Exhibit 12

HCC Insurance Holdings, Inc. and Subsidiaries

Statement of Ratios

(unaudited, in thousands except ratios)

	Three months ended March 31,
	2014			2013
Net loss ratio
Loss and loss adjustment expense, net	$	321,844		$	332,697
Net earned premium		562,612			561,186
Net loss ratio (1)		57.2	%		59.3	%
(Net loss ratio = net loss and loss adjustment expense divided by net earned premium)
Expense ratio
Segment underwriting expense (2)	$	147,218		$	138,167
Segment revenue (3)		571,368			564,729
Expense ratio		25.8	%		24.5	%
(Expense ratio = segment underwriting expense divided by segment revenue)
Combined ratio		83.0	%		83.8	%
(Combined ratio = net loss ratio plus expense ratio)
Accident year net loss ratio
Loss and loss adjustment expense, net	$	321,844		$	332,697
Add: Favorable (adverse) development		-			-
Accident year net loss and loss adjustment expense	$	321,844		$	332,697
Net earned premium	$	562,612		$	561,186
Add: (Increase) decrease related to prior year reinstatement premium		-			-
Accident year net earned premium	$	562,612		$	561,186
Accident year net loss ratio		57.2	%		59.3	%
(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)

	Three months ended March 31,
	2014			2013
Net paid loss ratio
Losses paid, net of reinsurance	$	354,956		$	299,529
Net earned premium		562,612			561,186
Net paid loss ratio		63.1	%		53.4	%
(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)	$	1,359		$	1,250
Interest expense		7,119			6,471
Total fixed charges	$	8,478		$	7,721
Earnings before income tax expense	$	154,972		$	151,396
Interest factor of rent expense (4)		1,359			1,250
Interest expense		7,119			6,471
Earnings per calculation	$	163,450		$	159,117
Ratio of earnings to fixed charges (5)		19.28			20.61

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

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