Exhibit 21.1
SUBSIDIARIES OF JAMES RIVER GROUP HOLDINGS, LTD.
| Subsidiary | Jurisdiction of Incorporation or Formation | |
| Falls Lake General Insurance Company | Ohio | |
| Falls Lake Insurance Management Company, Inc. | Delaware | |
| Falls Lake National Insurance Company | Ohio | |
| Franklin Holdings II (Bermuda) Capital Trust I | Delaware | |
| James River Capital Trust I | Delaware | |
| James River Capital Trust II | Delaware | |
| James River Capital Trust III | Delaware | |
| James River Capital Trust IV | Delaware | |
| James River Casualty Company | Virginia | |
| James River Group, Inc. | Delaware | |
| James River Insurance Company | Ohio | |
| James River Management Company, Inc. | Delaware | |
| James River Richmond Real Estate, LLC | Virginia | |
| JRG Reinsurance Company, Ltd. | Bermuda | |
| Potomac Risk Services, Inc. | Virginia | |
| Stonewood Insurance Company | North Carolina |
