Exhibit 12.1

Ratio of Earnings to Fixed Charges and Preferred Share Dividends

(in thousands of U.S. dollars except ratios)

	Years Ended December 31
	2011		2010		2009		2008		2007
Earnings per Financial Statements	$	1,584,612	$	3,107,938	$	2,548,929	$	1,197,065	$	2,578,098
Add:
Provision for income taxes		506,503		559,177		527,627		370,052		575,475
Fixed charges		287,790		251,287		252,782		255,704		198,722
Earnings for Computation	$	2,378,905	$	3,918,402	$	3,329,338	$	1,822,821	$	3,352,295
Fixed Charges
Interest Expense	$	249,839	$	223,682	$	224,858	$	230,030	$	174,870
One third of payments under operating leases		37,951		27,605		27,924		25,674		23,852
Total Fixed Charges	$	287,790	$	251,287	$	252,782	$	255,704	$	198,722
Ratio of Earnings to Fixed Charges		8.3		15.6		13.2		7.1		16.9
Preferred Share Dividends	$	—	$	—	$	—	$	23,921	$	44,851
Total Fixed Charges and Preferred Share Dividends	$	287,790	$	251,287	$	252,782	$	279,625	$	243,573
Ratio of Earnings to Fixed Charges and Preferred Share Dividends		8.3		15.6		13.2		6.5		13.8

Note: ACE recognizes accruals for interest and penalties, if any, related to unrecognized tax benefits in income tax expense (i.e., excluded from interest expense).