|                                                                                            |   |                |   | Exhibit 21.1        |   |
|-------------------------------------------------------------------------------------------------|--------|---------------------|--------|---------------------|--------|
|  Flagstone Reinsurance Holdings, S.A.                                                      |   |
|  List of Subsidiaries                                                                      |   |
|                                                                                            |   |                |   |                |   |
|                                                                                            |   |                |   | Ownership           |   |
|                                                                                            |   |                |   | Interest Held       |   |
|  Subsidiary                                                                                |   | Jurisdiction        |   | By Immediate Parent |   |
|  Flagstone (Gibraltar) Limited                                                             |   | Gibraltar           |   | 100.0          | %      |
|  Flagstone Finance SA                                                                      |   | Luxembourg          |   | 100.0          | %      |
|  Flagstone Réassurance Suisse SA                                                      |   | Switzerland         |   | 100.0          | %      |
|  Island Heritage Holdings Limited                                                          |   | Cayman Islands      |   | 58.8           | %      |
|  Flagstone Reinsurance Africa Limited                                                      |   | South Africa        |   | 100.0          | %      |
|  Flagstone Alliance Insurance and Reinsurance Plc                                          |   | Cyprus              |   | 100.0          | %      |
|  Haute Route Re Ltd                                                                        |   | Bermuda        |   | 100.0          | %      |
|  Flagstone Capital Management Luxembourg SICAF-FIS SA                                      |   | Luxembourg          |   | 100.0          | %      |
|  Flagstone Leasing Services Limited                                                        |   | Bermuda             |   | 100.0          | %      |
|  Flagstone King Air Holdings Limited                                                       |   | Bermuda             |   | 100.0          | %      |
|  IAL Leasing Ltd.                                                                          |   | Bermuda             |   | 100.0          | %      |
|  Longtail Aviation International Limited                                                   |   | Bermuda             |   | 100.0          | %      |
|  Flagstone Holdings (UK) Limited                                                           |   | England and Wales   |   | 100.0          | %      |
|  Flagstone Corporate Name Limited                                                          |   | England and Wales   |   | 100.0          | %      |
|  Flagstone Syndicate Management Limited (formerly Marlborough Underwriting Agency Limited) |   | England and Wales   |   | 100.0          | %      |
|  Flagstone Capital Management (Bermuda) Limited                                       |   | Bermuda             |   | 100.0          | %      |
|  Flagstone Capital Management (Cayman) Limited                                             |   | Cayman Islands |   | 100.0          | %      |
|  Flagstone Underwriters Middle East Limited                                                |   | Dubai          |   | 100.0          | %      |
|  Flagstone Underwriters Latin America Limited                                              |   | Puerto Rico    |   | 100.0          | %      |
|  Flagstone Management Services (Halifax) Limited                                           |   | Canada              |   | 100.0          | %      |
|  Flagstone (Mauritius) Limited                                                             |   | Mauritius      |   | 100.0          | %      |
|  Flagstone Underwriting Support Services (India) Private Limited                           |   | India               |   | 100.0          | %      |
|  Flagstone Representatives Limited                                                         |   | England and Wales   |   | 100.0          | %      |
|  Mont Fort Re Limited                                                                      |   | Bermuda             |   | 100.0          | %      |
|  Flagstone Reinsurance (Luxembourg), SARL                                                  |   | Luxembourg          |   | 100.0          | %      |
|  Flagstone (Bermuda) Holdings Limited                                                      |   | Bermuda             |   | 100.0          | %      |
|                                                                                            |   |                |   |                |   |