RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES

STATEMENT REGARDING RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE SHARE DIVIDENDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 MONTHS

 

 

 

 

 

 

 

 

 

 

 

 

 

ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

MARCH 31,

 

FOR THE YEAR ENDED DECEMBER 31,

(in thousands)

 

2007

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 $     190,805

 

 $     761,635

 

 $    (281,413)

 

 $     133,108

 

 $     605,992

 

 $     342,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add back:

Income taxes

 

              107

 

              935

 

                  -

 

           4,003

 

               (18)

 

             (115)

 

Minority interest

 

         29,107

 

        144,159

 

       (156,449)

 

        (41,420)

 

         72,014

 

         55,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges and preference share dividends

 

         23,476

 

         74,453

 

         64,301

 

         57,835

 

         45,049

 

         33,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed earnings from equity method investees

 

        -

 

        12,467

 

        17,241

 

        24,452

 

        22,395

 

        9,662

Less:

Undistributed earnings from equity method investees

 

        (10,701)

 

        (34,528)

 

        (28,259)

 

        (31,081)

 

        (21,167)

 

        (22,339)

Earnings available for fixed charges and preference share dividends

 

 $     232,794

 

 $     959,121

 

 $    (384,579)

 

 $     146,897

 

 $     724,265

 

 $     418,439

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges and preference share dividends

 

 

 

 

 

 

 

 

 

 

 

 

  Interest expensed

 

 $       11,979

 

 $       37,602

 

 $       28,218

 

 $       25,968

 

 $       18,252

 

 $       13,069

  Estimated interest within rental expense

 

              361

 

           1,376

 

           1,433

 

              733

 

              526

 

              443

  Preference share dividends

 

         11,136

 

         35,475

 

         34,650

 

         31,134

 

         18,801

 

         12,184

  Trust preferred minority interest

 

                  -

 

                  -

 

                  -

 

                  -

 

           7,470

 

           7,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges and preference share dividends

 

 $       23,476

 

 $       74,453

 

 $       64,301

 

 $       57,835

 

 $       45,049

 

 $       33,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

           18.86

 

           24.61

 

          (12.97)

 

             5.50

 

           27.59

 

           19.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preference share dividends

 

             9.92

 

           12.88

 

            (5.98)

 

             2.54

 

           16.08

 

           12.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 










GLENCOE U.S. HOLDINGS INC. AND SUBSIDIARIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STATEMENT REGARDING RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 MONTHS

 

 

 

 

 

 

 

 

 

 

 

 

 

ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

MARCH 31,

 

FOR THE YEAR ENDED DECEMBER 31,

(in thousands)

 

2007

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 $        3,031

 

 $       16,815

 

 $       12,245

 

 $      (12,857)

 

 $       (9,738)

 

 $      (13,946)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add back:

Income taxes

 

              107

 

              893

 

                  -

 

           4,003

 

               (18)

 

             (115)

 

Minority interest

 

                  -

 

             (151)

 

               (50)

 

             (189)

 

             (200)

 

             (212)

Fixed charges

 

                75

 

              239

 

              184

 

              107

 

              299

 

              802

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

 $        3,213

 

 $       17,796

 

 $       12,379

 

 $       (8,936)

 

 $       (9,657)

 

 $      (13,471)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

  Interest expensed

 

 $               -

 

 $                -

 

 $               -

 

 $               -

 

 $           224

 

 $           713

  Estimated interest within
  rental expense

 

                75

 

              239

 

              184

 

              107

 

                75

 

                89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

 $             75

 

 $           239

 

 $           184

 

 $           107

 

 $           299

 

 $           802

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

           42.88

 

           74.33

 

           67.19

 

          (83.84)

 

          (32.32)

 

          (16.79)