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|   | Subsidiary                                                                                                                               |                | Jurisdiction                |   | Ownership          |
|--------|------------------------------------------------------------------------------------------------------------------------------------------|---------------------|-----------------------------|--------|--------------------|
|   |                                                                                                                                     |                |                        |   | Interest      Held |
|   |                                                                                                                                     |                |                        |   | By      Immediate  |
|   |                                                                                                                                     |                |                        |   | Parent             |
|   | Flagstone      (Gibraltar) Limited                                                                                                       |                | Gibraltar                   |   | 100.0%             |
|   |  Flagstone      Finance SA (1)                                                                                                      |                | Luxembourg                  |   | 100.0%             |
|   |        Flagstone Réassurance Suisse SA (2)                                                                                     |                | Switzerland                 |   | 100.0%             |
|   |         Island Heritage Holdings Limited (4)                                                                                   |                | Cayman      Islands         |   | 59.2%              |
|   |         Flagstone Reinsurance Africa Limited (4)                                                                               |                | South      Africa           |   | 65.0%              |
|   |         Flagstone Alliance Insurance and Reinsurance Plc (3)                                                                   |                | Cyprus                      |   | 100.0%             |
|   |         Haute Route Re Ltd (3)                                                                                                 |                | Bermuda                |   | 100.0%             |
|   |         Flagstone Capital Management Luxembourg (3)                                                                            |                | Luxembourg                  |   | 100.0%             |
|   | Flagstone      Leasing Services Limited                                                                                                  |                | Bermuda                     |   | 100.0%             |
|   |  Flagstone      King Air Holdings Limited (5)                                                                                       |                | Bermuda                     |   | 100.0%             |
|   |  IAL      Leasing Ltd. (5)                                                                                                          |                | Bermuda                     |   | 100.0%             |
|   |  Longtail      Aviation International Limited (5)                                                                                   |                | Bermuda                     |   | 100.0%             |
|   |  IAL      King Air Limited (5)                                                                                                      |                | British      Virgin Islands |   | 100.0%             |
|   |  Flagstone      Westwind Holdings Limited (5)                                                                                       |                | Bermuda                     |   | 100.0%             |
|   | Flagstone      Holdings (UK) Limited                                                                                                     |                | United      Kingdom         |   | 100.0%             |
|   |  Flagstone      Corporate Name Limited (6)                                                                                          |                | United      Kingdom         |   | 100.0%             |
|   |        Marlborough Underwriting Agency Limited (6)                                                                                  |                | United      Kingdom         |   | 100.0%             |
|   | Flagstone Capital      Management (Bermuda) Limited                                                                                 |                | Bermuda                     |   | 100.0%             |
|   |  West      End Capital Management (Cayman) Limited (7)                                                                              |                | Cayman Islands         |   | 100.0%             |
|   |   Flagstone      Underwriters Middle East Limited (8)                                                                          |                | Dubai                  |   | 100.0%             |
|   |   Flagstone      Underwriters Latin America Limited (8)                                                                        |                | Puerto      Rico       |   | 100.0%             |
|   |  Flagstone      Management Services (Halifax) Limited (7)                                                                           |                | Canada                      |   | 100.0%             |
|   |  Flagstone      (Mauritius) Limited (7)                                                                                             |                | Mauritius              |   | 100.0%             |
|   |   Flagstone      Underwriting Support Services (India) Private Limited (8)                                                     | India               |                        | 100.0% |
|   | Flagstone      Representatives Limited (formed as West End Capital Management (UK)      Limited)                                         | United      Kingdom |                        | 100.0% |
|   | Mont      Fort Re Limited (9)                                                                                                            |                | Bermuda                     |   | 100.0%             |
|   |                                                                                                                                     |                |                        |   |               |
|   |                                                                                                                                     |                |                        |   |               |
|   |                                                                                                                                     |                |                        |   |               |
| (1)    | A      wholly-owned subsidiary of Flagstone (Gibraltar) Limited.                                                                         |                |                        |   |               |
| (2)    | A      wholly-owned subsidiary of Flagstone Finance SA                                                                                   |                |                        |   |               |
| (3)    | A      wholly-owned subsidiary of Flagstone Reassurance Suisse SA                                                                        |                |                        |   |
| (4)    | An      entity in which Flagstone Reassurance Suisse SA acquired a majority      interest                                                |                |                        |
| (5)    | A      wholly-owned subsidiary of Flagstone Leasing Services    Limited                                                                  |                |                        |   |
| (6)    | A      wholly-owned subsidiary of Flagstone Holdings (UK) Limited                                                                        |                |                        |   |               |
| (7)    | A      wholly-owned subsidiary of Flagstone Capital Management (Bermuda)      Limited.                                              |                |                        |
| (8)    | An      indirect wholly-owned subsidiary of Flagstone Capital Management (Bermuda)      Limited                                          |                |                        |
| (9)    | The      Company owns all of the outstanding common shares, and none of the      outstanding preferred shares, of Mont Fort Re  Limited. |