| | 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. |
