Exhibit 12

HCC Insurance Holdings, Inc. and Subsidiaries

Statement of Ratios

(unaudited, in thousands except ratios)

	Nine months ended September 30,						Three months ended September 30,
	2013			2012			2013			2012
Net loss ratio
Loss and loss adjustment expense, net	$	992,547		$	969,767		$	320,376		$	304,014
Net earned premium		1,679,210			1,676,122			556,668			563,650
Net loss ratio (1)		59.1	%		57.9	%		57.6	%		53.9	%
(Net loss ratio = incurred loss and loss adjustment expense divided by net earned premium)
Expense ratio
Segment underwriting expense (2)	$	423,712		$	423,516		$	145,772		$	142,152
Segment revenue (3)		1,692,293			1,667,772			562,910			564,475
Expense ratio		25.0	%		25.4	%		25.9	%		25.2	%
(Expense ratio = segment underwriting expense divided by segment revenue)
Combined ratio		84.1	%		83.3	%		83.5	%		79.1	%
(Combined ratio = net loss ratio plus expense ratio)
Accident year net loss ratio
Loss and loss adjustment expense, net	$	992,547		$	969,767		$	320,376		$	304,014
Add: Favorable (adverse) development		39,634			34,632			27,842			34,632
Accident year net loss and loss adjustment expense	$	1,032,181		$	1,004,399		$	348,218		$	338,646
Net earned premium	$	1,679,210		$	1,676,122		$	556,668		$	563,650
Add: (Increase) decrease related to prior year reinstatement premium		-			-			-			-
Accident year net earned premium	$	1,679,210		$	1,676,122		$	556,668		$	563,650
Accident year net loss ratio		61.5	%		59.9	%		62.6	%		60.1	%
(Accident year net loss ratio = accident year net loss and loss adjustment expense divided by accident year net earned premium)

(1) Calculated for our insurance companies using financial data reported in accordance with generally accepted accounting principles.

(2) Sum of Other Expense for each of our insurance segments.

(3) Sum of Segment Revenue for each of our insurance segments.

HCC Insurance Holdings, Inc. and Subsidiaries

Statement of Ratios

(unaudited, in thousands except ratios)

	Nine months ended September 30,						Three months ended September 30,
	2013			2012			2013			2012
Net paid loss ratio
Losses paid, net of reinsurance	$	884,022		$	944,203		$	297,696		$	333,713
Net earned premium		1,679,210			1,676,122			556,668			563,650
Net paid loss ratio		52.6	%		56.3	%		53.5	%		59.2	%
(Net paid loss ratio = losses paid, net of reinsurance, divided by net earned premium)
Ratio of earnings to fixed charges
Interest factor of rent expense (4)	$	3,875		$	3,981		$	1,338		$	1,356
Interest expense		19,656			19,101			6,574			5,962
Capitalized interest		-			303			-			290
Total fixed charges	$	23,531		$	23,385		$	7,912		$	7,608
Earnings before income tax expense	$	416,327		$	404,898		$	140,100		$	153,619
Interest factor of rent expense (4)		3,875			3,981			1,338			1,356
Interest expense		19,656			19,101			6,574			5,962
Earnings per calculation	$	439,858		$	427,980		$	148,012		$	160,937
Ratio of earnings to fixed charges (5)		18.69			18.30			18.71			21.15

(4) Estimated to be 33% of total rent expense.

(5) Earnings per calculation divided by total fixed charges.