Exhibit 12

XL GROUP PLC
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

(U.S. Dollars in thousands, except ratios)

	3 Mos End 31-Mar 2012		Yr End 31-Dec 2011			Yr End 31-Dec 2010		Yr End 31-Dec 2009			Yr End 31-Dec 2008			Yr End 31-Dec 2007
Earnings:
Pre-tax (loss) income from continuing operations		199,074		(447,215	)		633,644		55,847			(595,293	)		1,267,580
Fixed charges		78,453		287,793			297,393		308,325			443,401			702,826
Distributed income of equity investees		38,890		150,554			172,454		243,176			335,411			93,465
Subtotal		316,417		(8,868	)		1,103,491		607,348			183,519			2,063,871
Less: Minority interest		—		(1,401	)		4		(104	)		—			23,928
Preference share dividend		36,557		72,278			74,521		80,200			78,645			69,514
Total Earnings (Loss)		279,860		(79,745	)		1,028,966		527,252			104,874			1,970,429
Fixed charges:
Interest costs		27,260		154,292			159,229		180,353			205,212			200,831
Accretion of deposit liabilities		12,038		51,300			54,414		36,151			146,588			421,074
Rental expense at 30% (1)		2,598		9,923			9,229		11,621			12,956			11,407
Total fixed charges		41,896		215,515			222,872		228,125			364,756			633,312
Preference share dividends		36,557		72,278			74,521		80,200			78,645			69,514
Total fixed charges and pref dividends		78,453		287,793			297,393		308,325			443,401			702,826
Ratio of earnings to fixed charges		6.7		—			4.6		2.3			—			3.1
Ratio of earnings to fixed charges & preference dividends		3.6		—			3.5		1.7			—			2.8
Deficiency - fixed charges only		N/A		295,260			N/A		N/A			259,882			N/A
Deficiency - fixed charges and preference dividends (2)		N/A		367,538			N/A		N/A			338,527			N/A

Notes:
(1)	30% represents a reasonable approximation of the interest factor.
(2)	For the years ended December 31, 2011 and December 31, 2008, earnings were insufficient to cover fixed charges and preference dividends by $367.5 million and $338.5 million, respectively.