Exhibit 12.1
Markel Corporation
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
| Three Mo. Ended March 31, |
Year
Ended December 31, |
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| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
| Earnings: |
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| Earnings from continuing operations before income taxes |
$ | 76,051 | $ | 192,319 | $ | 301,673 | $ | 200,420 | ($ | 159,108 | ) | $ | 570,216 | |||||||||||
| Fixed charges |
24,293 | 94,751 | 81,222 | 60,503 | 55,033 | 63,527 | ||||||||||||||||||
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| Earnings from continuing operations, as adjusted |
$ | 100,344 | $ | 287,070 | $ | 382,895 | $ | 260,923 | ($ | 104,075 | ) | $ | 633,743 | |||||||||||
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| Fixed Charges: |
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| Interest Expense |
$ | 22,167 | $ | 86,252 | $ | 73,663 | $ | 53,969 | $ | 48,210 | $ | 57,236 | ||||||||||||
| Portion of rental expense representative of interest |
2,126 | 8,499 | 7,559 | 6,534 | 6,823 | 6,291 | ||||||||||||||||||
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| Fixed Charges |
$ | 24,293 | $ | 94,751 | $ | 81,222 | $ | 60,503 | $ | 55,033 | $ | 63,527 | ||||||||||||
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| Ratio of Earnings to Fixed Charges |
4.1 | 3.0 | 4.7 | 4.3 | — | 10.0 | ||||||||||||||||||
| 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. |