Name of Corporation Ownership % Jurisdiction - ------------------- ----------- ------------ U.S. Capital Group Inc. 100% Delaware U.S. Capital Insurance Company 100% New York Atlantic Run Off Services Inc. 100% Connecticut INSYST, Inc. 100% Connecticut PAG Management Inc. 100% Delaware Pan Atlantic Investors Ltd. 100% New York Pan Atlantic Underwriters Ltd. 100% Bermuda Pan Atlantic Reinsurance Company Limited(2) 73% Bermuda Pan Atlantic Insurance Company Limited(3) 67.33% United Kingdom AROS Reinsurance Services Limited 100% United Kingdom (1) An additional 12.94% is owned by Pan Atlantic Investors Ltd. (2) The remaining 27% is owned by Pan Atlantic Underwriters, Ltd. (3) The remaining 32.67% is owned by Pan Atlantic Underwriters, Ltd. March 15, 1995 Exhibit 21