Argo Group International (ARGO-PA) 10-Q2009 Q2 Quarterly report

Filed: 10 Aug 09, 12:00am

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Exhibit 12.1

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED SHARE DIVIDENDS


	Six Months Ended June 30,				Years Ended December 31,
(in millions, except ratios)	2009		2008		2008		2007		2006		2005		2004
Earnings:
Income from continuing operations before provision for income taxes	$	53.9	$	70.9	$	86.4	$	119.8	$	163.0	$	81.5	$	60.7
Add:
Fixed charges		15.5		15.8		34.0		23.7		16.4		21.0		16.9

Total earnings	$	69.4	$	86.7	$	120.4	$	143.5	$	179.4	$	102.5	$	77.6

Fixed charges:
Interest expense, net	$	13.7	$	14.0	$	29.9	$	21.0	$	13.0	$	15.0	$	11.0
Preferred share dividends		—		—		—		0.1		1.5		3.4		3.8
Rental interest factor		1.8		1.8		4.1		2.6		1.9		2.6		2.1

Total fixed charges	$	15.5	$	15.8	$	34.0	$	23.7	$	16.4	$	21.0	$	16.9

Ratio of earnings to fixed charges		4.5:1		5.5:1		3.5:1		6.1:1		10.9:1		4.9:1		4.6:1

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