Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - MARKEL CORP | d372219d8k.htm |
| EX-5.1 - OPINION OF MCGUIREWOODS LLP - MARKEL CORP | d372219dex51.htm |
| EX-4.2 - FORM OF SEVENTH SUPPLEMENTAL INDENTURE BETWEEN THE COMPANY AND THE TRUSTEE - MARKEL CORP | d372219dex42.htm |
| EX-1.1 - UNDERWRITING AGREEMENT AND RELATED PRICING AGREEMENT - MARKEL CORP | d372219dex11.htm |
Exhibit 12.1
Markel Corporation
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
| Three Mo. Ended March 31, |
Year
Ended December 31, |
|||||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
| Earnings: |
||||||||||||||||||||||||
| 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 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Earnings from continuing operations, as adjusted |
$ | 100,344 | $ | 287,070 | $ | 382,895 | $ | 260,923 | ($ | 104,075 | ) | $ | 633,743 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed Charges: |
||||||||||||||||||||||||
| 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 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed Charges |
$ | 24,293 | $ | 94,751 | $ | 81,222 | $ | 60,503 | $ | 55,033 | $ | 63,527 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 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. |