Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES  ZENITH NATIONAL INSURANCE CORP. AND SUBSIDIARIES

|                                                                                              |                                                          | Year Ended December 31, |        
|--------------------------------------------------------------------------------------------- | -------------------------------------------------------- | ----------------------- | -------
|
|
|Income (loss) from continuing operations before tax and before equity in earnings of investee |                                                          | $                       | 173,546
|Add: Fixed charges                                                                            |                                                          |                         | 15,301 
|Less: Interest capitalized in discontinued real estate segment                                |                                                          |                         |       
|                                                                                              |                                                          |                         |        
|                                                                                              | Income (loss) as adjusted                                |                         | $      
|                                                                                              |                                                          |                         |        
|Fixed charges:                                                                                |                                                          |                         |        
|                                                                                              | Interest expense on borrowings                           |                         | $      
|                                                                                              | Interest capitalized in discontinued real estate segment |                         |        
|                                                                                              | Rental expense at 30% (1)                                |                         |        
|                                                                                              |                                                          |                         |        
|                                                                                              | Total fixed charges:                                     |                         | $      
|                                                                                              |                                                          |                         |        
|Ratio of earnings to fixed charges                                                            |                                                          |                         | 12.34  
|                                                                                              |                                                          |                         |        

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