Exhibit 12

Arch Capital Group Ltd. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
(in thousands, except ratios)
	Years Ended December 31,
	2013		2012			2011		2010			2009
Income before income taxes	$	742,505	$	589,387		$	426,370	$	850,401		$	890,802
Equity in net income or loss of investees	52,238		(43,632		)	71,100		(56,035		)	(183,038		)
Fixed charges	33,304		34,223			37,166		35,018			30,074
Income available for fixed charges	$	828,047	579,978			534,636		829,384			737,838
Fixed charges:
Interest and amortization on indebtedness	27,060		28,525			31,691		30,007			24,440
Estimate of interest component within rental expense, net of sublease income (1)	6,244		5,698			5,475		5,011			5,634
Total fixed charges	33,304		34,223			37,166		35,018			30,074
Preference dividends	21,938		25,079			25,844		25,844			25,844
Total fixed charges and preference dividends	$	55,242	59,302			63,010		60,862			55,918
Ratio of earnings to fixed charges	24.9		16.9			14.4		23.7			24.5
Ratio of earnings to fixed charges and preference dividends	15.0		9.8			8.5		13.6			13.2

(1) Represents a reasonable approximation of the interest cost component of rental expense, net of sublease income, incurred by the Company.