EX-12 2 agii-ex12_12.htm EX-12 agii-ex12_12.htm

Exhibit 12

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

STATEMENTS OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

(in millions, except ratios)

 

 

For the Years Ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

 

2011

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before provision for income taxes

 

$

177.5

 

 

$

216.0

 

 

$

179.7

 

 

$

66.7

 

 

$

(61.9

)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

23.7

 

 

 

24.8

 

 

 

25.1

 

 

 

28.4

 

 

 

26.7

 

Total earnings

 

$

201.2

 

 

$

240.8

 

 

$

204.8

 

 

$

95.1

 

 

$

(35.2

)

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

19.0

 

 

$

19.9

 

 

$

20.2

 

 

$

23.7

 

 

$

22.1

 

Rental interest factor

 

 

4.7

 

 

 

4.9

 

 

 

4.9

 

 

 

4.7

 

 

 

4.6

 

Total fixed charges

 

$

23.7

 

 

$

24.8

 

 

$

25.1

 

 

$

28.4

 

 

$

26.7

 

Ratio of earnings to fixed charges

 

8.5:1

 

 

9.7:1

 

 

8.2:1

 

 

3.3:1

 

 

(a)

 

 

(a)

The coverage deficiency for the year ended December 31, 2011 was $69.1 million.