Markel (MKL) 8-K Other Events

Exhibit 12.1

Markel Corporation

Ratio of Earnings to Fixed Charges

(Dollars in Thousands)

	Nine Months Ended September 30,			Year Ended December 31,
	2017			2016		2015		2014		2013		2012
Earnings:
Earnings from continuing operations before income taxes	$	(61,649	)	$	623,901	$	746,709	$	454,482	$	351,460	$	310,127
Fixed charges	106,978			143,152		132,927		131,530		125,661		102,031
Earnings from continuing operations, as adjusted	$	45,329		$	767,053	$	879,636	$	586,012	$	477,121	$	412,158
Fixed Charges:
Interest Expense	$	97,013		$	129,896	$	118,301	$	117,442	$	114,004	$	92,762
Portion of rental expense representative of interest	9,965			13,256		14,626		14,088		11,657		9,269
Fixed Charges	$	106,978		$	143,152	$	132,927	$	131,530	$	125,661	$	102,031
Ratio of Earnings to Fixed Charges	—			5.4		6.6		4.5		3.8		4.0
Deficiency in the coverage of fixed charges by earnings before fixed charges	$	61,649		$	—	$	—	$	—	$	—	$	—

Notes:

* The Company's consolidated insurance company subsidiaries are subject to certain regulatory restrictions on the payment of dividends or advances to the Company.