Exhibit 12.1
AmTrust Financial Services, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Amounts in Thousands)
		2012		2011		2010		2009		2008
Earnings
Pretax income from continuing operations before adjustment for income or loss from equity investees		$	218,841	$	207,924	$	166,292	$	131,514	$	104,486
Fixed charges		28,508		16,709		12,902		16,884		18,277
Company share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges		̶		̶		(1,288)		(822)		(991)
		$	247,349	$	224,633	$	177,906	$	147,576	$	121,772
Less:
Interest capitalized		$ ̶		$ ̶		$ ̶		$ ̶		$ ̶
Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges		6,873		20,730		5,109		̶		(2,900)
		6,873		20,730		5,109		̶		(2,900)
Total Earnings		$	240,476	$	203,903	$	172,797	$	147,576	$	124,672
Fixed Charges:
Interest expensed and capitalized, and amortized premiums, discounts and capitalized expenses related to indebtedness		28,508		16,709		12,902		16,884		18,277
Expense of the interest within rental expense (1)		̶		̶		̶		̶		̶
	Total Fixed Charges	$	28,508	$	16,709	$	12,902	$	16,884	$	18,277
Ratio of Earnings to Fixed Charges		8.4		12.2		13.4		8.7		6.8
(1) Deemed to be immaterial