EXHIBIT 12.1
RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS
QUARTER ENDED
MARCH 31, YEAR ENDED DECEMBER 31,
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1997 1996 1995 1994 1993
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(DOLLARS IN THOUSANDS)
Income before income taxes and
cumulative effect of change
in accounting principle, but
after minority interest...... $35,982 $156,160 $165,322 $109,298 $31,281
Add:
Portion of rents
representative of the
interest factor............ 67 -- -- -- --
Interest expense............ 1,933 6,553 6,424 192 --
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Income as adjusted............ $37,982 $162,713 $171,746 $109,490 $31,281
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Fixed charges:
Interest expense............ $ 1,933 $ 6,553 $ 6,424 $ 192 $ --
Preferred dividends......... 545 -- 2,536 12,879 --
Portion of rents
representative of the
interest factor............ 67 -- -- -- --
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Total....................... $ 2,545 $ 6,553 $ 8,960 $ 13,071 $ --
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Ratio of earnings to fixed
charges...................... 14.9x 24.8x 19.2x 8.4x N/A