Exhibit 12.2
HCC INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
STATEMENT OF RATIO OF EARNINGS
TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS
(in thousands, except ratios)
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| Years ended December 31, |
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| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
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Ratio of earnings to fixed charges |
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Interest factor of rent expense (1) |
| $ | 5,390 |
| $ | 5,294 |
| $ | 5,277 |
| $ | 4,581 |
| $ | 4,067 |
|
Interest expense |
| 23,070 |
| 21,348 |
| 16,164 |
| 20,362 |
| 16,270 |
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Capitalized interest |
| 382 |
| — |
| 51 |
| 104 |
| — |
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Total fixed charges |
| $ | 28,842 |
| $ | 26,642 |
| $ | 21,492 |
| $ | 25,047 |
| $ | 20,337 |
|
Dividends on preferred stock |
| — |
| — |
| — |
| — |
| — |
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Total fixed charges and preference dividends |
| $ | 28,842 |
| $ | 26,642 |
| $ | 21,492 |
| $ | 25,047 |
| $ | 20,337 |
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Earnings before income tax expense |
| $ | 355,006 |
| $ | 489,827 |
| $ | 518,551 |
| $ | 432,238 |
| $ | 579,904 |
|
Interest factor of rent expense (1) |
| 5,390 |
| 5,294 |
| 5,277 |
| 4,581 |
| 4,067 |
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Interest expense |
| 23,070 |
| 21,348 |
| 16,164 |
| 20,362 |
| 16,270 |
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Earnings per calculation |
| $ | 383,466 |
| $ | 516,469 |
| $ | 539,992 |
| $ | 457,181 |
| $ | 600,241 |
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Ratio of earnings to fixed charges (2) |
| 13.30 |
| 19.39 |
| 25.13 |
| 18.25 |
| 29.51 |
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Ratio of earnings to fixed charges and preference dividends (3) |
| 13.30 |
| 19.39 |
| 25.13 |
| 18.25 |
| 29.51 |
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(1) Estimated to be 33% of total net expense
(2) Earnings per calculation divided by total fixed charges
(3) Earnings per calculation divided by total fixed charges and preference dividends