Exhibit 12.1

XL GROUP PLC

STATEMENT REGARDING COMPUTATION OF EARNINGS TO FIXED CHARGES AND
PREFERENCE SHARE DIVIDENDS

(U.S. Dollars, in thousands)
	YTD 31-Mar 2010			Yr End 31-Dec 2009			Yr End 31-Dec 2008			Yr End 31-Dec 2007		Yr End 31-Dec 2006		Yr End 31-Dec 2005
Earnings:
Pre-tax (loss) income from continuing operations		158,345			55,847			(595,293	)		1,267,580		1,626,722		(1,416,752	)
Fixed charges		83,850			308,325			443,401			702,826		603,332		457,533
Distributed income of equity investees - see below		63,733			243,176			335,411			93,465		84,203		41,669
Subtotal		305,928			607,348			183,519			2,063,871		2,314,257		(917,550	)
Less: Minority interest		(1	)		(104	)		—			23,928		25,016		8,210
Preference share dividend		32,500			80,200			78,645			69,514		40,322		40,322
Total (Loss) Earnings		273,429			527,252			104,874			1,970,429		2,248,919		(966,082	)
Fixed Charges:
Interest costs		43,557			180,353			205,212			200,831		202,222		176,106
Accretion of deposit liabilities		5,513			36,151			146,588			421,074		350,053		227,743
Rental expense at 30%		2,280			11,621			12,956			11,407		10,735		13,362
Total Fixed charges		51,350			228,125			364,756			633,312		563,010		417,211
Preference share dividends		32,500			80,200			78,645			69,514		40,322		40,322
Total Fixed Charges and Preference Dividends		83,850			308,325			443,401			702,826		603,332		457,533
Ratio of Earnings to Fixed Charges		5.3			2.3			0.3			3.1		4.0		(2.3	)
Ratio of Earnings to Fixed Charges & Preference Dividends		3.3			1.7			0.2			2.8		3.7		(2.1	)
Deficiency - fixed charges only		N/A			N/A			259,882			N/A		N/A		1,383,293
Deficiency - fixed charges and preference dividends (1)		N/A			N/A			338,527			N/A		N/A		1,423,615

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