Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - MARKEL CORP | a8-k03302016.htm |
| EX-1.1 - EXHIBIT 1.1 - MARKEL CORP | ex11-mklxuafinalwordversion.htm |
| EX-5.1 - EXHIBIT 5.1 - MARKEL CORP | ex51mcguirewoodsopinion.htm |
| EX-4.2 - EXHIBIT 4.2 - MARKEL CORP | ex42tenthsupplementalinden.htm |
Exhibit 12.1
Markel Corporation
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
Year Ended December 31, | |||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||
Earnings: | |||||||||||||||||
Earnings from continuing operations before income taxes | $746,709 | $454,482 | $351,460 | $310,127 | $192,319 | ||||||||||||
Fixed charges | 132,927 | 131,530 | 125,661 | 102,031 | 94,751 | ||||||||||||
Earnings from continuing operations, | |||||||||||||||||
as adjusted | $879,636 | $586,012 | $477,121 | $412,158 | $287,070 | ||||||||||||
Fixed Charges: | |||||||||||||||||
Interest Expense | $118,301 | $117,442 | $114,004 | $92,762 | $86,252 | ||||||||||||
Portion of rental expense representative of interest | 14,626 | 14,088 | 11,657 | 9,269 | 8,499 | ||||||||||||
Fixed Charges | $132,927 | $131,530 | $125,661 | $102,031 | $94,751 | ||||||||||||
Ratio of Earnings to Fixed Charges | 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. | |||||||||||||||||