EXHIBIT 12
NAC RE CORP. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
YEAR ENDED DECEMBER 31,
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1996 1995 1994 1993 1992
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Earnings:
Operating income before income taxes............................ $89,036 $78,821 $42,290 $49,497 $3,606
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Add back fixed charges:
Interest expense................................................ 21,976 15,381 14,196 13,324 4,538
Amortization of related debt expenses........................... 346 267 258 258 68
Assumed interest component of rent expenses..................... 1,311 1,235 1,099 1,194 1,114
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Total fixed charges........................................... 23,633 16,883 15,553 14,776 5,720
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Adjusted earnings............................................... $112,669 $95,704 $57,843 $64,273 $9,326
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Ratio of earnings to fixed charges.............................. 4.8 to 1 5.7 to 1 3.7 to 1 4.3 to 1 1.6 to 1
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