Exhibit 21

SUBSIDIARIES OF REGISTRANT

Name	Jurisdiction of Incorporation
Alternative Re Holdings Limited	Bermuda
Alternative Re Limited	Bermuda
Alternative Underwriting Services, Ltd.	Bermuda
Alwyn Insurance Company Limited	Gibraltar
Arch Capital Finance (Ireland) Limited	Ireland
Arch Capital Finance LLC	Delaware
Arch Capital Group (U.S.) Inc.	Delaware
Arch Capital Holdings Ltd.	Bermuda
Arch Capital Services Inc.	Delaware
Arch Credit Risk Services Inc.	Delaware
Arch Europe Insurance Services Ltd	United Kingdom
Arch Excess & Surplus Insurance Company	Missouri
Arch Financial Holdings Australia Pty Ltd	Australia
Arch Financial Holdings B.V.	Netherlands
Arch Financial Holdings Europe I Limited	Ireland
Arch Financial Holdings Europe II Limited	Ireland
Arch Financial Holdings Europe III Limited	Ireland
Arch Global Services (Cyprus) Ltd.	Cyprus
Arch Global Services Holdings Ltd.	Bermuda
Arch Global Services (Philippines) Inc.	Philippines
Arch Indemnity Insurance Company	Missouri
Arch Insurance Canada Ltd.	Canada
Arch Insurance Company	Missouri
Arch Insurance Company (Europe) Limited	United Kingdom
Arch Insurance Group Inc.	Delaware
Arch Insurance Solutions Inc.	Delaware

Arch International Services Inc.	Delaware
Arch Investment Holdings I Ltd.	Bermuda
Arch Investment Holdings II Ltd.	Bermuda
Arch Investment Holdings III Ltd.	Bermuda
Arch Investment Holdings IV Ltd.	Bermuda
Arch Investment Management Ltd.	Bermuda
Arch Investment Holdings (Cyprus) Ltd.	Cyprus
Arch Investment Property Holdings Ltd.	Bermuda
Arch LMI Pty Ltd	Australia
Arch MI Asia Limited	Hong Kong
Arch Mortgage Assurance Company	Wisconsin
Arch Mortgage Insurance Designated Activity Company	Ireland
Arch Mortgage Guaranty Company	Wisconsin
Arch Mortgage Insurance Company	Wisconsin
Arch Mortgage Risk Transfer Holdings Inc.	Delaware
Arch Mortgage Risk Transfer PCC Inc.	District of Columbia
Arch Re Accident & Health ApS	Denmark
Arch Re Facultative Underwriters Inc.	Delaware
Arch Reinsurance Company	Delaware
Arch Reinsurance Europe Underwriting Designated Activity Company	Ireland
Arch Reinsurance Ltd.	Bermuda
Arch Risk Transfer Services Ltd.	Bermuda
Arch Specialty Insurance Agency Inc.	Missouri
Arch Specialty Insurance Company	Missouri
Arch Structured Mortgage Insurance Company	North Carolina
Arch Syndicate Investments Ltd	United Kingdom
Arch Underwriters Ltd.	Bermuda
Arch Underwriters Europe Limited	Ireland
Arch Underwriters (Gulf) Limited	Dubai International Financial Centre

Arch Underwriting Agency (Australia) Pty. Ltd.	Australia
Arch Underwriting Agency LLC	Delaware
Arch Underwriting at Lloyd’s Ltd	United Kingdom
Arch Underwriting at Lloyd’s (Australia) Pty Ltd	Australia
Arch Underwriters Inc.	Delaware
Arch U.S. MI Holdings Inc.	Delaware
Arch U.S. MI Services Inc.	Delaware
Arch UK Holdings Limited	United Kingdom
Construction Risk Underwriters LLC	Minnesota
First American Services Corporation	Missouri
Gulf Re Holdings Limited	Jersey (Channel Islands)
Gulf Reinsurance Limited	Dubai International Financial Centre
McNeil & Company, Inc.	New York
United Guaranty Commercial Insurance Company of North Carolina	North Carolina
United Guaranty Credit Insurance Company	North Carolina
United Guaranty Mortgage Insurance Company	North Carolina
United Guaranty Mortgage Insurance Company of North Carolina	North Carolina
United Guaranty Partners Insurance Company	Vermont
United Guaranty Residential Insurance Company	North Carolina
United Guaranty Residential Insurance Company of North Carolina	North Carolina
United Guaranty Services, Inc.	North Carolina