Exhibit 12.1
AXIS CAPITAL HOLDINGS LIMITED
RATIO OF EARNINGS TO FIXED CHARGES
| Year ended December 31, | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
| Earnings: income before income taxes |
$ | 61,538 | $ | 895,403 | $ | 539,861 | $ | 407,485 | $ | 1,133,509 | ||||||||||
| Add: fixed charges |
66,185 | 58,010 | 34,061 | 33,784 | 52,188 | |||||||||||||||
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| Earnings for computation |
$ | 127,723 | $ | 953,413 | $ | 573,922 | $ | 441,269 | $ | 1,185,697 | ||||||||||
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| Assumed interest component of rent expense(1) |
$ | 7,163 | $ | 5,798 | $ | 4,860 | $ | 4,583 | $ | 3,759 | ||||||||||
| Interest expense |
59,022 | 52,212 | 29,201 | 29,201 | 48,429 | |||||||||||||||
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| Total fixed charges |
$ | 66,185 | $ | 58,010 | $ | 34,061 | $ | 33,784 | $ | 52,188 | ||||||||||
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| Ratio of earnings to fixed charges |
1.9 | 16.4 | 16.8 | 13.1 | 22.7 | |||||||||||||||
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| Preferred share dividends(2) |
$ | 36,875 | $ | 36,875 | $ | 36,875 | $ | 36,875 | $ | 36,775 | ||||||||||
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| Total fixed charges and preferred share dividends |
$ | 103,060 | $ | 94,885 | $ | 70,936 | $ | 70,659 | $ | 88,963 | ||||||||||
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| Ratio of earnings to fixed charges and preferred share dividends |
1.2 | 10.0 | 8.1 | 6.2 | 13.3 | |||||||||||||||
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| (1) | 33.3% represents a reasonable approximation of the interest factor. |
| (2) | Dividends have been tax effected at a 0% rate because it is presumed they will be funded from a Bermuda entity. |