EXHIBIT 12

Markel Corporation

Ratio of Earnings to Fixed Charges

(Dollars in Thousands)

	PROFORMA				ACTUAL
	Six Mo. Ended June 30,		Year Ended Dec 31,		Six Mo. Ended June 30,		Year Ended December 31,
	2004		2003		2004		2003		2002		2001			2000			1999
Earnings:
Earnings from continuing operations before income taxes	$	143,717	$	170,648	$	149,824	$	184,551	$	117,693	$	(182,198	)	$	(51,806	)	$	53,440
Fixed charges		34,087		70,078		27,980		56,175		44,154		52,511			56,030			27,058
Earnings from continuing operations, as adjusted	$	177,804	$	240,726	$	177,804	$	240,726	$	161,847	$	(129,687	)	$	4,224		$	80,498
Fixed Charges:
Interest Expense	$	31,929	$	65,864	$	25,822	$	51,961	$	40,100	$	48,647		$	52,348		$	25,150
Portion of rental expense representative of interest		2,158		4,214		2,158		4,214		4,054		3,864			3,682			1,908
Fixed Charges	$	34,087	$	70,078	$	27,980	$	56,175	$	44,154	$	52,511		$	56,030		$	27,058
Ratio of Earnings to Fixed Charges		5.2		3.4		6.4		4.3		3.7		—			—			3.0
Deficiency in the coverage of fixed charges by earnings before fixed charges	$	—	$	—	$	—	$	—	$	—	$	182,198		$	51,806		$	—

Notes:

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