EX-12.1 2 argo-ex121_10.htm EX-12.1 argo-ex121_10.htm

Exhibit 12.1

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)

 

 

  

 

Three Months Ended March 31,

 

 

For the Years Ended December 31,

 

 

 

2018

 

 

2017

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

$

25.0

 

 

$

42.7

 

 

$

39.9

 

 

$

181.9

 

 

$

177.5

 

 

$

216.0

 

 

$

179.7

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

9.4

 

 

 

7.5

 

 

 

34.7

 

 

 

23.7

 

 

 

23.7

 

 

 

24.8

 

 

 

25.1

 

Total earnings

 

$

34.4

 

 

$

50.2

 

 

$

74.6

 

 

$

205.6

 

 

$

201.2

 

 

$

240.8

 

 

$

204.8

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

7.7

 

 

$

5.9

 

 

$

27.7

 

 

$

19.6

 

 

$

19.0

 

 

$

19.9

 

 

$

20.2

 

Rental interest factor

 

 

1.7

 

 

 

1.6

 

 

 

7.0

 

 

 

4.1

 

 

 

4.7

 

 

 

4.9

 

 

 

4.9

 

Total fixed charges

 

$

9.4

 

 

$

7.5

 

 

$

34.7

 

 

$

23.7

 

 

$

23.7

 

 

$

24.8

 

 

$

25.1

 

Ratio of earnings to fixed charges

 

3.7:1

 

 

6.7:1

 

 

2.1:1

 

 

8.7:1

 

 

8.5:1

 

 

9.7:1

 

 

8.2:1