Crum & Forster Holdings Corp – ‘S-4/A’ on 9/22/03 – EX-12.1

On:  Monday, 9/22/03, at 6:49am ET   ·   Accession #:  909567-3-1090   ·   File #:  333-107722

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Pre-Effective Amendment to Registration of Securities Issued in a Business-Combination Transaction   —   Form S-4
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: S-4/A       Pre-Effective Amendment to Registration of          HTML   2.22M 
                          Securities Issued in a                                 
                          Business-Combination Transaction                       
 2: EX-5.1      Opinion re: Legality                                   2     13K 
 3: EX-8.1      Opinion re: Tax Matters                                1     10K 
 4: EX-10.27    Material Contract                                     14     55K 
 5: EX-10.28    Material Contract                                     14     55K 
 6: EX-10.29    Material Contract                                      2     12K 
 7: EX-12.1     Statement re: Computation of Ratios                    2±    11K 
 8: EX-23.2     Consent of Experts or Counsel                          1      7K 
 9: EX-99.1     Miscellaneous Exhibit                                  1     10K 
10: EX-99.2     Miscellaneous Exhibit                                  3     16K 
11: EX-99.3     Miscellaneous Exhibit                                  1      8K 
12: EX-99.4     Miscellaneous Exhibit                                  1      8K 
13: EX-99.5     Miscellaneous Exhibit                                  1      9K 
14: EX-99.6     Miscellaneous Exhibit                                  1      9K 
15: EX-99.7     Miscellaneous Exhibit                                  1      8K 
16: EX-99.8     Miscellaneous Exhibit                                 18     77K 
17: EX-99.9     Miscellaneous Exhibit                                  4     18K 

EX-12.1   —   Statement re: Computation of Ratios

EX-12.1
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                                                                    EXHIBIT 12.1

 CRUM & FORSTER HOLDINGS CORP.

 STATEMENT REGARDING CALCULATION OF RATIO OF CONSOLIDATED EARNINGS
TO CONSOLIDATED FIXED CHARGES 
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2003 
AND THE YEARS ENDED DECEMBER 31, 1998 THROUGH 2002
(IN THOUSANDS)

                                                        [Enlarge/Download Table]

                                                                                                          SIX MONTHS ENDED  
                                                                 YEARS ENDED DECEMBER 31,                     JUNE 30       
                                      -----------------------------------------------------------------  ------------------ 
                                               1998            1999      2000        2001        2002     2002       2003   
                                      ---------------------   -------   -------   ---------    --------  -------   -------- 
                                                   FROM AND                                                                 
                                       THROUGH       AFTER                                                                  
                                      AUGUST 13    AUGUST 14                                                                
                                      ---------    ---------                                                                
                                                                                                                            
Pre-tax income (loss) as reported     $(223,842)   $166,744   $46,605   $62,677   $(170,050)   $126,047  $25,343   $247,926 

Income (loss) from equity investees           -           -         -         -           -       9,939    3,361     (2,678)
                                      ---------    --------   -------   -------   ---------    --------  -------   -------- 

Pre-tax income (loss) before                                                                                                
adjustment for income or loss from                                                                                          
equity investees                       (223,842)    166,744    46,605    62,677    (170,050)    116,108   21,982    250,604 
                                      ---------    --------   -------   -------   ---------    --------  -------   -------- 

Fixed charges:                                                                                                              

       Interest expense                     128         327     5,489     8,854      14,738      17,502    9,380      9,625 

       Rentals representing interest      2,087       1,301     3,390     3,108       4,123       3,468    1,736      1,696 
                                      ---------    --------   -------   -------   ---------    --------  -------   -------- 
          Total                           2,215       1,628     8,879    11,962      18,861      20,970   11,115     11,321 
                                      ---------    --------   -------   -------   ---------    --------  -------   -------- 

Pre-tax income (loss) before income                                                                                         
or loss from equity investees plus                                                                                          
fixed charges                         $(221,627)   $168,372   $55,484   $74,639   $(151,189)   $137,078  $33,097   $261,925 
                                      =========    ========   =======   =======   =========    ========  =======   ======== 

Ratio of earnings to fixed charges           (a)     103.4x      6.2x      6.2x          (b)       6.5x     3.0x      23.1x 
                                      =========    ========   =======   =======   =========    ========  =======   ======== 

(a)  Due to the Company's loss in the period ended August 13, 1998, the ratio   
coverage was less than 1:1. Additional earnings of $223,842 would have
achieved a coverage ratio of 1:1.                                     

(b)  Due to the Company's loss in the period ended December 31, 2001, the ratio 
coverage was less than 1:1. Additional earnings of $170,050 would have
achieved a coverage ratio of 1:1.                                     

Dates Referenced Herein

This ‘S-4/A’ Filing		Date		Other Filings
Filed on:		9/22/03		None on these Dates
		6/30/03
		6/30/02
		12/31/01
		12/31/98
		8/13/98
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