Exhibit 21.1

SUBSIDIARIES OF THE REGISTRANT⁽¹⁾ 

Name		Jurisdiction of Incorporation or Organization
Operating Company
	Tiptree Operating Company, LLC (77% owned)	Delaware
Insurance and Insurance Services
	Caroline Holdings LLC	Delaware
	Fortegra Financial Corporation	Delaware
	4Warranty Corporation	Florida
	Auto Knight Motor Club, Inc.	California
	Bankers Life of Louisiana	Louisiana
	Digital Leash, LLC (d/b/a ProtectCELL) (62.4% owned)	Florida
	Life of the South Insurance Company	Georgia
	LOTS Intermediate Company	Delaware
	LOTS Reassurance Company	Turks & Caicos Islands, BWI
	Lyndon Southern Insurance Company	Delaware
Specialty Finance
	Siena Capital Finance Acquisition Corp.	Delaware
	Siena Capital Finance LLC (62% owned)	Delaware
	Luxury Mortgage Corp. (67.5% owned)	Delaware
Asset Management
	TAMCO Manager, Inc.	Delaware
	Tiptree Asset Management Company, LLC (99% owned)	Delaware
	Telos Asset Management, LLC	Delaware
	Muni Funding Company of America LLC	Delaware
	MFCA Funding, Inc.	Delaware
Real Estate
	Care Investment Trust LLC	Delaware
	Care Cal Holdings LLC	Delaware
Corporate and Other
	Tiptree Direct Holdings LLC	Delaware
Discontinued Operations
	PFG Holdings Acquisition Corp.	Delaware
	Philadelphia Financial Group, Inc. (93% owned)	Pennsylvania
	PFASC Holdings, LLC	Delaware
	Philadelphia Financial Administration Services Company	Delaware
	Philadelphia Financial Life Assurance Company LLC	Pennsylvania

(1) Subsidiaries not included on this list, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary as of December 31, 2014. Subsidiaries are 100% owned unless otherwise noted.