|       | Subsidiary                                                                                                                   |           | Jurisdiction           |    | Ownership     |
|------------|------------------------------------------------------------------------------------------------------------------------------|----------------|------------------------|---------|---------------|
|       |                                                                                                                         |           |                   |    | Interest Held |
|       |                                                                                                                         |           |                   |    | By Immediate  |
|       |                                                                                                                         |           |                   |    | Parent        |
|       | Flagstone (Gibraltar) Limited                                                                                                |           | Gibraltar              |    | 100.00%       |
|       | Flagstone Finance SA (1)                                                                                                     |           | Luxembourg             |    | 100.00%       |
|       | Flagstone Réassurance Suisse SA (2)                                                                                     |           | Switzerland            |    | 100.00%       |
|       | Island Heritage Holdings Limited (4)                                                                                         |           | Cayman Islands         |    | 58.80%        |
|       | Flagstone Reinsurance Africa Limited (3)                                                                                     |           | South Africa           |    | 100.00%       |
|       | Flagstone Alliance Insurance and Reinsurance Plc (3)                                                                         |           | Cyprus                 |    | 100.00%       |
|       | Haute Route Re Ltd (3)                                                                                                       |           | Bermuda           |    | 100.00%       |
|       | Flagstone Capital Management Luxembourg (3)                                                                                  |           | Luxembourg             |    | 100.00%       |
|       | Flagstone Leasing Services Limited                                                                                           |           | Bermuda                |    | 100.00%       |
|       | Flagstone King Air Holdings Limited (5)                                                                                      |           | Bermuda                |    | 100.00%       |
|       | IAL Leasing Ltd. (5)                                                                                                         |           | Bermuda                |    | 100.00%       |
|       | Longtail Aviation International Limited (5)                                                                                  |           | Bermuda                |    | 100.00%       |
|       | IAL King Air Limited (6)                                                                                                     |           | British Virgin Islands |    | 75.00%        |
|       | Flagstone Westwind Holdings Limited (5)                                                                                      |           | Bermuda                |    | 100.00%       |
|       | Flagstone Holdings (UK) Limited                                                                                              |           | United Kingdom         |    | 100.00%       |
|       | Flagstone Corporate Name Limited (7)                                                                                         |           | United Kingdom         |    | 100.00%       |
|       | Marlborough Underwriting Agency Limited (7)                                                                                  |           | United Kingdom         |    | 100.00%       |
|       | Flagstone Capital Management (Bermuda) Limited                                                                          |           | Bermuda                |    | 100.00%       |
|       | West End Capital Management (Cayman) Limited (8)                                                                             |           | Cayman Islands    |    | 100.00%       |
|       | Flagstone Underwriters Middle East Limited (9)                                                                               |           | Dubai             |    | 100.00%       |
|       | Flagstone Underwriters Latin America Limited (9)                                                                             |           | Puerto Rico       |    | 100.00%       |
|       | Flagstone Management Services (Halifax) Limited (8)                                                                          |           | Canada                 |    | 100.00%       |
|       | Flagstone (Mauritius) Limited (8)                                                                                            |           | Mauritius         |    | 100.00%       |
|       | Flagstone Underwriting Support Services (India) Private Limited (9)                                                          | India          |                   | 100.00% |
|       | Flagstone Representatives Limited (formed as West End Capital Management (UK) Limited)                                       | United Kingdom |                   | 100.00% |
|       | Mont Fort Re Limited (10)                                                                                                    |           | Bermuda                |    | 100.00%       |
|       |                                                                                                                         |           |                   |    |          |
|  (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)  | An entity in which Flagstone Leasing Services Limited holds a majority interest                                              |           |                   |    |
|  (7)  | A wholly-owned subsidiary of Flagstone Holdings (UK) Limited                                                                 |           |                   |    |          |
|  (8)  | A wholly-owned subsidiary of Flagstone Capital Management (Bermuda) Limited.                                            |           |                   |    |          |
|  (9)  | An indirect wholly-owned subsidiary of Flagstone Capital Management (Bermuda) Limited                                        |           |                   |
|  (10) | The Company owns all of the outstanding common shares, and none of the outstanding preferred shares, of Mont Fort Re Limited |

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