Global Indemnity (GBLI) S-3 Shelf registration

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges
(in thousands)

	Three months ended
	March 31,					For the year ended December 31,
	2011		2010			2010			2009		2008			2007			2006
Net Income / (Loss)	$	13,785	$	18,901		$	84,903		$	75,437	$	(141,560	)	$	98,917		$	99,418
Less:
Extraordinary Gain		—		—			—			—		—			—			—
Discontinued Operations (net of tax)		—		—			—			—		87			31			10,080
Income (loss) before Discontinued Operations		13,785		18,901			84,903			75,437		(141,647	)		98,886			89,338
Less:
Minority Interest		—		—			—			—		—			—			—
Equity in Net Income (Loss) of Partnerships		53		(29	)		(22	)		5,276		(3,890	)		(581	)		1,026
Subtotal		53		(29	)		22			5,276		(3,890	)		(581	)		1,026
Add:
Interest Expense		1,752		1,739			7,020			7,216		8,657			11,372			11,393
Interest Component of Leases		248		283			1,735			1,157		1,221			1,193			1,163
Fixed Charges		2,000		2,022			8,755			8,373		9,878			12,565			12,556
Income Tax (Benefit)		7,591		2,069			8,892			4,310		(29,263	)		18,680			18,176
Subtotal		9,591		4,091			17,647			12,683		(19,385	)	$	31,245		$	30,732
Earnings for Computations	$	23,323	$	23,021		$	102,572		$	82,844	$	(157,142	)	$	130,712		$	119,044
Preferred Shares Dividends	$	—	$	—		$	—		$	—	$	—		$	—		$	—
Ratio of Earnings to Fixed Charges		11.7		11.4			11.7			9.9		NM			10.4			9.5
Ration of Earnings to Fixed Charges and Preferred Shares Dividends		11.7		11.4			11.7			9.9		NM			10.4			9.5