Exhibit 12.1
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
(in thousands) | 3 Months Ended | For the Year Ended December 31, | ||||||||||||||||||||||
| March 31, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Net income (loss) | $ | 190,474 | $ | 566,014 | $ | (92,235 | ) | $ | 702,613 | $ | 838,858 | $ | (13,280 | ) | ||||||||||
Add back: | ||||||||||||||||||||||||
Income taxes | 122 | 1,429 | (315 | ) | (6,124 | ) | 10,031 | (180 | ) | |||||||||||||||
(Income) loss from discontinued operations | — | (2,287 | ) | 15,890 | (62,670 | ) | (6,700 | ) | (33,846 | ) | ||||||||||||||
Noncontrolling interests | 38,607 | 148,040 | (33,157 | ) | 116,421 | 171,501 | 55,133 | |||||||||||||||||
Fixed charges and preference share dividends | 11,896 | 60,144 | 61,375 | 67,049 | 59,649 | 68,771 | ||||||||||||||||||
Distributed earnings from equity method investees | — | 9,878 | 9,500 | 17,856 | 16,434 | 17,153 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Earnings from equity method investees | (5,835 | ) | (23,238 | ) | 36,533 | 11,814 | (10,976 | ) | (13,603 | ) | ||||||||||||||
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Earnings available for fixed charges and preference share dividends | $ | 235,264 | $ | 759,980 | $ | (2,409 | ) | $ | 846,959 | $ | 1,078,797 | $ | 80,148 | |||||||||||
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Fixed charges and preference share dividends | ||||||||||||||||||||||||
Interest expensed | $ | 5,034 | $ | 23,097 | $ | 23,368 | $ | 21,829 | $ | 15,111 | $ | 24,633 | ||||||||||||
Amortized discounts related to indebtedness | 23 | 92 | 92 | 69 | — | — | ||||||||||||||||||
Estimated interest within rental expense | 564 | 2,060 | 2,915 | 3,033 | 2,238 | 1,838 | ||||||||||||||||||
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Total fixed charges | 5,621 | 25,249 | 26,375 | 24,931 | 17,349 | 26,471 | ||||||||||||||||||
Preference share dividends | 6,275 | 34,895 | 35,000 | 42,118 | 42,300 | 42,300 | ||||||||||||||||||
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Total fixed charges and preference share dividends | $ | 11,896 | $ | 60,144 | $ | 61,375 | $ | 67,049 | $ | 59,649 | $ | 68,771 | ||||||||||||
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Ratio of earnings to fixed charges | 41.85 | 30.10 | (0.09 | ) | 33.97 | 62.18 | 3.03 | |||||||||||||||||
Ratio of earnings to combined fixed charges and preference share dividends | 19.78 | 12.64 | (0.04 | ) | 12.63 | 18.09 | 1.17 | |||||||||||||||||
RenRe North America Holdings Inc. and Subsidiaries
Statement Regarding Ratio of Earnings to Fixed Charges
| 3 Months | ||||||||||||||||||||||||
| Ended | For the Year Ended December 31, | |||||||||||||||||||||||
| (in thousands) | March 31, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||
Net income (loss) | $ | 4,546 | $ | (34,693 | ) | $ | (87,117 | ) | $ | (4,169 | ) | $ | 1,147 | $ | (1,908 | ) | ||||||||
Add back: | ||||||||||||||||||||||||
Income taxes | 63 | 1,155 | 5,568 | (818 | ) | 9,226 | 573 | |||||||||||||||||
(Income) loss from discontinued operations | — | (2,287 | ) | 15,890 | (62,670 | ) | (6,700 | ) | (33,846 | ) | ||||||||||||||
Noncontrolling interest | 208 | (608 | ) | (540 | ) | 111 | — | — | ||||||||||||||||
Fixed charges | 3,681 | 14,696 | 15,365 | 12,100 | 9,705 | 3,810 | ||||||||||||||||||
Distributed earnings from equity method investees | — | 2,000 | 3,000 | 5,000 | 3,975 | — | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Earnings from equity method investees | (1,269 | ) | (2,617 | ) | (4,522 | ) | (2,945 | ) | 954 | 2,410 | ||||||||||||||
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Earnings available for fixed charges | $ | 7,228 | $ | (22,353 | ) | $ | (52,356 | ) | $ | (53,389 | ) | $ | 18,308 | $ | (28,961 | ) | ||||||||
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Fixed charges | ||||||||||||||||||||||||
Interest expensed | $ | 3,617 | $ | 14,467 | $ | 14,568 | $ | 11,518 | $ | 9,073 | $ | 3,577 | ||||||||||||
Amortized discounts related to indebtedness | 23 | 92 | 92 | 69 | — | — | ||||||||||||||||||
Estimated interest within rental expense | 41 | 137 | 705 | 617 | 632 | 233 | ||||||||||||||||||
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Total fixed charges | $ | 3,681 | $ | 14,696 | $ | 15,365 | $ | 12,204 | $ | 9,705 | $ | 3,810 | ||||||||||||
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Ratio of earnings to fixed charges | 1.96 | (1.52 | ) | (3.41 | ) | (4.37 | ) | 1.89 | (7.60 | ) | ||||||||||||||
