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EXHIBIT 21.1

TRANSATLANTIC HOLDINGS, INC.
SUBSIDIARIES OF REGISTRANT

Name of Corporation		Jurisdiction of Incorporation	% of Voting Securities Owned by its Immediate Parent
Transatlantic Reinsurance Company		New York, U.S.A.		100	%
	Putnam Reinsurance Company	New York, U.S.A.		100	*
	Trans Re Zurich Reinsurance Company Ltd.	Zurich, Switzerland		100	*
	Transatlantic Re (Argentina) S.A.	Argentina		100	*
	Transatlantic Re (Brasil) Ltda.	Brazil		100	*
	Transatlantic Polska Sp. z o.o.	Warsaw, Poland		100	*
	TransRe Germany GmbH	Munich, Germany		100	*
	TRC (PANAMÁ) S.A.	Panama		100	*
Professional Risk Management Services, Inc.		Delaware, U.S.A.		100
TReIMCo 1 Limited		England		100
Calpe Insurance Company Limited		Gibraltar		100

*

The common stock is owned 100% by Transatlantic Reinsurance Company.

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EXHIBIT 21.1

TRANSATLANTIC HOLDINGS, INC. SUBSIDIARIES OF REGISTRANT