Exhibit 12.1 ASPEN INSURANCE HOLDINGS LIMITED COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SHARE DIVIDENDS AS AT AS AT SEPTEMBER 30, DECEMBER 31, ------------- --------------------- 2004 2003 2002(1) ------------- -------- ---------- ($ IN MILLIONS, EXCEPT RATIOS) Net operating income before tax........... $ 163.9 $ 206.6 $ 35.1 Add back Interest expense....................... 3.2 0.4 0.0 Net realized investment losses......... 2.4 2.4 0.1 Net foreign exchange gains............. (0.7) (1.5) (12.7) Pretax operating income before interest expenses................... 168.8 207.9 22.5 Fixed charges............................. 3.2 0.4 0.0 Ratio of earnings to fixed charges(3)(4).. 52.75x 519.75x -(2) - --------------------------- (1) We were incorporated on May 23, 2002. (2) Not meaningful because Aspen Holdings had no debt financings outstanding as of such date. (3) For purposes of computing these ratios, earnings consist of net income before tax, excluding interest expense, net realized investment gains (losses) and net foreign exchange gains (losses). Fixed charges consist of interest expense, amortization of capitalized debt expenses, and an imputed interest component for rental expense. (4) We have no dividend bearing preference shares during the periods covered by the ratio of earnings to fixed charges and preference share dividends table listed above.
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F-3 Filing
Aspen Insurance Holdings Limited (AHL-PE) F-3Shelf registration (foreign)
Filed: 4 Feb 05, 12:00am