Exhibit 12

PXRE GROUP LTD. AND SUBSIDIARIES

COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
AND RATIO OF CONSOLIDATED EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

	Year Ended December 31,
($000’s except ratios)	2006		2005			2004			2003		2002
Net income (loss)	$	28,502	$	(697,558	)	$	22,846		$	96,648	$	64,545
Income taxes		597		5,907			(6,474	)		841		17,829
Income (loss) before income taxes	$	29,099	$	(691,651	)	$	16,372		$	97,489	$	82,374
Fixed charges:
Interest expense	$	14,455	$	14,452		$	14,389		$	13,034	$	11,585
Appropriated portion (1/3) of rentals		867		628			742			997		1,205
Interest expense on premiums withheld under ceded reinsurance contracts		4,654		6,747			7,985			9,078		9,846
Total fixed charges	$	19,976	$	21,827		$	23,116		$	23,109	$	22,636
Earnings (loss) before income taxes and fixed charges	$	49,075	$	(669,824	)	$	39,488		$	120,598	$	105,010
Preferred dividend requirements	$	4,864	$	7,040		$	14,018		$	13,113	$	9,077
Ratio of pre-tax income to net income		1.02		0.99			0.72			1.01		1.28
Preferred dividend factor	$	4,966	$	7,040		$	14,018		$	13,227	$	11,584
Total fixed charges		19,976		21,827			23,116			23,109		22,636
Total fixed charges and preferred dividends	$	24,942	$	28,867		$	37,134		$	36,336	$	34,220
Ratio of earnings to fixed charges		2.46		(30.69	)		1.71			5.22		4.64
Ratio of earnings to combined fixed charges and preferred dividends		1.97		(23.20	)		1.06			3.32		3.07
Deficiency in ratio				691,651
Deficiency in combined ratio				698,691

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