Exhibit 12
Markel Corporation
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||
Earnings: | |||||||||||||||||||
Earnings from continuing operations before income taxes | $ | 62,652 | $ | (161,885 | ) | $ | 567,902 | $ | 549,745 | $ | 187,036 | $ | 225,687 | ||||||
Fixed charges | 26,208 | 54,046 | 62,363 | 70,279 | 68,205 | 60,598 | |||||||||||||
Earnings from continuing operations, as adjusted | $ | 88,860 | $ | (107,839 | ) | $ | 630,265 | $ | 620,024 | $ | 255,241 | $ | 286,285 | ||||||
Fixed Charges: | |||||||||||||||||||
Interest expense | $ | 22,984 | $ | 47,390 | $ | 56,251 | $ | 65,172 | $ | 63,842 | $ | 56,220 | |||||||
Portion of rental expense representative of interest | 3,224 | 6,656 | 6,112 | 5,107 | 4,363 | 4,378 | |||||||||||||
Fixed Charges | $ | 26,208 | $ | 54,046 | $ | 62,363 | $ | 70,279 | $ | 68,205 | $ | 60,598 | |||||||
Ratio of Earnings to Fixed Charges | 3.4 | — | 10.1 | 8.8 | 3.7 | 4.7 | |||||||||||||
Deficiency in the coverage of fixed charges by earnings before fixed charges | $ | — | $ | 161,885 | $ | — | $ | — | $ | — | $ | — |
Note:
* | The Company’s consolidated insurance company subsidiaries are subject to certain regulatory restrictions on the payment of dividends or advances to the Company. |