Argo Group Us (ARGD) S-3ASR Automatic shelf registration

Exhibit 12.1

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

STATEMENTS OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

	Six Months Ended June 30,		Years Ended December 31,
(in millions, except ratios)	2012		2011			2010		2009		2008		2007
Earnings:
(Loss) income from continuing operations before provision for income taxes and extraordinary item	$	53.1	$	(61.9	)	$	121.9	$	139.1	$	79.6	$	118.4
Add:
Fixed charges		13.5		26.7			26.6		29.5		34.0		23.6
Total earnings	$	66.6	$	(35.2	)	$	148.5	$	168.6	$	113.6	$	142.0
Fixed charges:
Interest expense	$	11.2	$	22.1		$	22.9	$	25.7	$	29.9	$	20.9
Preferred share dividends		0.0		0.0			0.0		0.0		0.0		0.1
Rental interest factor		2.3		4.6			3.7		3.8		4.1		2.6
Total fixed charges	$	13.5	$	26.7		$	26.6	$	29.5	$	34.0	$	23.6
Ratio of earnings to fixed charges		4.9:1			(a)		5.6:1		5.7:1		3.3:1		6.0:1

(a) The coverage deficiency for the year ended December 31, 2011 is $61.9 million.