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Exhibit 12.1

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(for the yearended December 31, in millions, except ratios)2006 2005 2004 2003 2002

Income (loss) from continuing operations before income

taxes (benefit), minority interest and cumulative effect

of change in accountingprinciples.................. $5,725 $2,671 $946 $ 2,229 $(260)

Interest............................................ 324 286 236 167 157

Portion of rentals deemed to be interest............... 78 72 68 38 46

Income available for fixed charges (1) ................. $6,127 $3,029 $1,250 $ 2 ,434 $ (57)

Fixedcharges:

Interest.......................................... $324 $286 $236 $ 167 $ 157

Portion of rentals deemed to be interest............. 78 72 68 38 46

Total fixed charges.................................. 402 358 304 205 203

Preferredstock dividend requirements................ 8

9 8 — —

Total fixed charges and preferred stock dividend

requirements..................................... $410 $367 $312 $ 205 $ 203

Ratio of earnings to fixed charges (1).................. 15.24 8.46 4.11 11.89 N/A

Ratio of earnings to combined fixed charges and

preferred dividend requirements ................... 14.96 8.25 4.01 11.89 N/A

Data for 2006 and 2005 reflects results of the Company for the years ended December 31, 2006and 2005.

Data for the year ended December 31, 2004 reflects information for TPC for the period January 1, 2004

through March 31, 2004, andfor the Company for the nine-month period from the merger date of April 1,

2004 through December 31, 2004. Data for the years 2002 and 2003 reflects information for TPC only.

The ratio of earnings to fixed charges is computed by dividing income available for fixed charges by the

fixed charges. For purposes of this ratio, fixed charges consist of that portion of rentals deemed

representative of the appropriate interest factor.

(1) Income (loss) available for fixed charges in 2002 included a $1.39 billion charge for strengthening

asbestos reserves, net of the benefit from an indemnification agreement with Citigroup, Inc., a former

affiliate. For the year ended December 31, 2002, the Company’s earnings were not sufficient to cover

fixed charges by $260 million.

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