Exhibit 21

SUBSIDIARIES OF VESTA INSURANCE GROUP, INC.

Instant Insurance Holdings, Inc. (Delaware)

• Instant Insurance Holdings, Inc. conducts non-standard automobile agency operations through approximately 17 subsidiaries operating within the United States.

J. Gordon Gaines, Inc. (Delaware)

• Mound Agency, Inc. (Illinois)

• Mound Agency of Ohio, Inc. (Ohio)

• Florida Select Insurance Agency, Inc. (Florida)

• Select Insurance Services, Inc., d/b/a Texas Select Lloyds, Inc. (Florida)

Vesta Fire Insurance Corporation (Illinois)

• Aegis Financial Corporation (Nevada)

• States General Life Insurance Company (Texas)

• United International Life Insurance Company (Texas)

• American Founders Financial Corporation (Arizona)

• Laurel Life Insurance Company (Texas)

• American Founders Life Insurance Company (Texas)

• Bradford Investments, LC (Louisiana)

• Emerald Coast Re Cayman Ltd. (Cayman Islands)

• Florida Select Insurance Holdings, Inc. (Florida)

• Florida Select Insurance Company (Florida)

• Shelby Casualty Insurance Company (Illinois)

• The Shelby Insurance Company (Illinois)

• Affirmative Insurance Company (Illinois)

• Insura Property & Casualty Insurance Company (Illinois)

• Instant Auto Insurance Company (Missouri)

• Texas Select Lloyds Insurance Company (Texas)

• Vesta Capital Insurance Syndicate, Inc. (Illinois)

• The Hawaiian Insurance & Guaranty Company, Ltd. (Hawaii)

• Vesta Insurance Corporation (Illinois)

• Vesta Timber Co., LLC (Alabama)