EX-12 8 a14-2922_1ex12.htm EX-12

Exhibit 12

 

Montpelier Re Holdings Ltd.

Ratios of Earnings to Fixed Charges and Preferred Dividends

($ in millions)

 

 

 

Years Ended December 31,

 

 

 

2013

 

2012

 

2011

 

2010

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$

210.5

 

$

227.9

 

$

(115.8

)

$

210.7

 

$

464.6

 

Less: net income attributable to non-controlling interests

 

(6.1

)

—

 

—

 

—

 

—

 

Income (loss) before income taxes available to the Company

 

$

204.4

 

$

227.9

 

$

(115.8

)

$

210.7

 

$

464.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Assumed interest component of rent expense (1/3 rent/lease)

 

$

1.5

 

$

1.5

 

$

1.6

 

$

2.0

 

$

1.0

 

Interest on Senior Notes

 

14.0

 

15.1

 

14.0

 

14.0

 

14.5

 

Interest on Trust Preferred Securities

 

4.1

 

4.3

 

5.3

 

8.7

 

8.7

 

Total fixed charges

 

$

19.6

 

$

20.9

 

$

20.9

 

$

24.7

 

$

24.2

 

Preferred share dividends of the Company

 

13.3

 

13.3

 

9.1

 

—

 

—

 

Total combined fixed charges and preferred share dividends

 

$

32.9

 

$

34.2

 

$

30.0

 

$

24.7

 

$

24.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes and extraordinary item plus fixed charges

 

$

224.0

 

$

248.8

 

$

(94.9

)

$

235.4

 

$

488.8

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

11.4

 

11.9

 

—

 

9.5

 

20.2

 

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

 

6.8

 

7.3

 

—

 

9.5

 

20.2

 

 

For the year ended December 31, 2011, earnings were insufficient to cover fixed charges and combined fixed charges and preferred share dividends by $115.8 million and $124.9 million, respectively. This was the result of significant natural catastrophe losses incurred during that year.