THE MIDLAND COMPANY AND SUBSIDIARIES
Exhibit (21) - Subsidiaries of the Registrant
December 31, 2004

     The subsidiaries of the registrant as of December 31, 2004, all of which are included in the consolidated financial statements, are as follows:

		Percentage
	State of	of Voting
	Incorporation	Stock Owned
M/G Transport Services, Inc.	Ohio		100
Midland-Guardian Co.	Ohio		100
MGT Services, Inc.	Ohio		100
SUBSIDIARIES OF MIDLAND-GUARDIAN CO.:
American Modern Insurance Group, Inc.	Ohio		100
SUBSIDIARIES OF AMERICAN MODERN INSURANCE GROUP, INC.:
American Modern Home Insurance Company	Ohio		100
American Family Home Insurance Company	Florida		100
American Modern Life Insurance Company	Ohio		100
Lloyds Modern Corporation	Texas		100
American Modern Home Service Company	Ohio		100
Modern Services Group, Inc.	Ohio		100
American Modern Financial Services, Inc.	Ohio		100
SUBSIDIARIES OF AMERICAN MODERN HOME INSURANCE COMPANY:
American Modern Lloyds Insurance Company	Texas		100
American Southern Home Insurance Company	Florida		100
American Western Home Insurance Company	Oklahoma		100
G.U.I.C. Insurance Company	Ohio		100

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