Exhibit 12.1
Ratio of earnings to fixed charges
The ratio of earnings to fixed charges is calculated by dividing earnings by
fixed charges. Fixed charges consist of interest expense and the interest
portion of rental expense.
Three months Nine Months ended
ended Sept. 30, Sept. 30, Year ended December 31,
--------------- ----------------- ----------------------------------
2002 2001 2002 2001 2001 2000 1999 1998
---- ---- ---- ---- ---- ---- ---- ----
(Loss) income before taxes
(41.3) (359.4) 1.1 (416.6) (537.3) (48.8) 98.4 178.3
Fixed charges:
Interest expense 3.4 4.3 11.4 16.6 24.2 17.1 17.5 16.1
Interest portion (33%)
of rental expense 1.5 0.9 3.3 2.7 3.6 3.4 2.5 2.5
----- ----- ---- ----- ----- ----- ---- ----
(Loss) income before taxes
plus fixed charges (36.4) (354.2) 15.8 (397.3) (509.5) (28.3) 118.4 196.9
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Fixed charges:
Interest expense 3.4 4.3 11.4 16.6 24.2 17.1 17.5 16.1
Interest portion (33%)
of rental expense 1.5 0.9 3.3 2.7 3.6 3.4 2.5 2.5
----- ----- ---- ----- ----- ----- ---- ----
4.9 5.2 14.7 19.3 27.8 20.5 20.0 18.6
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Ratio of earnings to fixed
charges (a) (b) 1.1 (c) (d) (e) 5.9 10.6
(a) The ratio coverage is less than 1:1. Converium would need to
generate additional earnings of $41.3 million to achieve a coverage
ratio of 1:1.
(b) The ratio coverage is less than 1:1. Converium would need to
generate additional earnings of $359.4 million to achieve a coverage
ratio of 1:1.
(c) The ratio coverage is less than 1:1. Converium would need to
generate additional earnings of $416.6 million to achieve a coverage
ratio of 1:1.
(d) The ratio coverage is less than 1:1. Converium would need to
generate additional earnings of $537.3 million to achieve a coverage
ratio of 1:1.
(e) The ratio coverage is less than 1:1. Converium would need to
generate additional earnings of $48.8 million to achieve a coverage
ratio of 1:1.