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Exhibit 12.1


Employers Holdings, Inc.
Ratios of Earnings to Fixed Charges
($ in millions)

 
Three Months Ended March 31,
 
Years Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
Net income before income taxes
$
29.5

 
$
140.7

 
$
99.4

 
$
106.6

 
$
53.1

 
$
97.6

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
  Assumed interest on capital assets (1)
$
0.5

 
$
2.0

 
$
2.1

 
$
2.8

 
$
3.1

 
$
3.0

  Interest on Indebtedness
$
0.4

 
$
1.6

 
$
2.7

 
$
3.0

 
$
3.2

 
$
3.5

Total fixed charges
$
0.9

 
$
3.6

 
$
4.8

 
$
5.8

 
$
6.3

 
$
6.5

 
 
 
 
 
 
 
 
 
 
 
 
Net income before income taxes plus fixed charges
$
30.4

 
$
144.3

 
$
104.2

 
$
112.4

 
$
59.4

 
$
104.1

 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
$
33.8

 
$
40.1

 
$
21.7

 
$
19.4

 
$
9.4

 
$
16.0

(1) Interest component of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor.