| Subsidiary                                                                                       |   | Jurisdiction                |   | OwnershipInterest      HeldBy      ImmediateParent |
|--------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|----------------------------------------------------|
| Flagstone      Reinsurance Limited                                                               |   | Bermuda                     |   | 100%                                               |
| Island      Heritage Holdings Limited (1)                                                        |   | Cayman      Islands         |   | 54.6%                                              |
|   Flagstone      Réassurance Suisse SA (2)                                        |   | Switzerland                 |   | 100%                                               |
|   Haute Route Re Ltd      (7)                                                          |   | Bermuda                |   | 100%                                               |
| Flagstone      Leasing Services Limited (3)                                                      |   | Bermuda                     |   | 100%                                               |
| Flagstone      King Air Holdings Limited (2)                                                     |   | Bermuda                     |   |  100%                                         |
| IAL      Leasing Ltd. (2)                                                                        |   | Bermuda                     |   |  100%                                         |
| Longtail      Aviation International Limited (2)                                                 |   | Bermuda                     |   |  100%                                         |
| IAL      King Air Limited (2)                                                                    |   | British      Virgin Islands |   |  100%                                         |
| Flagstone      Westwind Holdings Limited (2)                                                     |   | Bermuda                     |   | 100%                                               |
| Flagstone      (Gibraltar) Limited (3)                                                           |   | Gibraltar                   |   | 100%                                               |
| Flagstone      Finance SA (4)                                                                    |   | Luxembourg                  |   | 100%                                               |
| Flagstone Capital      Management (Bermuda) Limited                                         |   | Bermuda                     |   | 100%                                               |
| West      End Capital Management (Cayman) Limited (5)                                            |   | Cayman Islands         |   | 100%                                               |
|   Flagstone      Underwriters Middle East Limited (8)                                  |   | Dubai                  |   | 100%                                               |
|   Flagstone      Underwriters Latin America Limited (8)                                |   | Puerto      Rico       |   | 100%                                               |
| Flagstone      Management Services (Halifax) Limited (5)                                         |   | Canada                      |   | 100%                                               |
| West      End Capital Management BPO Services (India)  Private Limited      (8)        |   | India                       |   | 100%                                               |
| Flagstone      (Mauritius) Limited (5)                                                           |   | Mauritius              |   | 100%                                               |
| Flagstone      Representatives Limited (formed as West End Capital Management (UK)      Limited) |   | United      Kingdom         |   | 100%                                               |
| Mont      Fort Re Limited (6)                                                                    |   | Bermuda                     |   | 100%                                               |

| (1) | An      entity in which Flagstone Reinsurance Limited acquired a majority interest      – 54.6% voting shares |
|-----|---------------------------------------------------------------------------------------------------------------------|

| (2) | An      indirect wholly-owned subsidiary of Flagstone Reinsurance      Limited. |
|-----|---------------------------------------------------------------------------------|

| (3) | A      wholly-owned subsidiary of Flagstone Reinsurance  Limited. |
|-----|-------------------------------------------------------------------|

| (4) | A      wholly-owned subsidiary of Flagstone (Gibraltar)  Limited. |
|-----|-------------------------------------------------------------------|

| (5) | A      wholly-owned subsidiary of Flagstone Capital Management (Bermuda)      Limited. |
|-----|---------------------------------------------------------------------------------------------|

| (6)       | The      Company owns all of the outstanding common shares, and none of the      outstanding preferred shares, of Mont Fort Re Limited. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------|
| (7)  | A      wholly-owned subsidiary of Flagstone Réassurance Suisse  SA                                                            |
| (8)       | An      indirect wholly-owned subsidiary of Flagstone Capital Management (Bermuda)      Limited                                         |