Exhibit 12.1
RenaissanceRe Holdings Ltd. and Subsidiaries
Statement Regarding Ratio of Earnings to Combined Fixed Charges and Preference Share Dividends
| Six months | ||||||||||||||||||||||||
| ended June 30, | Year ended December 31, | |||||||||||||||||||||||
| (in thousands) | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Calculation of ratio of earnings to fixed charges | ||||||||||||||||||||||||
Net income (loss) | $ | 241,076 | $ | 510,337 | $ | 665,676 | $ | 566,014 | $ | (92,235 | ) | $ | 702,613 | |||||||||||
Add back: | ||||||||||||||||||||||||
Income tax (benefit) expense | (49,746 | ) | 608 | 1,692 | 1,413 | 10,385 | (6,124 | ) | ||||||||||||||||
(Income) loss from discontinued operations | — | — | (2,422 | ) | 16,476 | 51,559 | (62,670 | ) | ||||||||||||||||
Noncontrolling interests | 51,829 | 153,538 | 151,144 | 148,040 | (33,157 | ) | 116,421 | |||||||||||||||||
Fixed charges and preference share dividends | 27,897 | 41,630 | 45,113 | 60,076 | 60,761 | 67,049 | ||||||||||||||||||
Distributed earnings from equity method investees | 6,406 | 10,284 | 9,876 | 9,878 | 9,500 | 17,856 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
(Earnings) losses from equity method investees | (11,455 | ) | (26,075 | ) | (23,194 | ) | (23,238 | ) | 36,533 | 11,814 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Earnings available for fixed charges | $ | 266,007 | $ | 690,322 | $ | 847,885 | $ | 778,659 | $ | 43,346 | $ | 846,959 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expensed | $ | 14,949 | $ | 17,164 | $ | 17,929 | $ | 23,097 | $ | 23,368 | $ | 21,829 | ||||||||||||
Amortized discounts related to indebtedness | 310 | 92 | 91 | 92 | 92 | 69 | ||||||||||||||||||
Estimated interest within rental expense | 1,447 | 1,993 | 2,145 | 1,992 | 2,301 | 3,033 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | $ | 16,706 | $ | 19,249 | $ | 20,165 | $ | 25,181 | $ | 25,761 | $ | 24,931 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Preference share dividends | 11,191 | 22,381 | 24,948 | 34,895 | 35,000 | 42,118 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges and preference share dividends | $ | 27,897 | $ | 41,630 | $ | 45,113 | $ | 60,076 | $ | 60,761 | $ | 67,049 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges | 15.92 | 35.86 | 42.05 | 30.92 | 1.68 | 33.97 | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preference share dividends | 9.54 | 16.58 | 18.79 | 12.96 | 0.71 | 12.63 | ||||||||||||||||||
