RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES
STATEMENT REGARDING RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE SHARE DIVIDENDS
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| 3 MONTHS |
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| ENDED |
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| MARCH 31, |
| FOR THE YEAR ENDED DECEMBER 31, | ||||||||
(in thousands) |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 | |
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Net income (loss) |
| $ 190,805 |
| $ 761,635 |
| $ (281,413) |
| $ 133,108 |
| $ 605,992 |
| $ 342,879 | |
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Add back: | Income taxes |
| 107 |
| 935 |
| - |
| 4,003 |
| (18) |
| (115) |
| Minority interest |
| 29,107 |
| 144,159 |
| (156,449) |
| (41,420) |
| 72,014 |
| 55,051 |
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| Fixed charges and preference share dividends |
| 23,476 |
| 74,453 |
| 64,301 |
| 57,835 |
| 45,049 |
| 33,301 |
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Distributed earnings from equity method investees |
| - |
| 12,467 |
| 17,241 |
| 24,452 |
| 22,395 |
| 9,662 | |
Less: | Undistributed earnings from equity method investees |
| (10,701) |
| (34,528) |
| (28,259) |
| (31,081) |
| (21,167) |
| (22,339) |
Earnings available for fixed charges and preference share dividends |
| $ 232,794 |
| $ 959,121 |
| $ (384,579) |
| $ 146,897 |
| $ 724,265 |
| $ 418,439 | |
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Fixed charges and preference share dividends |
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Interest expensed |
| $ 11,979 |
| $ 37,602 |
| $ 28,218 |
| $ 25,968 |
| $ 18,252 |
| $ 13,069 | |
Estimated interest within rental expense |
| 361 |
| 1,376 |
| 1,433 |
| 733 |
| 526 |
| 443 | |
Preference share dividends |
| 11,136 |
| 35,475 |
| 34,650 |
| 31,134 |
| 18,801 |
| 12,184 | |
Trust preferred minority interest |
| - |
| - |
| - |
| - |
| 7,470 |
| 7,605 | |
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Total fixed charges and preference share dividends |
| $ 23,476 |
| $ 74,453 |
| $ 64,301 |
| $ 57,835 |
| $ 45,049 |
| $ 33,301 | |
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Ratio of earnings to fixed charges |
| 18.86 |
| 24.61 |
| (12.97) |
| 5.50 |
| 27.59 |
| 19.82 | |
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Ratio of earnings to combined fixed charges and preference share dividends |
| 9.92 |
| 12.88 |
| (5.98) |
| 2.54 |
| 16.08 |
| 12.57 | |
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|
GLENCOE U.S. HOLDINGS INC. AND SUBSIDIARIES | |||||||||||||
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STATEMENT REGARDING RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||
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| 3 MONTHS |
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| ENDED |
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| MARCH 31, |
| FOR THE YEAR ENDED DECEMBER 31, | ||||||||
(in thousands) |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 | |
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Net income (loss) |
| $ 3,031 |
| $ 16,815 |
| $ 12,245 |
| $ (12,857) |
| $ (9,738) |
| $ (13,946) | |
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Add back: | Income taxes |
| 107 |
| 893 |
| - |
| 4,003 |
| (18) |
| (115) |
| Minority interest |
| - |
| (151) |
| (50) |
| (189) |
| (200) |
| (212) |
Fixed charges |
| 75 |
| 239 |
| 184 |
| 107 |
| 299 |
| 802 | |
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Earnings available for fixed charges |
| $ 3,213 |
| $ 17,796 |
| $ 12,379 |
| $ (8,936) |
| $ (9,657) |
| $ (13,471) | |
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Fixed charges |
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Interest expensed |
| $ - |
| $ - |
| $ - |
| $ - |
| $ 224 |
| $ 713 | |
Estimated interest within |
| 75 |
| 239 |
| 184 |
| 107 |
| 75 |
| 89 | |
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Total fixed charges |
| $ 75 |
| $ 239 |
| $ 184 |
| $ 107 |
| $ 299 |
| $ 802 | |
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Ratio of earnings to fixed charges |
| 42.88 |
| 74.33 |
| 67.19 |
| (83.84) |
| (32.32) |
| (16.79) |