EXHIBIT 21.1

List of Subsidiaries of Hilltop Holdings Inc.

	State or Other Jurisdiction
Name	of Incorporation or Formation
HTH Operating Partnership LP		Delaware
American Summit Insurance Company		Texas
ARC Insurance Holdings, Inc.		Delaware
Enspire Insurance Services, Inc.		Delaware
Excalibur Financial Corporation		Delaware
Hilltop Investments I LLC		Delaware
JE Murphy Company, Inc.		Arizona
JE Murhpy Company of Florida, Inc.		Florida
NALICO General Agency, Inc.		Texas
NAGRUPCO, Ltd.		Texas
National Group Corporation		Delaware
National Lloyds Insurance Corporation		Texas
NLASCO National Lloyds, Inc.		Texas
NLASCO Underwriter Partner 1 LLC		Delaware
NLASCO Underwriter Partner 2 LLC		Delaware
NLASCO Underwriter Partnership		Delaware
NLASCO, Inc.		Delaware
NLASCO Services, Inc.		Texas