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                                                                      EXHIBIT 12

                  HCC INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

                               STATEMENT OF RATIOS

<Table>
<Caption>
                                                     FOR THE YEARS ENDED DECEMBER 31,
                                                              (IN THOUSANDS)


                                     2003          2002          2001          2000            1999
                                   ----------    ----------    ----------    ----------    ----------
<S>                                <C>           <C>           <C>           <C>
Gross premium to surplus ratio:
   Gross written premium           $1,746,413    $1,163,397    $1,014,833    $  972,154    $  576,184
   Policyholders' surplus             591,889       523,807       401,393       326,249       315,474
   Premium to surplus ratio (1)         295.1%        222.1%        252.8%        298.0%        182.6%

(Gross premium to surplus ratio = gross written premium divided by policyholders' surplus)

Net premium to surplus ratio:
    Net written premium            $  867,795    $  545,475    $  371,409    $  283,947    $  150,261
    Policyholders' surplus            591,889       523,807       401,393       326,249       315,474
    Premium to surplus ratio (1)        146.6%        104.1%         92.5%         87.0%         47.6%

(Net premium to surplus ratio = net written premium divided by policyholders' surplus)

Loss ratio:
   Incurred loss and loss
     adjustment expense            $  494,024    $  313,744    $  266,537    $  190,272    $  160,908
   Net earned premium                 739,376       506,371       341,779       267,481       150,304
   Loss ratio (1)                        66.8%         62.0%         78.0%         71.1%        107.1%

(Loss ratio = incurred loss and loss adjustment expense divided by net earned premium)

Expense ratio:
   Underwriting expense            $  199,927    $  130,578    $   88,461    $   76,548    $  34,220
   Net written premium                867,795       545,475       371,409       283,947      150,261
   Expense ratio (1)                     23.0%         23.9%         23.8%         27.0%        22.8%

(Expense ratio = underwriting expense divided by net written premium)

   Combined ratio (1)                    89.8%         85.9%        101.8%         98.1%       129.9%
</Table>

(Combined ratio = loss ratio plus expense ratio)

(1) Calculated for our insurance companies on the basis of statutory accounting
    principles.



<PAGE>
                  HCC INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

                               STATEMENT OF RATIOS
                                   (continued)

<Table>
<Caption>
                                                    FOR THE YEARS ENDED DECEMBER 31,
                                                            (IN THOUSANDS)


                                      2003          2002          2001          2000         1999
                                   ----------    ----------    ----------    ----------    ----------
<S>                                <C>           <C>           <C>           <C>
Loss ratio:
   Incurred loss and loss
    adjustment expense             $  488,652    $  306,491    $  267,390    $  198,470    $  109,650
   Net earned premium                 738,272       505,521       342,787       267,647       141,362
   Loss ratio (2)                        66.2%         60.6%         78.0%         74.2%         77.6%

(Loss ratio = incurred loss and loss adjustment expense divided by net earned premium)

Expense ratio:
   Underwriting expense            $  182,907    $  128,528    $   88,192    $   56,223    $   73,123
   Net earned premium                 738,272       505,521       342,787       267,647       141,362
   Expense ratio (2)                     24.8%         25.4%         25.7%         21.0%         51.7%

(Expense ratio = underwriting expense divided by net earned premium)

   Combined ratio (2)                   91.0%         86.0%        103.7%         95.2%        129.3%
</Table>

(Combined ratio = loss ratio plus expense ratio)


(2) Calculated for our insurance companies on the basis of generally accepted
    accounting principles.