USF&G Corporation
Exhibit 21 - Subsidiaries of the Registrant





Name of Subsidiary                               State of Incorporation

United States Fidelity and Guaranty Company       Maryland

Fidelity & Guaranty Life Insurance Company       Maryland

The names of other subsidiaries have been omitted because, when considered in
the aggregate as a single subsidiary, they would not constitute a significant
subsidiary as defined by Regulation S-X.