Markel (MKL) 8-K Other Events

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.