Exhibit 12.1
Markel Corporation
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
| Quarter Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Earnings from continuing operations before income taxes | $ | 213,634 | $ | 746,709 | $ | 454,482 | $ | 351,460 | $ | 310,127 | $ | 192,319 | ||||||||||||
Fixed charges | 34,120 | 132,927 | 131,530 | 125,661 | 102,031 | 94,751 | ||||||||||||||||||
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Earnings from Continuing Operations, as adjusted | $ | 247,754 | $ | 879,636 | $ | 586,012 | $ | 477,121 | $ | 412,158 | $ | 287,070 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest Expense | $ | 30,841 | $ | 118,301 | $ | 117,442 | $ | 114,004 | $ | 92,762 | $ | 86,252 | ||||||||||||
Portion of rental expense representative of interest | 3,279 | 14,626 | 14,088 | 11,657 | 9,269 | 8,499 | ||||||||||||||||||
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Fixed Charges | $ | 34,120 | $ | 132,927 | $ | 131,530 | $ | 125,661 | $ | 102,031 | $ | 94,751 | ||||||||||||
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Ratio of Earnings to Fixed Charges | 7.3 | 6.6 | 4.5 | 3.8 | 4.0 | 3.0 | ||||||||||||||||||
Notes:
| * | The Company’s consolidated insurance company subsidiaries are subject to certain regulatory restrictions on the payment of dividends or advances to the Company. |
