Exhibit 12.1

The Navigators Group, Inc.

Computation of Ratio of Earnings to Fixed Charges

	Year Ended December 31,
	2005			2004			2003			2002			2001
	($ in thousands)
Income before income taxes	$	33,754		$	52,092		$	2,792		$	22,216		$	5,360
Add:
Portion of rents representative of the interest factor	1,032			947			885			595			542
Interest expense	—			—			255			571			1,376
Letter of credit charges	982			1,036			742			642			678
Amortization of deferred bank fees	262			142			394			196			151
Income as adjusted	$	36,029		$	54,217		$	5,068		$	24,220		$	8,107
Fixed charges:
Portion of rents representative of the interest factor	$	1,032		$	947		$	885		$	595		$	542
Interest expense	—			—			255			571			1,376
Letter of credit charges	982			1,036			742			642			678
Amortization of deferred bank fees	262			142			394			196			151
Total	$	2,276		$	2,125		$	2,276		$	2,004		$	2,747
Ratio of earnings to fixed charges	15.8		x	25.5		x	2.2		x	12.1		x	3.0		x

The Navigators Group Inc.

	Amort of Loan				100%	33.3%
Year	Expenses	Interest	LOC Fees	Total	Rent	Rent
2000	112,675	1,781,712	508,842	2,403,229	1,590,000	529,470
2001	150,823	1,376,086	677,977	2,204,886	1,628,000	542,124
2002	195,646	570,688	641,641	1,407,975	1,788,000	595,404
2003	394,001	254,602	742,262	1,390,865	2,657,000	884,781
2004	142,328	—	1,036,161	1,178,489	2,845,000	947,385
	995,473	3,983,088	3,606,883	8,585,444	10,508,000	3,499,164
2005	262,396	—	981,914	1,244,310	3,099,000	1,031,967
	1,257,869	3,983,088	4,588,797	9,829,754	13,607,000	4,531,131
						0.333