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
3 Months Ended March 31, 2010 | ||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
(in thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Net income (loss) | $ | 165,047 | $ | 838,858 | $ | (13,280 | ) | $ | 569,575 | $ | 761,635 | $ | (281,413 | ) | ||||||||||
Add back: | ||||||||||||||||||||||||
Income taxes | (4,215 | ) | 9,094 | 568 | (18,432 | ) | 935 | — | ||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | 10,550 | 171,501 | 55,133 | 164,396 | 144,159 | (156,449 | ) | |||||||||||||||||
Fixed charges and preference share dividends | 14,489 | 59,649 | 68,771 | 78,159 | 74,453 | 64,301 | ||||||||||||||||||
Distributed earnings from equity method investees | 14,356 | 16,434 | 17,153 | 25,023 | 12,468 | 17,241 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Undistributed earnings from equity method investees | (2,156 | ) | (10,976 | ) | (13,603 | ) | 128,609 | (34,528 | ) | (28,259 | ) | |||||||||||||
Earnings available for fixed charges and preference share dividends | $ | 198,071 | $ | 1,084,560 | $ | 114,742 | $ | 947,330 | $ | 959,122 | $ | (384,579 | ) | |||||||||||
Fixed charges and preference share dividends | ||||||||||||||||||||||||
Interest expensed | $ | 3,156 | $ | 15,111 | $ | 24,633 | $ | 33,626 | $ | 37,602 | $ | 28,218 | ||||||||||||
Estimated interest within rental expense | 758 | 2,238 | 1,838 | 1,672 | 1,376 | 1,433 | ||||||||||||||||||
Preference share dividends | 10,575 | 42,300 | 42,300 | 42,861 | 35,475 | 34,650 | ||||||||||||||||||
Total fixed charges and preference share dividends | $ | 14,489 | $ | 59,649 | $ | 68,771 | $ | 78,159 | $ | 74,453 | $ | 64,301 | ||||||||||||
Ratio of earnings to fixed charges | 50.61 | 62.51 | 4.33 | 26.84 | 24.61 | (12.97 | ) | |||||||||||||||||
Ratio of earnings to combined fixed charges and preference share dividends | 13.67 | 18.18 | 1.67 | 12.12 | 12.88 | (5.98 | ) |
RenRe North America Holdings Inc. and Subsidiaries
Statement Regarding Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Combined Fixed Charges and Preference Share Dividends
3 Months Ended March 31, 2010 | |||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||
(in thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
Net income (loss) | $ | (6,933 | ) | $ | 1,148 | $ | (1,908 | ) | $ | 40,327 | $ | 16,815 | $ | 12,245 | |||||||||
Add back: | |||||||||||||||||||||||
Income taxes | (3,892 | ) | 9,226 | 573 | (18,541 | ) | 893 | — | |||||||||||||||
Redeemable noncontrolling interest | — | — | — | — | (151 | ) | (50 | ) | |||||||||||||||
Fixed charges and preference share dividends | 3,124 | 9,705 | 3,810 | 1,333 | 1,117 | 968 | |||||||||||||||||
Distributed earnings from equity method investees | 1,500 | 3,975 | — | — | — | — | |||||||||||||||||
Less: | |||||||||||||||||||||||
Undistributed earnings from equity method investees | 477 | 954 | 2,410 | — | — | — | |||||||||||||||||
Earnings available for fixed charges and preference share dividends | $ | (5,724 | ) | $ | 25,008 | $ | 4,885 | $ | 23,119 | $ | 18,674 | $ | 13,163 | ||||||||||
Fixed charges and preference share dividends | |||||||||||||||||||||||
Interest expensed | $ | 2,970 | $ | 9,073 | $ | 3,577 | $ | 1,066 | $ | 840 | $ | 840 | |||||||||||
Estimated interest within rental expense | 154 | 632 | 233 | 267 | 277 | 128 | |||||||||||||||||
Preference share dividends | — | — | — | — | — | — | |||||||||||||||||
Total fixed charges and preference share dividends | $ | 3,124 | $ | 9,705 | $ | 3,810 | $ | 1,333 | $ | 1,117 | $ | 968 | |||||||||||
Ratio of earnings to fixed charges | (1.83 | ) | 2.58 | 1.28 | 17.34 | 16.72 | 13.60 | ||||||||||||||||
Ratio of earnings to combined fixed charges and preference share dividends | (1.83 | ) | 2.58 | 1.28 | 17.34 | 16.72 | 13.60 |