Exhibit 21



SUBSIDIARIES OF VESTA INSURANCE GROUP,
INC.



Instant Insurance Holdings, Inc.
(Delaware)



| |  |  | Instant Insurance Holdings, Inc. conducts non-standard automobile agency operations through approximately 17 subsidiaries operating within the United States.
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J. Gordon Gaines, Inc. (Delaware)



| |  |  | Mound Agency, Inc. (Illinois)
| | - |  | -----------------------------

| |  |  | Mound Agency of Ohio, Inc. (Ohio)
| | - |  | ---------------------------------



| |  |  | Florida Select Insurance Agency, Inc. (Florida)
| | - |  | -----------------------------------------------

| |  |  | Select Insurance Services, Inc., d/b/a Texas Select Lloyds, Inc. (Florida)
| | - |  | --------------------------------------------------------------------------



Vesta Fire Insurance Corporation (Illinois)



| |  |  | Aegis Financial Corporation (Nevada)
| | - |  | ------------------------------------

| |  |  | States General Life Insurance Company (Texas)
| | - |  | ---------------------------------------------

| |  |  | United International Life Insurance Company (Texas)
| | - |  | ---------------------------------------------------



| |  |  | American Founders Financial Corporation (Arizona)
| | - |  | -------------------------------------------------

| |  |  | Laurel Life Insurance Company (Texas)
| | - |  | -------------------------------------

| |  |  | American Founders Life Insurance Company (Texas)
| | - |  | ------------------------------------------------

| |  |  | Bradford Investments, LC (Louisiana)
| | - |  | ------------------------------------



| |  |  | Emerald Coast Re Cayman Ltd. (Cayman Islands)
| | - |  | ---------------------------------------------



| |  |  | Florida Select Insurance Holdings, Inc. (Florida)
| | - |  | -------------------------------------------------

| |  |  | Florida Select Insurance Company (Florida)
| | - |  | ------------------------------------------



| |  |  | Shelby Casualty Insurance Company (Illinois)
| | - |  | --------------------------------------------



| |  |  | The Shelby Insurance Company (Illinois)
| | - |  | ---------------------------------------

| |  |  | Affirmative Insurance Company (Illinois)
| | - |  | ----------------------------------------

| |  |  | Insura Property & Casualty Insurance Company (Illinois)
| | - |  | -------------------------------------------------------

| |  |  | Instant Auto Insurance Company (Missouri)
| | - |  | -----------------------------------------



| |  |  | Texas Select Lloyds Insurance Company (Texas)
| | - |  | ---------------------------------------------



| |  |  | Vesta Capital Insurance Syndicate, Inc. (Illinois)
| | - |  | --------------------------------------------------

| |  |  | The Hawaiian Insurance & Guaranty Company, Ltd. (Hawaii)
| | - |  | --------------------------------------------------------



| |  |  | Vesta Insurance Corporation (Illinois)
| | - |  | --------------------------------------



| |  |  | Vesta Timber Co., LLC (Alabama)
| | - |  | -------------------------------