Exhibit 12.1

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, 2010
				For the Year Ended December 31,
(in thousands)				2009			2008			2007			2006			2005
Net income (loss)	$	165,047		$	838,858		$	(13,280	)	$	569,575		$	761,635		$	(281,413	)
Add back:
Income taxes		(4,215	)		9,094			568			(18,432	)		935			—
Redeemable noncontrolling interest - DaVinciRe		10,550			171,501			55,133			164,396			144,159			(156,449	)
Fixed charges and preference share dividends		14,489			59,649			68,771			78,159			74,453			64,301
Distributed earnings from equity method investees		14,356			16,434			17,153			25,023			12,468			17,241
Less:
Undistributed earnings from equity method investees		(2,156	)		(10,976	)		(13,603	)		128,609			(34,528	)		(28,259	)
Earnings available for fixed charges and preference share dividends	$	198,071		$	1,084,560		$	114,742		$	947,330		$	959,122		$	(384,579	)
Fixed charges and preference share dividends
Interest expensed	$	3,156		$	15,111		$	24,633		$	33,626		$	37,602		$	28,218
Estimated interest within rental expense		758			2,238			1,838			1,672			1,376			1,433
Preference share dividends		10,575			42,300			42,300			42,861			35,475			34,650
Total fixed charges and preference share dividends	$	14,489		$	59,649		$	68,771		$	78,159		$	74,453		$	64,301
Ratio of earnings to fixed charges		50.61			62.51			4.33			26.84			24.61			(12.97	)
Ratio of earnings to combined fixed charges and preference share dividends		13.67			18.18			1.67			12.12			12.88			(5.98	)

RenRe North America Holdings Inc. 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, 2010
				For the Year Ended December 31,
(in thousands)				2009		2008			2007			2006			2005
Net income (loss)	$	(6,933	)	$	1,148	$	(1,908	)	$	40,327		$	16,815		$	12,245
Add back:
Income taxes		(3,892	)		9,226		573			(18,541	)		893			—
Redeemable noncontrolling interest		—			—		—			—			(151	)		(50	)
Fixed charges and preference share dividends		3,124			9,705		3,810			1,333			1,117			968
Distributed earnings from equity method investees		1,500			3,975		—			—			—			—
Less:
Undistributed earnings from equity method investees		477			954		2,410			—			—			—
Earnings available for fixed charges and preference share dividends	$	(5,724	)	$	25,008	$	4,885		$	23,119		$	18,674		$	13,163
Fixed charges and preference share dividends
Interest expensed	$	2,970		$	9,073	$	3,577		$	1,066		$	840		$	840
Estimated interest within rental expense		154			632		233			267			277			128
Preference share dividends		—			—		—			—			—			—
Total fixed charges and preference share dividends	$	3,124		$	9,705	$	3,810		$	1,333		$	1,117		$	968
Ratio of earnings to fixed charges		(1.83	)		2.58		1.28			17.34			16.72			13.60
Ratio of earnings to combined fixed charges and preference share dividends		(1.83	)		2.58		1.28			17.34			16.72			13.60