EX-12.1
Published on June 14, 2013
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
| (in thousands) |
3 Months Ended |
For the Year Ended December 31, | ||||||||||||||||||||||
| March 31, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
| Net income (loss) |
$ | 190,474 | $ | 566,014 | $ | (92,235 | ) | $ | 702,613 | $ | 838,858 | $ | (13,280 | ) | ||||||||||
| Add back: |
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| Income taxes |
122 | 1,429 | (315 | ) | (6,124 | ) | 10,031 | (180 | ) | |||||||||||||||
| (Income) loss from discontinued operations |
| (2,287 | ) | 15,890 | (62,670 | ) | (6,700 | ) | (33,846 | ) | ||||||||||||||
| Noncontrolling interests |
38,607 | 148,040 | (33,157 | ) | 116,421 | 171,501 | 55,133 | |||||||||||||||||
| Fixed charges and preference share dividends |
11,896 | 60,144 | 61,375 | 67,049 | 59,649 | 68,771 | ||||||||||||||||||
| Distributed earnings from equity method investees |
| 9,878 | 9,500 | 17,856 | 16,434 | 17,153 | ||||||||||||||||||
| Less: |
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| Earnings from equity method investees |
(5,835 | ) | (23,238 | ) | 36,533 | 11,814 | (10,976 | ) | (13,603 | ) | ||||||||||||||
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| Earnings available for fixed charges and preference share dividends |
$ | 235,264 | $ | 759,980 | $ | (2,409 | ) | $ | 846,959 | $ | 1,078,797 | $ | 80,148 | |||||||||||
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| Fixed charges and preference share dividends |
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| Interest expensed |
$ | 5,034 | $ | 23,097 | $ | 23,368 | $ | 21,829 | $ | 15,111 | $ | 24,633 | ||||||||||||
| Amortized discounts related to indebtedness |
23 | 92 | 92 | 69 | | | ||||||||||||||||||
| Estimated interest within rental expense |
564 | 2,060 | 2,915 | 3,033 | 2,238 | 1,838 | ||||||||||||||||||
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| Total fixed charges |
5,621 | 25,249 | 26,375 | 24,931 | 17,349 | 26,471 | ||||||||||||||||||
| Preference share dividends |
6,275 | 34,895 | 35,000 | 42,118 | 42,300 | 42,300 | ||||||||||||||||||
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| Total fixed charges and preference share dividends |
$ | 11,896 | $ | 60,144 | $ | 61,375 | $ | 67,049 | $ | 59,649 | $ | 68,771 | ||||||||||||
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| Ratio of earnings to fixed charges |
41.85 | 30.10 | (0.09 | ) | 33.97 | 62.18 | 3.03 | |||||||||||||||||
| Ratio of earnings to combined fixed charges and preference share dividends |
19.78 | 12.64 | (0.04 | ) | 12.63 | 18.09 | 1.17 | |||||||||||||||||
RenRe North America Holdings Inc. and Subsidiaries
Statement Regarding Ratio of Earnings to Fixed Charges
| 3 Months | ||||||||||||||||||||||||
| Ended | For the Year Ended December 31, | |||||||||||||||||||||||
| (in thousands) | March 31, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||
| Net income (loss) |
$ | 4,546 | $ | (34,693 | ) | $ | (87,117 | ) | $ | (4,169 | ) | $ | 1,147 | $ | (1,908 | ) | ||||||||
| Add back: |
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| Income taxes |
63 | 1,155 | 5,568 | (818 | ) | 9,226 | 573 | |||||||||||||||||
| (Income) loss from discontinued operations |
| (2,287 | ) | 15,890 | (62,670 | ) | (6,700 | ) | (33,846 | ) | ||||||||||||||
| Noncontrolling interest |
208 | (608 | ) | (540 | ) | 111 | | | ||||||||||||||||
| Fixed charges |
3,681 | 14,696 | 15,365 | 12,100 | 9,705 | 3,810 | ||||||||||||||||||
| Distributed earnings from equity method investees |
| 2,000 | 3,000 | 5,000 | 3,975 | | ||||||||||||||||||
| Less: |
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| Earnings from equity method investees |
(1,269 | ) | (2,617 | ) | (4,522 | ) | (2,945 | ) | 954 | 2,410 | ||||||||||||||
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| Earnings available for fixed charges |
$ | 7,228 | $ | (22,353 | ) | $ | (52,356 | ) | $ | (53,389 | ) | $ | 18,308 | $ | (28,961 | ) | ||||||||
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| Fixed charges |
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| Interest expensed |
$ | 3,617 | $ | 14,467 | $ | 14,568 | $ | 11,518 | $ | 9,073 | $ | 3,577 | ||||||||||||
| Amortized discounts related to indebtedness |
23 | 92 | 92 | 69 | | | ||||||||||||||||||
| Estimated interest within rental expense |
41 | 137 | 705 | 617 | 632 | 233 | ||||||||||||||||||
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| Total fixed charges |
$ | 3,681 | $ | 14,696 | $ | 15,365 | $ | 12,204 | $ | 9,705 | $ | 3,810 | ||||||||||||
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| Ratio of earnings to fixed charges |
1.96 | (1.52 | ) | (3.41 | ) | (4.37 | ) | 1.89 | (7.60 | ) | ||||||||||||||