Exhibit 12.1
The Navigators Group, Inc.
Computation of Ratio of Earnings to Fixed Charges
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| Year Ended December 31, |
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| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
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| ($ in thousands) |
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Income before income taxes |
| $ | 33,754 |
| $ | 52,092 |
| $ | 2,792 |
| $ | 22,216 |
| $ | 5,360 |
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Add: |
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Portion of rents representative of the interest factor |
| 1,032 |
| 947 |
| 885 |
| 595 |
| 542 |
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Interest expense |
| — |
| — |
| 255 |
| 571 |
| 1,376 |
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Letter of credit charges |
| 982 |
| 1,036 |
| 742 |
| 642 |
| 678 |
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Amortization of deferred bank fees |
| 262 |
| 142 |
| 394 |
| 196 |
| 151 |
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Income as adjusted |
| $ | 36,029 |
| $ | 54,217 |
| $ | 5,068 |
| $ | 24,220 |
| $ | 8,107 |
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Fixed charges: |
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Portion of rents representative of the interest factor |
| $ | 1,032 |
| $ | 947 |
| $ | 885 |
| $ | 595 |
| $ | 542 |
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Interest expense |
| — |
| — |
| 255 |
| 571 |
| 1,376 |
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Letter of credit charges |
| 982 |
| 1,036 |
| 742 |
| 642 |
| 678 |
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Amortization of deferred bank fees |
| 262 |
| 142 |
| 394 |
| 196 |
| 151 |
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Total |
| $ | 2,276 |
| $ | 2,125 |
| $ | 2,276 |
| $ | 2,004 |
| $ | 2,747 |
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Ratio of earnings to fixed charges |
| 15.8 | x | 25.5 | x | 2.2 | x | 12.1 | x | 3.0 | x |
The Navigators Group Inc.
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| Amort of Loan |
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| 100% |
| 33.3% |
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Year |
| Expenses |
| Interest |
| LOC Fees |
| Total |
| Rent |
| Rent |
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2000 |
| 112,675 |
| 1,781,712 |
| 508,842 |
| 2,403,229 |
| 1,590,000 |
| 529,470 |
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2001 |
| 150,823 |
| 1,376,086 |
| 677,977 |
| 2,204,886 |
| 1,628,000 |
| 542,124 |
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2002 |
| 195,646 |
| 570,688 |
| 641,641 |
| 1,407,975 |
| 1,788,000 |
| 595,404 |
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2003 |
| 394,001 |
| 254,602 |
| 742,262 |
| 1,390,865 |
| 2,657,000 |
| 884,781 |
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2004 |
| 142,328 |
| — |
| 1,036,161 |
| 1,178,489 |
| 2,845,000 |
| 947,385 |
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| 995,473 |
| 3,983,088 |
| 3,606,883 |
| 8,585,444 |
| 10,508,000 |
| 3,499,164 |
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2005 |
| 262,396 |
| — |
| 981,914 |
| 1,244,310 |
| 3,099,000 |
| 1,031,967 |
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| 1,257,869 |
| 3,983,088 |
| 4,588,797 |
| 9,829,754 |
| 13,607,000 |
| 4,531,131 |
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| 0.333 |
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