Exhibit 12.1
TRENWICK GROUP LTD.
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS
(Amounts in thousands of United States dollars)
2001 Year 2000 Year 1999 Period 1999 Year 998 Year
----------- --------- ----------- --------- --------
Earnings available for fixed charges
and preferred share dividends
Net (loss) income before minority
interest and income taxes $(212,202) $ 4,215 $(19,831) $ (5,679) $65,232
Interest expense and dividends on
preferred stock of subsidiaries 39,142 11,775 346 1,714 1,881
--------- -------- -------- -------- -------
Total earnings available for fixed
charges and preferred dividends $(173,060) $ 15,990 $(19,485) $ (3,965) $67,113
========= ======== ======== ======== =======
Fixed charges and preferred
share dividends
Interest expense and dividends on
preferred stock of subsidiaries $ 39,142 $ 11,775 $ 346 $ 1,714 $ 1,881
--------- -------- -------- -------- -------
Total fixed charges $ 39,142 $ 11,775 $ 346 $ 1,714 $ 1,881
--------- -------- -------- -------- -------
Preferred share dividends -- 4,923 1,641 6,563 6,563
--------- -------- -------- -------- -------
Combined fixed charges and
preferred share dividends $ 39,142 $ 16,698 $ 1,987 $ 8,277 $ 8,444
========= ======== ======== ======== =======
Ratio of earnings to combined fixed
charges and preferred share dividends (4.42) .96 (9.81) (0.48) 7.9
========= ======== ======== ======== =======
Deficiency $(212,202) $ (708) $(21,832) $(12,242)
========= ======== ======== ========