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                                                                      EXHIBIT 12

                  HCC INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

                               STATEMENT OF RATIOS

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                        FOR THE YEARS ENDED DECEMBER 31,
                             (DOLLARS IN THOUSANDS)



                                                            ADJUSTED
                                              2000            1999 (2)      1999          1998          1997          1996
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Gross premium to surplus ratio:
   Gross written premium                    $972,154                      $576,184      $500,962      $346,094      $340,367
   Policyholders' surplus                    326,249                       315,474       369,401       331,922       288,863
   Premium to surplus ratio (1)                298.0%                        182.6%        135.6%        104.3%        117.8%

(Gross premium to surplus ratio = gross written premium divided by policyholders' surplus)

Net premium to surplus ratio:
    Net written premium                     $283,947                      $150,261      $123,315      $143,068      $189,022
    Policyholders' surplus                   326,249                       315,474       369,401       331,922       288,863
    Premium to surplus ratio (1)                87.0%                         47.6%         33.4%         43.1%         65.4%

(Net premium to surplus ratio = net written premium divided by policyholders' surplus)

Loss ratio:
   Incurred loss and LAE                    $190,272        $119,093      $160,908      $ 95,435      $100,158      $115,521
   Net earned premium                        267,481         146,850       150,304       142,108       162,626       179,490
   Loss ratio (1)                               71.1%           81.1%        107.1%         67.2%         61.6%         64.4%

(Loss ratio = incurred loss and LAE divided by net earned premium)

Expense ratio:
   Underwriting expense                     $ 76,548        $ 33,427      $ 34,220      $ 19,417      $ 24,627      $ 36,379
   Net written premium                       283,947         145,200       150,261       123,315       143,068       189,022
   Expense ratio (1)                            27.0%           23.0%         22.8%         15.7%         17.2%         19.2%

(Expense ratio = underwriting expense divided by net written premium)

   Combined ratio (1)                           98.1%          104.1%        129.9%         82.9%         78.8%         83.6%

(Combined ratio = loss ratio plus expense ratio)


(1) Calculated for the Company's insurance company subsidiaries on the basis of
    statutory accounting principles.

(2) Excluding the effects of the provision for reinsurance in 1999.