EX-12.1 14 exhibit121123114.htm EXHIBIT 12.1 Exhibit 12.1 (12/31/14)
Exhibit 12.1

Third Point Reinsurance Ltd.

Computation of Ratio of Earnings to Fixed Charges

The following table sets forth the Company’s consolidated ratio of earnings to fixed charges for the periods indicated.
 
 
 
 
 
 
 
Period from October 6, 2011
 
Years ended December 31,
 
(date of incorporation) to
 
2014
 
2013
 
2012
 
December 31, 2011
Fixed charges:
(In thousands)
 
 
Interest expense
$
7,395

 
$
4,922

 
$
446

 
—

Total fixed charges
7,395

 
4,922

 
446

 
—

 
 
 
 
 
 
 
 
Earnings available for fixed charges:
 
 
 
 
 
 
 
Income before income tax expense
$
56,710

 
$
233,078

 
$
100,617

 
$
(1,130
)
Add: Fixed charges
7,395

 
4,922

 
446

 
—

Less: Net income from non-controlling interests
(6,315
)
 
(5,767
)
 
(1,216
)
 
—

Total earnings available for fixed charges
$
57,790

 
$
232,233

 
$
99,847

 
$
(1,130
)
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
7.8

 
47.2

 
223.9

 
N/A



We computed the ratio of earnings to fixed charges by dividing (1) income before income tax expense plus fixed charges minus net income from non-controlling interests by (2) our fixed charges. For the purposes of this ratio, fixed charges consist of interest expense on deposit contracts and certain of our reinsurance contracts. There is no ratio for the period from October 6, 2011 (date of incorporation) to December 31, 2011 because there were no fixed charges attributable to us during that period.