Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - MARKEL CORP | d497508d8k.htm |
| EX-1.1 - EX-1.1 - MARKEL CORP | d497508dex11.htm |
| EX-4.2 - EX-4.2 - MARKEL CORP | d497508dex42.htm |
| EX-5.1 - EX-5.1 - MARKEL CORP | d497508dex51.htm |
| EX-4.3 - EX 4.3 - MARKEL CORP | d497508dex43.htm |
Exhibit 12.1
Markel Corporation
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
| Year Ended | ||||||||||||||||||||
| December 31, | ||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
| Earnings: |
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| 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: |
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| 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. |