Exhibit 21.1
AMTRUST FINANCIAL SERVICES, INC.
LIST OF SUBSIDIARIES
| Subsidiary | Jurisdiction of Organization or Formation |
| AFS Capital Corp. | Texas |
| Technology Insurance Company | New Hampshire |
| Rochdale Insurance Company | New York |
| Wesco Insurance Company | Delaware |
| AmTrust International Underwriters, Ltd | Ireland |
| AmTrust International Insurance, LTD | Bermuda |
| The Princeton Agency, Inc. | New Jersey |
| United Underwriting Agency, Inc. | New York |
| AmTrust Nordic, AB | Sweden |
| AmTrust North America, Inc. | Delaware |
| AmTrust South, Inc. | Delaware |
| AmTrust Underwriters, Inc. | Delaware |
| AMT Service Corp. | Delaware |
| Rock Run South, LLC | Delaware |
| AMTS Holding Corp. | Delaware |
| AMT Service Corp. of Canada | Canada |
| AII Insurance Management Limited | Bermuda |
| AII Reinsurance Brokers, Ltd | Bermuda |
| AmTrust Capital Management, Inc. | Delaware |
| AmTrust Management Services, Ltd. | United Kingdom |
| North American Risk Management, Inc. | Florida |
| AmTrust Managers, Inc. | Delaware |
| Glenn Matias AmTrust Capital Management GP, LLC | Delaware |
| AmTrust New Gulf Holdings, LLC | Delaware |
| Property Securities Holding Limited (f/k/a/ AmTrust Pacific, Ltd.) | New Zealand |