Exhibit 12

HCC Insurance Holdings, Inc. and Subsidiaries

Statement of Ratios

(unaudited, in thousands except ratios)

	Six months ended June 30,						Three months ended June 30,
	2012			2011			2012			2011
Net loss ratio
Loss and loss adjustment expense, net	$	665,753		$	681,868		$	336,825		$	334,282
Net earned premium		1,112,472			1,032,731			565,331			524,251
Net loss ratio (1)		59.8	%		66.0	%		59.6	%		63.8	%
(Net loss ratio = incurred loss and loss adjustment expense divided by net earned premium)
Expense ratio
Segment underwriting expense (2)	$	283,744		$	270,874		$	144,900		$	135,026
Segment revenue (3)		1,124,668			1,047,285			572,289			531,580
Expense ratio		25.2	%		25.9	%		25.3	%		25.4	%
(Expense ratio = segment underwriting expense divided by segment revenue)
Combined ratio		85.0	%		91.9	%		84.9	%		89.2	%
(Combined ratio = net loss ratio plus expense ratio)
Accident year net loss ratio
Loss and loss adjustment expense, net	$	665,753		$	681,868		$	336,825		$	334,282
Add: Favorable (adverse) development		-			(22,266)			-			(13,251)
Accident year net loss and loss adjustment expense	$	665,753		$	659,602		$	336,825		$	321,031
Accident year net earned premium	$	1,112,472		$	1,032,731		$	565,331		$	524,251
Accident year net loss ratio		59.8	%		63.9	%		59.6	%		61.2	%
(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	$	610,490		$	635,326		$	265,968		$	338,203
Net earned premium		1,112,472			1,032,731			565,331			524,251
Net paid loss ratio		54.9	%		61.5	%		47.0	%		64.5	%
(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) Sum of Other Expense for each of our insurance segments.

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

HCC Insurance Holdings, Inc. and Subsidiaries

Statement of Ratios

(unaudited, in thousands except ratios)

	Six months ended June 30,				Three months ended June 30,
	2012		2011		2012		2011
Ratio of earnings to fixed charges
Interest factor of rent expense (4)	$	2,625	$	2,731	$	1,313	$	1,390
Interest expense		13,139		10,987		6,230		5,434
Capitalized interest		13		185		-		117
Total fixed charges	$	15,777	$	13,903	$	7,543	$	6,941
Earnings before income tax expense	$	251,279	$	159,784	$	134,319	$	96,905
Interest factor of rent expense (4)		2,625		2,731		1,313		1,390
Interest expense		13,139		10,987		6,230		5,434
Earnings per calculation	$	267,043	$	173,502	$	141,862	$	103,729
Ratio of earnings to fixed charges (5)		16.93		12.48		18.81		14.94

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

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