Exhibit 12.1

The Navigators Group, Inc.

Computation of Ratio of Earnings to Fixed Charges

	Three Months Ended March 31,		Year ended December 31,
	2012		2011		2010		2009		2008		2007
Income before income taxes	$	11,185	$	32,734	$	98,829	$	86,848	$	68,731	$	139,182
Add:
Portion of rents representative of the interest factor		889		3,476		3,093		2,864		2,364		2,131
Interest expense		2,049		8,188		8,178		8,455		8,871		8,863
Letter of credit charges		590		2,388		2,645		1,731		1,103		1,143
Amortization of discount and other bank fees		36		138		128		216		121		113
Income as adjusted	$	14,749	$	46,924	$	112,873	$	100,114	$	81,190	$	151,432
Fixed charges:
Portion of rents representative of the interest factor	$	889	$	3,476	$	3,093	$	2,864	$	2,364	$	2,131
Interest expense		2,049		8,188		8,178		8,455		8,871		8,863
Letter of credit charges		590		2,388		2,645		1,731		1,103		1,143
Amortization of discount and other bank fees		36		138		128		216		121		113
Total	$	3,564	$	14,190	$	14,044	$	13,266	$	12,459	$	12,250
Ratio of earnings to fixed charges		4.14		3.31		8.04		7.55		6.52		12.36