Validus S-3ASR Automatic shelf registration

Exhibit 12.1

Validus Holdings, Ltd.
Ratio of Earnings to Fixed Charges

(Expressed in thousands of
U.S. dollars, except share and per
share information)

	Six Months Ended June 30,			Year Ended December 31,		Year Ended December 31,		Year Ended December 31,			Year Ended December 31,		Year Ended December 31,
	2011(2)			2010		2009		2008			2007		2006
Earnings
Pre-tax (loss) income from continuing operations	$	(63,968	)	$	405,690	$	893,648	$	63,899		$	404,501	$	183,097
Imputed interest on operating leases	227			601		715		562			657		39
2006 Junior Subordinated Deferrable Debentures	6,816			14,354		14,354		14,354			14,398		7,824
2007 Junior Subordinated Deferrable Debentures	6,057			12,114		12,732		14,704			8,938		—
2010 Senior Notes due 2040	11,194			20,770		—		—			—		—
Credit facilities	3,313			5,492		2,319		910			2,332		965
AlphaCat Re 2011 arrangement fees	2,304			––		––		––			––		––
AlphaCat Re 2011 other interest	615			––		––		––			––		––
Talbot FAL Facility	63			333		542		255			658		—
Talbot other interest	—			—		—		(186		)	620		—
Talbot third party FAL facility	—			2,807		14,183		27,281			24,808		—
Fixed Charges	30,589			56,471		44,845		57,880			52,411		8,828
Earnings	(33,379		)	462,161		938,493		121,779			456,912		191,925
Fixed Charges	30,589			56,471		44,845		57,880			52,411		8,828
Ratio of Earnings to Fixed Charges	––			8.18		20.93		2.10			8.72		21.74
Earnings
Pre-tax (loss) income from continuing operations	$	(63,968	)	$	405,690	$	893,648	$	63,899		$	404,501	$	183,097
Imputed interest on operating leases	227			601		715		562			657		39
2006 Junior Subordinated Deferrable Debentures	6,816			14,354		14,354		14,354			14,398		7,824
2007 Junior Subordinated Deferrable Debentures	6,057			12,114		12,732		14,704			8,938		—
2010 Senior Notes due 2040	11,194			20,770		—		—			—		—
Credit facilities	3,313			5,492		2,319		910			2,332		965
AlphaCat Re 2011 arrangement fees	2,304			––		––		––			––		––
AlphaCat Re 2011 other interest	615			––		––		––			––		––
Talbot other interest	—			—		—		(186		)	620		—
Fixed Charges Excluding FAL Costs (1)	30,526			53,331		30,120		30,344			26,945		8,828
Earnings	(33,442		)	459,021		923,768		94,243			431,446		191,925
Fixed Charges Excluding FAL Costs (1)	30,526			53,331		30,120		30,344			26,945		8,828
Ratio of Earnings to Fixed Charges Excluding FAL Costs (1)	––			8.61		30.67		3.11			16.01		21.74

(1)FAL Costs represent both fixed and variable costs paid for financing Validus’ operations at Lloyd’s. The ratio of earnings to fixed charges excluding FAL Costs demonstrates the degree to which the ratio changes if FAL Costs are treated as variable rather than fixed costs.

(2)Earnings were inadequate to cover fixed charges. $63,968 represents the amount of the coverage deficiency.