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FULL NAME OF SUBSIDIARY			PLACE OF INCORPORATION
BRIDGE HOLDINGS (BERMUDA) LTD			BERMUDA
HG GLOBAL LTD			BERMUDA
HG HOLDINGS LTD			BERMUDA
HG RE LTD			BERMUDA
HG SERVICES LTD			BERMUDA
PSC HOLDINGS LTD.			BERMUDA
WHITE MOUNTAINS INVESTMENTS (BERMUDA) LTD.			BERMUDA
WM HINSON (BERMUDA) LTD			BERMUDA
ATTORNEY'S & PROFESSIONAL INSURANCE SERVICES, INC.			CALIFORNIA, USA
NSM ADMINISTRATION, INC			CALIFORNIA, USA
AMERICAN COLLECTOR'S INSURANCE, LLC			DELAWARE, USA
COPPER FUNDING, LLC			DELAWARE, USA
KUDU INVESTMENT HOLDINGS, LLC			DELAWARE, USA
KUDU INVESTMENT MANAGEMENT LLC			DELAWARE, USA
KUDU INVESTMENT US, LLC			DELAWARE, USA
NSM INSURANCE HOLDING CO, LLC			DELAWARE, USA
NSM INSURANCE GROUP, LLC			DELAWARE, USA
TK PARTNERS, LLC			DELAWARE, USA
WHITE MOUNTAINS ADVISORS LLC			DELAWARE, USA
WHITE MOUNTAINS CAPITAL, LLC			DELAWARE, USA
WHITE MOUNTAINS CATSKILL HOLDINGS, INC			DELAWARE, USA
WM LAFEYETTE HOLDINGS, INC			DELAWARE, USA
WM LINCOLN HOLDINGS, LLC			DELAWARE, USA
WM PORTFOLIO HOLDINGS, LLC			DELAWARE, USA
WHITE MOUNTAINS SERVICES LLC			DELAWARE, USA
HGR PORTFOLIO SOLUTIONS ICAV			IRELAND
TNUVA FINANCIT LTD			ISRAEL
WOBI INSURANCE AGENCY, LTD			ISRAEL
WHITE MOUNTAINS HOLDINGS (LUXEMBOURG) S.A.R.L.			LUXEMBOURG
WHITE MOUNTAINS INVESTMENTS (LUXEMBOURG) S.A.R.L			LUXEMBOURG
CLEVERLAND HOLDINGS, LLC			OHIO, USA
EMBRACE PET INSURANCE AGENCY, LLC			OHIO, USA
EMBRACE PET MANAGEMENT, LLC			OHIO, USA
PLANS LIABILITY INSURANCE COMPANY			OHIO, USA
NSM INSURANCE SERVICES LLC			TEXAS, USA
AUTOSAINT LIMITED			UNITED KINGDOM
BUZZVAULT LIMITED			UNITED KINGDOM
CLASSIC INSURANCE SERVICES LIMITED			UNITED KINGDOM
FIRST INSURANCE SERVICES LIMITED			UNITED KINGDOM
FIRST UNDERWRITING LTD			UNITED KINGDOM
FIRST SPECIALTY LTD			UNITED KINGDOM
FRESH INSURANCE SERVICES GROUP LIMITED			UNITED KINGDOM
KFO HOLDINGS LTD			UNITED KINGDOM
KWCP HOLDINGS UK LTD			UNITED KINGDOM
LADYBIRD INSURANCE BROKER LIMITED			UNITED KINGDOM
MAYBURY JAMES LIMITED			UNITED KINGDOM
NSM MGA HOLDINGS			UNITED KINGDOM
PETER D. JAMES LIMITED			UNITED KINGDOM
REMOVAL STARS LIMITED			UNITED KINGDOM
STEWART MILLER MCCULLOCH & CO. LIMITED			UNITED KINGDOM
STEWART MILLER MCCULLOCH (HOLDINGS) LIMITED			UNITED KINGDOM
VANTAGE HOLDINGS LIMITED			UNITED KINGDOM
VANTAGE INSURANCE SERVICES LIMITED			UNITED KINGDOM
WM CAPITAL HOLDINGS LTD			UNITED KINGDOM
WM INTERNATIONAL HOLDINGS LTD			UNITED KINGDOM
WM REGENT, LTD			UNITED KINGDOM