Argo Group International (ARGO-PA) 10-Q 2008 Q2 Quarterly report

Exhibit 12.1

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

	Six Months Ended June 30,				Years Ended December 31,
(in millions, except ratios)	2008		2007		2007		2006		2005		2004		2003
Earnings:
Income from continuing operations before provision for income taxes	$	70.9	$	67.8	$	119.8	$	163.0	$	81.5	$	60.7	$	135.3
Add:
Fixed charges		15.8		7.7		23.7		16.4		21.0		16.9		13.3
Total earnings	$	86.7	$	75.5	$	143.5	$	179.4	$	102.5	$	77.6	$	148.6
Fixed charges:
Interest expense, net	$	14.0	$	6.6	$	21.0	$	13.0	$	15.0	$	11.0	$	8.4
Preferred stock dividends		—		0.1		0.1		1.5		3.4		3.8		2.8
Rental interest factor		1.8		1.0		2.6		1.9		2.6		2.1		2.1
Total fixed charges	$	15.8	$	7.7	$	23.7	$	16.4	$	21.0	$	16.9	$	13.3
Ratio of earnings to fixed charges		5.5:1		9.8:1		6.1:1		10.9:1		4.9:1		4.6:1		11.2:1

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