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 | |||||||||||||||
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Earnings from continuing operations, as adjusted | $ | 412,158 | $ | 287,070 | $ | 382,895 | $ | 260,923 | ($ | 104,075 | ) | |||||||||
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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 | |||||||||||||||
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Fixed Charges | $ | 102,031 | $ | 94,751 | $ | 81,222 | $ | 60,503 | $ | 55,033 | ||||||||||
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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. |
