CRUM & FORSTER HOLDINGS CORP - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 26, 2010

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10-K - FORM 10-K - CRUM & FORSTER HOLDINGS CORPc96896e10vk.htm
EX-32.2 - EXHIBIT 32.2 - CRUM & FORSTER HOLDINGS CORPc96896exv32w2.htm
EX-32.1 - EXHIBIT 32.1 - CRUM & FORSTER HOLDINGS CORPc96896exv32w1.htm
EX-31.1 - EXHIBIT 31.1 - CRUM & FORSTER HOLDINGS CORPc96896exv31w1.htm
EX-31.2 - EXHIBIT 31.2 - CRUM & FORSTER HOLDINGS CORPc96896exv31w2.htm
EX-10.47 - EXHIBIT 10.47 - CRUM & FORSTER HOLDINGS CORPc96896exv10w47.htm
Exhibit 12.1
STATEMENT REGARDING CALCULATION OF RATIO OF CONSOLIDATED EARNINGS TO CONSOLIDATED FIXED CHARGES
(Dollars in thousands)
                                         
    Years Ended December 31,  
    2009     2008     2007     2006     2005  
Pre-tax income, as reported
   $ 265,532     $ 421,870     $ 409,869     $ 455,277     $ 204,063  
Equity in earnings (losses) of investees1
     53,187       (51,238 )     12,985       87,762       19,026  
 
                              
Pre-tax income before adjustment for equity in earnings of equity investees
     212,345       473,108       396,884       367,515       185,037  
 
                              
 
                                        
Fixed charges:
                                        
Interest expense
     43,307       39,838       46,258       41,765       53,078  
Rentals representing interest
     3,711       3,598       3,558       3,808       3,810  
 
                              
Total fixed charges
     47,018       43,436       49,816       45,573       56,888  
 
                              
 
                                        
Distributed income of equity investees
     665       1,890       5,487       87,670       9,148  
 
                              
Pre-tax income before equity in earnings of investees plus fixed charges and distributed income of equity method investees
   $ 260,028     $ 518,434     $ 452,187     $ 500,758     $ 251,073  
 
                              
 
                                        
Ratio of earnings to fixed charges
     5.5 x     11.9 x     9.1 x     11.0 x     4.4 x
 
                              
     
1  
Equity in earnings (losses) of investees is in respect of those investments that are investment companies or similar equity method investees and, as such, are included as part of investment income on the consolidated statements of income.