Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

For purposes of computing the following ratios, earnings consist of net income before income tax expense plus fixed charges to the extent that these charges are included in the determination of earnings and exclude undistributed earnings (losses) of equity investments. Fixed charges consist of interest costs plus one-third of minimum rental payments under operating leases (estimated by management to be the interest factor of these rentals).

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

	For the Three months ended March 31,			For the twelve months ended December 31,
	2008			2007		2006		2005			2004		2003
Earnings (Losses)	$	127,908		$	800,780	$	737,366	$	(60,793	)	$	486,023	$	467,679
Add:
Income taxes		42,726			81,748		95,305		22,924			7,560		2,110
Fixed charges:
Interest expense		10,445			48,243		54,957		27,339			35,214		18,570
Interest credited to life policyholders (1)		1,974			8,073		11,956		13,284			13,860		17,041
Interest credited to retrocessionnaires on funds held on reinsurance treaties		(511	)		1,435		915		1,288			1,325		1,282
One third of rental payments		2,045			7,593		7,417		7,575			6,865		5,467
Distributions related to Trust Preferred and Mandatorily Redeemable Preferred Securities, net of applicable taxes		—			—		—		—			—		16,120
Earnings before income taxes and fixed charges	$	184,587		$	947,872	$	907,916	$	11,617		$	550,848	$	528,268
Fixed charges:
Interest expense	$	10,445		$	48,243	$	54,957	$	27,339		$	35,214	$	18,570
Interest credited to life policyholders (1)		1,974			8,073		11,956		13,284			13,860		17,041
Interest credited to retrocessionnaires on funds held on reinsurance treaties		(511	)		1,435		915		1,288			1,325		1,282
One third of rental payments		2,045			7,593		7,417		7,575			6,865		5,467
Total fixed charges	$	13,953		$	65,344	$	75,245	$	49,486		$	57,265	$	42,359
Ratio of earnings to fixed charges		13.23			14.51		12.07		0.23			9.62		12.47
Deficiency of earnings to fixed charges (2)								$	37,869

(1) Represents interest credited to policyholders on certain life reinsurance treaties for which the Company earns compensating interest income.

(2) Represents additional earnings that would be necessary to result in a one-to-one coverage ratio.