EXHIBIT 12.1

ARGONAUT GROUP, INC.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS



|                                                                           |  |                          |       |      |   |       |  |      |        |  |      |       |   |  |   |      
|-------------------------------------------------------------------------- |  | ------------------------ | ----- | ---- | - | ----- |  | ---- | ------ |  | ---- | ----- | - |  | - | -----
|                                                                           |  | Years Ended December 31,
|                                                                           |  | 2005                     |       | 2004 |   | 2003  |  | 2002 |        |  | 2001
|Earnings:                                                                  |  |                          |       |      |   |       |  |      |        |  |      |       |   |  |   |      
|Income (loss) from continuing operations before provision for income taxes |  | $                        | 81.5  |      | $ | 60.7  |  | $    | 135.3  |  | $    | (21.1 | ) |  | $ | 3.3  
|                                                                           |  |                          |       |      |  
|Add:                                                                       |  |                          |       |      |   |       |  |      |        |  |      |       |   |  |   |      
|Fixed charges                                                              |  |                          | 21.0  |      |   | 15.6  |  |      | 12.3   |  |      | 2.6   |   |  |   | 2.9  
|                                                                           |  |                          |       |      |   |       |  |      |        |  |      |       |   |  |   |      
|Total earnings (loss)                                                      |  | $                        | 102.5 |      | $ | 76.3  |  | $    | 147.6  |  | $    | (18.5 | ) |  | $ | 6.2  
|                                                                           |  |                          |       |      |   |       |  |      |        |  |      |       |   |  |   |      
|Fixed charges                                                              |  |                          |       |      |   |       |  |      |        |  |      |       |   |  |   |      
|Interest expense, net                                                      |  | $                        | 15.0  |      | $ | 11.0  |  | $    | 8.4    |  | $    |      |   |  | $ |     
|Preferred stock dividends                                                  |  |                          | 3.4   |      |   | 3.8   |  |      | 2.8    |  |      |      |   |  |   |     
|Rental interest factor                                                     |  |                          | 2.6   |      |   | 2.1   |  |      | 2.1    |  |      | 2.2   |   |  |   | 2.7  
|                                                                           |  |                          |       |      |   |       |  |      |        |  |      |       |   |  |   |      
|Total fixed charges                                                        |  | $                        | 21.0  |      | $ | 16.9  |  | $    | 13.3   |  | $    | 2.2   |   |  | $ | 2.7  
|                                                                           |  |                          |       |      |   |       |  |      |        |  |      |       |   |  |   |      
|Ratio of earnings to fixed charges                                         |  |                          | 4.9:1 |      |   | 4.5:1 |  |      | 11.1:1 |  |      | (A    | ) |  |   | 2.3:1
|                                                                           |  |                          |       |      |   |       |  |      |        |  |      |       |   |  |   |      

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|(A) | Earnings were inadequate to cover fixed charges by $21.1 million
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