Exhibit 21.1



|                                        |  |                                            |  |                           
|--------------------------------------- |  | ------------------------------------------ |  | --------------------------
|PARENT                                  |  | SUBSIDIARIES                               |  | JURISDICTIONOFORGANIZATION
|Max Capital Group Ltd. (the Registrant) |  | Max Bermuda Ltd.                           |  | Bermuda                   
|                                        |  | Max Managers Ltd.                          |  | Bermuda                   
|                                        |  | Max USA Holdings Ltd.                      |  | Delaware, USA             
|                                        |  | Max Capital Services Limited               |  | Ireland                   
|                                        |  | Max UK Holdings Ltd.                       |  | United Kingdom            
|                                        |  | Alterra Holdings Limited                   |  | Bermuda                   
|                                        |  |                                           
|Max Bermuda Ltd.                        |  | Max Diversified Strategies Ltd.            |  | Bermuda                   
|                                        |  | Max Europe Holdings Limited                |  | Ireland                   
|                                        |  |                                           
|Max Europe Holdings Limited             |  | Max Re Europe Limited                      |  | Ireland                   
|                                        |  | Max Insurance Europe Limited               |  | Ireland                   
|                                        |  |                                           
|Max USA Holdings Ltd.                   |  | Max Specialty Insurance Company            |  | Delaware, USA             
|                                        |  | Max Specialty Insurance Services Ltd.      |  | Delaware, USA             
|                                        |  | Max Managers USA Ltd.                      |  | Delaware, USA             
|                                        |  |                                           
|Max Capital Services Limited            |  | Max Capital Services USA LLC               |  | Delaware, USA             
|                                        |  | Max Capital Services BDA Ltd.              |  | Bermuda                   
|                                        |  | Max Capital Services UK Ltd.               |  | United Kingdom            
|                                        |  |                                           
|Max Specialty Insurance Company         |  | Max America Insurance Company              |  | Indiana, USA              
|                                        |  |                                           
|Max Specialty Insurance Services Ltd.   |  | Max California Insurance Services Ltd.     |  | California, USA           
|                                        |  |                                           
|Max UK Holdings Ltd.                    |  | Max at Lloyds Ltd.                        |  | United Kingdom            
|                                        |  | Max UK Underwriting Services Ltd.          |  | United Kingdom            
|                                        |  | Max Denmark ApS                            |  | Denmark                   
|                                        |  | Danish Re (UK) Group Limited               |  | United Kingdom            
|                                        |  | Max Corporate Capital 2 Ltd.               |  | United Kingdom            
|                                        |  | Max Corporate Capital 3 Ltd.               |  | United Kingdom            
|                                        |  | Max Corporate Capital 4 Ltd.               |  | United Kingdom            
|                                        |  | Max Corporate Capital 5 Ltd.               |  | United Kingdom            
|                                        |  | Max Corporate Capital 6 Ltd.               |  | United Kingdom            
|                                        |  |                                           
|Max at Lloyds Ltd.                     |  | Max Brasil Serviços Técnicos Limitada      |  | Brazil                    
|                                        |  |                                           
|Max Denmark ApS                         |  | Max Singapore Insurance Managers Pte. Ltd. |  | Singapore