Exhibit 12.1
ONEBEACON INSURANCE GROUP, LTD.
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
($ in millions except ratios)
Three Months Ended | Year Ended December 31, | |||||||||||||||||||||||
March 31, 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Consolidated pre-tax income (loss) from continuing operations before equity in earnings of affiliates and discontinued operations | $ | 54.4 | $ | 181.3 | $ | 105.9 | $ | 119.7 | $ | 175.4 | $ | 491.9 | ||||||||||||
Interest expense on debt | 3.2 | 13.0 | 16.9 | 20.5 | 29.6 | 39.7 | ||||||||||||||||||
Interest portion of rental expense | 0.9 | 3.8 | 3.6 | 4.9 | 7.5 | 7.3 | ||||||||||||||||||
Earnings (loss) | $ | 58.5 | $ | 198.1 | $ | 126.4 | $ | 145.1 | $ | 212.5 | $ | 538.9 | ||||||||||||
Earnings (loss) including dividends on preferred stock | $ | 58.5 | $ | 198.1 | $ | 126.4 | $ | 145.1 | $ | 212.5 | $ | 538.9 | ||||||||||||
Interest expense on debt | 3.2 | 13.0 | 16.9 | 20.5 | 29.6 | 39.7 | ||||||||||||||||||
Interest portion of rental expense(1) | 0.9 | 3.8 | 3.6 | 4.9 | 7.5 | 7.3 | ||||||||||||||||||
Fixed charges | $ | 4.1 | $ | 16.8 | $ | 20.5 | $ | 25.4 | $ | 37.1 | $ | 47.0 | ||||||||||||
Combined fixed charges and preferred stock dividends | $ | 4.1 | $ | 16.8 | $ | 20.5 | $ | 25.4 | $ | 37.1 | $ | 47.0 | ||||||||||||
Ratio of earnings to fixed charges | 14.3 | 11.8 | 6.2 | 5.7 | 5.7 | 11.5 | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 14.3 | 11.8 | 6.2 | 5.7 | 5.7 | 11.5 |
(1) | The estimate of the interest portion of rental expense is calculated as one-third of total rental expense for the period, which approximates the interest component of operating leases. |