EX-12.1 6 mkl11022017exhibit121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Markel Corporation
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)

 
Nine Months Ended
September 30,
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
$
(61,649
)
 
$
623,901

 
$
746,709

 
$
454,482

 
$
351,460

 
$
310,127

Fixed charges
106,978

 
143,152

 
132,927

 
131,530

 
125,661

 
102,031

Earnings from continuing operations, as adjusted
$
45,329

 
$
767,053

 
$
879,636

 
$
586,012

 
$
477,121

 
$
412,158

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
$
97,013

 
$
129,896

 
$
118,301

 
$
117,442

 
$
114,004

 
$
92,762

Portion of rental expense representative of interest
9,965

 
13,256

 
14,626

 
14,088

 
11,657

 
9,269

Fixed Charges
$
106,978

 
$
143,152

 
$
132,927

 
$
131,530

 
$
125,661

 
$
102,031

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
—

 
5.4

 
6.6

 
4.5

 
3.8

 
4.0

Deficiency in the coverage of fixed charges by earnings before fixed charges
$
61,649

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—


Notes:

* The Company's consolidated insurance company subsidiaries are subject to certain regulatory restrictions on the payment of dividends or advances to the Company.