EX-12.1 5 c55349_ex12-1.htm c55349_ex12-1 -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 12.1

XL CAPITAL LTD

STATEMENT REGARDING COMPUTATION OF EARNINGS TO FIXED CHARGES AND PREFERENCE ORDINARY SHARE DIVIDENDS 000s of U.S. Dollars

                       
Re-presented
                         
   
YTD
Yr End
Yr End
Yr End
Yr End
Yr End
   
30-Sep
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
   
2008
2007
2006
2005
2004
2003
                                                           
Earnings:                                        
           Pre-tax (loss) income from continuing operations         511,619     1,267,580       1,626,722     (1,416,752 )   994,978       324,576    
           Fixed charges   342,517           702,826           603,332           457,533           341,967           286,935  
           Distributed income of equity investees - see below   106,312     93,465     84,203     41,669     152,701     124,888  
           Subtotal   960,448     2,063,871     2,314,257     (917,550 )   1,489,646     736,399  
           Less: Minority interest  
-
    23,928     25,016     8,210     8,387     9,264  
                       Preference share dividend   65,000     69,514     40,322     40,322     40,321     40,321  
                                     
           Total (Loss) Earnings   895,448     1,970,429     2,248,919     (966,082 )   1,440,938     686,814  
                                     
Fixed Charges:                                    
           Interest costs   149,766     200,831     202,222     176,106     143,647     110,179  
           Accretion of deposit liabilities   117,787     421,074     350,053     227,743     148,587     123,750  
           Rental expense at 30%   9,964     11,407     10,735     13,362     9,412     12,685  
           Total Fixed charges   277,517     633,312     563,010     417,211     301,646     246,614  
                                     
           Preference share dividends   65,000     69,514     40,322     40,322     40,321     40,321  
                                     
           Total fixed charges and pref dividends   342,517     702,826     603,332     457,533     341,967     286,935  
                                     
Ratio of Earnings to Fixed Charges   3.2     3.1     4.0     (2.3 )   4.8     2.8  
                                     
Ratio of Earnings to Fixed Charges & Preference Dividends   2.6     2.8     3.7     (2.1 )   4.2     2.4  
                                     
Deficiency - fixed charges only   N/A     N/A     N/A     1,383,293     N/A     N/A  
                                     
Deficiency - fixed charges and preference dividends (2)   N/A     N/A     N/A     1,423,615     N/A     N/A  

(1)     

30% represents a reasonable approximation of the interest factor
(2)     

For the year ended December 31, 2005 earnings were insufficient to cover fixed charges by $1,423.6 million.