UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter: March 31, 2013
Check here if Amendment [_]; Amendment Number: ______
This Amendment (Check only one.): [_] is a restatement.
[_] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Markel Corporation
Address: 4521 Highwoods Pkwy
Glen Allen, VA 23060
Form 13F File Number: 28-6647
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Thomas S. Gayner
Title: President and Chief Investment Officer
Phone: 804-527-3806
Signature, Place, and Date of Signing:
/s/ Thomas S. Gayner Richmond, VA 05/09/2013
------------------------ ------------------------ --------------------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)
[_] 13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)
[_] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 1
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Form 13F Information Table Entry Total: 129
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Form 13F Information Table Value Total: $ 2,692,442
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(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
No. Form 13F File Number Name
--- -------------------- ----
1 28-6056 Markel Gayner Asset Management Corporation
Markel Corporation
FORM 13F
March 31, 2013
VOTING AUTHORITY
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VALUE SHARES/ SH/ PUT/ INVSTMT OTHER
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
-------------- -------------- --------- -------- ------- --- ---- ------- -------- ------- ------ ------
3M Company COM 88579y101 3189 30000 SH Sole 30000
18689 175800 SH Defined 01 174000 1800
Accenture COM G1151C101 760 10000 SH Sole 10000
8174 107600 SH Defined 01 100000 7600
Air Products & Chemicals COM 009158106 2300 26400 SH Defined 01 24000 2400
Alleghany Corporation COM 017175100 1714 4328 SH Sole 4328
Alliance Holdings GP COM 01861G100 8770 166500 SH Defined 01 165000 1500
Alpha Natural Resources COM 02076x102 1991 242500 SH Defined 01 240000 2500
Amazon.com COM 023135106 1466 5500 SH Defined 01 5500
American Express COM 025816109 675 10000 SH Sole 10000
24160 358135 SH Defined 01 339000 19135
Anheuser-Busch Inbev ADR COM 03524A108 39616 397951 SH Defined 01 390000 7951
Arch Coal Inc COM 039380100 304 56000 SH Defined 01 55000 1000
Archer Daniels COM 039483102 45546 1350300 SH Defined 01 1341000 9300
Artio Global Investors COM 04315B107 8074 2968400 SH Defined 01 2957400 11000
Automatic Data Processing COM 053015103 34069 523900 SH Defined 01 517700 6200
Bank of New York Mellon Corp COM 064058100 85 3019 SH Sole 3019
6984 249527 SH Defined 01 237907 11620
Berkshire Hathaway Class B COM 084670702 50547 485100 SH Sole 485100
111264 1067795 SH Defined 01 1026507 41288
Berkshire Hathaway, Inc. COM 084670108 42977 275 SH Sole 275
129087 826 SH Defined 01 803 23
Brookfield Asset Management COM 112585104 15691 430000 SH Sole 430000
96177 2635714 SH Defined 01 2504548 131166
Brown & Brown COM 115236101 11715 365628 SH Defined 01 365628
Brown Forman Class A COM 115637100 31327 425640 SH Defined 01 421500 4140
Brown-Forman Class B COM 115637209 7595 106372 SH Defined 01 105375 997
Bunge Limited COM G16962105 664 9000 SH Defined 01 9000
Calumet COM 131476103 372 10000 SH Sole 10000
1006 27000 SH Defined 01 25000 2000
Capital One COM 14040H105 9858 179400 SH Defined 01 170000 9400
Carbo Ceramics Inc COM 140781105 1639 18000 SH Sole 18000
15300 168000 SH Defined 01 168000
Carmax COM 143130102 9799 235000 SH Sole 235000
203745 4885971 SH Defined 01 4728070 157901
Caterpillar Inc COM 149123101 21325 245200 SH Defined 01 241000 4200
Charles Schwab COM 808513105 18239 1031013 SH Defined 01 985000 46013
Chevron COM 1200 10100 SH Defined 01 10000 100
Coca Cola Co COM 191216100 5419 134000 SH Defined 01 130000 4000
Colfax Corporation COM 194014106 50499 1085070 SH Sole 1085070
Consol Energy COM 20854p109 1009 30000 SH Defined 01 30000
Core Labs NV COM 2182531 276 2000 SH Defined 01 2000
Costco COM 22160K105 531 5000 SH Sole 5000
3767 35500 SH Defined 01 34000 1500
Diageo PLC COM 25243Q205 41338 328500 SH Sole 328500
113555 902374 SH Defined 01 861500 40874
Disney COM 254687106 11360 200000 SH Sole 200000
75836 1335135 SH Defined 01 1284500 50635
EOG Resources, Inc. COM 26875p101 10694 83500 SH Defined 01 83500
Ecolab COM 278865100 3881 48400 SH Defined 01 48000 400
Emerson Electric COM 291011104 9571 171300 SH Defined 01 158000 13300
Enterprise Products Lmtd Ptnsh COM 293792107 380 6300 SH Defined 01 6300
Expeditors Int'l Wash Inc COM 302130109 4752 133000 SH Defined 01 133000
Exxon Corporation COM 30231G102 18004 199800 SH Sole 199800
56057 622098 SH Defined 01 592000 30098
Factset Research COM 303075105 2685 29000 SH Defined 01 29000
Fairfax Financial Holdings Ltd COM 303901102 77095 197104 SH Sole 197104
32212 82355 SH Defined 01 82355
1
Markel Corporation
FORM 13F
March 31, 2013
VOTING AUTHORITY
---------------------
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
-------------- -------------- --------- -------- ------- --- ---- ------- -------- ------- ------ ------
Federated Investors COM 314211103 237 10000 SH Sole 10000
50796 2146000 SH Defined 01 2124000 22000
Fidelity National Financial COM 31620R105 315 12500 SH Defined 01 12500
General Dynamics COM 369550108 28314 401555 SH Defined 01 387000 14555
General Electric COM 369604103 55195 2387311 SH Defined 01 2305000 82311
Google COM 38259P508 3971 5000 SH Defined 01 5000
Hasbro, Inc COM 418056107 8340 189800 SH Defined 01 187000 2800
Heritage Crystal Clean Inc COM 42726M106 3918 259500 SH Defined 01 259500
Home Depot COM 437076102 1396 20000 SH Sole 20000
64930 930495 SH Defined 01 900000 30495
Illinois Tool Works COM 452308109 14930 245000 SH Defined 01 230000 15000
Intel COM 458140100 1310 60000 SH Sole 60000
16973 777342 SH Defined 01 750000 27342
International Business Machine COM 459200101 2133 10000 SH Sole 10000
2154 10100 SH Defined 01 10000 100
International Game Technology COM 459902102 4125 250000 SH Sole 250000
15600 945461 SH Defined 01 915000 30461
Investors Title Company COM 461804106 15758 228150 SH Defined 01 213300 14850
Johnson and Johnson COM 478160104 4484 55000 SH Sole 55000
43851 537850 SH Defined 01 528700 9150
Leucadia National Corp COM 527288104 20436 745033 SH Defined 01 725000 20033
Liberty Media COM 531229102 4688 42000 SH Defined 01 42000
Loews Corporation COM 540424108 10608 240700 SH Defined 01 235000 5700
Lowes COM 548661107 3602 95000 SH Sole 95000
18202 480000 SH Defined 01 445000 35000
Marriott International COM 571903202 7684 181965 SH Sole 181965
50086 1186036 SH Defined 01 1101907 84129
Mastercard, Inc COM 57636Q104 4329 8000 SH Defined 01 8000
Mattel COM 577081102 6128 140000 SH Defined 01 139000 1000
McDonalds COM 580135101 18927 189861 SH Defined 01 181000 8861
Microsoft Corp COM 594918104 22958 802590 SH Defined 01 784000 18590
Monsanto Co COM 61166W101 3771 35700 SH Defined 01 33000 2700
Moody's Corp COM 615369105 8286 155400 SH Defined 01 155000 400
National Oilwell COM 637071101 9622 136000 SH Defined 01 136000
Natural Resource Partners COM 63900P103 2373 101400 SH Defined 01 100000 1400
Nike COM 654106103 7105 120400 SH Defined 01 120000 400
Norfolk Southern COM 655844108 7253 94100 SH Defined 01 92000 2100
Northern Trust Corp COM 665859104 7638 140000 SH Defined 01 140000
Novo-Nordisk A/S COM 670100205 36564 226400 SH Defined 01 215000 11400
Oracle Corp COM 68389x105 21302 658900 SH Defined 01 632000 26900
Patterson Companies Inc. COM 703395103 5558 146100 SH Defined 01 145000 1100
Paychex COM 704326107 5291 150900 SH Defined 01 150000 900
Peabody Energy COM 704549104 3807 180000 SH Defined 01 180000
Pepsico COM 713448108 10071 127300 SH Defined 01 126300 1000
Philip Morris International COM 718172109 10819 116700 SH Defined 01 114500 2200
Plum Creek Lumber MLP COM 729251108 7830 150000 SH Sole 150000
10456 200300 SH Defined 01 200000 300
Procter & Gamble COM 742718109 2628 34100 SH Defined 01 33000 1100
Quaterra Resources COM 747952109 40 200000 SH Defined 01 200000
RLI Corporation COM 749607107 44019 612658 SH Defined 01 598636 14022
SEI Investments Co COM 784117103 3750 130000 SH Defined 01 130000
Schlumberger COM 806857108 10934 146000 SH Defined 01 146000
Starz Liberty Capital COM 85571Q102 266 12000 SH Defined 01 12000
State Street Corp COM 857477103 2387 40400 SH Defined 01 40400
Sysco Corp COM 871829107 11053 314278 SH Defined 01 287000 27278
T.Rowe Price COM 74144T108 824 11000 SH Sole 11000
17931 239500 SH Defined 01 239000 500
Teva Pharmaceuticals COM 881624209 26332 663600 SH Defined 01 655000 8600
2
Markel Corporation
FORM 13F
March 31, 2013
VOTING AUTHORITY
--------------------
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
-------------- -------------- --------- -------- ------- --- ---- ------- -------- ------- ------ -----
Union First Market Bankshares COM 90662P104 37132 1898339 SH Sole 1898339
United Health Group Inc COM 91324P102 22443 392300 SH Defined 01 384000 8300
United Parcel Service COM 911312106 5972 69520 SH Sole 69520
57839 673333 SH Defined 01 637980 35353
United Technologies COM 913017109 5008 53600 SH Defined 01 53000 600
Visa COM 92826C839 18869 111100 SH Defined 01 111000 100
W.P. Carey COM 92936U109 3033 45000 SH Sole 45000
61240 908600 SH Defined 01 905200 3400
Wal-Mart Stores COM 931142103 83085 1110318 SH Defined 01 1058000 52318
Walgreen COM 931422109 102582 2151460 SH Defined 01 2115000 36460
Washington Post Co COM 939640108 2369 5300 SH Defined 01 5200 100
Washington Real Estate Investm COM 939653101 256 9200 SH Defined 01 9200
Wellpoint Inc COM 94973V107 3311 50000 SH Defined 01 50000
3