EX-12 7 xlcompex.txt STATEMENT-COMPUTATION OF RATIO XL CAPITAL COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 000s of U.S. Dollars Qtr End Yr End Yr End 31-Mar 31-Dec 31-Dec 2001 2000 1999 ------------ ------------- ------------- Earnings: Pre-tax income from continuing operations(1) 188,801 376,734 390,252 Fixed charges 9,097 38,166 41,215 Distributed income of equity investees 118 4,987 1,266 ------------ ------------- ------------- Subtotal 198,016 419,887 432,733 Less: Minority interest 1,169 1,093 220 ------------ ------------- ------------- Total Earnings 196,847 418,794 432,513 ============ ============= ============= Fixed Charges: Interest costs 7,512 32,147 37,378 Rental expense at 30% (1) 1,585 6,019 3,837 ------------ ------------- ------------- Total fixed charges 9,097 38,166 41,215 ============ ============= ============= Earnings to Fixed Charges 21.6 11.0 10.5 ------------ ------------- ------------- (1) 30% represents a reasonable approximation of the interest factor