EXHIBIT 21 SUBSIDIARIES OF THE REGISTRANT AS OF DECEMBER 31, 1997 FULL NAME OF SUBSIDIARY PLACE OF INCORPORATION - ----------------------- ---------------------- CHARTER INDEMNITY COMPANY TEXAS, USA FUND AMERICAN CASUALTY REINSURANCE, LTD. ISLANDS OF BERMUDA FUND AMERICAN ENTERPRISES, INC. DELAWARE, USA SOURCE ONE MORTGAGE SERVICES CORPORATION and subsidiaries DELAWARE, USA VALLEY INSURANCE COMPANY CALIFORNIA, USA VALLEY NATIONAL INSURANCE COMPANY KANSAS, USA VALLEY PROPERTY & CASUALTY INSURANCE COMPANY OREGON, USA WHITE MOUNTAINS HOLDINGS, INC. DELAWARE, USA WHITE MOUNTAINS INSURANCE COMPANY NEW HAMPSHIRE, USA