| Exhibit 21 | |||||
| Validus Holdings, Ltd. | |||||
| List of Subsidiaries | |||||
Ownership Interest Held By Immediate Parent 100% unless otherwise indicated | |||||
| Subsidiary | Jurisdiction | ||||
| Validus Holdings, Ltd. | Bermuda | ||||
| Validus Reinsurance, Ltd. | Bermuda | ||||
| Validus Amalgamation Subsidiary, Ltd. | Bermuda | ||||
| Underwriting Risk Services S.A. | Chile | 99.0% | |||
| Validus Re Americas, Ltd. | Bermuda | ||||
| AlphaCat Re 2011 Ltd. | Bermuda | 22.3% | |||
| AlphaCat Re 2012 Ltd. | Bermuda | 37.9% | |||
| AlphaCat 2013, Ltd. | Bermuda | 19.7% | |||
| AlphaCat 2014, Ltd. | Bermuda | 19.6% | |||
| AlphaCat 2015, Ltd. | Bermuda | 20.0% | |||
| BetaCat Ltd. | Bermuda | ||||
| Validus Holdings (UK) Plc | United Kingdom | ||||
| Validus Specialty, Inc. | Delaware | ||||
| AlphaCat Capital Inc. | Delaware | ||||
| Validus Underwriters, Inc. | Massachusetts | ||||
| Validus America, Inc. | Delaware | ||||
| Validus Services, Inc. | Delaware | ||||
| Validus Reaseguros, Inc. | Florida | ||||
| Validus Re Americas, (New Jersey) Inc. | New Jersey | ||||
| Western World Insurance Group, Inc. | Delaware | ||||
| Western World Insurance Company | New Hampshire | ||||
| Stratford Insurance Company | New Hampshire | ||||
| Tudor Insurance Company | New Hampshire | ||||
| Westco Insurance Managers, Inc. | New Jersey | ||||
| Westco Claims Management Services, Inc. | New Jersey | ||||
| Flagstone Reinsurance (Luxembourg), SARL | Luxembourg | ||||
| Validus Risk Services (Ireland) Limited | Ireland | ||||
| Validus Research, Inc. | Ontario | ||||
| IPCRe Limited | Bermuda | ||||
| Validus UPS, Ltd. | Bermuda | ||||
| Flagstone (Bermuda) Holdings Limited | Bermuda | ||||
| IAL Leasing Ltd. | Bermuda | ||||
| Mont Fort Re Ltd. | Bermuda | ||||
| Flagstone (Mauritius) Limited | Mauritius | ||||
| Flagstone Underwriting Support Services (India) Pvt Ltd. | India | 99.0% | |||
| Flagstone Finance S.A. | Luxembourg | ||||
| Validus Reinsurance (Switzerland) Ltd | Switzerland | ||||
| L.P. Holdings Limited | Cyprus | ||||
| Limassol Power Plant Limited | Cyprus | ||||
| Flagstone Africa (Pty) Limited | South Africa | ||||
Ownership Interest Held By Immediate Parent 100% unless otherwise indicated | |||||
| Subsidiary | Jurisdiction | ||||
| Validus Services (Bermuda), Ltd. | Bermuda | ||||
| Validus Ventures Ltd. | Bermuda | ||||
| AlphaCat Managers Ltd. | Bermuda | ||||
| AlphaCat Advantage Fund Ltd. | Bermuda | ||||
| AlphaCat Reinsurance Ltd. | Bermuda | ||||
| AlphaCat Diversified Fund Ltd. | Bermuda | ||||
| AlphaCat Master Fund Ltd. | Bermuda | ||||
| BetaCat Fund Ltd. | Bermuda | ||||
| BetaCat Feeder Fund I Ltd. | Bermuda | ||||
| AlphaCat Prima Fund Ltd. | Bermuda | ||||
| AlphaCat Soteria Fund Ltd. | Bermuda | ||||
| AlphaCat Opportunities Ltd. | Bermuda | ||||
| 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 Ltd. | United Kingdom | ||||
| Talbot Underwriting (LATAM) S.A. | Chile | 99.0% | |||
| 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 Underwriting Risk Services, Ltd. | United Kingdom | ||||
| Talbot Insurance (Bermuda), Ltd. | Bermuda | ||||
| Talbot Underwriting Capital Ltd. | United Kingdom | ||||