Exhibit 12
Markel Corporation
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
Year Ended December 31, | |||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||
Earnings: | |||||||||||||||||
Earnings from continuing operations before income taxes | $ | 117,693 | ($ | 182,198 | ) | ($ | 51,806 | ) | $ | 53,440 | $ | 75,385 | |||||
Fixed charges |
| 44,154 |
| 52,511 |
|
| 56,030 |
|
| 27,058 |
| 22,026 | |||||
Earnings from continuing operations, as adjusted | $ | 161,847 | ($ | 129,687 | ) | $ | 4,224 |
| $ | 80,498 | $ | 97,411 | |||||
Fixed Charges: | |||||||||||||||||
Interest Expense | $ | 40,100 | $ | 48,647 |
| $ | 52,348 |
| $ | 25,150 | $ | 20,406 | |||||
Portion of rental expense representative of interest |
| 4,054 |
| 3,864 |
|
| 3,682 |
|
| 1,908 |
| 1,620 | |||||
Fixed Charges | $ | 44,154 | $ | 52,511 |
| $ | 56,030 |
| $ | 27,058 | $ | 22,026 | |||||
Ratio of Earnings to Fixed Charges |
| 3.7 |
| — |
|
| — |
|
| 3.0 |
| 4.4 | |||||
Deficiency in the coverage of fixed charges by earnings before fixed charges | $ | — | $ | 182,198 |
| $ | 51,806 |
| $ | — | $ | — | |||||
Notes:
| • | The Company’s consolidated insurance company subsidiaries are subject to certain regulatory restrictions on the payment of dividends or advances to the Company. |
