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,
	2016			2015			2014		2013		2012
Net Income (loss)	$	49,868		$	41,469		$	62,856	$	61,690	$	34,757
Income Tax Expense (benefit)		(2,250	)		(8,723	)		8,338		1,019		(5,856	)
Fixed Charges	$	10,126		$	6,068		$	1,680	$	6,940	$	6,088
Earnings	$	57,744		$	38,814		$	72,874	$	69,649	$	34,989
Interest Costs	$	8,905		$	4,913		$	822	$	6,169	$	5,393
Operating Lease Expense		3,700			3,500			2,600		2,335		2,105
Portion of rental expense representative of the interest factor (a)		1,221			1,155			858		771		695
Total Fixed Charges	$	10,126		$	6,068		$	1,680	$	6,940	$	6,088
Ratio of Earnings to Fixed Charges		5.7			6.4			43.4		10.0		5.7

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