STATEMENT RE: COMPUTATION OF RATIOS
Published on June 14, 2010
Exhibit 12.1
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, 2010 |
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| For the Year Ended December 31, | ||||||||||||||||||||||||
| (in thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
| Net income (loss) |
$ | 165,047 | $ | 838,858 | $ | (13,280 | ) | $ | 569,575 | $ | 761,635 | $ | (281,413 | ) | ||||||||||
| Add back: |
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| Income taxes |
(4,215 | ) | 9,094 | 568 | (18,432 | ) | 935 | | ||||||||||||||||
| Redeemable noncontrolling interest - DaVinciRe |
10,550 | 171,501 | 55,133 | 164,396 | 144,159 | (156,449 | ) | |||||||||||||||||
| Fixed charges and preference share dividends |
14,489 | 59,649 | 68,771 | 78,159 | 74,453 | 64,301 | ||||||||||||||||||
| Distributed earnings from equity method investees |
14,356 | 16,434 | 17,153 | 25,023 | 12,468 | 17,241 | ||||||||||||||||||
| Less: |
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| Undistributed earnings from equity method investees |
(2,156 | ) | (10,976 | ) | (13,603 | ) | 128,609 | (34,528 | ) | (28,259 | ) | |||||||||||||
| Earnings available for fixed charges and preference share dividends |
$ | 198,071 | $ | 1,084,560 | $ | 114,742 | $ | 947,330 | $ | 959,122 | $ | (384,579 | ) | |||||||||||
| Fixed charges and preference share dividends |
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| Interest expensed |
$ | 3,156 | $ | 15,111 | $ | 24,633 | $ | 33,626 | $ | 37,602 | $ | 28,218 | ||||||||||||
| Estimated interest within rental expense |
758 | 2,238 | 1,838 | 1,672 | 1,376 | 1,433 | ||||||||||||||||||
| Preference share dividends |
10,575 | 42,300 | 42,300 | 42,861 | 35,475 | 34,650 | ||||||||||||||||||
| Total fixed charges and preference share dividends |
$ | 14,489 | $ | 59,649 | $ | 68,771 | $ | 78,159 | $ | 74,453 | $ | 64,301 | ||||||||||||
| Ratio of earnings to fixed charges |
50.61 | 62.51 | 4.33 | 26.84 | 24.61 | (12.97 | ) | |||||||||||||||||
| Ratio of earnings to combined fixed charges and preference share dividends |
13.67 | 18.18 | 1.67 | 12.12 | 12.88 | (5.98 | ) | |||||||||||||||||
RenRe North America Holdings Inc. 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, 2010 |
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| For the Year Ended December 31, | |||||||||||||||||||||||
| (in thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
| Net income (loss) |
$ | (6,933 | ) | $ | 1,148 | $ | (1,908 | ) | $ | 40,327 | $ | 16,815 | $ | 12,245 | |||||||||
| Add back: |
|||||||||||||||||||||||
| Income taxes |
(3,892 | ) | 9,226 | 573 | (18,541 | ) | 893 | | |||||||||||||||
| Redeemable noncontrolling interest |
| | | | (151 | ) | (50 | ) | |||||||||||||||
| Fixed charges and preference share dividends |
3,124 | 9,705 | 3,810 | 1,333 | 1,117 | 968 | |||||||||||||||||
| Distributed earnings from equity method investees |
1,500 | 3,975 | | | | | |||||||||||||||||
| Less: |
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| Undistributed earnings from equity method investees |
477 | 954 | 2,410 | | | | |||||||||||||||||
| Earnings available for fixed charges and preference share dividends |
$ | (5,724 | ) | $ | 25,008 | $ | 4,885 | $ | 23,119 | $ | 18,674 | $ | 13,163 | ||||||||||
| Fixed charges and preference share dividends |
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| Interest expensed |
$ | 2,970 | $ | 9,073 | $ | 3,577 | $ | 1,066 | $ | 840 | $ | 840 | |||||||||||
| Estimated interest within rental expense |
154 | 632 | 233 | 267 | 277 | 128 | |||||||||||||||||
| Preference share dividends |
| | | | | | |||||||||||||||||
| Total fixed charges and preference share dividends |
$ | 3,124 | $ | 9,705 | $ | 3,810 | $ | 1,333 | $ | 1,117 | $ | 968 | |||||||||||
| Ratio of earnings to fixed charges |
(1.83 | ) | 2.58 | 1.28 | 17.34 | 16.72 | 13.60 | ||||||||||||||||
| Ratio of earnings to combined fixed charges and preference share dividends |
(1.83 | ) | 2.58 | 1.28 | 17.34 | 16.72 | 13.60 | ||||||||||||||||