EX-12 3 dex12.txt EXHIBIT 12 Exhibit 12 Terra Nova (Bermuda) Holdings Ratio of Earnings to Fixed Charges (Dollars in Thousands)
3 months ended Year Ended March 31, December 31, ----------------- --------------------------------------------------------------------- 2002 2001 2000 1999 1998 1997 ----------------- --------------------------------------------------------------------- Earnings: Earnings from continuing operations before income taxes $5,115 $(180,223) $(144,726) $(72,602) $101,261 $91,049 Fixed charges 3,381 13,844 14,069 13,874 15,098 14,064 ------- --------------------------------------------------------------------- Earnings from continuing operations, as adjusted $8,496 $(166,379) $(130,657) $(58,728) $116,359 $105,113 ======= ===================================================================== Fixed Charges: Interest Expense $3,065 $12,365 $12,400 $12,400 $13,697 $12,710 Portion of rental expense representative of interest 316 1,479 1,669 1,474 1,401 1,354 ------- --------------------------------------------------------------------- Fixed Charges $3,381 $13,844 $14,069 $13,874 $15,098 $14,064 ======= ===================================================================== Ratio of Earnings to Fixed Charges 2.5 -12.0 -9.3 -4.2 7.7 7.5 Deficiency in the coverage of fixed charges by earnings before fixed charges $- $180,223 $144,726 $72,602 $- $-
Notes: ----- o The Company's consolidated insurance company subsidiaries are subject to certain regulatory restrictions on the payment of dividends or advances to the Company.