Exhibit 12

HCC Insurance Holdings, Inc. and Subsidiaries

Statement of Ratios

(unaudited, in thousands except ratios)

	Nine months ended September 30,						Three months ended September 30,
	2012			2011			2012			2011
Net loss ratio
Loss and loss adjustment expense, net	$	969,767		$	1,062,240		$	304,014		$	380,372
Net earned premium		1,676,122			1,576,987			563,650			544,256
Net loss ratio (1)		57.9	%		67.4	%		53.9	%		69.9	%
(Net loss ratio = incurred loss and loss adjustment expense divided by net earned premium)
Expense ratio (2)
Segment underwriting expense (3)	$	423,516		$	394,148		$	142,152		$	125,938
Segment revenue (4)		1,667,772			1,565,574			564,475			542,344
Expense ratio		25.4	%		25.2	%		25.2	%		23.2	%
(Expense ratio = segment underwriting expense divided by segment revenue)
Combined ratio (2)		83.3	%		92.6	%		79.1	%		93.1	%
(Combined ratio = net loss ratio plus expense ratio)
Accident year net loss ratio
Loss and loss adjustment expense, net	$	969,767		$	1,062,240		$	304,014		$	380,372
Add: Favorable (adverse) development		34,632			(21,623)			34,632			643
Accident year net loss and loss adjustment expense	$	1,004,399		$	1,040,617		$	338,646		$	381,015
Accident year net earned premium	$	1,676,122		$	1,576,987		$	563,650		$	544,256
Accident year net loss ratio		59.9	%		66.0	%		60.1	%		70.0	%
(Accident year net loss ratio = accident year net loss and loss adjustment expense divided by accident year net earned premium)
Net paid loss ratio
Losses paid, net of reinsurance	$	944,203		$	937,171		$	333,713		$	301,845
Net earned premium		1,676,122			1,576,987			563,650			544,256
Net paid loss ratio		56.3	%		59.4	%		59.2	%		55.5	%
(Net paid loss ratio = losses paid, net of reinsurance, divided by net earned premium)

(1) Calculated for our insurance companies using financial data reported in accordance with generally accepted accounting principles.

(2) The 2011 expense ratios and combined ratios have been recast to reflect change in Exited Lines in the third quarter of 2012.

See Note 10, “Segments” to the Consolidated Financial Statements for additional information.

(3) Sum of Other Expense for each of our insurance segments.

(4) Sum of Segment Revenue for each of our insurance segments.

HCC Insurance Holdings, Inc. and Subsidiaries

Statement of Ratios

(unaudited, in thousands except ratios)

	Nine months ended September 30,				Three months ended September 30,
	2012		2011		2012		2011
Ratio of earnings to fixed charges
Interest factor of rent expense (5)	$	3,981	$	4,077	$	1,356	$	1,346
Interest expense		19,101		16,597		5,962		5,610
Capitalized interest		303		345		290		160
Total fixed charges	$	23,385	$	21,019	$	7,608	$	7,116
Earnings before income tax expense	$	404,898	$	242,576	$	153,619	$	82,792
Interest factor of rent expense (6)		3,981		4,077		1,356		1,346
Interest expense		19,101		16,597		5,962		5,610
Earnings per calculation	$	427,980	$	263,250	$	160,937	$	89,748
Ratio of earnings to fixed charges (6)		18.30		12.52		21.15		12.61

(5) Estimated to be 33% of total rent expense.

(6) Earnings per calculation divided by total fixed charges.