UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter: December 31, 2008
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: Executive Vice President and Chief Investment Officer
Phone: 804-527-3806
Signature, Place, and Date of Signing:
Thomas S. Gayner Richmond, VA 2/9/2009
---------------- ------------- --------
[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
Form 13F Information Table Entry Total: 110
Form 13F Information Table Value Total: $1,125,980
(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
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
------------------------------ -------------- --------- -------- -------- --- ---- ------- -------- ------- ------ ------
3M Company COM 88579y101 1726 30000 SH SOLE 30000
2382 41400 SH DEFINED 01 40000 1400
Accenture COM g1150g111 328 10000 SH SOLE 10000
3659 111600 SH DEFINED 01 100000 11600
Aflac COM 001055102 4813 105000 SH SOLE 105000
Alleghany Corporation COM 017175100 1151 4080 SH SOLE 4080
Altria COM 02209S103 1758 116700 SH DEFINED 01 114500 2200
American Express COM 025816109 185 10000 SH SOLE 10000
7213 388865 SH DEFINED 01 339000 49865
Automatic Data Processing COM 053015103 12042 306100 SH DEFINED 01 300700 5400
Bank of America COM 060505104 9995 709887 SH DEFINED 01 655000 54887
Bank of New York Mellon Corp COM 064058100 86 3019 SH SOLE 3019
5746 202830 SH DEFINED 01 184907 17923
Berkshire Hathaway Class B COM 084670207 24754 7702 SH SOLE 7702
76371 23762 SH DEFINED 01 22298 1464
Berkshire Hathaway, Inc. COM 084670108 26565 275 SH SOLE 275
60182 623 SH DEFINED 01 585 38
Brookfield Asset Management COM 112585104 4581 300000 SH SOLE 300000
42830 2804839 SH DEFINED 01 2590548 214291
Brookfield Infrastructure Part COM G16252101 82 7288 SH SOLE 7288
600 53548 SH DEFINED 01 50613 2935
Brown & Brown COM 115236101 3762 180000 SH SOLE 180000
3880 185628 SH DEFINED 01 185628
Brown Forman Class A COM 115637100 14193 283860 SH DEFINED 01 281000 2860
Brown-Forman Class B COM 115637209 3654 70965 SH DEFINED 01 70250 715
CB Richard Ellis Group COM 12497T101 216 50000 SH DEFINED 01 50000
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CME Group Inc COM 12572q105 208 1000 SH SOLE 1000
2647 12720 SH DEFINED 01 12000 720
Carmax COM 143130102 1261 160000 SH SOLE 160000
40854 5184506 SH DEFINED 01 4803070 381436
Caterpillar Inc COM 149123101 9180 205500 SH DEFINED 01 200000 5500
Cemex SAB de C.V. COM 151290889 274 30000 SH DEFINED 01 30000
Charles Schwab COM 808513105 8171 505300 SH DEFINED 01 505000 300
Cintas Corp COM 172908105 1626 70000 SH DEFINED 01 70000
Comcast COM 20030N101 1128 66850 SH DEFINED 01 66850
Conoco Phillips COM 20825C104 518 10000 SH DEFINED 01 10000
Costco COM 22160K105 262 5000 SH SOLE 5000
333 6350 SH DEFINED 01 5000 1350
Covanta Holding Corp COM 22282E102 527 23992 SH DEFINED 01 23992
Diageo PLC COM 25243Q205 18639 328500 SH SOLE 328500
52788 930356 SH DEFINED 01 861500 68856
Disney COM 254687106 4538 200000 SH SOLE 200000
29106 1282775 SH DEFINED 01 1192500 90275
Emerson Electric COM 291011104 5938 162200 SH DEFINED 01 145000 17200
Enterprise GP Holdings COM 293716106 174 10000 SH SOLE 10000
2719 156000 SH DEFINED 01 150000 6000
Exxon Corporation COM 302290101 30439 381293 SH DEFINED 01 364800 16493
Fairfax Financial Holdings Ltd COM 303901102 87585 279459 SH SOLE 279459
Federated Investors COM 314211103 170 10000 SH SOLE 10000
2815 166000 SH DEFINED 01 165000 1000
Fidelity National Financial COM 31620R105 14315 806500 SH SOLE 806500
16832 948300 SH DEFINED 01 856500 91800
First Industrial Realty Trust COM 32054K103 387 51200 SH DEFINED 01 50000 1200
Forest City Enterprises Class COM 345550107 5661 844967 SH DEFINED 01 812400 32567
Fortune Brands COM 349631101 1053 25500 SH DEFINED 01 25000 500
Friedman Billings and Ramsey COM 358434108 11 65000 SH SOLE 65000
13 75000 SH DEFINED 01 75000
General Dynamics COM 369550108 22680 393813 SH DEFINED 01 370000 23813
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General Electric COM 369604103 4779 295000 SH SOLE 295000
54384 3357031 SH DEFINED 01 3160000 197031
Goldman Sachs COM 38141G104 844 10000 SH DEFINED 01 10000
Home Depot COM 437076102 460 20000 SH SOLE 20000
22265 967190 SH DEFINED 01 900000 67190
Illinois Tool Works COM 452308109 8521 243110 SH DEFINED 01 220000 23110
Intel COM 458140100 880 60000 SH SOLE 60000
2764 188542 SH DEFINED 01 165000 23542
International Business Machine COM 459200101 842 10000 SH SOLE 10000
888 10550 SH DEFINED 01 10000 550
International Game Technology COM 459902102 2972 250000 SH SOLE 250000
10496 882720 SH DEFINED 01 800000 82720
Investors Title Company COM 461804106 8548 228850 SH DEFINED 01 213300 15550
Johnson and Johnson COM 478160104 16752 280000 SH SOLE 280000
15454 258295 SH DEFINED 01 242200 16095
Leucadia National Corp COM 527288104 4215 212900 SH DEFINED 01 210000 2900
Lowes COM 548661107 2044 95000 SH SOLE 95000
4435 206100 SH DEFINED 01 170000 36100
Manpower Inc. COM 56418H100 238 7000 SH SOLE 7000
2481 73000 SH DEFINED 01 73000
Marriott International COM 571903202 3404 175000 SH SOLE 175000
23890 1228276 SH DEFINED 01 1085000 143276
McGraw-Hill Companies COM 580645109 5102 220000 SH DEFINED 01 220000
NYSE Euronext COM 629491101 274 10000 SH DEFINED 01 10000
Nike COM 654106103 2560 50200 SH DEFINED 01 50000 200
Northern Trust Corp COM 665859104 7300 140000 SH DEFINED 01 140000
NuStar GP Holdings COM 67059L102 10343 585000 SH DEFINED 01 576500 8500
Pepsico COM 713448108 1862 34000 SH DEFINED 01 33300 700
Peyto Energy Trust COM 717045108 196 25000 SH DEFINED 01 25000
Philip Morris International COM 718172109 5078 116700 SH DEFINED 01 114500 2200
Plum Creek Lumber MLP COM 729251108 5211 150000 SH SOLE 150000
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7156 206000 SH DEFINED 01 200000 6000
Progressive Corp COM 743315103 689 46516 SH DEFINED 01 46516
RLI Corporation COM 749607107 37935 620266 SH DEFINED 01 598636 21630
SAP Aktiengesellschaft COM 803054204 3531 97500 SH DEFINED 01 95000 2500
Schlumberger COM 806857108 880 20800 SH DEFINED 01 20000 800
State Street Corp COM 857477103 1589 40400 SH DEFINED 01 40400
Sysco Corp COM 871829107 1950 85000 SH SOLE 85000
15867 691694 SH DEFINED 01 615000 76694
T.Rowe Price COM 74144T108 390 11000 SH SOLE 11000
5653 159500 SH DEFINED 01 159000 500
United Parcel Service COM 911312106 12677 229820 SH SOLE 229820
25691 465759 SH DEFINED 01 410180 55579
W.P. Carey COM 92930Y107 20150 860000 SH DEFINED 01 845200 14800
Wal-Mart Stores COM 931142103 6527 116425 SH SOLE 116425
39325 701473 SH DEFINED 01 628575 72898
Walgreen COM 931422109 1620 65660 SH DEFINED 01 65000 660
Washington Post Co COM 939640108 2117 5425 SH DEFINED 01 5200 225
Washington Real Estate Investm COM 939653101 11407 403075 SH DEFINED 01 390300 12775
White Mountains COM G9618E107 10043 37600 SH SOLE 37600
14931 55900 SH DEFINED 01 55900
Yum! Brands Inc COM 988498101 762 24200 SH DEFINED 01 20000 4200
REPORT SUMMARY 110 DATA RECORDS 1125980 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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