Exhibit 12.1 Everest Reinsurance Holdings, Inc. Ratio of Earnings to Fixed Charges (Dollars in thousands) Period Ended Years Ended December 31, June 30, 1999 1998 1997 1996 1995 1994 -------------- ------------------------------------------------------------------ Earnings: Income/(loss) before income taxes/(benefits) $ 98,919 $ 212,676 $ 207,300 $ 143,839 $ (26,568) $ (11,982) Fixed Charges: Assumed interest component of rent expense 641 1,769 1,633 1,776 2,443 2,082 Interest expense 283 -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- --------- Total fixed charges 924 1,769 1,633 1,776 2,443 2,082 ---------- ---------- ---------- ---------- ---------- --------- Earnings plus fixed charges 99,843 214,444 208,933 145,615 (24,125) (9,900) ========== ========== ========== ========== =========== ========= Ratio of earnings to fixed charges 108.1 to 1 121.2 to 1 129.9 to 1 80.0 to 1 (1) (1) - ----------- (1) Principally as a result of non-recurring charges, Everest Holdings had a deficiency of earnings in 1995 and 1994 of $26,568 and $11,982, respectively, to cover fixed charges.