XL CAPITAL
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCEDIVIDENDS
(U.S. Dollars in thousands)

				Yr End		Yr End		Yr End
	Yr End			31-Dec		31-Dec		31-Dec		Yr End			Yr End
	31-Dec			2004		2003		2002		31-Dec			31-Dec
	2005			(Note 1)		(Note 1)		(Note 1)		2001			2000
Earnings:
Pre-tax (loss) income from Continuing operations	$	(1,416,752	)	$	994,978	$	324,576	$	394,370	$	(833,916	)	$	376,734
Fixed charges	457,533			341,967		286,935		209,343		130,020			82,609
Distributed income of equity investees	41,669			152,701		124,888		23,335		3,662			4,987
Subtotal	(917,550		)	1,489,646		736,399		627,048		(700,234		)	464,330
Less: Minority interest	8,210			8,387		9,264		13,371		2,113			1,093
Preference share dividend	40,322			40,321		40,321		9,620		—			—
Total (Loss) Earnings	$	(966,082	)	$	1,440,938	$	686,814	$	604,057	$	(702,347	)	$	463,237
Fixed Charges:
Interest costs	176,106			143,647		110,179		113,060		48,013			41,029
Accretion of deposit liabilities	227,743			148,587		123,750		77,382		77,285			35,561
Rental expense at 30% (Note 2)	13,362			9,412		12,685		9,281		4,722			6,019
Total Fixed charges	$	417,211		$	301,646	$	246,614	$	199,723	$	130,020		$	82,609
Preference share dividends	40,322			40,321		40,321		9,620		—			—
Total fixed charges and preference             share dividends	$	457,533		$	341,967	$	286,935	$	209,343	$	130,020		$	82,609
Ratio of Earnings to Fixed Charges	(2.3		)	4.8		2.8		3.0		(5.4		)	5.6
Ratio of Earnings to Fixed Charges &
Preference Share Dividends	(2.1		)	4.2		2.4		2.9		(5.4		)	5.6
Deficiency - fixed charges only	$	1,383,293		N/A		N/A		N/A		$	832,367		N/A
Deficiency - fixed charges and preference share dividends	$	1,423,615		N/A		N/A		N/A		$	832,367		N/A
Notes

(1)	Certain amounts have been reclassified to conform to the current year presentation
(2)	30% represents a reasonable approximation of the interest factor
(3)	For the years ended December 31, 2005 and 2001, earnings were insufficient to cover fixed charges by $1.38 billion and $832.4 million, respectively.