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, 2011
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 5/16/2011
-------------------------- ------------------------- -------------------------
[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).)
1
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 1
Form 13F Information Table Entry Total: 114
Form 13F Information Table Value Total: $1,845,910
(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
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
3M Company COM 88579y101 2805 30000 SH SOLE 30000
11949 127800 SH DEFINED 01 124000 3800
Abbott Laboratories COM 002824100 4341 88500 SH DEFINED 01 87500 1000
Accenture COM G1151C101 550 10000 SH SOLE 10000
6124 111400 SH DEFINED 01 100000 11400
Air Products & Chemicals COM 009158106 469 5200 SH DEFINED 01 5200
Alleghany Corporation COM 017175100 1405 4244 SH SOLE 4244
Altria COM 02209S103 3038 116700 SH DEFINED 01 114500 2200
American Express COM 025816109 452 10000 SH SOLE 10000
17495 387059 SH DEFINED 01 339000 48059
Anheuser-Busch Inbev ADR COM 03524A108 16339 285800 SH DEFINED 01 269000 16800
Automatic Data Processing COM 053015103 23998 467700 SH DEFINED 01 454700 13000
Bank of New York Mellon Corp COM 064058100 90 3019 SH SOLE 3019
6964 233130 SH DEFINED 01 214907 18223
Berkshire Hathaway Class B COM 084670702 40569 485100 SH SOLE 485100
91470 1093747 SH DEFINED 01 1026507 67240
Berkshire Hathaway, Inc. COM 084670108 34457 275 SH SOLE 275
83450 666 SH DEFINED 01 630 36
Brookfield Asset Management COM 112585104 13958 430000 SH SOLE 430000
86469 2663875 SH DEFINED 01 2465548 198327
Brown & Brown COM 115236101 9433 365628 SH DEFINED 01 365628
Brown Forman Class A COM 115637100 19287 283760 SH DEFINED 01 281000 2760
Brown-Forman Class B COM 115637209 4843 70915 SH DEFINED 01 70250 665
Calumet COM 131476103 212 10000 SH SOLE 10000
546 25700 SH DEFINED 01 25000 700
Campbell Soup Co COM 134429109 2463 74400 SH DEFINED 01 70000 4400
Carmax COM 143130102 7543 235000 SH SOLE 235000
159991 4984146 SH DEFINED 01 4728070 256076
Caterpillar Inc COM 149123101 27537 247300 SH DEFINED 01 241000 6300
Charles Schwab COM 808513105 17314 960300 SH DEFINED 01 895000 65300
Clorox Company COM 189054109 1121 16000 SH DEFINED 01 16000
Coca Cola Co COM 191216100 4325 65200 SH DEFINED 01 60000 5200
Contango Oil & Gas COM 21075n204 1802 28500 SH DEFINED 01 28500
Costco COM 22160K105 367 5000 SH SOLE 5000
2603 35500 SH DEFINED 01 34000 1500
DENTSPLY COM 249030107 1309 35400 SH DEFINED 01 35000 400
DST Systems, Inc COM 233326107 1109 21000 SH DEFINED 01 21000
Diageo PLC COM 25243Q205 25038 328500 SH SOLE 328500
70349 922979 SH DEFINED 01 861500 61479
Disney COM 254687106 8618 200000 SH SOLE 200000
55405 1285794 SH DEFINED 01 1202500 83294
EOG Resources, Inc. COM 26875p101 9990 84300 SH DEFINED 01 83500 800
Emerson Electric COM 291011104 10190 174400 SH DEFINED 01 158000 16400
Enterprise Products Lmtd Ptnsh COM 293792107 646 15000 SH SOLE 15000
10110 234800 SH DEFINED 01 225000 9800
Exxon Corporation COM 30231G102 16809 199800 SH SOLE 199800
44132 524573 SH DEFINED 01 475000 49573
Fairfax Financial Holdings Ltd COM 303901102 100915 267104 SH SOLE 267104
4668 12355 SH DEFINED 01 12355
Federated Investors COM 314211103 267 10000 SH SOLE 10000
6326 236500 SH DEFINED 01 235000 1500
Fidelity National Financial COM 31620R105 24723 1749679 SH DEFINED 01 1663000 86679
Forest City Enterprises Class COM 345550107 215 11400 SH DEFINED 01 11400
General Dynamics COM 369550108 29849 389879 SH DEFINED 01 370000 19879
General Electric COM 369604103 27317 1362450 SH SOLE 1362450
22233 1108898 SH DEFINED 01 942550 166348
Heritage Crystal Clean Inc COM 42726M106 3413 239500 SH DEFINED 01 239500
Home Depot COM 437076102 741 20000 SH SOLE 20000
35089 946805 SH DEFINED 01 900000 46805
ITC Holdings Corp COM 465685105 12107 173200 SH DEFINED 01 173000 200
Illinois Tool Works COM 452308109 13584 252859 SH DEFINED 01 230000 22859
Intel COM 458140100 1211 60000 SH SOLE 60000
4096 202992 SH DEFINED 01 180000 22992
International Business Machine COM 459200101 1631 10000 SH SOLE 10000
1712 10500 SH DEFINED 01 10000 500
International Game Technology COM 459902102 4057 250000 SH SOLE 250000
14530 895237 SH DEFINED 01 820000 75237
Investors Title Company COM 461804106 7277 228850 SH DEFINED 01 213300 15550
Johnson and Johnson COM 478160104 16590 280000 SH SOLE 280000
16951 286095 SH DEFINED 01 271700 14395
Kimberly Clark Corp COM 494368103 927 14200 SH DEFINED 01 14000 200
Leucadia National Corp COM 527288104 22089 588400 SH DEFINED 01 575000 13400
Lowes COM 548661107 2511 95000 SH SOLE 95000
6740 255000 SH DEFINED 01 210000 45000
Marriott International COM 571903202 6474 181965 SH SOLE 181965
43955 1235378 SH DEFINED 01 1101907 133471
McDonalds COM 580135101 14636 192355 SH DEFINED 01 181000 11355
Microsoft Corp COM 594918104 7464 293990 SH DEFINED 01 274000 19990
National Oilwell COM 637071101 6738 85000 SH DEFINED 01 85000
Nike COM 654106103 3800 50200 SH DEFINED 01 50000 200
Northern Trust Corp COM 665859104 7105 140000 SH DEFINED 01 140000
Novo-Nordisk A/S COM 670100205 28759 229650 SH DEFINED 01 215000 14650
NuStar GP Holdings COM 67059L102 21334 585300 SH DEFINED 01 576500 8800
Patterson Companies Inc. COM 703395103 4474 139000 SH DEFINED 01 135000 4000
Paychex COM 704326107 1597 50900 SH DEFINED 01 50000 900
Pepsico COM 713448108 5861 91000 SH DEFINED 01 90300 700
Philip Morris International COM 718172109 7659 116700 SH DEFINED 01 114500 2200
Plum Creek Lumber MLP COM 729251108 6541 150000 SH SOLE 150000
8927 204700 SH DEFINED 01 200000 4700
Pool Corp COM 73278L105 2290 95000 SH DEFINED 01 95000
Procter & Gamble COM 742718109 3905 63400 SH DEFINED 01 62000 1400
RLI Corporation COM 749607107 35608 617666 SH DEFINED 01 598636 19030
Schlumberger COM 806857108 6556 70300 SH DEFINED 01 69000 1300
State Street Corp COM 857477103 1816 40400 SH DEFINED 01 40400
Sysco Corp COM 871829107 2354 85000 SH SOLE 85000
19888 717979 SH DEFINED 01 640000 77979
T.Rowe Price COM 74144T108 731 11000 SH SOLE 11000
12254 184500 SH DEFINED 01 184000 500
Teva Pharmaceuticals COM 881624209 7154 142600 SH DEFINED 01 136000 6600
Union First Market Bankshares COM 90662P104 39430 3504920 SH SOLE 3504920
United Parcel Service COM 911312106 5167 69520 SH SOLE 69520
48289 649739 SH DEFINED 01 597980 51759
Visa COM 92826C839 302 4100 SH DEFINED 01 4000 100
W.P. Carey COM 92930Y107 1606 45000 SH SOLE 45000
32840 919900 SH DEFINED 01 905200 14700
Wal-Mart Stores COM 931142103 6060 116425 SH SOLE 116425
47817 918672 SH DEFINED 01 844575 74097
Walgreen COM 931422109 8918 222160 SH DEFINED 01 220000 2160
Washington Post Co COM 939640108 2363 5400 SH DEFINED 01 5200 200
Washington Real Estate Investm COM 939653101 12668 407475 SH DEFINED 01 390300 17175
Watsco Inc COM 942622200 349 5000 SH DEFINED 01 5000
Western Union COM 959802109 1267 61000 SH DEFINED 01 61000
White Mountains COM G9618E107 2570 7056 SH SOLE 7056
27123 74474 SH DEFINED 01 74474