EXHIBIT 12
  HCC
    INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
  STATEMENT
    OF RATIOS
 (in
    thousands)
  Years Ended December 31,2009


2008


2007


2006


2005Gross premium to surplus ratioGross written premium

$
2,568,609


$
2,510,612


$
2,460,498


$
2,243,843


$
2,049,116Policyholders surplus


2,103,892



1,852,684



1,744,889



1,342,054



1,110,268Premium to surplus ratio(1)


122.1
%


135.5
%


141.0
%


167.2
%


184.6
%(Gross premium to surplus ratio = gross written premium divided
    by policyholders surplus)Net premium to surplus ratioNet written premium

$
2,052,309


$
2,064,091


$
1,985,641


$
1,812,896


$
1,495,931Policyholders surplus


2,103,892



1,852,684



1,744,889



1,342,054



1,110,268Premium to surplus ratio(1)


97.5
%


111.4
%


113.8
%


135.1
%


134.7
%(Net premium to surplus ratio = net written premium divided by
    policyholders surplus)Loss ratioIncurred loss and loss adjustment expense

$
1,232,510


$
1,216,746


$
1,194,925


$
1,020,221


$
925,130Net earned premium


2,029,748



2,000,289



1,971,951



1,700,373



1,378,100Loss ratio(1)


60.7
%


60.8
%


60.6
%


60.0
%


67.1
%(Loss ratio = incurred loss and loss adjustment expense divided
    by net earned premium)Expense ratioUnderwriting expense

$
528,077


$
501,948


$
473,597


$
435,371


$
381,680Net written premium


2,052,309



2,064,091



1,985,641



1,812,896



1,495,931Expense ratio(1)


25.7
%


24.3
%


23.9
%


24.0
%


25.5
%(Expense ratio = underwriting expense divided by net written
    premium)Combined ratio(1)


86.4
%


85.1
%


84.5
%


84.0
%


92.6
%(Combined ratio = loss ratio plus expense ratio)     (1)
    
    Calculated for our insurance companies using financial data
    reported in accordance with statutory accounting principles.




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##### 



EXHIBIT 12
  HCC
    INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
  STATEMENT
    OF RATIOS
 (in
    thousands)
  Years Ended December 31,2009


2008


2007


2006


2005Loss ratioIncurred loss and loss adjustment expense

$
1,215,759


$
1,211,873


$
1,183,947


$
1,011,856


$
919,697Net earned premium


2,037,235



2,007,774



1,985,086



1,709,189



1,369,988Loss ratio(2)


59.7
%


60.4
%


59.6
%


59.2
%


67.1
%(Loss ratio = incurred loss and loss adjustment expense divided
    by net earned premium)Expense ratioUnderwriting expense

$
513,942


$
501,537


$
472,168


$
427,456


$
357,727Net earned premium


2,037,235



2,007,774



1,985,086



1,709,189



1,369,988Expense ratio(2)


25.2
%


25.0
%


23.8
%


25.0
%


26.1
%(Expense ratio = underwriting expense divided by net earned
    premium)Combined ratio(2)


84.9
%


85.4
%


83.4
%


84.2
%


93.2
%(Combined ratio = loss ratio plus expense ratio)Ratio of earnings to fixed chargesInterest factor of rent expense(3)

$
5,277


$
4,581


$
4,067


$
3,944


$
3,373Interest expense


16,164



20,362



16,270



18,128



14,126Capitalized interest


51



104











Total fixed charges

$
21,492


$
25,047


$
20,337


$
22,072


$
17,499Earnings from continuing operations before income tax expense

$
518,551


$
432,238


$
579,904


$
503,102


$
266,167Interest factor of rent expense(3)


5,277



4,581



4,067



3,944



3,373Interest expense


16,164



20,362



16,270



18,128



14,126Earnings per calculation

$
539,992


$
457,181


$
600,241


$
525,174


$
283,666Ratio of earnings to fixed charges(4)


25.13



18.25



29.51



23.79



16.21     (2)
    
    Calculated for our insurance companies using financial data
    reported in accordance with generally accepted accounting
    principles.(3)
    
    Estimated to be 33% of total rent expense.(4)
    
    Earnings per calculation divided by total fixed charges.