|Exhibit 21


The following is a list of wholly
owned subsidiaries, unless otherwise noted, of FPIC Insurance Group, Inc. as of December
31, 2003:
|-------------------------------------------------------------------------------------------------------------------------------------------------

|Name of Subsidiary                                                | State of Incorporation
|----------------------------------------------------------------- | ----------------------
|First Professionals Insurance Company, Inc. (First Professionals) |                       
|                                                                  |                       
|Anesthesiologists Professional Assurance Company                  |                       
|                                                                  |                       
|FPIC Insurance Agency, Inc.                                       |                       
|                                                                  |                       
|Employers Mutual, Inc.                                            |                       
|                                                                  |                       
|FPIC Services, Inc.                                               |                       
|                                                                  |                       
|Professional Strategy Options, Inc.                               |                       
|                                                                  |                       
|Administrators For The Professions, Inc. (AFP)                    |                       
|                                                                  |                       
|Group Data Corporation                                            |                       
|(100% owned by AFP)                                               |                       
|                                                                  |                       
|FPIC Intermediaries, Inc.                                         |                       
|(100% owned by AFP)                                               |                       
|                                                                  |                       
|The Tenere Group, Inc. (Tenere)                                   |                       
|(100% owned by First Professionals)                               |                       
|                                                                  |                       
|Intermed Insurance Company (Intermed)                             |                       
|(100% owned by Tenere)                                            |                       
|                                                                  |                       
|Trout Insurance Services, Inc.                                    |                       
|(100% owned by Intermed)                                          |                       
|                                                                  |                       
|Interlex Insurance Company                                        |                       
|(100% owned by Intermed)                                          |                       
|                                                                  |                       
|Insurance Services, Inc.                                          |                       
|(100% owned by Intermed)                                          |                       

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