Exhibit 12.1

The Navigators Group, Inc.
Computation of Ratio of Earnings to Fixed Charges

	Three Months Ended
	March 31,		Year Ended December 31,
	2009		2008		2007		2006		2005		2004
			( $ in thousands, except ratios)
Income before income taxes	$	12,000		68,731		139,182		106,617	$	33,754	$	52,092
Add:
Portion of rents representative of the interest factor		1,483		2,364		2,131		1,598		1,032		947
Interest expense		2,219		8,871		8,863		6,248		—		—
Letter of credit charges		231		1,055		1,100		964		982		1,036
Amortization of deferred bank fees		4		17		30		159		262		142
Income as adjusted	$	15,937		81,037		151,305		115,586	$	36,029	$	54,217
Fixed charges:
Portion of rents representative of the interest factor	$	1,483	$	2,364	$	2,131	$	1,598	$	1,032	$	947
Interest expense		2,219		8,871		8,863		6,248		—		—
Letter of credit charges		231		1,055		1,100		964		982		1,036
Amortization of deferred bank fees		4		17		30		159		262		142
Total	$	3,938	$	12,307	$	12,124	$	8,970	$	2,276	$	2,125
Ratio of earnings to fixed charges		4.0		6.6		12.5		12.9		15.8		25.5