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EXHIBIT 12.1
HCC INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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FOR THE YEARS ENDED DECEMBER 31,
(DOLLARS IN THOUSANDS)
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1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C>
Earnings before income tax provision ... $37,394 $107,486 $73,064 $48,467 $41,641
Interest expense ....................... 12,964 6,021 6,004 4,993 6,471
Estimated interest factor (33.3%) of
rental expense ....................... 1,900 1,433 1,233 833 667
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Income as adjusted ..................... 52,258 114,940 80,301 54,293 48,779
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Fixed Charges:
Interest expense ..................... 12,964 6,021 6,004 4,993 6,471
Capitalized interest ................. 110 -- -- -- --
Estimated interest factor (33.3%) of
rental expense ..................... 1,900 1,433 1,233 833 667
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Total fixed charges .................... 14,974 7,454 7,237 5,826 7,138
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Ratios of earnings to fixed charges .... 3.49 15.42 11.10 9.32 6.83
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