Ace Capital Trust Iv S-3ASR Automatic shelf registration

Exhibit 12.1

Ratio of Earnings to Fixed Charges and Preferred Share Dividends

(in thousands of U.S. dollars except ratios)

	Nine Months Ended September 30		Fiscal Year Ended December 31
	2011		2010		2009		2008		2007		2006
Earnings per Financial Statements	$	834,732	$	3,107,938	$	2,548,929	$	1,197,065	$	2,578,098	$	2,305,169
Add:
Provision for income taxes		383,868		559,177		527,627		370,052		575,475		523,267
Fixed charges		207,362		251,287		252,782		255,704		198,722		199,811
Earnings for Computation	$	1,425,962	$	3,918,402	$	3,329,338	$	1,822,821	$	3,352,295	$	3,028,247
Fixed Charges
Interest Expense(1)	$	186,659	$	223,682	$	224,858	$	230,030	$	174,870	$	175,698
One third of payments under operating leases		20,703		27,605		27,924		25,674		23,852		24,113
Total Fixed Charges	$	207,362	$	251,287	$	252,782	$	255,704	$	198,722	$	199,811
Ratio of Earnings to Fixed Charges		6.9		15.6		13.2		7.1		16.9		15.2
Preferred Share Dividends	$	—	$	—	$	—	$	23,921	$	44,851	$	44,851
Total Fixed Charges and Preferred Share Dividends	$	207,362	$	251,287	$	252,782	$	279,625	$	243,573	$	244,662
Ratio of Earnings to Fixed Charges and Preferred Share Dividends		6.9		15.6		13.2		6.5		13.8		12.4

(1) The Company recognizes accruals for interest and penalties, if any, related to unrecognized tax benefits in income tax expense (i.e. excluded from interest expense).