Exhibit 12.1
Markel Corporation
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
Three Mo. Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Earnings from continuing operations before income taxes | $ | 76,051 | $ | 192,319 | $ | 301,673 | $ | 200,420 | ($ | 159,108 | ) | $ | 570,216 | |||||||||||
Fixed charges | 24,293 | 94,751 | 81,222 | 60,503 | 55,033 | 63,527 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Earnings from continuing operations, as adjusted | $ | 100,344 | $ | 287,070 | $ | 382,895 | $ | 260,923 | ($ | 104,075 | ) | $ | 633,743 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest Expense | $ | 22,167 | $ | 86,252 | $ | 73,663 | $ | 53,969 | $ | 48,210 | $ | 57,236 | ||||||||||||
Portion of rental expense representative of interest | 2,126 | 8,499 | 7,559 | 6,534 | 6,823 | 6,291 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed Charges | $ | 24,293 | $ | 94,751 | $ | 81,222 | $ | 60,503 | $ | 55,033 | $ | 63,527 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of Earnings to Fixed Charges | 4.1 | 3.0 | 4.7 | 4.3 | — | 10.0 | ||||||||||||||||||
Deficiency in the coverage of fixed charges by earnings before fixed charges | $ | — | $ | — | $ | — | $ | — | $ | 159,108 | $ | — |
Notes:
* | The Company's consolidated insurance company subsidiaries are subject to certain regulatory restrictions on the payment of dividends or advances to the Company. |