Aspen Insurance Holdings Limited (AHL-PE) 8-K Material Modifications to Rights of Security Holders

Exhibit 12.1

Aspen Insurance Holdings Limited

Computation of Ratio of Earnings to Fixed Charges

and Preference Share Dividends

	Three Months Ended March 31,		Twelve Months Ended December 31,
	2013		2012		2011(2)			2010		2009		2008
			($ in millions, except ratios) (As Adjusted)
Net income before tax	$	97.7	$	295.4	$	(147.3	)	$	340.3	$	534.7	$	140.2
Add back interest expense		7.7		30.9		30.8			16.5		15.6		15.6
Pre-tax income before interest expenses		105.4		326.3		(116.5	)		356.8		550.3		155.8
Fixed charges		7.7		30.9		30.8			16.5		15.6		15.6
Ratio of earnings to fixed charges		13.69x		10.56x		(3.78	)		21.62x		35.28x		9.99x
Fixed charges and preference share dividends		16.8		63.6		59.4			41.1		42.1		50.5
Ratio of earnings to fixed charges and preference share dividends (1)		6.27x		5.13x		(1.96	)x		8.68x		13.07x		3.09x

⁽¹⁾  For purposes of computing these ratios, earnings consist of net income before tax, excluding interest expense. Fixed charges consist of interest expense on our long-term debt. Fixed charges and preference share dividends consists of interest expense on our long-term debt and dividends on our Perpetual PIERS, Perpetual Preference Shares and Non-Cumulative Preference Shares which have been grossed up at the effective rate of tax.

⁽²⁾  In 2012, the Company adopted the provision of ASU 2010-26, “Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts.” Under the standard, the Company is required to expense the proportion of its general and administrative deferred acquisition costs not directly related to successful acquisition. For more information on the impact of ASU 2010-26 refer to Note 2(l) “Basis of Preparation and Significant Accounting Policies — New Accounting Policies,” of our consolidated financial statements appearing in the Company’s Annual Report on Form 10-K, filed February 26, 2013.