Exhibit 12.1 MARKEL CORPORATION Ratio of Earnings to Fixed Charges (Dollars in Thousands) Nine Months Ended Year Ended September 30, December 31, -------------- ------------------------------------------------------------------------ 1996 1995 1994 1993 1992 1991 -------------- ------------------------------------------------------------------------ Earnings: Earnings from continuing operations before income taxes 31,815 47,927 25,731 32,156 39,621 17,733 Fixed charges 6,162 8,653 7,777 7,740 7,533 13,789 -------------- ------------------------------------------------------------------------ Earnings from continuing operations, as adjusted 37,977 56,580 33,508 39,896 47,154 31,522 ============== ======================================================================== Fixed Charges: Interest Expense 5,964 8,460 7,675 5,638 5,291 11,489 Portion of rental expense representative of interest 198 193 102 2,102 2,242 2,300 ============== ======================================================================== Fixed Charges 6,162 8,653 7,777 7,740 7,533 13,789 ============== ======================================================================== Ratio of Earnings to Fixed Charges 6.2 6.5 4.3 5.2 6.3 2.3 Ratio of Earnings to Fixed Charges, excluding Net Realized Gains from Sales of Investments and Gains from Sales of Brokerage Programs 5.7 5.2 3.8 3.1 2.2 1.6 Note: o The Company's consolidated insurance company subsidiaries are subject to certain regulatory restrictions on the payment of dividends or advances to the Company.