Exhibit 12.1
RenaissanceRe Holdings Ltd. And Subsidiaries
Statement Regarding Ratio of Earnings to Fixed Charges and Preference Share Dividends
| Six months ended June 30, | Fiscal year ended December 31, | |||||||||||||||||||||||
| (in thousands, except ratios) | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Calculation of ratio of earnings to fixed charges | ||||||||||||||||||||||||
Net income | $ | 263,494 | $ | 480,581 | $ | 408,811 | $ | 510,337 | $ | 665,676 | $ | 566,014 | ||||||||||||
Add back: | ||||||||||||||||||||||||
Income tax expense (benefit) | 4,238 | 340 | (45,866 | ) | 608 | 1,692 | 1,413 | |||||||||||||||||
(Income) loss from discontinued operations | — | — | — | — | (2,422 | ) | 16,476 | |||||||||||||||||
Noncontrolling interests | 71,939 | 127,086 | 111,050 | 153,538 | 151,144 | 148,040 | ||||||||||||||||||
Fixed charges and preference share dividends | 32,838 | 66,786 | 61,048 | 41,776 | 45,260 | 60,223 | ||||||||||||||||||
Distributed earnings from equity method investees | 25,250 | 9,366 | 13,281 | 10,284 | 9,876 | 9,878 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
(Earnings) losses from equity method investees | (4,036 | ) | (963 | ) | (20,481 | ) | (26,075 | ) | (23,194 | ) | (23,238 | ) | ||||||||||||
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Earnings available for fixed charges | $ | 393,723 | $ | 683,196 | $ | 527,843 | $ | 690,468 | $ | 848,032 | $ | 778,806 | ||||||||||||
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Fixed charges | ||||||||||||||||||||||||
Interest expense (includes amortized amounts related to indebtedness) | $ | 20,617 | $ | 42,144 | $ | 36,270 | $ | 17,402 | $ | 18,167 | $ | 23,336 | ||||||||||||
Estimated interest within rental expense | 1,030 | 2,261 | 2,397 | 1,993 | 2,145 | 1,992 | ||||||||||||||||||
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Total fixed charges | $ | 21,647 | $ | 44,405 | $ | 38,667 | $ | 19,395 | $ | 20,312 | $ | 25,328 | ||||||||||||
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Preference share dividends | 11,191 | 22,381 | 22,381 | 22,381 | 24,948 | 34,895 | ||||||||||||||||||
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Total fixed charges and preference share dividends | $ | 32,838 | $ | 66,786 | $ | 61,048 | $ | 41,776 | $ | 45,260 | $ | 60,223 | ||||||||||||
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Ratio of earnings to fixed charges | 18.19 | 15.39 | 13.65 | 35.60 | 41.75 | 30.75 | ||||||||||||||||||
Ratio of earnings to combined fixed charges | 11.99 | 10.23 | 8.65 | 16.53 | 18.74 | 12.93 | ||||||||||||||||||
