Exhibit 12.1
AXIS CAPITAL HOLDINGS LIMITED
RATIO OF EARNINGS TO FIXED CHARGES
| Nine Months Ended September 30, | Years ended December 31, | |||||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Earnings: income before income taxes | $ | 557,416 | $ | 550,528 | $ | 61,538 | $ | 895,403 | $ | 539,861 | $ | 407,485 | ||||||||||||
Add: fixed charges | 52,587 | 67,898 | 66,185 | 58,010 | 34,061 | 33,784 | ||||||||||||||||||
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Earnings for computation | $ | 610,003 | $ | 618,426 | $ | 127,723 | $ | 953,413 | $ | 573,922 | $ | 441,269 | ||||||||||||
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Assumed interest component of rent expense(1) | $ | 8,281 | $ | 8,849 | $ | 7,163 | $ | 5,798 | $ | 4,860 | $ | 4,583 | ||||||||||||
Interest expense | 44,306 | 59,049 | 59,022 | 52,212 | 29,201 | 29,201 | ||||||||||||||||||
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Total fixed charges | $ | 52,587 | $ | 67,898 | $ | 66,185 | $ | 58,010 | $ | 34,061 | $ | 33,784 | ||||||||||||
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Ratio of earnings to fixed charges | 11.6 | 9.1 | 1.9 | 16.4 | 16.8 | 13.1 | ||||||||||||||||||
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Preferred share dividends(2) | $ | 30,452 | $ | 38,228 | $ | 36,875 | $ | 36,875 | $ | 36,875 | $ | 36,875 | ||||||||||||
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Total fixed charges and preferred sharedividends | $ | 83,039 | $ | 106,126 | $ | 103,060 | $ | 94,885 | $ | 70,936 | $ | 70,659 | ||||||||||||
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Ratio of earnings to fixed charges and preferredshare dividends | 7.3 | 5.8 | 1.2 | 10.0 | 8.1 | 6.2 | ||||||||||||||||||
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| (1) | 33.3% represents a reasonable approximation of the interest factor. |
| (2) | Dividends have been tax effected at a 0% rate because it is presumed they will be funded from a Bermuda entity. |
