Exhibit 12.1 Platinum Underwriters Holdings, Ltd. Ratio of Earnings to Fixed Charges Period from April 19,2002 Year Ended to December 31, December 31, 2003 2002 ----------- ------------- Earnings: Earnings before income taxes 193,698 11,093 Add fixed charges 9,492 1,444 ------- ------ Total 203,190 12,537 ------- ------ Fixed charges: Interest expense 7,563 1,261 Amortized expenses related to indebtedness 1,929 183 ------- ------ Total fixed charges 9,492 1,444 ------- ------ Ratio of earnings to fixed charges 21.4 8.7