MARKEL CORPORATION Exhibit 12 Ratio of Earnings to Fixed Charges (Dollars in Thousands) Three Months Year Ended Ended December 31, -------------------------------------------------------------------------------------- March 31, 1997 1996 1995 1994 1993 1992 -------------------------------------------------------------------------------------- Earnings: Earnings from continuing operations before income taxes 11,878 37,000 47,927 25,731 32,156 39,621 Fixed charges 5,102 8,286 8,653 7,777 7,740 7,533 -------------------------------------------------------------------------------------- Earnings from continuing operations, as adjusted 16,980 45,286 56,580 33,508 39,896 47,154 ====================================================================================== Fixed Charges: Interest Expense 5,034 8,016 8,460 7,675 5,638 5,291 Portion of rental expense representative of interest 68 270 193 102 2,102 2,242 ====================================================================================== Fixed Charges 5,102 8,286 8,653 7,777 7,740 7,533 ====================================================================================== Ratio of Earnings to Fixed Charges 3.3 5.5 6.5 4.3 5.2 6.3 Ratio of Earnings to Fixed Charges, excluding Net Realized Gains or Losses from Sales of Investments and Gains from Sales of Brokerage Programs 3.4 4.9 5.2 3.8 3.1 2.2 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.