XL (XLGLF) POSASR Automatic shelf registration (post-effective amendment)

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE
DIVIDENDS

(U.S. Dollars in thousands, except ratios)

	Six months End 30-Jun 2011			Yr End 31-Dec 2010		Yr End 31-Dec 2009			Yr End 31-Dec 2008			Yr End 31-Dec 2007		Yr End 31-Dec 2006
Earnings:
Pre-tax (loss) income from continuing operations		(71,441	)		633,644		55,847			(595,293	)		1,267,580		1,626,722
Fixed charges		149,643			297,393		308,325			443,401			702,826		603,332
Distributed income of equity investees - see below		983			172,454		243,176			335,411			93,465		84,203
Subtotal		79,185			1,103,491		607,348			183,519			2,063,871		2,314,257
Less: Minority interest		(134	)		4		(104	)		—			23,928		25,016
Preference share dividend		35,572			74,521		80,200			78,645			69,514		40,322
Total Earnings (Loss)		43,747			1,028,966		527,252			104,874			1,970,429		2,248,919
Fixed charges:
Interest costs		83,361			159,229		180,353			205,212			200,831		202,222
Accretion of deposit liabilities		25,885			54,414		36,151			146,588			421,074		350,053
Rental expense at 30%		4,825			9,229		11,621			12,956			11,407		10,735
Total fixed charges		114,071			222,872		228,125			364,756			633,312		563,010
Preference share dividends		35,572			74,521		80,200			78,645			69,514		40,322
Total fixed charges and preference dividends		149,643			297,393		308,325			443,401			702,826		603,332
Ratio of earnings to fixed charges		0.4			4.6		2.3			0.3			3.1		4.0
Ratio of earnings to fixed charges & preference dividends		0.3			3.5		1.7			0.2			2.8		3.7
Deficiency - fixed charges only		70,324			N/A		N/A			259,882			N/A		N/A
Deficiency - fixed charges and preference dividends		105,896			N/A		N/A			338,527			N/A		N/A