Exhibit 12.1

RenaissanceRe Holdings Ltd. And Subsidiaries

Statement Regarding Ratio of Earnings to Fixed Charges and Preference Share Dividends

	Six months ended June 30,			Fiscal year ended December 31,
(in thousands, except ratios)	2017			2016			2015			2014			2013			2012
Calculation of ratio of earnings to fixed charges
Net income	$	263,494		$	480,581		$	408,811		$	510,337		$	665,676		$	566,014
Add back:
Income tax expense (benefit)		4,238			340			(45,866	)		608			1,692			1,413
(Income) loss from discontinued operations		—			—			—			—			(2,422	)		16,476
Noncontrolling interests		71,939			127,086			111,050			153,538			151,144			148,040
Fixed charges and preference share dividends		32,838			66,786			61,048			41,776			45,260			60,223
Distributed earnings from equity method investees		25,250			9,366			13,281			10,284			9,876			9,878
Less:
(Earnings) losses from equity method investees		(4,036	)		(963	)		(20,481	)		(26,075	)		(23,194	)		(23,238	)
Earnings available for fixed charges	$	393,723		$	683,196		$	527,843		$	690,468		$	848,032		$	778,806
Fixed charges
Interest expense (includes amortized amounts related to indebtedness)	$	20,617		$	42,144		$	36,270		$	17,402		$	18,167		$	23,336
Estimated interest within rental expense		1,030			2,261			2,397			1,993			2,145			1,992
Total fixed charges	$	21,647		$	44,405		$	38,667		$	19,395		$	20,312		$	25,328
Preference share dividends		11,191			22,381			22,381			22,381			24,948			34,895
Total fixed charges and preference share dividends	$	32,838		$	66,786		$	61,048		$	41,776		$	45,260		$	60,223
Ratio of earnings to fixed charges		18.19			15.39			13.65			35.60			41.75			30.75
Ratio of earnings to combined fixed charges		11.99			10.23			8.65			16.53			18.74			12.93