Exhibit 12.1
RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS
Year Ended December 31,
Quarter Ended ----------------------------------------------
March 31, 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 -- -- -- --
------- -------- -------- -------- -------
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