Exhibit 12

XL GROUP PLC

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

	Three Months Ended March 31,
(U.S. dollars in thousands, except ratios)	2013		2012
Earnings:
Pre-tax income (loss) from continuing operations	$	366,792	$	199,074
Fixed charges	77,042		78,453
Distributed income of equity investees	20,654		38,890
Subtotal	464,488		316,417
Less: Non-controlling interests	82		—
Preference share dividends	35,660		36,557
Total earnings (loss)	$	428,746	$	279,860
Fixed charges:
Interest costs	$	26,136	$	27,260
Accretion of deposit liabilities	12,564		12,038
Rental expense at 30% (1)	2,682		2,598
Total fixed charges	41,382		41,896
Preference share dividends	35,660		36,557
Total fixed charges and preference dividends	$	77,042	$	78,453
Ratio of earnings to fixed charges	10.4		6.7
Ratio of earnings to combined fixed charges and preference dividends	5.6		3.6
Deficiency - fixed charges only	N/A		N/A
Deficiency - fixed charges and preference dividends	N/A		N/A

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(1) 30% represents a reasonable approximation of the interest factor.