**Exhibit 12**

 
| ** **                                                        | ** ** | **Years Ended December 31,** | ** ** |
|-------------------------------------------------------------------|------------|-----------------------------------|------------|
| ** **                                                        | ** ** | **2009**                          | ** ** | **2008** | ** ** | **2007** | ** ** | **2006** | ** ** | **2005** | ** ** | **2004** | ** ** |
|                                                              |       |                              |       |   |   |   |   |   |   |   |   |   |   |
| Income  (loss) before income taxes and extraordinary income       |       | $                                 | 464.6      |   | $ | (143.5 | ) | $ | 347.8 |   | $ | 342.3 |   | $ | (752.9 | ) | $ | 240.4 |   |
|                                                              |       |                              |       |   |   |   |   |   |   |   |   |   |   |
| Fixed  Charges:                                                   |       |                              |       |   |   |   |   |   |   |   |   |   |   |
| Assumed  interest component of rent expense (1/3 rent/lease)      |       | $                                 | 1.4        |   | $ | 1.3 |   | $ | 0.9 |   | $ | 0.7 |   | $ | 0.3 |   | $ | 0.3 |   |
| Interest  on $250m 6.125% Senior Notes                            |       | $                                 | 14.5       |   | $ | 15.3 |   | $ | 15.3 |   | $ | 15.3 |   | $ | 15.3 |   | $ | 15.3 |   |
| Interest  on $100m 8.55% Junior Notes                             |       | $                                 | 8.7        |   | $ | 8.7 |   | $ | 8.7 |   | $ | 8.6 |   | $ | — |   | $ | — |   |
| Interest  on $75m Blue Ocean Debt                                 |       | $                                 | —     |   | $ | 0.2 |   | $ | 5.6 |   | $ | 0.5 |   | $ | — |   | $ | — |   |
| Preferred  dividend requirements of consolidated sub - Blue Ocean |       | $                                 | —     |   | $ | 0.6 |   | $ | 7.0 |   | $ | 10.8 |   | $ | — |   | $ | — |   |
| Total  fixed charges                                              |       | $                                 | 24.6       |   | $ | 26.1 |   | $ | 37.5 |   | $ | 35.9 |   | $ | 15.6 |   | $ | 15.6 |   |
|                                                              |       |                              |       |   |   |   |   |   |   |   |   |   |   |
| Pre-tax  income (loss) plus fixed charges (1)                     |       | $                                 | 489.2      |   | $ | (118.0 | ) | $ | 378.3 |   | $ | 367.4 |   | $ | (737.3 | ) | $ | 256.0 |   |
|                                                              |       |                              |       |   |   |   |   |   |   |   |   |   |   |
| **RATIO OF EARNINGS TO FIXED CHARGES (2)**                        | ** ** | **19.9**                          | ** ** | **—** | ** ** | **12.4** | ** ** | **14.6** | ** ** | **—** | ** ** | **16.4** | ** ** |
| **RATIO OF EARNINGS TO COMBINED FIXED CHARGES and PS DIVS (2)**   | ** ** | **19.9**                          | ** ** | **—** | ** ** | **10.1** | ** ** | **10.2** | ** ** | **—** | ** ** | **16.4** | ** ** |

 

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Notes

(1) Representspre-tax income (loss) from continuing operations, plus fixed charges, lesspreferred stock dividend requirements of consolidated subsidiaries.

 

(2) For the purpose of this calculation, “fixed charges” excludes preferreddividend requirements of consolidated subsidiaries. For the year ended December 31,2008, earnings were insufficient to cover fixed charges and combined fixedcharges and preference shares dividends by $143.5 million and $144.1 million,respectively. This was as a result of net realized and unrealized investmentlosses and a large hurricane loss incurred which occurred during the third quarterof 2008.

 

(2) Forthe year ended December 31, 2005, earnings were insufficient to coverfixed charges by $752.9 million. This was as a result of the large lossesincurred due to the hurricanes which occurred during the third quarter of 2005.

 

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