Subsidiaries:

Island Heritage

Island Heritage is a Caribbean Property Insurer domiciled in Grand Cayman. In July 07, Flagstone gained a controlling interest in Island Heritage, with 54% of the equity. This acquisition further diversifies our exposures, and is a strategic direction for growth.

www.island-heritage.com

Marlborough Underwriting Agency

Marlborough Underwriting Agency Limited is the managing agent for Syndicate 1861; a specialist syndicate currently focused on excess marine, energy and aviation risks. The syndicate's business is written through Lloyd’s of London, which received an “A+” financial strength from Fitch Ratings and Standard & Poors and an “A” financial strength from A.M Best.