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)

	Six Months Ended 30-June 2012			Six Months Ended 30-June 2011
Earnings:
Pre-tax (loss) income from continuing operations		427,838			(71,441	)
Fixed charges		141,923			149,643
Distributed income of equity investees		54,609			983
Subtotal		624,370			79,185
Less: Non-controlling interests		(12	)		(134	)
Preference share dividend		40,023			35,572
Total Earnings (Loss)		584,359			43,747
Fixed charges:
Interest costs		53,455			83,361
Accretion of deposit liabilities		43,203			25,885
Rental expense at 30% (1)		5,242			4,825
Total fixed charges		101,900			114,071
Preference share dividends		40,023			35,572
Total fixed charges and preference dividends		141,923			149,643
Ratio of earnings to fixed charges		5.7			0.4
Ratio of earnings to fixed charges & preference dividends		4.1			0.3
Deficiency - fixed charges only (2)		N/A			70,324
Deficiency - fixed charges and preference dividends (2)		N/A			105,896

Notes:
(1)	30% represents a reasonable approximation of the interest factor.
(2)	For the six months ended June 30, 2011, earnings were insufficient to cover fixed charges and fixed charges plus preference dividends by $70.3 million and $105.9 million, respectively.