Exhibit 12.1

First Mercury Financial Corporation
Ratio of Earnings to Fixed Charges

	Successor										Predecessor
	Three Months								August 17,		January 1,
	Ended								2005 to		2005 to		Year Ended
	March 31,		Year Ended December 31,						December 31,		August 16,		December 31,
( $ in thousands )	2009		2008		2007		2006		2005		2005		2004
Earnings(a)
Income from continuing operations before income taxes	$	12,749	$	24,150	$	56,593	$	27,414	$	7,822	$	21,985	$	24,647
Add: Fixed charges		1,610		6,484		4,720		16,745		4,045		1,558		1,751
Total earnings	$	14,359	$	30,634	$	61,313	$	44,159	$	11,867	$	23,543	$	26,398
Fixed charges(b)
Interest expense	$	1,357	$	5,583	$	4,278	$	8,733	$	3,684	$	1,464	$	1,633
Amortization of debt issuance costs		59		237		175		667		296		55		58
Write-off of debt issuance costs		—		—		—		3,965		—		—		—
Prepayment penalty		—		—		—		3,250		—		—		—
Estimate of interest expense in rental expense(c)		194		664		267		130		65		39		60
Total fixed charges	$	1,610	$	6,484	$	4,720	$	16,745	$	4,045	$	1,558	$	1,751
Preferred share dividends	$	—	$	—	$	—	$	12,487	$	—	$	—	$	—
Ratio of earnings to fixed charges		8.92		4.72		12.99		2.64		2.93		15.11		15.08
Ratio of earnings to fixed charges and preferred share dividends		8.92		4.72		12.99		1.51		2.93		15.11		15.08
(a) Earnings means (i) income from continuing operations before income taxes, plus (ii) fixed charges.
(b) Fixed charges means the amounts resulting from the following: (i) interest expenses (interest expense, amortization of debt issuance costs, write-off of debt issuance costs, and prepayment penalty), plus (ii) an estimate of interest included in rental expense.
(c) Total rental expense	$	582	$	1,991	$	801	$	389	$	195	$	117	$	181
Interest factor — one third of rental expense		194		664		267		130		65		39		60