**Exhibit 21**

**KAISER GROUP HOLDINGS, INC.**9300 Lee HighwayFairfax, VA 22031(703) 934-3413

Kaiser Group Holdings, Inc.’s subsidiaries as of March 20,2007 are listed below.  Subsidiarieswhich are less than wholly-owned are indicated by the ownership percentagefigure in parentheses following the name of the subsidiary.
| ** **                                                                                                                                                                                                                                                                               | ** ** | **Jurisdiction** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------------|
| **Consolidated  Subsidiary**                                                                                                                                                                                                                                                             | ** ** | **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          |

 

----