| Exhibit 21 | |||||
| Validus Holdings, Ltd. | |||||
| List of Subsidiaries | |||||
Ownership Interest Held By Immediate Parent 100% unless otherwise indicated | |||||
| Subsidiary | Jurisdiction | ||||
| Validus Holdings, Ltd. | Bermuda | ||||
| Underwriting Risk Services Holdings (Bermuda) Ltd. | Bermuda | ||||
| Validus Reinsurance, Ltd. | Bermuda | ||||
| Validus Amalgamation Subsidiary Ltd. | Bermuda | ||||
| Validus Re Europe Limited | Ireland | ||||
| Validus Re Chile S.A. | Chile | 99% | |||
| Underwriting Risk Services S.A. | Chile | 99% | |||
| Validus Holdings (UK) Ltd | United Kingdom | ||||
| Validus Specialty, Inc. | Delaware | ||||
| Validus Reaseguros, Inc. | Florida | ||||
| Validus Services, Inc. | Delaware | ||||
| Validus Re Americas, Ltd. | Bermuda | ||||
| Validus Re Americas (New Jersey), Inc. | New Jersey | ||||
| PaCRe, Ltd. | Bermuda | 10% | |||
| Validus Services (Bermuda), Ltd. | Bermuda | ||||
| Validus Research, Inc. | Ontario | ||||
| Validus America, Inc. | Delaware | ||||
| Validus Ventures Ltd | Bermuda | ||||
| AlphaCat Managers, Ltd | Bermuda | ||||
| AlphaCat Advantage Fund, Ltd. | Bermuda | ||||
| AlphaCat Reinsurance Ltd. | Bermuda | ||||
| AlphaCat High Return Fund Ltd. | Bermuda | ||||
| AlphaCat Diversified Fund Ltd. | Bermuda | ||||
| AlphaCat Master Fund Ltd. | Bermuda | ||||
| AlphaCat Prima Fund Ltd. | Bermuda | ||||
| Validus UPS, Ltd | Bermuda | ||||
| Flagstone Reinsurance (Luxembourg), SARL | Luxembourg | ||||
| Flagstone (Gibraltar) Limited | Gibraltar | ||||
| Flagstone (Bermuda) Holdings Limited | Bermuda | ||||
| Flagstone Services (Isle of Man) Limited | Isle of Man | ||||
| Flagstone Management Services (Halifax) Limited | Nova Scotia | ||||
| IAL Leasing Ltd. | Bermuda | ||||
| Mont Fort Re Limited | Bermuda | ||||
| Flagstone (Mauritius) Limited | Mauritius | ||||
| Flagstone Underwriting Support Services (India) Private Limited | India | 99% | |||
| Flagstone Finance S.A. | Luxembourg | ||||
| Flagstone Reassurance Suisse S.A. | Switzerland | ||||
| Flagstone Alliance Insurance and Reinsurance PLC | Cyprus | ||||
| Alliance Insurance Agents | Cyprus | ||||
Ownership Interest Held By Immediate Parent 100% unless otherwise indicated | |||||
| Subsidiary | Jurisdiction | ||||
| L.P. Holdings Limited | Cyprus | ||||
| Limassol Power Plant Limited | Cyprus | ||||
| Flagstone Capital Management Luxembourg SICAF-FIS SA | Luxembourg | ||||
| Flagstone Reinsurance Africa Limited | South Africa | ||||
| Flagstone Management, S.A. | Switzerland | ||||
| Talbot Holdings Ltd. | Bermuda | ||||
| Talbot Capital Ltd. | Bermuda | ||||
| Talbot 2002 Underwriting Capital, Ltd. | United Kingdom | ||||
| Talbot Underwriting Holdings Ltd. | United Kingdom | ||||
| Talbot Underwriting Services, Ltd. | United Kingdom | ||||
| Talbot Underwriting Risk Services, Ltd. | United Kingdom | ||||
| Talbot Underwriting Ltd. | United Kingdom | ||||
| Talbot Underwriting Services (US), Ltd. | Delaware | ||||
| Talbot Risk Services Pte, Ltd. | Singapore | ||||
| Talbot Underwriting (MENA), Ltd. | Dubai | ||||
| Talbot Risk Services (Labuan) Pte, Ltd. | Labuan | ||||
| Talbot Insurance (Bermuda) Ltd. | Bermuda | ||||
| Talbot Underwriting Capital Ltd. | United Kingdom | ||||