Exhibit 21

KAISER GROUP HOLDINGS, INC.
9300 Lee Highway

Fairfax, VA 22031

(703) 934-3414

Kaiser Group Holdings, Inc.’s subsidiaries as of March 20, 2006 are listed below. Subsidiaries which are less than wholly-owned are indicated by the ownership percentage figure in parentheses following the name of the subsidiary.

Consolidated Subsidiary							Jurisdiction of Formation
I.	KAISER GROUP HOLDINGS, INC.						Delaware
	II.	Kaiser Group International, Inc.					Delaware
		III. Kaiser Analytical Management Services, Inc.					Delaware
		III.	Kaiser Engineers Group, Inc.				Delaware
			IV.	Kaiser Engineers, Inc.			Ohio
				V.	Kaiser Overseas Engineering, Inc.		Delaware
				V.	Kaiser Engineers and Constructors, Inc.		Nevada
					VI.	Kaiser Engenharia, S.A. (50%)	Portugal
				V.	Kaiser Engineers International, Inc.		Nevada
					VI.	Kaiser Engenharia, S.A. (50%)	Portugal
		III.	Kaiser Government Programs, Inc.				Delaware
			IV.	Kaiser K-H Holdings, Inc.			Delaware
				V.	Kaiser-Hill Company, LLC (50%)		Colorado
					VI.	Kaiser-Hill Funding Company, L.L.C. (98%)	Delaware
				V.	Kaiser-Hill Funding Company, L.L.C. (1%)		Delaware
		III.	Kaiser Holdings Unlimited, Inc.				Delaware
			IV.	Kaiser Engineers Eastern Europe, Inc.			Delaware
				V.	Kaiser Netherlands B.V. (10%)		Netherlands
			IV.	Kaiser Netherlands B.V. (90%)			Netherlands
		III.	Monument Select Insurance Company				Vermont
			IV.	MSIC, Inc.			Delaware
			IV.	MS Builders Insurance Company			Vermont