Global Indemnity (GBLI) 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

($ in thousands)	Fiscal Year Ended December 31,												Six Months Ended June 30,
	2014		2013		2012			2011			2010		2015			2014
Net Income (loss)	$	62,856	$	61,690	$	34,757		$	(38,338	)	$	84,871	$	17,911		$	42,031
Income Tax Expense (benefit)		8,338		1,019		(5,856	)		2,806			8,866		(4,901	)		9,741
Fixed Charges	$	1,680	$	6,940	$	6,088		$	7,812		$	8,723	$	1,589		$	941
Earnings	$	72,874	$	69,649	$	34,989		$	(27,721	)	$	102,460	$	14,599		$	52,713
Interest Costs	$	822	$	6,169	$	5,393		$	6,476		$	7,020	$	1,040		$	510
Operating Lease Expense		2,600		2,335		2,105			4,048			5,160		1,665			1,306
Portion of rental expense representative of the interest factor (a)		858		771		695			1,336			1,703		549			431
Total Fixed Charges	$	1,680	$	6,940	$	6,088		$	7,812		$	8,723	$	1,589		$	941
Ratio of Earnings to Fixed Charges		43.4		10.0		5.7			(b	)		11.7		9.2	x		56.0	x

(a) One-third of net rent expense is the portion of rental expense deemed representative of the interest factor.

(b) The ratio of earnings to fixed charges and preferred share dividends was less than 1.0x in fiscal 2011. The deficiency in the ratio of earnings to fixed charges and preferred share dividend was $35.5 million.