RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES

STATEMENT REGARDING RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE SHARE DIVIDENDS

		3 MONTHS
		ENDED
		MARCH 31,	FOR THE YEAR ENDED DECEMBER 31,
(in thousands)		2007	2006	2005	2004	2003	2002
Net income (loss)		$     190,805	$     761,635	$    (281,413)	$     133,108	$     605,992	$     342,879
Add back:	Income taxes	107	935	-	4,003	(18)	(115)
	Minority interest	29,107	144,159	(156,449)	(41,420)	72,014	55,051
	Fixed charges and preference share dividends	23,476	74,453	64,301	57,835	45,049	33,301
	Distributed earnings from equity method investees	-	12,467	17,241	24,452	22,395	9,662
Less:	Undistributed earnings from equity method investees	(10,701)	(34,528)	(28,259)	(31,081)	(21,167)	(22,339)
Earnings available for fixed charges and preference share dividends		$     232,794	$     959,121	$    (384,579)	$     146,897	$     724,265	$     418,439
Fixed charges and preference share dividends
Interest expensed		$       11,979	$       37,602	$       28,218	$       25,968	$       18,252	$       13,069
Estimated interest within rental expense		361	1,376	1,433	733	526	443
Preference share dividends		11,136	35,475	34,650	31,134	18,801	12,184
Trust preferred minority interest		-	-	-	-	7,470	7,605
Total fixed charges and preference share dividends		$       23,476	$       74,453	$       64,301	$       57,835	$       45,049	$       33,301
Ratio of earnings to fixed charges		18.86	24.61	(12.97)	5.50	27.59	19.82
Ratio of earnings to combined fixed charges and preference share dividends		9.92	12.88	(5.98)	2.54	16.08	12.57

GLENCOE U.S. HOLDINGS INC. AND SUBSIDIARIES
STATEMENT REGARDING RATIO OF EARNINGS TO FIXED CHARGES
		3 MONTHS
		ENDED
		MARCH 31,	FOR THE YEAR ENDED DECEMBER 31,
(in thousands)		2007	2006	2005	2004	2003	2002
Net income (loss)		$        3,031	$       16,815	$       12,245	$      (12,857)	$       (9,738)	$      (13,946)
Add back:	Income taxes	107	893	-	4,003	(18)	(115)
	Minority interest	-	(151)	(50)	(189)	(200)	(212)
	Fixed charges	75	239	184	107	299	802
Earnings available for fixed charges		$        3,213	$       17,796	$       12,379	$       (8,936)	$       (9,657)	$      (13,471)
Fixed charges
Interest expensed		$               -	$                -	$               -	$               -	$           224	$           713
Estimated interest within   rental expense		75	239	184	107	75	89
Total fixed charges		$             75	$           239	$           184	$           107	$           299	$           802
Ratio of earnings to fixed charges		42.88	74.33	67.19	(83.84)	(32.32)	(16.79)