UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter: June 30, 2009
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: Chief Investment Officer
Phone: 804-527-3806
Signature, Place, and Date of Signing:
/s/ Thomas S. Gayner Richmond, VA 8/14/2009
------------------------- ------------------------- ------------------------
[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: $ 1,137,232
(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
TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER --------------------------
NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ----------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
3M Company COM 88579y101 1803 30000 SH SOLE 30000
3089 51400 SH DEFINED 01 49000 2400
Abbott Laboratories COM 002824100 1021 21700 SH DEFINED 01 21000 700
Accenture COM g1150g111 335 10000 SH SOLE 10000
3741 111800 SH DEFINED 01 100000 11800
Aflac COM 001055102 3264 105000 SH SOLE 105000
Alleghany Corporation COM 017175100 1128 4161 SH SOLE 4161
Altria COM 02209S103 1913 116700 SH DEFINED 01 114500 2200
American Express COM 025816109 232 10000 SH SOLE 10000
9026 388369 SH DEFINED 01 339000 49369
Automatic Data Processing COM 053015103 10862 306500 SH DEFINED 01 300700 5800
Bank of America COM 060505104 9365 709489 SH DEFINED 01 655000 54489
Bank of New York Mellon Corp COM 064058100 88 3019 SH SOLE 3019
5945 202830 SH DEFINED 01 184907 17923
Berkshire Hathaway Class B COM 084670207 22303 7702 SH SOLE 7702
68719 23731 SH DEFINED 01 22298 1433
Berkshire Hathaway, Inc. COM 084670108 24750 275 SH SOLE 275
56070 623 SH DEFINED 01 585 38
Brookfield Asset Management COM 112585104 5121 300000 SH SOLE 300000
47839 2802539 SH DEFINED 01 2590548 211991
Brookfield Infrastructure Part COM G16252101 90 7288 SH SOLE 7288
660 53539 SH DEFINED 01 50613 2926
Brown & Brown COM 115236101 3587 180000 SH SOLE 180000
3700 185628 SH DEFINED 01 185628
Brown Forman Class A COM 115637100 13114 283860 SH DEFINED 01 281000 2860
Brown-Forman Class B COM 115637209 3050 70965 SH DEFINED 01 70250 715
CME Group Inc COM 12572q105 311 1000 SH SOLE 1000
3942 12670 SH DEFINED 01 12000 670
Campbell Soup Co COM 134429109 1030 35000 SH DEFINED 01 35000
Carmax COM 143130102 2352 160000 SH SOLE 160000
76086 5175906 SH DEFINED 01 4803070 372836
Caterpillar Inc COM 149123101 7807 236300 SH DEFINED 01 230000 6300
Charles Schwab COM 808513105 8863 505300 SH DEFINED 01 505000 300
Cintas Corp COM 172908105 1599 70000 SH DEFINED 01 70000
Coca Cola Co COM 191216100 912 19000 SH DEFINED 01 14000 5000
Comcast COM 20030N101 934 64600 SH DEFINED 01 64600
Costco COM 22160K105 229 5000 SH SOLE 5000
304 6650 SH DEFINED 01 5000 1650
Diageo PLC COM 25243Q205 18807 328500 SH SOLE 328500
53217 929558 SH DEFINED 01 861500 68058
Disney COM 254687106 4666 200000 SH SOLE 200000
30151 1292383 SH DEFINED 01 1202500 89883
Emerson Electric COM 291011104 5680 175300 SH DEFINED 01 158000 17300
FORM 13F INFORMATION TABLE
VOTING AUTHORITY
TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER --------------------------
NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ----------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
Enterprise GP Holdings COM 293716106 251 10000 SH SOLE 10000
3950 157200 SH DEFINED 01 150000 7200
Exxon Corporation COM 302290101 13968 199800 SH SOLE 199800
12541 179393 SH DEFINED 01 165000 14393
Fairfax Financial Holdings Ltd COM 303901102 69722 279459 SH SOLE 279459
Federated Investors COM 314211103 241 10000 SH SOLE 10000
3999 166000 SH DEFINED 01 165000 1000
Fidelity National Financial COM 31620R105 6344 468850 SH SOLE 468850
17381 1284650 SH DEFINED 01 1194150 90500
Forest City Enterprises Class COM 345550107 5573 844367 SH DEFINED 01 812400 31967
Fortune Brands COM 349631101 893 25700 SH DEFINED 01 25000 700
General Dynamics COM 369550108 21797 393518 SH DEFINED 01 370000 23518
General Electric COM 369604103 3457 295000 SH SOLE 295000
39302 3353384 SH DEFINED 01 3160000 193384
Goldman Sachs COM 38141G104 1474 10000 SH DEFINED 01 10000
Home Depot COM 437076102 473 20000 SH SOLE 20000
22797 964732 SH DEFINED 01 900000 64732
Illinois Tool Works COM 452308109 9074 243023 SH DEFINED 01 220000 23023
Intel COM 458140100 993 60000 SH SOLE 60000
3216 194342 SH DEFINED 01 170000 24342
International Business Machine COM 459200101 1044 10000 SH SOLE 10000
1102 10550 SH DEFINED 01 10000 550
International Game Technology COM 459902102 3975 250000 SH SOLE 250000
14178 891727 SH DEFINED 01 810000 81727
Investors Title Company COM 461804106 6154 228850 SH DEFINED 01 213300 15550
Johnson and Johnson COM 478160104 15904 280000 SH SOLE 280000
14671 258295 SH DEFINED 01 242200 16095
Leucadia National Corp COM 527288104 6821 323400 SH DEFINED 01 315000 8400
Lowes COM 548661107 1844 95000 SH SOLE 95000
4004 206300 SH DEFINED 01 170000 36300
Manpower Inc. COM 56418H100 296 7000 SH SOLE 7000
3091 73000 SH DEFINED 01 73000
Marriott International COM 571903202 3973 180000 SH SOLE 180000
27185 1231776 SH DEFINED 01 1090000 141776
McDonalds COM 580135101 1432 24900 SH DEFINED 01 20000 4900
McGraw-Hill Companies COM 580645109 6624 220000 SH DEFINED 01 220000
Microsoft COM 594918104 777 32690 SH DEFINED 01 20000 12690
Nike COM 654106103 2599 50200 SH DEFINED 01 50000 200
Northern Trust Corp COM 665859104 7515 140000 SH DEFINED 01 140000
NuStar GP Holdings COM 67059L102 13555 586300 SH DEFINED 01 576500 9800
Pepsico COM 713448108 1869 34000 SH DEFINED 01 33300 700
Philip Morris International COM 718172109 5090 116700 SH DEFINED 01 114500 2200
Plum Creek Lumber MLP COM 729251108 4467 150000 SH SOLE 150000
6144 206300 SH DEFINED 01 200000 6300
Procter & Gamble COM 742718109 879 17200 SH DEFINED 01 17000 200
Progressive Corp COM 743315103 703 46516 SH DEFINED 01 46516
RLI Corporation COM 749607107 27732 619016 SH DEFINED 01 598636 20380
SAP Aktiengesellschaft COM 803054204 3919 97500 SH DEFINED 01 95000 2500
SL Green Corp COM 78440x101 1094 47700 SH DEFINED 01 45000 2700
FORM 13F INFORMATION TABLE
VOTING AUTHORITY
TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER --------------------------
NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ----------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
Schlumberger COM 806857108 2110 39000 SH DEFINED 01 38000 1000
State Street Corp COM 857477103 1907 40400 SH DEFINED 01 40400
Sysco Corp COM 871829107 1911 85000 SH SOLE 85000
16201 720703 SH DEFINED 01 640000 80703
T.Rowe Price COM 74144T108 458 11000 SH SOLE 11000
7480 179500 SH DEFINED 01 179000 500
United Parcel Service COM 911312106 3475 69520 SH SOLE 69520
31922 638567 SH DEFINED 01 583480 55087
W.P. Carey COM 92930Y107 21520 861500 SH DEFINED 01 845200 16300
Wal-Mart Stores COM 931142103 5640 116425 SH SOLE 116425
35700 737003 SH DEFINED 01 664575 72428
Walgreen COM 931422109 2230 75860 SH DEFINED 01 75000 860
Washington Post Co COM 939640108 1902 5400 SH DEFINED 01 5200 200
Washington Real Estate Investm COM 939653101 9115 407475 SH DEFINED 01 390300 17175
White Mountains COM G9618E107 8607 37600 SH SOLE 37600
12796 55900 SH DEFINED 01 55900
Yum! Brands Inc COM 988498101 807 24200 SH DEFINED 01 20000 4200
Level 3 Communications CONV 52729NBM1 29656 25000000 PRN SOLE 25000000