AmTrust Financial Services (AFSIP) 8-K AmTrust Announces Proposed Private Offering of Convertible Debt

Exhibit 12.1

AmTrust Financial Services, Inc.

Computation of Ratio of Earnings to Fixed Charges

	Nine Months Ended September 30, 2011		Year Ended December 31,
			2010			2009			2008			2007			2006
Earnings
Pre-tax income from continuing operations before adjustment for income or loss from equity investees	$	153,196	$	167,526		$	131,514		$	104,486		$	127,598		$	66,635
Fixed charges		12,034		12,902			16,884			18,277			10,089			5,326
Company share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges		-		(1,288	)		(822	)		(991	)		(749	)		-
	$	165,230	$	179,140		$	147,576		$	121,772		$	136,938		$	71,961
Less:
Interest capitalized	$	-	$	-		$	-		$	-		$	-		$	-
Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges		6,753		3,875			-			(2,900	)		(6,053	)		244
		6,753		3,875			-			(2,900	)		(6,053	)		244
Total Earnings	$	140,981	$	175,265		$	147,576		$	124,672		$	142,991		$	71,717
Fixed Charges:
Interest expensed and capitalized, and amortized premiums, discounts and capitalized expenses related to indebtedness	$	12,034	$	12,902		$	16,884		$	18,277		$	10,089		$	5,326
Estimate of the interest within rental expense1		-		-			-			-			-			-
Total Fixed Charges	$	12,034	$	12,902		$	16,884		$	18,277		$	10,089		$	5,326
Ratio of Earnings to Fixed Charges		11.7x		13.6x			8.7x			6.8x			14.2x			13.5x

1 Deemed to be immaterial