Exhibit 12.1
Aspen Insurance Holdings Limited
Computation of Ratio of Earnings to Fixed Charges
and Preference Share Dividends
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| As at June 30, | | As at December 31, | |||||||||||||||
| 2005 (3) | | 2004 | | 2003 | | 2002 (4) | |||||||||||
| ($ in millions, except ratios) | | ||||||||||||||||
| Net operating income before tax | | $ | 199.5 | | $ | 263.2 | | $ | 206.6 | | $ | 35.1 | ||||||
| Add back | | | | | ||||||||||||||
| Interest expense | | 7.9 | | 6.9 | | 0.4 | | 0.0 | ||||||||||
| Net realized investment losses | | 0.0 | | 3.5 | | 2.4 | | 0.1 | ||||||||||
| Net foreign exchange gains | | 4.8 | | (5.1 | ) | | (1.5 | ) | | (12.7 | ) | |||||||
| Pretax operating income before interest expenses | | 212.2 | | 268.5 | | 207.9 | | 22.5 | ||||||||||
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| Fixed charges | | 7.9 | | 6.9 | | 0.4 | | 0.0 | ||||||||||
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| Ratio of earnings to fixed charges (1) (2) | | 26.86x | | 38.91x | | 519.75x | | — | (5) | |||||||||
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| (1) | 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. |
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| (2) | 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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| (3) | Does not give effect to any adjustments for events or results of operations after June 30, 2005 in connection with Hurricanes Katrina and Rita and the New Orleans Flood as set forth in our Current Report on Form 8-K dated October 4, 2005. |
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| (4) | We were incorporated on May 23, 2002. |
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| (5) | Not meaningful because Aspen Holdings had no debt financings outstanding as of such date. |