Exhibit 12.1

AXIS CAPITAL HOLDINGS LIMITED

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

	Nine Months Ended September 30,		Years ended December 31,
	2016		2015		2014		2013		2012		2011
Earnings: income before income taxes	$	361,926	$	644,659	$	830,472	$	734,467	$	550,528	$	61,538
Add: fixed charges		43,692		58,702		80,809		67,944		67,898		66,185
Earnings for computation	$	405,618	$	703,361	$	917,462	$	802,411	$	618,426	$	127,723
Assumed interest component of rent expense(1)	$	6,219	$	8,793	$	8,327	$	8,866	$	8,849	$	7,163
Interest expense		37,473		49,909		72,482		59,078		59,049		59,022
Total fixed charges	$	43,692	$	58,702	$	80,809	$	67,944	$	67,898	$	66,185
Ratio of earnings to fixed charges		9.3		12.0		11.4		11.8		9.1		1.9
Preferred share dividends(2)	$	29,906	$	40,069	$	40,088	$	40,474	$	38,228	$	36,875
Total fixed charges and preferred share dividends	$	73,598	$	98,771	$	120,897	$	108,414	$	106,126	$	103,060
Ratio of earnings to fixed charges and preferred share dividends		5.5		7.1		7.6		7.4		5.8		1.2

(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.