EXHIBIT 12

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF CONSOLIDATED EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS

	Years Ended December 31,
(in millions, except ratios)	2007		2006		2005		2004		2003
Earnings:
Income from continuing operations before provision
for income taxes and extraordinary item	$	119.8	$	163.0	$	81.5	$	60.7	$	135.3
Add:
Fixed charges		23.7		16.4		21.0		16.9		13.3
Total earnings	$	143.5	$	179.4	$	102.5	$	77.6	$	148.6
Fixed charges
Interest expense, net	$	21.0	$	13.0	$	15.0	$	11.0	$	8.4
Preferred stock dividends		0.1		1.5		3.4		3.8		2.8
Rental interest factor		2.6		1.9		2.6		2.1		2.1
Total fixed charges	$	23.7	$	16.4	$	21.0	$	16.9	$	13.3
Ratio of earnings to fixed charges		6.1:1		10.9:1		4.9:1		4.6:1		11.2:1