Exhibit 12.1

AXIS CAPITAL HOLDINGS LIMITED

RATIO OF EARNINGS TO FIXED CHARGES

	Nine Months Ended September 30,		Years ended December 31,
	2013		2012		2011		2010		2009		2008
Earnings: income before income taxes	$	557,416	$	550,528	$	61,538	$	895,403	$	539,861	$	407,485
Add: fixed charges		52,587		67,898		66,185		58,010		34,061		33,784
Earnings for computation	$	610,003	$	618,426	$	127,723	$	953,413	$	573,922	$	441,269
Assumed interest component of rent expense(1)	$	8,281	$	8,849	$	7,163	$	5,798	$	4,860	$	4,583
Interest expense		44,306		59,049		59,022		52,212		29,201		29,201
Total fixed charges	$	52,587	$	67,898	$	66,185	$	58,010	$	34,061	$	33,784
Ratio of earnings to fixed charges		11.6		9.1		1.9		16.4		16.8		13.1
Preferred share dividends(2)	$	30,452	$	38,228	$	36,875	$	36,875	$	36,875	$	36,875
Total fixed charges and preferred share dividends	$	83,039	$	106,126	$	103,060	$	94,885	$	70,936	$	70,659
Ratio of earnings to fixed charges and preferred share dividends		7.3		5.8		1.2		10.0		8.1		6.2

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

(2) Dividends have been tax effected at a 0% rate because it is presumed they will be funded from a Bermuda entity.