EXHIBIT 21

LIST OF SUBSIDIARIES OF THE REGISTRANT

Maguire Insurance Agency, Inc., a Pennsylvania corporation
PCHC Investment Corp., a Delaware corporation
Philadelphia Indemnity Insurance Company, a Pennsylvania corporation
Philadelphia Insurance Company, a Pennsylvania corporation
Liberty American Insurance Group, Inc., a Delaware corporation
Mobile USA Insurance Company, a Florida corporation
Liberty American Insurance Company, a Florida corporation
Mobile Homeowners Insurance Agencies, Inc., a Florida corporation
Liberty American Premium Finance Company, a Florida corporation