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,
	2014			2013		2012			2011		2010
Income before income taxes	$	844,247		$	742,505	$	589,387		$	426,370	$	850,401
Equity in net income or loss of investees	(947		)	52,238		(43,632		)	71,100		(56,035		)
Fixed charges	53,319			33,304		34,223			37,166		35,018
Income available for fixed charges	$	896,619		$	828,047	$	579,978		$	534,636	$	829,384
Fixed charges:
Interest and amortization on indebtedness	45,634			27,060		28,525			31,691		30,007
Estimate of interest component within rental expense, net of sublease income (1)	7,685			6,244		5,698			5,475		5,011
Total fixed charges	53,319			33,304		34,223			37,166		35,018
Preference dividends (2)	36,675			21,938		25,079			25,844		25,844
Total fixed charges and preference dividends	$	89,994		$	55,242	$	59,302		$	63,010	$	60,862
Ratio of earnings to fixed charges	16.8			24.9		16.9			14.4		23.7
Ratio of earnings to fixed charges and preference dividends	10.0			15.0		9.8			8.5		13.6

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

(2) Includes dividends attributable to redeemable noncontrolling interests.