SUBSIDIARIES OF RENAISSANCERE HOLDINGS LTD.

Published on March 31, 1999



WF&G Draft
3/25/99

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 IAS Claim Services,
Inc., a corporation organized under the laws of Delaware, is owned by
Renaissance U.S. Holdings Inc.

9. 100% of the issued and outstanding capital shares of Nobel Insurance
Agency, Inc., a corporation organized under the laws of Texas, is owned
beneficially by Renaissance U.S. Holdings Inc.

10. 100% of the issued and outstanding capital shares of Nobel Managing Agents,
Inc., a corporation organized under the laws of Texas, is owned by Nobel
Insurance Company.

11. 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.

12. 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.

13. 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.

14. 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.

15. 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.