<PAGE>
 
                                                                      EXHIBIT 21
                                SUBSIDIARIES OF
                            THE CENTRIS GROUP, INC.
                            AS OF DECEMBER 31, 1997

                   [LOGO GOES HERE] The Centris Group, Inc.

<TABLE>  

                                                                                            The Centris Group, Inc.
                                                                                             A Delaware Corporation
                                                                                               (Holding Company)


<S>                              <C>                             <C>                              <C> 
  USF RE INSURANCE COMPANY           USBenefits Insurance                 Interra, Inc.                  Seaboard Life         
A Massachusetts Corporation             Services, Inc.               An Indiana Corporation          Insurance Company(USA)    
(Wholly-Owned Subsidiary of        A California Corporation       (Wholly-Owned Subsidiary of        An Indiana Corporation 
  The Centris Group, Inc.)       (Wholly-Owned Subsidiary of        The Centris Group, Inc.)       (Wholly-Owned Subsidiary of 
                                   The Centris Group, Inc.)                                          The Centris Group, Inc.)  
                                                                                                                               
                                                                                                                               
      US Holdings, Inc.              Interra Reinsurance             Centris Underwriting                 Centris Risk         
   A Delaware Corporation                Group, Inc.                    Agencies, Inc.                  Management, Inc.       
(Wholly-Owned Subsidiary of        An Indiana Corporation          An Indiana Corporation            An Indiana Corporation    
 USF RE INSURANCE COMPANY)        (Wholly-Owned Subsidiary        (Wholly-Owned Subsidiary          (Wholly-Owned Subsidiary   
                                      of Interra, Inc.)               of Interra, Inc.)                of Interra, Inc.)       
                                                                                                                               
   USF Insurance Company     
 A Pennsylvania Corporation                                                                                                         
 (Wholly-Owned Subsidiary                                                                                                           
   of US Holdings, Inc.) 
</TABLE> 

<TABLE> 
<S>               <C> 
                  VASA North America, Inc.                                       
                   An Indiana Corporation  
                  (Wholly-Owned Subsidiary 
                 of The Centris Group, Inc.) 
                                                                                                                                    
                                  
     Select Benefits, Inc.          VASA Insurance Group, Inc.  
    An Indiana Corporation           An Indiana Corporation
 (Wholly-Owned Subsidiary of       (Wholly-Owned Subsidiary of
  VASA North America, Inc.)         VASA North America, Inc.)   
                                 
                                 
                                                       VASA Brougher, Inc.
                                                     An Indiana Corporation 
                                                   (Wholly-Owned Subsidiary of
                                                   VASA Insurance Group, Inc.)
                                 
                                 
                     VASA North Atlantic        
                      Insurance Company         
                    An Indiana Corporation      
                    (93.75% Owned by VASA      
                       Ins. Group, Inc.)        
                     (6.25% Owned by VASA       
                        Brougher, Inc.)           
</TABLE>