Markel (MKL) 8-K Other Events

Exhibit 12.1

Markel Corporation

Ratio of Earnings to Fixed Charges

(Dollars in Thousands)

	Year Ended
	December 31,
	2012		2011		2010		2009		2008
Earnings:
Earnings from continuing operations before income taxes	$	310,127	$	192,319	$	301,673	$	200,420	($	159,108	)
Fixed charges		102,031		94,751		81,222		60,503		55,033
Earnings from continuing operations, as adjusted	$	412,158	$	287,070	$	382,895	$	260,923	($	104,075	)
Fixed Charges:
Interest Expense	$	92,762	$	86,252	$	73,663	$	53,969	$	48,210
Portion of rental expense representative of interest		9,269		8,499		7,559		6,534		6,823
Fixed Charges	$	102,031	$	94,751	$	81,222	$	60,503	$	55,033
Ratio of Earnings to Fixed Charges		4.0		3.0		4.7		4.3		—
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.