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, 2010
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 5/14/2010
--------------------- ------------------------------ -------------------
[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).)
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 1
Form 13F Information Table Entry Total: 109
Form 13F Information Table Value Total: $ 1,648,354
(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 2507 30000 SH SOLE 30000
7906 94600 SH DEFINED 01 92000 2600
Abbott Laboratories COM 002824100 3672 69700 SH DEFINED 01 69000 700
Accenture COM G1151C101 419 10000 SH SOLE 10000
4736 112900 SH DEFINED 01 100000 12900
Air Products & Chemicals COM 009158106 303 4100 SH DEFINED 01 4100
Alleghany Corporation COM 017175100 1210 4161 SH SOLE 4161
Altria COM 02209S103 2395 116700 SH DEFINED 01 114500 2200
American Express COM 025816109 413 10000 SH SOLE 10000
16016 388172 SH DEFINED 01 339000 49172
Anheuser-Busch Inbev ADR COM 03524A108 3531 70000 SH DEFINED 01 70000
Automatic Data Processing COM 053015103 16507 371200 SH DEFINED 01 365700 5500
Bank of New York Mellon Corp COM 064058100 93 3019 SH SOLE 3019
6572 212830 SH DEFINED 01 194907 17923
Berkshire Hathaway Class B COM 084670702 31297 385100 SH SOLE 385100
96329 1185300 SH DEFINED 01 1114900 70400
Berkshire Hathaway, Inc. COM 084670108 33495 275 SH SOLE 275
75638 621 SH DEFINED 01 585 36
Brookfield Asset Management COM 112585104 7626 300000 SH SOLE 300000
71316 2805519 SH DEFINED 01 2595548 209971
Brown & Brown COM 115236101 3226 180000 SH SOLE 180000
3326 185628 SH DEFINED 01 185628
Brown Forman Class A COM 115637100 17826 283860 SH DEFINED 01 281000 2860
Brown-Forman Class B COM 115637209 4216 70915 SH DEFINED 01 70250 665
Calumet COM 131476103 535 25700 SH DEFINED 01 25000 700
Campbell Soup Co COM 134429109 2595 73400 SH DEFINED 01 70000 3400
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
--------------------------------- -------------- --------- -------- -------- --- ---- ------- -------- -------- ------ --------
Carmax COM 143130102 4019 160000 SH SOLE 160000
129308 5147599 SH DEFINED 01 4803070 344529
Caterpillar Inc COM 149123101 14851 236300 SH DEFINED 01 230000 6300
Charles Schwab COM 808513105 11511 615900 SH DEFINED 01 610000 5900
Cintas Corp COM 172908105 1967 70000 SH DEFINED 01 70000
Coca Cola Co COM 191216100 3019 54900 SH DEFINED 01 50000 4900
Comcast COM 20030N101 964 51200 SH DEFINED 01 51200
Costco COM 22160K105 299 5000 SH SOLE 5000
1782 29850 SH DEFINED 01 28000 1850
DENTSPLY COM 249030107 1235 35400 SH DEFINED 01 35000 400
Diageo PLC COM 25243Q205 22157 328500 SH SOLE 328500
62584 927860 SH DEFINED 01 861500 66360
Disney COM 254687106 6982 200000 SH SOLE 200000
45051 1290489 SH DEFINED 01 1202500 87989
EOG Resources, Inc. COM 26875p101 3346 36000 SH DEFINED 01 36000
Emerson Electric COM 291011104 8830 175400 SH DEFINED 01 158000 17400
Enterprise GP Holdings COM 293716106 429 10000 SH SOLE 10000
6752 157200 SH DEFINED 01 150000 7200
Exxon Corporation COM 30231G102 13383 199800 SH SOLE 199800
20047 299293 SH DEFINED 01 278000 21293
Fairfax Financial Holdings Ltd COM 303901102 104808 279459 SH SOLE 279459
Federated Investors COM 314211103 264 10000 SH SOLE 10000
4648 176200 SH DEFINED 01 175000 1200
Fidelity National Financial COM 31620R105 6948 468850 SH SOLE 468850
19055 1285750 SH DEFINED 01 1194150 91600
Forest City Enterprises Class COM 345550107 12159 843767 SH DEFINED 01 812400 31367
Fortune Brands COM 349631101 2217 45700 SH DEFINED 01 45000 700
General Dynamics COM 369550108 30175 390862 SH DEFINED 01 370000 20862
General Electric COM 369604103 5369 295000 SH SOLE 295000
60952 3349007 SH DEFINED 01 3160000 189007
Heritage Crystal Clean Inc COM 42726M106 937 82900 SH DEFINED 01 82900
Home Depot COM 437076102 647 20000 SH SOLE 20000
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
--------------------------------- -------------- --------- -------- -------- --- ---- ------- -------- -------- ------ --------
30724 949742 SH DEFINED 01 900000 49742
ITC Holdings Corp COM 465685105 8701 158200 SH DEFINED 01 158000 200
Illinois Tool Works COM 452308109 11510 243039 SH DEFINED 01 220000 23039
Intel COM 458140100 1337 60000 SH SOLE 60000
4292 192542 SH DEFINED 01 170000 22542
International Business Machine COM 459200101 1282 10000 SH SOLE 10000
1353 10550 SH DEFINED 01 10000 550
International Game Technology COM 459902102 4612 250000 SH SOLE 250000
16609 900231 SH DEFINED 01 820000 80231
Investors Title Company COM 461804106 7779 228850 SH DEFINED 01 213300 15550
Johnson and Johnson COM 478160104 18256 280000 SH SOLE 280000
18145 278295 SH DEFINED 01 262200 16095
Leucadia National Corp COM 527288104 12613 508400 SH DEFINED 01 495000 13400
Lowes COM 548661107 2303 95000 SH SOLE 95000
5207 214800 SH DEFINED 01 170000 44800
Marriott International COM 571903202 5736 181965 SH SOLE 181965
39093 1240247 SH DEFINED 01 1101907 138340
McDonalds COM 580135101 12203 182902 SH DEFINED 01 171000 11902
Microsoft COM 594918104 1529 52190 SH DEFINED 01 40000 12190
Nike COM 654106103 3690 50200 SH DEFINED 01 50000 200
Northern Trust Corp COM 665859104 7736 140000 SH DEFINED 01 140000
Novo-Nordisk A/S COM 670100205 17853 231500 SH DEFINED 01 215000 16500
NuStar GP Holdings COM 67059L102 17372 586300 SH DEFINED 01 576500 9800
Patterson Companies Inc. COM 703395103 3860 124300 SH DEFINED 01 120000 4300
Paychex COM 704326107 1564 50900 SH DEFINED 01 50000 900
Pepsico COM 713448108 4102 62000 SH DEFINED 01 61300 700
Philip Morris International COM 718172109 6087 116700 SH DEFINED 01 114500 2200
Plum Creek Lumber MLP COM 729251108 5836 150000 SH SOLE 150000
7988 205300 SH DEFINED 01 200000 5300
Pool Corp COM 73278L105 2151 95000 SH DEFINED 01 95000
Procter & Gamble COM 742718109 4011 63400 SH DEFINED 01 62000 1400
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
--------------------------------- -------------- --------- -------- -------- --- ---- ------- -------- -------- ------ --------
RLI Corporation COM 749607107 35296 619016 SH DEFINED 01 598636 20380
Schlumberger COM 806857108 4188 66000 SH DEFINED 01 65000 1000
State Street Corp COM 857477103 1824 40400 SH DEFINED 01 40400
Sysco Corp COM 871829107 2507 85000 SH SOLE 85000
21254 720465 SH DEFINED 01 640000 80465
T.Rowe Price COM 74144T108 605 11000 SH SOLE 11000
10142 184500 SH DEFINED 01 184000 500
Teva Pharmaceuticals COM 3778 59900 SH DEFINED 01 55000 4900
Union First Market Bankshares COM 90662P104 52924 3504920 SH SOLE 3504920
United Parcel Service COM 911312106 4478 69520 SH SOLE 69520
41002 636577 SH DEFINED 01 583480 53097
W.P. Carey COM 92930Y107 27661 941500 SH DEFINED 01 925200 16300
Wal-Mart Stores COM 931142103 6473 116425 SH SOLE 116425
41806 751906 SH DEFINED 01 678575 73331
Walgreen COM 931422109 8244 222260 SH DEFINED 01 220000 2260
Washington Post Co COM 939640108 2399 5400 SH DEFINED 01 5200 200
Washington Real Estate Investm COM 939653101 12448 407475 SH DEFINED 01 390300 17175
White Mountains COM G9618E107 12993 36600 SH SOLE 36600
19489 54900 SH DEFINED 01 54900
Level 3 Communications CONV 52729NBM1 32906 25000000 PRN SOLE 25000000