Exhibit 12.1

XL CAPITAL

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS

000s of U.S. Dollars

	Yr End		Yr End		Yr End		Yr End		Yr End
	31-Dec		31-Dec		31-Dec		31-Dec		31-Dec
	2002		2001		2000		1999		1998
Earnings:
Pre-tax income from continuing operations		392,903		(833,916)		376,734		390,252		636,670
Fixed charges and pref divs.		186,987		117,994		76,612		53,609		36,898
Distributed income of equity investees		23,335		3,662		4,987		1,266		25,319
Subtotal		603,225		(714,373)		458,333		445,127		698,887
Less: Minority interest		13,371		2,113		1,093		220		749
Preference share dividends		9,620		—		—		—		—
Total Earnings		580,234		(714,373)		457,240		444,907		698,138
Fixed Charges:
Interest costs		102,200		65,350		32,147		37,378		33,444
Accretion of deposit liabilities		65,886		47,922		38,446		12,394		—
Rental expense at 30% (1)		9,281		4,722		6,019		3,837		3,454
Total Fixed charges		177,367		117,994		76,612		53,609		36,898
Preference share dividends - XL Capital		9,620		—		—		—		—
Total Prefered dividends		9,620		—		—		—		—
Total fixed charges and preference dividends		186,987		117,994		76,612		53,609		36,898
Ratio of Earnings to Fixed Charges		3.3		(6.1)		6.0		8.3		18.9
Ratio of Earnings to Combined Fixed         Charges and Preference Dividends		3.1		(6.1)		6.0		8.3		18.9
Deficiency		N/A		(832,367)		N/A		N/A		N/A

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(1)	30% represents a reasonable approximation of the interest factor
(2)	For the year ended December 31, 2001, earnings were insufficient to cover fixed charges by $832.4 million.