1 EXHIBIT 21 Subsidiaries of the Corporation at December 31, 1994 were as follows: JURISDICTION INCORPORATED/ OF PERCENT ACQUIRED BY NAME NATURE OF BUSINESS INCORPORATION OWNED GROUP - ------------------------------------------------------- ----------------------- --------------- ------- ------------- General Re Corporation Holding Company Delaware N/A 1980 General Reinsurance Corporation Reinsurer Delaware 100 1970 Elm Street Corporation Real Estate Delaware 100 1981 General Star Indemnity Company Insurer Connecticut 100 1967 General Star National Insurance Company Insurer Ohio 100 1864/1985 General Star Management Company Management Delaware 100 1979 Genesis Underwriting Management Company Management Delaware 100 1988 Broker Markets Agency, Inc. Agent Connecticut 100 1987 Genesis Insurance Company Insurer Connecticut 100 1976/1989 Genesis Indemnity Insurance Company Insurer North Dakota 100 1989 GRC Realty Corporation Real Estate Connecticut 100 1972 Gen Re Holdings, Inc. Holding Company Delaware 100 1981 Reinsurance Underwriting Services Limited Manager UK 100 1966 General Re Europe Limited Reinsurer UK 100 1981 General Re, Correduria de Reaseguros, S.A. Intermediary Spain 100* 1987 General Reinsurance Australasia Limited Reinsurer Australia 100 1961 Recoa Investments Pty. Limited Investment Company Australia 100 1967 General Reinsurance Group, Servicios Comerciales, S.A. General Business Corp. Spain 100* 1979 General Re Compania de Reaseguros, S.A. Reinsurer Uruguay 100 1990 Mandataria General Re, S.A. Agent Argentina 100* 1990 General Re Compania de Reaseguros, S.A. Reinsurer Argentina 100* 1991 General Re-CKAG Reinsurance and Investment S.A.R.L. Holding Company Luxembourg 50.1 1994 Kolnische Ruckversicherungs-Gesellschaft AG Reinsurer Germany 75 1846/1994 Cologne Holding Company of America Holding Company Connecticut 100 1992/1994 Cologne Reinsurance Company of America Reinsurer Connecticut 100 1975/1994 Cologne Life Reinsurance Company Reinsurer Connecticut 100 1967/1994 U.S. Health & Life Insurance Company Insurer Delaware 100 1982/1994 Idealife Insurance Company Insurer Connecticut 100 1981/1994 Europa Ruckversicherung AG Reinsurer Germany 84 1947/1994 Kolnische Versicherungs-Beratungs-und Service GmbH General Business Corp. Germany 100 1988/1994 The Cologne Reinsurance Company Ltd. Reinsurer UK 100 1983/1994 Cologne Reinsurance Company Ltd. Reinsurer Ireland 99 1990/1994 LaKolnische Italia Servizi Riassicurativi SRL Agent Italy 100 1989/1994 Kolnische Nordiska Aktiebolag Insurer Sweden 100 1980/1994 Cologne Reinsurance Finance Holdings B.V. Holding Company Netherlands 100 1976/1994 Cologne Reinsurance Company Ltd. Reinsurer Bermuda 100 1980/1994 Cologne Reinsurance Ltd. Reinsurer Barbados 75*** 1989/1994 LaKolnische Latina S.A. Agent Mexico 95 1976/1994 LaKolnische de Venezuela C.A. Agent Venezuela 99 1988/1994 Cologne Reinsurance Company of South Africa Ltd. Reinsurer South Africa 99 1966/1994 Cologne Life Reinsurance Company of Australia Ltd. Reinsurer Australia 99 1983/1994 Cologne Reinsurance Consultants Ltd. General Business Corp. Hong Kong 99 1987/1994 Die Kolnische Ruck Riga GmbH Agent Latvia 100 1990/1994 LaKolnische Iberica S.A. Agent Spain 100 1981/1994 Kolnische Ruck Buenos Aires S.A. Agent Argentina 100 1992/1994 2 JURISDICTION INCORPORATED/ OF PERCENT ACQUIRED BY NAME NATURE OF BUSINESS INCORPORATION OWNED GROUP - ------------------------------------------------------- ----------------------- --------------- ------- ------------- GRD Corporation General Business Corp. Delaware 100 1987 General Re Financial Products Corporation Swap Dealer Delaware 100 1990 General Re Financial Products (Canada) Limited Agent Ontario 100 1993 General Re Financial Products Limited Agent UK 100 1990 General Re Financial Securities Limited Swap Dealer UK 100 1992 General Re Securities Corporation Broker-Dealer Delaware 100 1991 General Re Underwriting Services Limited Underwriting Services Bermuda 100 1993 Sasco Reinsurance, Ltd. Reinsurer Bermuda 100 1993 General Re T K, Inc. General Business Corp. Delaware 100 1994 General Re Asset Management, Inc. Investment Adviser Delaware 100 1993 North Star Syndicate, Ltd. Insurance Syndicate Delaware 100 1979 United States Aviation Underwriters, Inc. Manager New York 100 1928/1982 USAU Reinsurance Limited Reinsurer Bermuda 100 1978 Canadian Aviation Insurance Managers Ltd. Manager Montreal, Can. 100 1937 Airsurance Limitee Manager Montreal, Can. 100 1982 General Re Services Corporation General Business Corp. Delaware 100 1979 General Re Financial Products (Japan) Inc. Agent/Swap Dealer Delaware 100 1990 Herbert Clough Inc. Intermediary New York 100 1926/1928 Genplus Managers, Inc. Manager Delaware 100 1984 - --------------- * Percentages exclude any director qualifying shares ** Partnership percentage *** Cologne Reinsurance Company Ltd. (Bermuda) owns 75% and Cologne Life Reinsurance Company (Connecticut) owns 25% of Cologne Reinsurance Ltd. (Barbados) (Indentation shows ownership)