STATEMENT REGARDING RATIO OF EARNINGS
Published on June 8, 2007
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
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3 MONTHS |
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ENDED |
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MARCH 31, |
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FOR THE YEAR ENDED DECEMBER 31, |
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(in thousands) |
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2007 |
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2006 |
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2005 |
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2004 |
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2003 |
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2002 |
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Net income (loss) |
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$ 190,805 |
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$ 761,635 |
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$ (281,413) |
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$ 133,108 |
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$ 605,992 |
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$ 342,879 |
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Add back: |
Income taxes |
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107 |
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935 |
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- |
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4,003 |
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(18) |
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(115) |
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Minority interest |
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29,107 |
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144,159 |
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(156,449) |
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(41,420) |
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72,014 |
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55,051 |
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Fixed charges and preference share dividends |
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23,476 |
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74,453 |
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64,301 |
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57,835 |
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45,049 |
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33,301 |
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Distributed earnings from equity method investees |
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- |
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12,467 |
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17,241 |
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24,452 |
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22,395 |
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9,662 |
Less: |
Undistributed earnings from equity method investees |
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(10,701) |
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(34,528) |
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(28,259) |
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(31,081) |
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(21,167) |
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(22,339) |
Earnings available for fixed charges and preference share dividends |
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$ 232,794 |
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$ 959,121 |
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$ (384,579) |
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$ 146,897 |
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$ 724,265 |
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$ 418,439 |
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Fixed charges and preference share dividends |
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Interest expensed |
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$ 11,979 |
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$ 37,602 |
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$ 28,218 |
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$ 25,968 |
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$ 18,252 |
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$ 13,069 |
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Estimated interest within rental expense |
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361 |
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1,376 |
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1,433 |
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733 |
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526 |
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443 |
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Preference share dividends |
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11,136 |
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35,475 |
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34,650 |
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31,134 |
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18,801 |
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12,184 |
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Trust preferred minority interest |
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- |
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- |
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- |
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- |
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7,470 |
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7,605 |
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Total fixed charges and preference share dividends |
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$ 23,476 |
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$ 74,453 |
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$ 64,301 |
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$ 57,835 |
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$ 45,049 |
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$ 33,301 |
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Ratio of earnings to fixed charges |
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18.86 |
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24.61 |
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(12.97) |
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5.50 |
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27.59 |
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19.82 |
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Ratio of earnings to combined fixed charges and preference share dividends |
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9.92 |
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12.88 |
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(5.98) |
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2.54 |
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16.08 |
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12.57 |
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GLENCOE U.S. HOLDINGS INC. AND SUBSIDIARIES |
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STATEMENT REGARDING RATIO OF EARNINGS TO FIXED CHARGES |
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3 MONTHS |
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ENDED |
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MARCH 31, |
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FOR THE YEAR ENDED DECEMBER 31, |
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(in thousands) |
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2007 |
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2006 |
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2005 |
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2004 |
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2003 |
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2002 |
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Net income (loss) |
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$ 3,031 |
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$ 16,815 |
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$ 12,245 |
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$ (12,857) |
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$ (9,738) |
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$ (13,946) |
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Add back: |
Income taxes |
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107 |
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893 |
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- |
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4,003 |
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(18) |
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(115) |
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Minority interest |
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- |
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(151) |
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(50) |
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(189) |
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(200) |
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(212) |
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Fixed charges |
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75 |
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239 |
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184 |
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107 |
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299 |
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802 |
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Earnings available for fixed charges |
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$ 3,213 |
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$ 17,796 |
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$ 12,379 |
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$ (8,936) |
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$ (9,657) |
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$ (13,471) |
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Fixed charges |
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Interest expensed |
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$ - |
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$ - |
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$ - |
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$ - |
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$ 224 |
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$ 713 |
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Estimated interest within |
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75 |
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239 |
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184 |
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107 |
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75 |
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89 |
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Total fixed charges |
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$ 75 |
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$ 239 |
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$ 184 |
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$ 107 |
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$ 299 |
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$ 802 |
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Ratio of earnings to fixed charges |
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42.88 |
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74.33 |
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67.19 |
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(83.84) |
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(32.32) |
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(16.79) |