Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
For purposes of computing the followingratios,earningsconsist of net incomebeforeincome tax expense plus fixed charges to the extent that these charges are included in the determination of earnings and excludeundistributedearnings of equityinvestements. Fixed chargesconsist of interest costs plus one-third of minimumrentalpayments under operatingleases(estimated by our management to be the interestfactor of these rentals).
(Expressed in thousands of U.S. dollars,exceptratios)
| | | For the
Six months ended
June 30, | | For thetwelve months ended December 31, |
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| | | | 2006 | | | | 2005 | | | 2004 | | | 2003 | | | 2002 | | | 2001 | |
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| Earnings (loss) excluding undistributed earnings of equity investments | | $ | 265,538 | | | $ | (60,793 | ) | $ | 486,023 | | $ | 467,679 | | $ | 190,302 | | $ | (160,482 | ) |
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| Add (deduct): | | | | | | | | | | | | | | | | | | | | |
| Income taxes | | | 27,976 | | | | 22,924 | | | 7,560 | | | 2,110 | | | 2,661 | | | (69,307 | ) |
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| Fixed charges: | | | | | | | | | | | | | | | | | | | | |
| Interest expense | | | 29,539 | | | | 41,911 | | | 50,400 | | | 36,892 | | | 33,819 | | | 31,506 | |
| One third of rental payments | | | 3,650 | | | | 7,575 | | | 6,865 | | | 5,467 | | | 4,528 | | | 3,751 | |
| Distributions related to Trust Preferred and Mandatorily | | | | | | | | | | | | | | | | | | | | |
| Redeemable Preferred Securities, net of applicable taxes | | | - | | | | - | | | - | | | 16,120 | | | 21,730 | | | 2,311 | |
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| Earnings (loss) before income taxes and fixed charges | | $ | 326,703 | | | $ | 11,617 | | $ | 550,848 | | $ | 528,268 | | $ | 253,040 | | $ | (192,221 | ) |
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| Fixed charges: | | | | | | | | | | | | | | | | | | | | |
| Interest expense | | $ | 29,539 | | | $ | 41,911 | | $ | 50,400 | | $ | 36,892 | | $ | 33,819 | | $ | 31,506 | |
| One third of rental payments | | | 3,650 | | | | 7,575 | | | 6,865 | | | 5,467 | | | 4,528 | | | 3,751 | |
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| Total fixed charges | | $ | 33,189 | | | $ | 49,486 | | $ | 57,265 | | $ | 42,359 | | $ | 38,347 | | $ | 35,257 | |
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| Ratio of earnings to fixed charges | | | 9.84 | | | | 0.23 | | | 9.62 | | | 12.47 | | | 6.60 | | | NM (1 | ) |
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| Deficiency of earnings to fixed charges (2) | | | | | | $ | 37,869 | | | | | | | | | | | $ | 227,478 | |
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(1) NM: Notmeaningful. The ratio for the 2001period above is notmeaningful due to the net loss whichPartnerRe reported for 2001, whichincludedlossesrelated to theterroristattacks ofSeptember 11, 2001.
(2)Representsadditionalearnings that would benecessary toresult in a one-to-onecoverageratio of earnings to fixed charges.
