Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - MARKEL CORP | d175902d8k.htm |
| EX-5.1 - EX-5.1 - MARKEL CORP | d175902dex51.htm |
| EX-1.1 - EX-1.1 - MARKEL CORP | d175902dex11.htm |
Exhibit 12.1
Markel Corporation
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
| Quarter Ended March 31, |
Year Ended December 31, |
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| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
| Earnings: |
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| Earnings from continuing operations before income taxes |
$ | 213,634 | $ | 746,709 | $ | 454,482 | $ | 351,460 | $ | 310,127 | $ | 192,319 | ||||||||||||
| Fixed charges |
34,120 | 132,927 | 131,530 | 125,661 | 102,031 | 94,751 | ||||||||||||||||||
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| Earnings from Continuing Operations, as adjusted |
$ | 247,754 | $ | 879,636 | $ | 586,012 | $ | 477,121 | $ | 412,158 | $ | 287,070 | ||||||||||||
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| Fixed Charges: |
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| Interest Expense |
$ | 30,841 | $ | 118,301 | $ | 117,442 | $ | 114,004 | $ | 92,762 | $ | 86,252 | ||||||||||||
| Portion of rental expense representative of interest |
3,279 | 14,626 | 14,088 | 11,657 | 9,269 | 8,499 | ||||||||||||||||||
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| Fixed Charges |
$ | 34,120 | $ | 132,927 | $ | 131,530 | $ | 125,661 | $ | 102,031 | $ | 94,751 | ||||||||||||
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| Ratio of Earnings to Fixed Charges |
7.3 | 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. |