| Tanzania     |                          | active         |                             Royal        Insurance (Tanzania) Ltd (55.00%)                                                                                                                                                    |
| Malawi       |                          | active         |                             Royal        Insurance Company of Malawi (100.00%)                                                                                                                                                |
| Bermuda      |                          | active         |                         Royal        Re Management (Bermuda) Limited (100.00%)                                                                                                                                                                    |
| England      |                          | active         |                         RSA        Australian Investment Company Limited (100.00%)                                                                                                                                                                |
| England      |                          | dormant        |                         RSA        Australian Management Company Limited (100.00%)                                                                                                                                                                |
| Ireland      |                          | dormant        |                         RSA        Management Services (Ireland) Limited (100.00%)                                                                                                                                                                |
| Netherlands  | INS HOLD                      | active         |                         RSA        Overseas (Netherlands) B.V. (100.00%)                                                                                                                                                                          |
| England      |                          | active         |                             R&SA        Finance (100.00%)                                                                                                                                                                 |
| Netherlands  | INS HOLD                      | active         |                             RSA        Overseas Holdings B.V. (100.00%)                                                                                                                                                       |
| Denmark      | INS HOLD                      | active         |                                 Codan        A/S (71.66%)                                                                                                                                                 |
| Latvia       | GEN INS                       | active         |                                     Balta        A/S (51.90%)                                                                                                                         |
| Latvia       | COMP INS                      | active         |                                         Balta        Life A/S (100.00%)                                                                                           |
| Denmark      |                          | active         |                                     Besigtelses        Kontoret af 1914 A/S (100.00%)                                                                                                 |
| Sweden       |                          | active         |                                     Careonline        Svenska AB (100.00%)                                                                                                            |
| Sweden       |                          | active         |                                         Careonline        Finska Oy (100.00%)                                                                                     |
| Sweden       |                          | active         |                                         Docco        AB (100.00%)                                                                                                 |
| Denmark      |                          | active         |                                     Codan        Ejendomme II A/S (100.00%)                                                                                                           |
| Denmark      | GEN INS                       | active         |                                     Codan        Forsikring A/S (100.00%)                                                                                                             |
| Denmark      |                          | active         |                                         Boligtorvet        A/s (50.00%)                                                                                           |
| Denmark      |                          | active         |                                         Dansk        Transportcenter A/S (21.60%)                                                                                 |
| Denmark      |                          | active         |                                         Ejendomsselskabet        Gammel Kongevej 60 Aps (100.00%)                                                                 |
| Denmark      | GEN INS                       | active         |                                         Forsikringsselskabet        Privatsikring A/S (100.00%)                                                                   |
| Denmark      | GEN INS                       | active         |                                         Trekroner        Forsikring A/S (100.00%)                                                                                 |
| Norway       |                          | active         |                                     Codan        Marine services AS (100.00%)                                                                                                         |
| Singapore    | GEN INS                       | In Liquidation |                                     Haffina        Reinsurance Private Ltd (100.00%)                                                                                                  |
| Lithuania    | GEN INS                       | active         |                                     Lietuvos        Draudimas AB (53.74%)                                                                                                             |
| Lithuania    | GEN INS                       | active         |                                         Lietuvos        Draudimo Kreditu Draudimas UAB (49.00%)                                                                   |
| England      |                          | dormant        |                                     LSU        Limited (33.33%)                                                                                                                       |
| Sweden       | GEN INS                       | active         |                                     Trygg        Hansa Forsakrings AB (100.00%)                                                                                                       |
| Sweden       |                          | active         |                                         Aktsam        Forsakringskonsult AB (100.00%)                                                                             |
| Sweden       | GEN INS                       | active         |                                         Forsakringsaktiebolaget        Aktsam (100.00%)                                                                           |
| Sweden       |                          | active         |                                         Forvaltnings        AB Trygg-Hansa (100.00%)                                                                              |
| Sweden       |                          | active         |                                         Framtidsegendom        AB (100.00%)                                                                                       |
| Sweden       | GEN INS                       | In Liquidation |                                         Holmia        Forsakring AB (100.00%)                                                                                     |
| Sweden       | GEN INS                       | active         |                                         Holmia        Livsforsakring AB (100.00%)                                                                                 |
| Sweden       |                          | active         |                                         KB        Trygg-Hansa Forsakringsservice AB (1.00%)                                                                       |
| Sweden       |                          | active         |                                         Skotsam        Invest AB (100.00%)                                                                                        |
| Sweden       |                          | active         |                                         Trygg-Hansa        Forsakringsservice AB (100.00%)                                                                        |
| Sweden       |                          | active         |                                             KB        Trygg-Hansa Forsakringsservice AB (99.00%)                                              |
| Canada       | INS HOLD                      | active         |                                 Roins        Holding Limited (100.00%)                                                                                                                                    |
| Canada       |                          | active         |                                     2763303        Canada Limited (100.00%)                                                                                                           |
| Canada       |                          | active         |                                     721811        Ontario Inc. (100.00%)                                                                                                              |
| Canada       |                          | active         |                                         Stevenson        and Hunt Insurance Brokers Limited (17.86%)                                                              |
| Canada       |                          | active         |                                     788325        Ontario Inc (100.00%)                                                                                                               |
| Canada       |                          | active         |                                         Bunnell,        Hitchon, Campbell, Inc (32.57%)                                                                           |
| Canada       |                          | active         |                                     800989        Ontario Inc (100.00%)                                                                                                               |
| Canada       |                          | active         |                                         D.M.        Edwards Insurance Group Limited (21.20%)                                                                      |
| Canada       |                          | active         |                                     815168        Ontario Inc. (100.00%)                                                                                                              |
| Canada       |                          | active         |                                     821458        Ontario Inc (100.00%)                                                                                                               |
| Canada       |                          | active         |                                         Brown        Pineo Van Kempen and Associates Limited (21.25%)                                                             |
| Canada       |                          | active         |                                         Van        Kempen Insurance Associates Limited (21.25%)                                                                   |
| Canada       |                          | active         |                                     859834        Ontario Inc (100.00%)                                                                                                               |
| Canada       |                          | active         |                                         CMD        Insurance Services Inc (13.32%)                                                                                |
| Canada       |                          | active         |                                     924431        Ontario Inc (100.00%)                                                                                                               |
| Canada       |                          | active         |                                         Sarjeant        Insurance Brokers Limited (11.48%)                                                                        |
| Canada       | INS HOLD                      | active         |                                     Roins        Financial Services Limited (100.00%)                                                                                                 |
| Canada       | Holding Company               | active         |                                         3342484        Canada Limited (100.00%)                                                                                   |
| Canada       |                          | active         |                                             1185215        Ontario Limited (20.00%)                                                           |
| Canada       |                          | active         |                                                 Firstbrook        Cassie & Anderson Limited (100.00%)                 |
| Canada       |                          | active         |                                             Davidson        de Laplante Insurance Brokers Limited (9.99%)                                     |
| Canada       |                          | active         |                                             Groupe        Viau Inc. (20.00%)                                                                  |
| Canada       |                          | active         |                                             Halpenny        Insurance Brokers Limited (15.00%)                                                |
| Canada       |                          | active         |                                             Pigeon        Insurance Brokers & Risk Consultants Inc. (25.00%)                              |
| Canada       |                          | active         |                                             Ranger        Insurance Brokers Limited (24.98%)                                                  |
| Canada       |                          | active         |                                             Skillen-Squire        Insurance Services Limited (9.95%)                                          |
| Canada       |                          | active         |                                         Agilerus        Investment Management Limited (100.00%)                                                                   |
| Canada       |                          | active         |                                         Agilon        Financial Inc. (100.00%)                                                                                    |
| Canada       | GEN INS                       | active         |                                         Ascentus        Insurance Ltd (100.00%)                                                                                   |
| Canada       |                          | active         |                                         Coast        Underwriters Ltd (85.4%)                                                                                     |
| Canada       | GEN INS                       | active         |                                         Compagnie        D'Assurance Du Quebec (99.80%)                                                                           |
| Canada       |                          | active         |                                         Noraxis        Capital Corporation (100.00%)                                                                              |
| Canada       |                          | active         |                                             Renfrew        Thompson Insurance Ltd. (75.60%)                                                   |
| Canada       |                          | active         |                                                 571721        Alberta Ltd (100.00%)                                       |
| Canada       |                          | active         |                                                     Renfrew        Life Insurance Brokers Inc(40.00%) |
| Canada       |                          | active         |                                                 Renfrew        Life Insurance Brokers Inc (60.00%)                        |
| Canada       |                          | active         |                                             The        CG&B Group Inc. (100.00%)                                                          |
| Canada       |                          | active         |                                                 CG&B        Financial Services Inc. (100.00%)                         |
| Canada       |                          | active         |                                                 CG&B        Investment Services Inc (55.00%)                          |
| Canada       | GEN INS                       | active         |                                         Royal & Sun        Alliance Insurance Company of Canada (100.00%)                                                     |
| Canada       | INS HOLD                      | active         |                                         The        Johnson Corporation (100.00%)                                                                                  |

2

----

**ROYAL & SUN ALLIANCE INSURANCE GROUP PLC AND ITS GROUP SUBSIDIARIES**

| **Location**              | **Principal      Activity** | **Status**     | **Company              Name and Immediate parent shareholding**                                                                                                                                                                                                                                                    |
|---------------------------|-----------------------------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |                        |           |                                                                                                                                                                                                                                                                                                               |
| Canada                    |                        | active         | **                                        **Johnson        Inc (100.00%)                                   |
| Canada                    |                        | active         | **                                            **Johnson        L Inc (100.00%)         |
| Canada                    | GEN INS                     | active         | **                                        **Unifund        Assurance Company (100.00%)                     |
| Canada                    |                        | active         | **                                            **Unifund        Adjusting Inc (100.00%) |
| Canada                    | GEN INS                     | active         |                                     Western        Assurance Company (100.00%)                                                 |
| Netherlands               | INS HOLD                    | active         |                         Sun        Alliance Finance B.V. (100.00%)                                                                                                                         |
| Isle of Man               | INS HOLD                    | active         |                             Royal & Sun        Alliance European Life & Investment Holdings Limited (100.00%)                                                  |
| Australia                 | Ins Underwriter             | active         |                             Royal & Sun        Alliance Global Pty Limited (100.00%)                                                                               |
| Isle of Man               | INS HOLD                    | active         |                             RSA        Manx Holdings Limited (100.00%)                                                                                                 |
| Chile                     | INS HOLD                    | active         |                                 RSA        Chilean Holdings SA (100.00%)                                                                           |
| Chile                     | GEN INS                     | active         |                                     Royal & Sun        Alliance Seguros (Chile) SA (0.59%)                                 |
| Chile                     |                        | active         |                                         Unidad        Latinoamericana Desarollo de Segurous Ltda (1.00%)   |
| Chile                     |                        | active         |                                     Unidad        Latinoamericana Desarollo de Segurous Ltda (99.00%)                          |
| Luxembourg                | INS HOLD                    | In Liquidation |                     RSA        Overseas Holdings (Luxembourg) (No 1) SARL (100.00%)                                                                                                                            |
| Ireland                   | INS HOLD                    | active         |                     RSA        Overseas Holdings (No 1) (99.81%)                                                                                                                                               |
| USA                       | INS HOLD                    | active         |                         Arrowpoint        General Partnership (Delaware) (10.00%) - see *                                                                                                  |
| USA                       |                        | active         |                         R&SA        US Holdings (No. 1) Inc (10.00%)                                                                                                                   |
| USA                       |                        | active         |                             R&SA        US (No. 2) Inc (100.00%)                                                                                                   |
| Ireland                   | INS HOLD                    | active         |                         RSA        Overseas Holdings (No 2) (100.00)                                                                                                                       |
| USA                       | INS HOLD                    | active         |                             Arrowpoint        General Partnership (Delaware) (90.00%) - see *                                                                          |
| USA                       |                        | active         |                             R&SA        US Holdings (No. 1) Inc (90.00%)                                                                                           |
| USA                       |                        | active         |                                 R&SA        US (No. 2) Inc (100.00%)                                                                           |
| England                   |                        | active         |                     RSA        Overseas Holdings (UK) Limited (100.00%)                                                                                                                                        |
| Ireland                   |                        | active         |                     RSA        Overseas Holdings (No 3) (100.00%)                                                                                                                                              |
| Thailand                  | GEN INS                     | Active         |                     Syn        Mun Kong Insurance Public Company Limited (20.00%)                                                                                                                              |
| Isle of Man               | GEN INS                     | active         |                     Tower        Insurance Company Limited (100.00%)                                                                                                                                           |
| Isle of Man               | Risk Management Services    | active         |                         Royal        Insurance Service Company (Isle of Man) Limited (100.00%)                                                                                             |
| England                   |                        | Dormant        |             Royal        Life Building and Construction Limited (100.00%)                                                                                                                                                                              |
| England                   |                        | In Liquidation |             Royal        Life Estates (North West) Limited (100.00%)                                                                                                                                                                                   |
| England                   |                        | In Liquidation |             Royal        Life Estates (South) Limited (100.00%)                                                                                                                                                                                        |
| India                     | GEN INS                     | active         |             Royal        Sundaram Alliance Insurance Company Limited (26.00%)                                                                                                                                                                          |
| England                   |                        | Dormant        |             RSA        Challenge Limited (100.00%)                                                                                                                                                                                                     |
| England                   |                        | Dormant        |             RSA        Claims Management Limited (100.00%)                                                                                                                                                                                             |
| England                   |                        | Dormant        |             RSA        Engineering Limited (100.00%)                                                                                                                                                                                                   |
| England                   |                        | Dormant        |             Russell        Manning (W.P.) LIMITED (100.00%)                                                                                                                                                                                            |
| England                   |                        | In Liquidation |             Stump        Properties Limited(100.00%)                                                                                                                                                                                                   |
| England                   | GEN INS                     | Active         |             Sun        Alliance and London Insurance plc (100.00%)                                                                                                                                                                                     |
| England                   |                        | Dormant        |                 Acrecrest        Limited (100.00%)                                                                                                                                                                                 |
| England                   |                        | Dormant        |                 Beacon        Insurance Company Limited (100.00%)                                                                                                                                                                  |
| England                   | GEN INS                     | Active         |                 British        Aviation Insurance Company Limited (29.74%)                                                                                                                                                         |
| England                   |                        |           |                     Airclaims        Group Limited (50.00%)                                                                                                                                                    |
| England                   | GEN INS                     | Active         |                 Elders        Insurance Company Limited (100.00%)                                                                                                                                                                  |
| England                   | GEN INS                     | Active         |                 Fortress        Insurance Company Limited (100.00%)                                                                                                                                                                |
| England                   | GEN INS                     | Active         |                 Guildhall        Insurance Company Limited (100.00%)                                                                                                                                                               |
| England                   |                        | active         |                     Reinsurance        Group Managers Limited (25.00%)                                                                                                                                         |
| England                   | GEN INS                     | Active         |                 Liverpool        Marine and General Insurance Company Limited (100.00%)                                                                                                                                            |
| England                   | GEN INS                     | Active         |                 London        Guarantee & Reinsurance Company Limited (100.00%)                                                                                                                                                |
| England                   |                        | Dormant        |                 Mynshul        Group Limited (99.99%)                                                                                                                                                                              |
| England                   |                        | Dormant        |                     Mynshul        Holdings Limited (100.00%)                                                                                                                                                  |
| England                   |                        | Dormant        |                         Mynshul        Finance Limited (100.00%)                                                                                                                           |
| England                   |                        | Dormant        |                             Lancashire        Financial Services Limited (100.00%)                                                                                     |
| England                   |                        | Dormant        |                             Mynshul        Asset Finance Limited (100.00%)                                                                                             |
| England                   |                        | Dormant        |                             Mynshul        Trust Limited (100.00%)                                                                                                     |
| England                   |                        | Dormant        |                         Mynshul        Insurance Services Limited (100.00%)                                                                                                                |
| England                   |                        | Dormant        |                             Mynshul        Financial Services Limited (100.00%)                                                                                        |
| England                   | Property Investment         | Active         |                 R&SA        1 Limited (100.00%)                                                                                                                                                                                |
| England                   |                        | Dormant        |                 Property        Growth (Holdings) Limited (100.00%)                                                                                                                                                                |
| England                   | GEN INS                     | active         |                 Sun        Alliance Insurance International Limited (100.00%)                                                                                                                                                      |
| England                   |                        | Dormant        |                     Directors & Officers        Limited (100.00%)                                                                                                                                          |
| England                   |                        | Dormant        |                     Hazard        Management Limited (100.00%)                                                                                                                                                 |
| Isle of Man               |                        | Dormant        |                     London        Management (Isle of Man) Limited (100.00%)                                                                                                                                   |
| England                   | GEN INS                     | Active         |                     National        Vulcan Engineering Insurance Group Limited (100.00%)                                                                                                                       |
| England                   |                        | Dormant        |                         Vulcan        Boiler Engineering Services Limited (100.00%)                                                                                                        |
| England                   |                        | Dormant        |                     Sun        Alliance Financial Risks Limited (100.00%)                                                                                                                                      |
| England                   | finance                     | Active         |                 Sun        Alliance Insurance UK Limited (100.00%)                                                                                                                                                                 |
| England                   | Marketing                   | Active         |                     Lausor        No. 2 Limited (100.00%)                                                                                                                                                      |
| England                   |                        | Dormant        |                     R&SA        4 Limited (100.00%)                                                                                                                                                        |
| England                   |                        | Dormant        |                         R&SA        3 Limited (100.00%)                                                                                                                                |
| England                   | GEN INS                     | Active         |                     The        National Transit Insurance Company Limited (100.00%)                                                                                                                            |
| England                   | Maintenance                 | Active         |                 Sun        Alliance Management Services Limited (100.00%)                                                                                                                                                          |
| Japan                     | Management Services         | Active         |                     RSA        Services KK (Japan) (100.00%)                                                                                                                                                   |
| Scotland                  | GEN INS                     | Active         |                 The        Century Insurance Company Limited (100.00%)                                                                                                                                                             |
| England                   | GEN INS                     | Active         |                 The        Northern Maritime Insurance Company Limited (100.00%)                                                                                                                                                   |
| England                   | GEN INS                     | Active         |                 The        Union Marine and General Insurance Company Limited (100.00%)                                                                                                                                            |
| England                   | holding co                  | Active         |             Sun        Alliance Insurance Overseas Limited (100.00%)                                                                                                                                                                                   |
| England                   | GEN INS                     | Active         |                 Alliance        Assurance Company Limited (100.00%)                                                                                                                                                                |
| Thailand                  | INS HOLD                    | Active         |                 Bartholomew        Holdings Limited (99.99%)                                                                                                                                                                       |
| Thailand                  | INS HOLD                    | Active         |                     Castle        Holdings Limited (50.98%)                                                                                                                                                    |
| Thailand                  | GEN INS                     | Active         |                         Royal        and Sun Alliance Insurance (Thailand) Limited (5.00%)                                                                                                 |
| Thailand                  | INS HOLD                    | Active         |                     Cremome        Holdings Limited (50.98%)                                                                                                                                                   |
| Thailand                  | GEN INS                     | Active         |                         Royal        and Sun Alliance Insurance (Thailand) Limited (18.33%)                                                                                                |
| Thailand                  | INS HOLD                    | Active         |                 Castle        Holdings Limited (49.02%)                                                                                                                                                                            |
| Thailand                  | GEN INS                     | Active         |                     Royal        and Sun Alliance Insurance (Thailand) Limited (5.00%)                                                                                                                         |
| Thailand                  | INS HOLD                    | Active         |                 Cremome        Holdings Limited (49.02%)                                                                                                                                                                           |
| Thailand                  | GEN INS                     | Active         |                     Royal        and Sun Alliance Insurance (Thailand) Limited (18.33%)                                                                                                                        |
| Italy                     |                        | Dormant        |                 Investment        Srl (49.00%)                                                                                                                                                                                     |
| England                   |                        | Dormant        |                 R&SA        2 Limited (100.00%)                                                                                                                                                                                |
| Netherlands Antilles | GEN INS                     | Active         |                 Royal & Sun        Alliance Insurance (Antilles) NV (51.00%)                                                                                                                                                   |
| Bahrain                   | GEN INS                     | Active         |                 Royal & Sun        Alliance Insurance (Middle East) Limited (E.C.) (50.00%)                                                                                                                                    |
| Oman                      |                        | Active         |                     Royal & Sun        Alliance Insurance-Oman SAOC (67.00%)                                                                                                                               |
| Egypt                     |                        | Active         |                     Royal & Sun        Alliance Insurance (Egypt) S.A.E (51.00%)                                                                                                                           |
| France                    | GEN INS                     | Active         |                 Royal & Sun        Alliance SA (100.00%)                                                                                                                                                                       |
| France                    |                        | Active         |                     Fonciere        du 7 et 7bis rue de Téhéran (100.00%)                                                                                                                        |
| France                    |                        | Active         |                     Fonciere        du 35/41 boulevard Haussmann (100.00%)                                                                                                                                     |
| Argentina                 | GEN INS                     | Active         |                 Royal & Sun        Alliance Seguros (Argentina) SA (100.00%)                                                                                                                                                   |
| Brazil                    | GEN INS                     | Active         |                 Royal & Sun        Alliance Seguros (Brasil) SA (100.00%)                                                                                                                                                      |
| Colombia                  | GEN INS                     | Active         |                 Royal & Sun        Alliance Seguros (Colombia) S.A. (86.30%)                                                                                                                                                   |

3

----

**ROYAL & SUN ALLIANCE INSURANCE GROUP  PLC AND ITS GROUP SUBSIDIARIES**

| **Location** | **Principal    Activity**      | **Status** | **Company    Name and Immediate parent shareholding**                                                                                                                                                                                                                             |
|--------------|--------------------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         | ** **                     |       |                                                                                                                                                                                                                                                                              |
| Colombia     | Non-Insurance                  | Active     |                     Compania      Inversionista Colombiana (20.00%)                                                                                                           |
| Colombia     | Non-Insurance                  | Active     |                         Inmobiliaria      Fenix SA (5.10%)                                                                                                |
| Colombia     | LIFE INS                       | Active     |                             Royal      & Sun Alliance Seguros de Vida (Colombia) S.A. (35.37%)                                    |
| Colombia     | Non-Insurance                  | Active     |                                 Compania      Inversionista Colombiana (80.00%) -      subsidiaries already shown |
| Colombia     | Non-Insurance                  | Active     |                     Inmobiliaria      Fenix SA (94.90%) -      subsidiaries already shown                                                                                     |
| Colombia     | LIFE INS                       | Active     |                     Royal      & Sun Alliance Seguros de Vida (Colombia) S.A. (64.62%) -      subsidiaries already shown                                                  |
| Uruguay      | GEN INS                        | Active     |                 Royal      & Sun Alliance Seguros (Uruguay) SA (72.67%)                                                                                                                       |
| Germany      |                           | Active     |                 SOCIETAS      VIII VERMOGENSVERWALTUNGS GMBH (100.00%)                                                                                                                            |
| England      | GEN INS                        | Active     |                 Sun      Insurance Office Limited (100.00%)                                                                                                                                       |
| England      | GEN INS                        | Active     |                 Tariff      Reinsurances Limited (100.00%)                                                                                                                                        |
| England      | GEN INS                        | Active     |                 The      London Assurance (100.00%)                                                                                                                                               |
| England      |                           | Dormant    |                     Auk      Insurance Company Limited (100.00%)                                                                                                              |
| Malaysia     | GEN INS                        | Active     |                     Royal      & Sun Alliance Insurance (Malaysia) BHD (45.00%)                                                                                           |
| England      | GEN INS                        | Active     |                     The      Sea Insurance Company Limited (100.00%)                                                                                                          |
| Ireland      |                           | Dormant    |                 The      Patriotic Assurance Company Limited (100.00%)                                                                                                                            |
| England      |                           | Dormant    |             The      Advice Service Limited (50.00%)                                                                                                                                                                  |
| England      |                           | Dormant    |             R&SA      5 Limited (100.00%)                                                                                                                                                                         |
| England      | GEN INS                        | Active     |             The      Marine Insurance Company Limited (85.00%)                                                                                                                                                        |
| England      | GEN INS                        | Active     |             The      Pennine Insurance Company Limited (100.00%)                                                                                                                                                      |
| England      | real estate                    | Active     |             Westgate      Properties Limited (100.00%)                                                                                                                                                                |
| England      |                           | Dormant    |             William      H Brown Limited (100.00%)                                                                                                                                                                    |
| England      |                           | Active     |         Royal      & Sun Alliance Pension Trustee Limited (100.00%)                                                                                                                                                                   |
| England      | Management                     | Active     |         RSA      Accident Repairs Limited (100.00%)                                                                                                                                                                                       |
| England      | Holding Co                     | Active     |         RSA      CRS (US) LIMITED (100.00%)                                                                                                                                                                                               |
| USA          |                           | Active     |             Custom      Risk Solutions, LLC (33.33%)                                                                                                                                                                  |
| England      | Holding Co                     | Active     |         RSA      E-HOLDINGS LIMITED (100.00%)                                                                                                                                                                                             |
| England      | Finance                        | Active     |             COVERCLICK.COM      LIMITED (100.00%)                                                                                                                                                                     |
| England      |                           | Active     |                 COVERCLICK      SERVICES LIMITED (100.00%)                                                                                                                                        |
| England      |                           | Dormant    |             Lausor      No. 1 Limited (100.00%)                                                                                                                                                                       |
| England      |                           | Dormant    |             Propertyxchange      Limited (100.00%)                                                                                                                                                                    |
| England      |                           | Dormant    |             Propertyxchange.net      Limited (100.00%)                                                                                                                                                                |
| England      |                           | Dormant    |             Propertyxchange.org      Limited (100.00%)                                                                                                                                                                |
| England      |                           | Active     |             Rightmove.co.uk      Limited (10.00%)                                                                                                                                                                     |
| England      |                           | Dormant    |             RSA      Global eVentures Limited (100.00%)                                                                                                                                                               |
| England      |                           | Active     |             Usecolor      Limited (100.00%)                                                                                                                                                                           |
| England      |                           | Active     |             VineWorld      Limited (20.81%)                                                                                                                                                                           |
| England      |                           | Dormant    |             Vital2Me      Limited (100.00%)                                                                                                                                                                           |
| England      |  IT                       | Active     |             Wharfdome      Limited (100.00%)                                                                                                                                                                          |
| England      |                           | Dormant    |         Sun      Alliance Managed Pensions Services Limited (100.00%)                                                                                                                                                                     |
| England      |                           | Dormant    |         Sun      Alliance Pension Scheme Investment Management Limited (100.00%)                                                                                                                                                          |
| England      |                           | Dormant    |         Sun      Alliance Property Construction Limited (99.97%)                                                                                                                                                                          |
| England      |                           | Dormant    |         The      Leasing Service Limited (100.00%)                                                                                                                                                                                        |
| England      |                           | Dormant    |         The      Westminster Fire Office Limited (100.00%)                                                                                                                                                                                |
| England      |                           | Dormant    |         Truscotts      Estate Agency Limited (100.00%)                                                                                                                                                                                    |
| England      |                           | Dormant    |         Usecolor.com      Limited (100.00%)                                                                                                                                                                                               |
| England      |                           | Active     |         Vital      Online Limited (20.00%)                                                                                                                                                                                                |
| England      |                           | Dormant    |     Sal Pension Fund      Limited (100.00%)                                                                                                                                                                                                                   |
| England      | Trustee to pension        plan | Active     |     Sun Alliance Fund      Management Limited (100.00%)                                                                                                                                                                                                       |
| England      | Commercial Loans               | Active     |     Sun Alliance Mortgage      Company Limited (100.00%)                                                                                                                                                                                                      |
| England      | Holding Co                     | Active     |     Swinchan Holdings      Limited (100.00%)                                                                                                                                                                                                                  |
| England      |                           | Dormant    |         Armitage      Parfitt (Northern) Limited (100.00%)                                                                                                                                                                                |
| England      |                           | Dormant    |         CASCADE      NO. 1 LIMITED (100.00%)                                                                                                                                                                                              |
| England      |                           | Dormant    |         CASCADE      NO. 11 LIMITED (100.00%)                                                                                                                                                                                             |
| England      |                           | Dormant    |         CASCADE      NO. 2 LIMITED (100.00%)                                                                                                                                                                                              |
| England      |                           | Dormant    |         CASCADE      NO. 3 LIMITED (100.00%)                                                                                                                                                                                              |
| England      |                           | Dormant    |         CASCADE      NO. 4 LIMITED (100.00%)                                                                                                                                                                                              |
| England      |                           | Dormant    |             Stuart      Hall Travel Limited (70.20%)                                                                                                                                                                  |
| England      |                           | Dormant    |         CASCADE      NO. 5 LIMITED (100.00%)                                                                                                                                                                                              |
| England      |                           | Dormant    |         CASCADE      NO. 6 LIMITED (100.00%)                                                                                                                                                                                              |
| England      |                           | Dormant    |         CASCADE      NO. 7 LIMITED (100.00%)                                                                                                                                                                                              |
| England      |                           | Dormant    |         CASCADE      NO. 8 LIMITED (100.00%)                                                                                                                                                                                              |
| England      |                           | Dormant    |         CASCADE      NO. 9 LIMITED (100.00%)                                                                                                                                                                                              |
| England      |                           | Dormant    |         Creswood      Limited (100.00%)                                                                                                                                                                                                   |
| England      |                           | Dormant    |         Fowden      Brothers Limited (100.00%)                                                                                                                                                                                            |
| England      |                           | Dormant    |         Hallco      593 Limited (100.00%)                                                                                                                                                                                                 |
| England      |                           | Dormant    |         Hatfield      Group of Companies Limited (100.00%)                                                                                                                                                                                |
| England      |                           | Dormant    |         Hatfield      Insurance Services Limited (100.00%)                                                                                                                                                                                |
| England      |                           | Dormant    |         Home      Cover Limited (100.00%)                                                                                                                                                                                                 |
| England      |                           | Dormant    |         Inter-City      Leasing Limited (100.00%)                                                                                                                                                                                         |
| England      |                           | Dormant    |         J      S Realization Number Ten Limited (100.00%)                                                                                                                                                                                 |
| England      |                           | Dormant    |         J.S      Realization Number Four Limited (100.00%)                                                                                                                                                                                |
| England      |                           | Dormant    |         J.S.      Realization Number Eight Limited (100.00%)                                                                                                                                                                              |
| England      |                           | Dormant    |         J.S.      Realization Number Five Limited (100.00%)                                                                                                                                                                               |
| England      |                           | Dormant    |         J.S.      Realization Number Seven Limited (100.00%)                                                                                                                                                                              |
| England      |                           | Dormant    |         J.S.      Realization Number Six Limited (100.00%)                                                                                                                                                                                |
| England      |                           | Dormant    |         J.S.      Realization Number Three Limited (100.00%)                                                                                                                                                                              |
| England      |                           | Dormant    |         John      Buckingham (Sheffield) Limited (100.00%)                                                                                                                                                                                |
| England      |                           | Dormant    |         Marlborough      Investments Limited (100.00%)                                                                                                                                                                                    |
| England      |                           | Dormant    |         Matchline      Limited (100.00)                                                                                                                                                                                                   |
| England      |                           | Dormant    |         Palmer      Hill & Co. Limited (100.00%)                                                                                                                                                                                      |
| England      |                           | Dormant    |         Palmer      Hill (Insurance Services) Limited (100.00%)                                                                                                                                                                           |
| England      |                           | Dormant    |         Rulemace      Limited (100.00%)                                                                                                                                                                                                   |
| England      |                           | Dormant    |         Surfeal      Holdings Limited (100.00%)                                                                                                                                                                                           |
| England      |                           | Dormant    |             Surfeal      Limited (100.00%)                                                                                                                                                                            |
| England      |                           | Dormant    |         Switchquote      Limited (100.00%)                                                                                                                                                                                                |
| England      |                           | Dormant    |         Wantage      Limited (100.00%)                                                                                                                                                                                                    |
| England      |                           | Dormant    |         West      Midland Trust Limited (100.00%)                                                                                                                                                                                         |
| England      |                           | Dormant    |     The London Assurance      Nominees Limited (100.00%)                                                                                                                                                                                                      |
| England      |                           | Dormant    |         Mynshul      Group Limited (0.01 %)                                                                                                                                                                                               |
| England      |                           | Dormant    |             Mynshul      Holdings Limited (100%)                                                                                                                                                                      |
| England      |                           | Dormant    |                 Mynshul      Finance Limited (100.00%)                                                                                                                                            |
| England      |                           | Dormant    |                     Lancashire      Financial Services Limited (100.00%)                                                                                                      |
| England      |                           | Dormant    |                     Mynshul      Asset Finance Limited (100.00%)                                                                                                              |
| England      |                           | Dormant    |                     Mynshul      Trust Limited (100.00%)                                                                                                                      |
| England      |                           | Dormant    |                 Mynshul      Insurance Services Limited (100.00%)                                                                                                                                 |
| England      |                           | Dormant    |                     Mynshul      Financial Services Limited (100.00%)                                                                                                         |

4

----

**ROYAL & SUN ALLIANCE INSURANCE GROUP PLC AND ITS GROUP SUBSIDIARIES**

| **Location** | **Principal** | **Status** | **Company Name and Immediate        parent shareholding** |
|--------------|---------------|------------|-----------------------------------------------------------|
|         | **Activity**  |       |                                                      |

|    |            |   |   |                                                                                                                                                                              |
|---------|-----------------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| USA     | INS HOLD        | active | *      | **Arrowpoint General Partnership (Delaware)**                                                                                                                                     |
| USA     |            | active |   |     R&SA US (No.        3) LLC (100.00%)                                                                                                                  |
| USA     | INS HOLD        | active |   |     Royal & Sun        Alliance USA, Inc. (Delaware) (100.00%)                                                                                            |
| USA     | INS HOLD        | active |   |         Royal        Group Inc.(100.00%)                                                                                                  |
| USA     |            | active |   |             Alternative        Risk Transfer Insurance Strategies Inc (Connecticut) (20.00%)                          |
| Bermuda | GEN INS         | active |   |             Century        Insurance Company (Bermuda) Ltd (100.00%)                                                  |
| Bermuda | GEN INS         | active |   |             Financial        Structures Limited (100.00%)                                                             |
| USA     | INS HOLD        | active |   |             Orion        Capital Corporation (Delaware) (92.20%) - see **                                             |
| USA     |            | active |   |             FSL        Advisors Inc (North Carolina) (100.00%)                                                        |
| USA     |            | active |   |                 Royal        Warranty Services Inc. (Florida) (100.00%)                           |
| USA     | Real Estate     | active |   |             Royal        Holdings Inc (North Carolina) (100.00%)                                                      |
| USA     | Real Estate     | active |   |                 Royal & SunAlliance        Properties, Inc (North Carolina) ( 100%)           |
| USA     | GEN INS         | active |   |             Royal        Indemnity Company (Delaware) (100.00%)                                                       |
| USA     | Holding Company | active |   |                 B.E.I.        Services Inc (Delaware) (100.00%)                                   |
| USA     |            | active |   |                     Protected        Settlements INC (North Caolina)(100.00%) |
| USA     |            | active |   |                     Shield        Management INC (New York)(100.00%)          |
| USA     | GEN INS         | active |   |                 Marine        Indemnity Insurance Company of America (New York) (100.00%)         |
| USA     | INS HOLD        | active |   |                 Orion        Capital Corporation (Delaware) (1.00%)                               |
| USA     | INS HOLD        | active |   |                 OrionAuto        Inc (Colorado) (57.90%) - see ***                                |
| USA     | GEN INS         | active |   |                 Royal        Surplus Lines Insurance Company (Connecticut) (100.00%)              |
| USA     |            | active |   |                 RSA        Financial Services Inc (Delaware) (87.71%)                             |
| USA     | GEN INS         | active |   |                 The        Sea Insurance Company of America Inc (New York) (90.00%)               |
| USA     |            | active |   |             Royal        Investment Management Company (Michigan) (100.00%)                                           |
| USA     | Non-Profit      | active |   |             The        Royal & Sun Alliance Insurance Foundation Inc (North Carolina) (100.00%)                   |

|   |              |   |   |                                                                                                                               |
|--------|-------------------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|
| USA    | INS HOLD          | active | **     | **Orion Capital Corporation (Delaware)**                                                                                           |
| USA    |              | active |   |     JABAWWAT Inc (Delaware)        (100.00%)                                                                   |
| USA    |              | active |   |         EFC        Property Management Inc (California) (100.00%)                          |
| USA    | INS HOLD          | active |   |             Orion        Capital Corporation (Delaware) (2.40%) See ** |
| USA    | INS HOLD          | active |   |         Orion        Capital Corporation (Delaware) (0.30%) See **                         |
| USA    |              | active |   |     Orion        Capital Companies, Inc (Connecticut) (100.00%)                                                |
| USA    |              | active |   |         Alternative        Risk Transfer Insurance Strategies, Inc (Connecticut) (80.00%)  |
| USA    |              | active |   |         DPIC        Companies, Inc (California) (100.00%)                                  |
| USA    |              | active |   |         EBI        Companies, Inc (Connecticut) (100.00%)                                  |
| USA    | GEN INS           | active |   |     Security        Insurance Company of Hartford (Connecticut) (100.00%)                                      |
| USA    |              | active |   |         EBI        Consulting Services, Inc (California) (100.00%)                         |
| USA    | GEN INS           | active |   |         Grocers        Insurance Company (Oregon) (100.00%)                                |
| USA    | INS HOLD          | active |   |         Orion        Capital Corporation (Delaware) (2.70%) See **                         |
| USA    | INS HOLD          | active |   |         OrionAuto        Inc (Colorado) (42.10%) - see ***                                 |
| USA    |              | active |   |         RSA        Financial Services Inc (Delaware) (12.29%)                              |
| USA    |              | active |   |         SecurityRe,        Inc (Connecticut) (100.00%)                                     |
| USA    | INS          HOLD | active |   |             Orion        Capital Corporation (Delaware) (1.4%) See **  |
| USA    | GEN          INS  | active |   |         The        Sea Insurance Company of America Inc (New York) (10.00%)                |

|   |             |   |   |                                                                                                                         |
|--------|------------------|--------|--------|------------------------------------------------------------------------------------------------------------------------------|
| USA    | INS HOLD         | active | ***    | **OrionAuto Inc (Colorado)**                                                                                                 |
| USA    | GEN INS          | active |   |     Guaranty National        Insurance Company (Colorado) (100.00%)                                      |
| USA    | GEN INS          | active |   |         Peak        Property and Casualty Insurance Corporation (Colorado) (100.00%) |
| USA    |             | active |   |     Intercon        General Agency, Inc. (Texas) (100.00%)                                               |
| USA    |             | active |   |     Orion        Warranty Services Company (Colorado) (100.00%)                                          |
| USA    |             | active |   |     Premium        Payment Plan, Inc. (North Carolina) (100.00%)                                         |
| USA    | GEN          INS | active |   |     Viking Insurance        Company of Wisconsin (Colorado) (100.00%)                                    |
| USA    | GEN          INS |   |   |         Viking        County Mutual Insurance Company (Texas) (100.00%)              |

5

----