<PAGE>
Markel Corporation Exhibit 12
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
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<CAPTION>
Nine Months
Ended Year Ended
September 30, December 31,
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2000 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
Earnings:
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Earnings from continuing operations
before income taxes $ (38,551) $ 53,440 $ 75,385 $ 66,351 $ 37,000 $ 47,927
Fixed charges 39,915 27,058 22,026 21,496 8,900 9,069
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Earnings from continuing operations,
as adjusted $ 1,364 $ 80,498 $ 97,411 $ 87,847 $ 45,900 $ 56,996
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Fixed Charges:
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Interest Expense $ 37,235 $ 25,150 $ 20,406 $ 20,124 $ 8,016 $ 8,460
Portion of rental expense representative
of interest 2,680 1,908 1,620 1,372 884 609
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Fixed Charges $ 39,915 $ 27,058 $ 22,026 $ 21,496 $ 8,900 $ 9,069
=============== ==============================================================
Ratio of Earnings to Fixed Charges 0.0 3.0 4.4 4.1 5.2 6.3
Deficiency in the coverage of fixed charges
by earnings before fixed charges $ 38,551
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Notes:
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. The Company's consolidated insurance company subsidiaries are subject to
certain regulatory restrictions on the payment of dividends or advances to
the Company.
