EX-12.1 2 agii-ex121_9.htm EX-12.1 agii-ex121_9.htm

Exhibit 12.1

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

STATEMENTS OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

(in millions, except ratios)

 

 

Nine Months Ended September 30,

 

 

For the Years Ended December 31,

 

 

 

2016

 

 

2015

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

 

2011

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before provision for

   income taxes

 

$

134.9

 

 

$

133.3

 

 

$

177.5

 

 

$

216.0

 

 

$

179.7

 

 

$

66.7

 

 

$

(61.9

)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

17.7

 

 

 

17.9

 

 

 

23.7

 

 

 

24.8

 

 

 

25.1

 

 

 

28.4

 

 

 

26.7

 

Total earnings

 

$

152.6

 

 

$

151.2

 

 

$

201.2

 

 

$

240.8

 

 

$

204.8

 

 

$

95.1

 

 

$

(35.2

)

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

14.6

 

 

$

14.3

 

 

$

19.0

 

 

$

19.9

 

 

$

20.2

 

 

$

23.7

 

 

$

22.1

 

Rental interest factor

 

 

3.1

 

 

 

3.6

 

 

 

4.7

 

 

 

4.9

 

 

 

4.9

 

 

 

4.7

 

 

 

4.6

 

Total fixed charges

 

$

17.7

 

 

$

17.9

 

 

$

23.7

 

 

$

24.8

 

 

$

25.1

 

 

$

28.4

 

 

$

26.7

 

Ratio of earnings to fixed charges

 

8.6:1

 

 

8.4:1

 

 

8.5:1

 

 

9.7:1

 

 

8.2:1

 

 

3.3:1

 

 

(a)

 

 

(a)

The coverage deficiency for the year ended December 31, 2011 is $61.9 million.