EX-12.1 2 a07-5908_1ex12d1.htm EX-12.1

Exhibit 12.1

AXIS CAPITAL HOLDINGS LIMITED
RATIO OF EARNINGS TO FIXED CHARGES
YEARS ENDED DECEMEBER 31

($ in thousands)

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

Earnings: Income before income taxes

 

$

996,902

 

$

100,507

 

$

500,438

 

$

531,672

 

$

263,689

 

Add: fixed charges

 

32,414

 

31,864

 

6,104

 

1,694

 

514

 

Earnings for computation

 

$

1,029,316

 

$

132,371

 

$

506,542

 

$

533,366

 

$

264,203

 

Assumed interest component of rent expense(1)

 

$

3,212

 

$

2,637

 

$

2,377

 

$

1,694

 

$

514

 

Interest expense

 

29,200

 

29,227

 

3,727

 

—

 

—

 

Total fixed charges

 

32,412

 

31,864

 

6,104

 

1,694

 

514

 

Ratio of earnings to fixed charges

 

31.8

 

4.2

 

83.0

 

314.9

 

514.0

 

Preferred share dividends

 

37,295

 

4,379

 

—

 

—

 

—

 

Total fixed charges and preferred share dividends

 

$

69,707

 

$

36,243

 

$

6,104

 

$

1,694

 

$

514

 

Ratio of earnings to fixed charges and preferred share dividends

 

14.8

 

3.7

 

83.0

 

314.9

 

514.0

 

(1)          33.3% represents a reasonable approximation of the interest factor.