Enstar Group Limited (ESGR) S-3ASR Automatic shelf registration

Exhibit 12.1

ENSTAR GROUP LIMITED

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to fixed charges for each of the periods indicated.

	Years Ended December 31,
	Six Months Ended June 30, 2017(1)		2016		2015	2014		2013		2012
Fixed Charges
Interest expense	14,441		20,642		19,403	12,922		12,389		8,426
Assumed interest component of rent expense(1)	1,535		3,230		3,696	3,397		1,851		1,298
Total fixed charges	15,976		23,872		23,099	16,319		14,240		9,724
Earnings
Pre-tax earnings from continuing operations before noncontrolling interest and income from equity investees	180,135		327,324		225,022	227,298		253,160		231,636
Add fixed charges	15,976		23,872		23,099	16,319		14,240		9,724
Add amortization of capitalized interest	—		—		—	—		—		—
Add distributed income of equity investees	—		—		—	—		—		—
Less interest capitalized	—		—		—	—		—		—
Less preference security dividend requirements of consolidated subsidiaries (not preferred dividends of parent)	—		—		—	—		—		—
Less noncontrolling interest pre-tax earnings of subsidiaries that have not incurred fixed charges	(27,829	)	(42,112	)	9,918	(17,640	)	(20,503	)	(29,376	)
Total earnings	168,283		309,084		258,039	225,977		246,897		211,984
Ratio of earnings to fixed charges(2)	10.5		13.0		11.2	13.9		17.3		21.8

(1)33.3% represents a reasonable approximation of the interest component of rent expense.

(2)Data from certain prior years has been reclassified to reflect the results of Pavonia Holdings (US) Inc. as discontinued operations. See “Note 5 - Held-For-Sale Business” in the notes to our consolidated financial statements included within Item 8 of our Annual Report for the year ended December 31, 2016 filed on Form 10-K.