EXHIBIT 21

Subsidiaries of Argonaut Group, Inc



|                                           |  |                       
|------------------------------------------ |  | ----------------------
|Company Name                               |  | State of Incorporation
|Argonaut Group, Inc.                       |  | Delaware              
|Argonaut Group Statutory Trust             |  | Connecticut           
|Argonaut Group Statutory Trust III         |  | Delaware              
|Argonaut Group Statutory Trust IV          |  | Delaware              
|Argonaut Group Statutory Trust V           |  | Delaware              
|Argonaut Group Statutory Trust VI          |  | Connecticut           
|Argonaut Group Statutory Trust VII         |  | Delaware              
|Argonaut Group Statutory Trust VIII        |  | Delaware              
|Argonaut Group Statutory Trust IX          |  | Delaware              
|Argonaut Group Statutory Trust X           |  | Delaware              
|Argonaut Management Services, Inc.         |  | Delaware              
|Argus Reinsurance Intermediaries, Inc.     |  | Texas                 
|Argonaut Fund to Secure the Future         |  | Texas                 
|Captive Advisory Services, Inc.            |  | Vermont               
|Trident Insurance Services, LLC            |  | Texas                 
|Trident Insurance Services of Oregon, Inc. |  | Oregon                
|Colony Management Services, Inc.           |  | Virginia              
|Colony Agency Services, Inc.               |  | Virginia              
|Fulcrum Underwriting Managers, Inc.        |  | Arizona               
|Argonaut Claims Services, Ltd.             |  | Texas                 
|Argonaut Claims Management, LLC            |  | Texas                 
|Colony Insurance Company                   |  | Virginia              
|Colony Specialty Insurance Company         |  | Ohio                  
|Colony National Insurance Company          |  | Virginia              
|Argonaut Insurance Company                 |  | California            
|Argonaut-Midwest Insurance Company         |  | Illinois              
|Argonaut-Southwest Insurance Company       |  | Louisiana             
|Argonaut Great Central Insurance Company   |  | Illinois              
|Select Markets Insurance Company           |  | Illinois              
|Argonaut Limited Risk Insurance Company    |  | Illinois              
|Alpha Credit Corporation                   |  | Illinois              
|Central Insurance Management, Inc.         |  | Illinois              
|Insurance Agency of Central Illinois, Inc. |  | Ohio                  
|Grocers Insurance Agency, Inc.             |  | Oregon                
|AGI Properties, Inc.                       |  | California            
|AGI Limited Risks                          |  | California            
|Front Royal, Inc.                          |  | Delaware              
|Rockwood Casualty Insurance Company        |  | Pennsylvania          
|Somerset Casualty Insurance Company        |  | Pennsylvania          
|Mid-State Insurance Underwriters, Inc.     |  | Pennsylvania          
|Comprehensive Casualty Services, Inc.      |  | Pennsylvania          
|Coal Operators Indemnity Company           |  | Pennsylvania