Ace Capital Trust Iv S-3ASR Automatic shelf registration

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges and Preferred Share Dividends

	Nine months to September 30, 2005		Fiscal year ended December 31
			2004		2003		2002			2001			2000
Earnings per Financial Statements	$	792,344	$	1,152,686	$	1,482,923	$	99,882		$	(180,819	)	$	517,123
Add (deduct):
Provision for income taxes	268,594		286,443		310,707		(111,542		)	(100,831		)	80,841
Fixed charges	146,369		211,035		205,758		215,161			219,849			242,783
Earnings for Computation	1,207,307		1,650,164		1,999,388		203,501			(61,801		)	840,747
Fixed Charges
Interest Expense	$	128,369	$	182,984	$	177,425	$	193,494		$	199,182		$	221,450
One third of payments under operating leases	18,000		28,051		28,333		21,667			20,667			21,333
Total Fixed Charges	$	146,369	$	211,035	$	205,758	$	215,161		$	219,849		$	242,783
Ratio of Earnings to Fixed Charges	8.2		7.8		9.7				(1)			(2)	3.5
Preferred Share Dividends	$	33,761	$	44,972	$	36,009	$	25,662		$	25,594		$	18,391
Total Fixed Charges and Preferred Share Dividends	$	180,130	$	256,007	$	241,767	$	240,823		$	245,443		$	261,174
Ratio of Earnings to Fixed Charges and Preferred Share Dividends	6.7		6.4		8.3				(1)			(2)	3.2

(1) Earnings for the year ended December 31, 2002 were insufficient to cover fixed charges by $12 million and combined fixed charges and preferred share dividends by $37 million.

(2) Earnings for the year ended December 31, 2001 were insufficient to cover fixed charges by $282 million and combined fixed charges and preferred share dividends by $307 million.