Exhibit 21


                                       
                          SUBSIDIARIES OF NAC Re CORP.





                                                                 Jurisdiction
Name                                                           of Incorporation
- ----                                                           ----------------
                                                            

NAC Reinsurance Corporation                                      New York

 -  Greenwich Insurance Company                                  California

 -  Indian Harbor Insurance Company                              North Dakota

 -  NAC Re International Holdings Limited                        United Kingdom

    -- NAC Re International Services
       Company Limited                                           United Kingdom

    -- NAC Reinsurance International Limited                     United Kingdom

    -- Stonebridge Underwriting, Ltd.                            United Kingdom

NAC Re Financial Services, Inc.                                  Delaware