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, 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: Executive Vice President and Chief Investment Officer
Phone: 804-527-3806
Signature, Place, and Date of Signing:
/s/ Thomas S. Gayner Richmond, VA 2/12/2010
-------------------------- --------------------- ----------------
[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: 111
-----------------
Form 13F Information Table Value Total: $ 1,444,648
-----------------
(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 2480 30000 SH SOLE 30000
4663 56400 SH DEFINED 01 54000 2400
Abbott Laboratories COM 002824100 1604 29700 SH DEFINED 01 29000 700
Accenture COM G1151C101 415 10000 SH SOLE 10000
4660 112300 SH DEFINED 01 100000 12300
Aflac COM 001055102 4856 105000 SH SOLE 105000
Alleghany Corporation COM 017175100 1148 4161 SH SOLE 4161
Altria COM 02209S103 2291 116700 SH DEFINED 01 114500 2200
American Express COM 025816109 405 10000 SH SOLE 10000
15737 388371 SH DEFINED 01 339000 49371
Automatic Data Processing COM 053015103 13540 316200 SH DEFINED 01 310700 5500
Bank of New York Mellon Corp COM 064058100 84 3019 SH SOLE 3019
5673 202830 SH DEFINED 01 184907 17923
Berkshire Hathaway Class B COM 084670207 25309 7702 SH SOLE 7702
77931 23716 SH DEFINED 01 22298 1418
Berkshire Hathaway, Inc. COM 084670108 27280 275 SH SOLE 275
61702 622 SH DEFINED 01 585 37
Brookfield Asset Management COM 112585104 6654 300000 SH SOLE 300000
62107 2800114 SH DEFINED 01 2590548 209566
Brown & Brown COM 115236101 3235 180000 SH SOLE 180000
3336 185628 SH DEFINED 01 185628
Brown Forman Class A COM 115637100 15993 283860 SH DEFINED 01 281000 2860
Brown-Forman Class B COM 115637209 3799 70915 SH DEFINED 01 70250 665
CME Group Inc COM 12572q105 336 1000 SH SOLE 1000
4231 12595 SH DEFINED 01 12000 595
Campbell Soup Co COM 134429109 1197 35400 SH DEFINED 01 35000 400
Carmax COM 143130102 3880 160000 SH SOLE 160000
125164 5161399 SH DEFINED 01 4803070 358329
Caterpillar Inc COM 149123101 13467 236300 SH DEFINED 01 230000 6300
Charles Schwab COM 808513105 9992 530900 SH DEFINED 01 525000 5900
Cintas Corp COM 172908105 1825 70000 SH DEFINED 01 70000
Coca Cola Co COM 191216100 1248 21900 SH DEFINED 01 17000 4900
Comcast COM 20030N101 912 54100 SH DEFINED 01 54100
Costco COM 22160K105 296 5000 SH SOLE 5000
867 14650 SH DEFINED 01 13000 1650
DENTSPLY COM 249030107 1245 35400 SH DEFINED 01 35000 400
Diageo PLC COM 25243Q205 22801 328500 SH SOLE 328500
64417 928060 SH DEFINED 01 861500 66560
Disney COM 254687106 6450 200000 SH SOLE 200000
41625 1290683 SH DEFINED 01 1202500 88183
Emerson Electric COM 291011104 7472 175400 SH DEFINED 01 158000 17400
Enterprise GP Holdings COM 293716106 390 10000 SH SOLE 10000
6126 157200 SH DEFINED 01 150000 7200
Exxon Corporation COM 30231G102 13624 199800 SH SOLE 199800
14756 216393 SH DEFINED 01 203000 13393
Fairfax Financial Holdings Ltd COM 303901102 108978 279459 SH SOLE 279459
Federated Investors COM 314211103 275 10000 SH SOLE 10000
4570 166200 SH DEFINED 01 165000 1200
Fidelity National Financial COM 31620R105 6311 468850 SH SOLE 468850
17258 1282150 SH DEFINED 01 1194150 88000
Forest City Enterprises Class COM 345550107 9940 843767 SH DEFINED 01 812400 31367
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
Fortune Brands COM 349631101 1974 45700 SH DEFINED 01 45000 700
General Dynamics COM 369550108 26772 392723 SH DEFINED 01 370000 22723
General Electric COM 369604103 4463 295000 SH SOLE 295000
50673 3349200 SH DEFINED 01 3160000 189200
Heritage Crystal Clean Inc COM 42726M106 316 30200 SH DEFINED 01 30200
Home Depot COM 437076102 579 20000 SH SOLE 20000
27476 949739 SH DEFINED 01 900000 49739
ITC Holdings Corp COM 465685105 5376 103200 SH DEFINED 01 103000 200
Illinois Tool Works COM 452308109 11663 243034 SH DEFINED 01 220000 23034
Intel COM 458140100 1224 60000 SH SOLE 60000
3952 193742 SH DEFINED 01 170000 23742
International Business Machine COM 459200101 1309 10000 SH SOLE 10000
1381 10550 SH DEFINED 01 10000 550
International Game Technology COM 459902102 4692 250000 SH SOLE 250000
16901 900430 SH DEFINED 01 820000 80430
Investors Title Company COM 461804106 7071 228850 SH DEFINED 01 213300 15550
Johnson and Johnson COM 478160104 18035 280000 SH SOLE 280000
17249 267795 SH DEFINED 01 252200 15595
Leucadia National Corp COM 527288104 9954 418400 SH DEFINED 01 405000 13400
Lowes COM 548661107 2222 95000 SH SOLE 95000
5024 214800 SH DEFINED 01 170000 44800
Manpower Inc. COM 56418H100 382 7000 SH SOLE 7000
3984 73000 SH DEFINED 01 73000
Marriott International COM 571903202 4959 181965 SH SOLE 181965
33865 1242761 SH DEFINED 01 1101907 140855
McDonalds COM 580135101 7655 122601 SH DEFINED 01 111000 11601
McGraw-Hill Companies COM 580645109 5697 170000 SH DEFINED 01 170000
Microsoft COM 594918104 1301 42690 SH DEFINED 01 30000 12690
Nike COM 654106103 3317 50200 SH DEFINED 01 50000 200
Northern Trust Corp COM 665859104 7336 140000 SH DEFINED 01 140000
Novo-Nordisk A/S COM 670100205 10631 166500 SH DEFINED 01 150000 16500
NuStar GP Holdings COM 67059L102 15783 586300 SH DEFINED 01 576500 9800
Patterson Companies Inc. COM 703395103 2513 89800 SH DEFINED 01 85000 4800
Paychex COM 704326107 1560 50900 SH DEFINED 01 50000 900
Pepsico COM 713448108 2067 34000 SH DEFINED 01 33300 700
Philip Morris International COM 718172109 5624 116700 SH DEFINED 01 114500 2200
Plum Creek Lumber MLP COM 729251108 5664 150000 SH SOLE 150000
7790 206300 SH DEFINED 01 200000 6300
Pool Corp COM 73278L105 1049 55000 SH DEFINED 01 55000
Procter & Gamble COM 742718109 1067 17600 SH DEFINED 01 17000 600
RLI Corporation COM 749607107 32963 619016 SH DEFINED 01 598636 20380
SAP Aktiengesellschaft COM 803054204 4564 97500 SH DEFINED 01 95000 2500
SL Green Corp COM 78440x101 2286 45500 SH DEFINED 01 45000 500
Schlumberger COM 806857108 4296 66000 SH DEFINED 01 65000 1000
State Street Corp COM 857477103 1759 40400 SH DEFINED 01 40400
Sysco Corp COM 871829107 2375 85000 SH SOLE 85000
20137 720711 SH DEFINED 01 640000 80711
T.Rowe Price COM 74144T108 586 11000 SH SOLE 11000
9558 179500 SH DEFINED 01 179000 500
United Parcel Service COM 911312106 3988 69520 SH SOLE 69520
36549 637074 SH DEFINED 01 583480 53594
W.P. Carey COM 92930Y107 23957 865500 SH DEFINED 01 850200 15300
Wal-Mart Stores COM 931142103 6223 116425 SH SOLE 116425
40179 751705 SH DEFINED 01 678575 73130
Walgreen COM 931422109 4673 127260 SH DEFINED 01 125000 2260
Washington Post Co COM 939640108 2374 5400 SH DEFINED 01 5200 200
Washington Real Estate Investm COM 939653101 11226 407475 SH DEFINED 01 390300 17175
White Mountains COM G9618E107 12508 37600 SH SOLE 37600
18596 55900 SH DEFINED 01 55900
Level 3 Communications CONV 52729NBM1 30750 25000000 PRN SOLE 25000000