MARKEL CORP - FORM 8-K - EX-12.1 - COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO - May 31, 2011

Attached files

file filename
8-K - FORM 8-K - MARKEL CORPd8k.htm
EX-5.1 - OPINION OF MCGUIREWOODS LLP - MARKEL CORPdex51.htm
EX-1.1 - UNDERWRITING AGREEMENT AND RELATED PRICING AGREEMENT - MARKEL CORPdex11.htm
EX-4.2 - FORM OF SIXTH SUPPLEMENTAL INDENTURE BETWEEN THE COMPANY AND THE TRUSTEE - MARKEL CORPdex42.htm

Exhibit 12.1

Markel Corporation

Ratio of Earnings to Fixed Charges

(Dollars in Thousands)

 

     Three
Mo. Ended
March 31,		      Year Ended
December 31,		  
     2011      2010      2009      2008     2007      2006  

Earnings:

                 

Earnings from continuing operations before income taxes

    $ 11,805       $ 301,673       $ 200,420       ($ 159,108 )    $ 570,216       $ 553,455   

Fixed charges

      21,237         81,222         60,503         55,033        63,527         71,030   
                                                    

Earnings from continuing operations, as adjusted

    $ 33,042       $ 382,895       $ 260,923       ($ 104,075 )    $ 633,743       $ 624,485   
                                                    

Fixed Charges:

                 

Interest Expense

    $ 18,962       $ 73,663       $ 53,969       $ 48,210      $ 57,236       $ 65,770   

Portion of rental expense representative of interest

      2,275         7,559         6,534         6,823        6,291         5,260   
                                                    

Fixed Charges

    $ 21,237       $ 81,222       $ 60,503       $ 55,033      $ 63,527       $ 71,030   
                                                    

Ratio of Earnings to Fixed Charges

      1.6         4.7         4.3         —          10.0         8.8   

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.

MARKEL CORP Reports