Exhibit 21.1

                   SUBSIDIARIES OF RENAISSANCERE HOLDINGS LTD.

1.   100% of the issued and outstanding capital shares of Renaissance
     Reinsurance Ltd., a company organized under the laws of Bermuda, is owned
     by RenaissanceRe Holdings Ltd.

2.   100% of the issued and outstanding capital shares of Glencoe Insurance
     Ltd., a company organized under the laws of Bermuda, is owned by
     RenaissanceRe Holdings Ltd.

3.   100% of the issued and outstanding capital shares of DeSoto Insurance
     Company, a company organized under the laws of Florida, is owned by Glencoe
     Insurance Ltd.

4.   100% of the issued and outstanding capital shares of Renaissance Services
     Ltd., a company organized under the laws of Bermuda, is owned by
     RenaissanceRe Holdings Ltd.

5.   100% of the issued and outstanding capital shares of Renaissance U.S.
     Holdings, Inc., a corporation organized under the laws of Delaware, is
     owned by RenaissanceRe Holdings Ltd.

6.   100% of the issued and outstanding capital shares of Nobel Insurance
     Company, an insurance company organized under the laws of Texas, is owned
     by Renaissance U.S. Holdings Inc.

7.   100% of the issued and outstanding capital shares of Nobel Service
     Corporation, a corporation organized under the laws of Texas, is owned by
     Nobel Insurance Company.

8.   100% of the issued and outstanding capital shares of Paget Insurance
     Agency, Inc., a corporation organized under the laws of Florida, is owned
     beneficially by Renaissance U.S. Holdings Inc.

9.   100% of the issued and outstanding capital shares of Pembroke Managing
     Agents, Inc., a corporation organized under the laws of Florida, is owned
     beneficially by Renaissance U.S. Holdings Inc.

10.  50% of the issued and outstanding capital shares of Top Layer Reinsurance
     Ltd., a company organized under the laws of Bermuda, is owned by
     Renaissance Reinsurance Ltd.

11.  99% of the issued and outstanding capital shares of Renaissance Reinsurance
     of Europe, a company organized under the laws of Ireland, is owned by
     Renaissance Reinsurance Ltd., with the remaining 1% owned by RenaissanceRe
     Holdings Ltd.

12.  100% of the Common Securities of RenaissanceRe Capital Trust, a Delaware
     statutory business trust, are owned by RenaissanceRe Holdings Ltd. Such
     Common Securities represent approximately 3% of the outstanding beneficial
     interests in the Trust, and 100% of the ordinary voting power.







13.  100% of the issued and outstanding capital shares of Renaissance
     Underwriting Managers, Ltd., a company organized under the laws of
     Bermuda, is owned by RenaissanceRe Holdings Ltd.

14.  100% of the issued and outstanding capital shares of Renaissance Services,
     Ltd., a company organized under the laws of Bermuda, is owned by
     Renaissance U.S. Holdings, Inc.