EX-12.1
Published on August 1, 2018
Exhibit 12.1
RenaissanceRe Holdings Ltd. And Subsidiaries
Statement Regarding Ratio of Earnings to Fixed Charges and Preference Share Dividends
| Six months ended June 30, |
Years ended December 31, | |||||||||||||||||||||||
| (in thousands, except ratios) | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||
| Calculation of ratio of earnings to fixed charges and preference share dividends |
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| Net income (loss) available (attributable) to RenaissanceRe common shareholders |
$ | 248,501 | $ | (244,770 | ) | $ | 480,581 | $ | 408,811 | $ | 510,337 | $ | 665,676 | |||||||||||
| Add back: |
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| Income tax expense (benefit) |
1,099 | 26,487 | 340 | (45,866 | ) | 608 | 1,692 | |||||||||||||||||
| (Income) loss from discontinued operations |
| | | | | (2,422 | ) | |||||||||||||||||
| Noncontrolling interests |
84,382 | (132,282 | ) | 127,086 | 111,050 | 153,538 | 151,144 | |||||||||||||||||
| Fixed charges and preference share dividends |
35,798 | 68,649 | 66,786 | 61,048 | 41,776 | 45,260 | ||||||||||||||||||
| Distributed earnings from equity method investees |
17,307 | 29,680 | 9,366 | 13,281 | 10,284 | 9,876 | ||||||||||||||||||
| Less: |
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| (Earnings) losses from equity method investees |
(6,683 | ) | (8,030 | ) | (963 | ) | (20,481 | ) | (26,075 | ) | (23,194 | ) | ||||||||||||
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| Earnings available for fixed charges |
$ | 380,404 | $ | (260,266 | ) | $ | 683,196 | $ | 527,843 | $ | 690,468 | $ | 848,032 | |||||||||||
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| Fixed charges |
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| Interest expense (includes amortized amounts related to indebtedness) |
$ | 23,535 | $ | 44,193 | $ | 42,144 | $ | 36,270 | $ | 17,402 | $ | 18,167 | ||||||||||||
| Estimated interest within rental expense |
1,072 | 2,075 | 2,261 | 2,397 | 1,993 | 2,145 | ||||||||||||||||||
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| Total fixed charges |
$ | 24,607 | $ | 46,268 | $ | 44,405 | $ | 38,667 | $ | 19,395 | $ | 20,312 | ||||||||||||
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| Preference share dividends |
11,191 | 22,381 | 22,381 | 22,381 | 22,381 | 24,948 | ||||||||||||||||||
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| Total fixed charges and preference share dividends |
$ | 35,798 | $ | 68,649 | $ | 66,786 | $ | 61,048 | $ | 41,776 | $ | 45,260 | ||||||||||||
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| Ratio of earnings to fixed charges |
15.46 | (5.63 | ) | 15.39 | 13.65 | 35.60 | 41.75 | |||||||||||||||||
| Ratio of earnings to combined fixed charges and preference share dividends |
10.63 | (3.79 | ) | 10.23 | 8.65 | 16.53 | 18.74 | |||||||||||||||||
| Deficiency of earnings to fixed charges |
| $ | (306,534 | ) | | | | | ||||||||||||||||
| Deficiency of earnings to combined fixed charges and preference share dividends |
| $ | (328,915 | ) | | | | | ||||||||||||||||