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, 2012
-----------------
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 02/11/2013
---------------------- ---------------------------- -------------------
[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: 130
-----------------
Form 13F Information Table Value Total: $ 2,400,833
-----------------
(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
Markel Corporation
FORM 13F
December 31, 2012
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 2785 30000 SH Sole 30000
16040 172750 SH Defined 01 171000 1750
Accenture COM G1151C101 665 10000 SH Sole 10000
7162 107700 SH Defined 01 100000 7700
Air Products & Chemicals COM 009158106 2294 27300 SH Defined 01 24000 3300
Alleghany Corporation COM 017175100 1452 4328 SH Sole 4328
Alliance Holdings GP COM 01861G100 7922 166500 SH Defined 01 165000 1500
Alpha Natural Resources COM 02076x102 2362 242500 SH Defined 01 240000 2500
American Express COM 025816109 575 10000 SH Sole 10000
20802 361898 SH Defined 01 339000 22898
Anheuser-Busch Inbev ADR COM 03524A108 34999 400401 SH Defined 01 390000 10401
Arch Coal Inc COM 039380100 410 56000 SH Defined 01 55000 1000
Archer Daniels COM 039483102 36546 1334300 SH Defined 01 1325000 9300
Artio Global Investors COM 04315B107 10819 5694000 SH Defined 01 5683000 11000
Automatic Data Processing COM 053015103 29359 515700 SH Defined 01 507700 8000
Bank of New York Mellon Corp COM 064058100 78 3019 SH Sole 3019
5822 226527 SH Defined 01 214907 11620
Barrett Business Systems COM 068463108 781 20500 SH Defined 01 20000 500
Berkshire Hathaway Class B COM 084670702 43513 485100 SH Sole 485100
96498 1075782 SH Defined 01 1026507 49275
Berkshire Hathaway, Inc. COM 084670108 36866 275 SH Sole 275
111002 828 SH Defined 01 803 25
Brookfield Asset Management COM 112585104 15759 430000 SH Sole 430000
97150 2650764 SH Defined 01 2504548 146216
Brown & Brown COM 115236101 9309 365628 SH Defined 01 365628
Brown Forman Class A COM 115637100 26177 425640 SH Defined 01 421500 4140
Brown-Forman Class B COM 115637209 6728 106372 SH Defined 01 105375 997
Bunge Limited COM G16962105 654 9000 SH Defined 01 9000
Calamos Asset Management COM 12811R104 2431 230000 SH Defined 01 230000
Calumet COM 131476103 304 10000 SH Sole 10000
821 27000 SH Defined 01 25000 2000
Capital One COM 14040H105 10393 179400 SH Defined 01 170000 9400
Carbo Ceramics Inc COM 140781105 1410 18000 SH Sole 18000
12143 155000 SH Defined 01 155000
Carmax COM 143130102 8822 235000 SH Sole 235000
184238 4907773 SH Defined 01 4728070 179703
Caterpillar Inc COM 149123101 22044 246000 SH Defined 01 241000 5000
Charles Schwab COM 808513105 14540 1012509 SH Defined 01 960000 52509
Coca Cola Co COM 191216100 4495 124000 SH Defined 01 120000 4000
Colfax Corporation COM 194014106 43783 1085070 SH Sole 1085070
Consol Energy COM 20854p109 963 30000 SH Defined 01 30000
Costco COM 22160K105 494 5000 SH Sole 5000
3505 35500 SH Defined 01 34000 1500
DENTSPLY COM 249030107 1402 35400 SH Defined 01 35000 400
Dell Inc COM 24702R101 2535 250000 SH Defined 01 250000
Diageo PLC COM 25243Q205 38297 328500 SH Sole 328500
105609 905893 SH Defined 01 861500 44393
Disney COM 254687106 9958 200000 SH Sole 200000
66735 1340335 SH Defined 01 1284500 55835
EOG Resources, Inc. COM 26875p101 10134 83900 SH Defined 01 83500 400
Ecolab COM 278865100 3480 48400 SH Defined 01 48000 400
Emerson Electric COM 291011104 9072 171300 SH Defined 01 158000 13300
Enterprise Products Lmtd
Ptnsh COM 293792107 316 6300 SH Defined 01 6300
Expeditors Int'l Wash Inc COM 302130109 5260 133000 SH Defined 01 133000
Exxon Corporation COM 30231G102 17293 199800 SH Sole 199800
53861 622313 SH Defined 01 587000 35313
Fairfax Financial Holdings Ltd COM 303901102 96425 267104 SH Sole 267104
4460 12355 SH Defined 01 12355
1
Markel Corporation
FORM 13F
December 31, 2012
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
Federated Investors COM 314211103 202 10000 SH Sole 10000
43434 2147000 SH Defined 01 2124000 23000
Fidelity National Financial COM 31620R105 330 14000 SH Defined 01 14000
General Dynamics COM 369550108 27566 397955 SH Defined 01 382000 15955
General Electric COM 369604103 50390 2400690 SH Defined 01 2305000 95690
Hasbro, Inc COM 418056107 5439 151500 SH Defined 01 149000 2500
Heritage Crystal Clean Inc COM 42726M106 3895 259500 SH Defined 01 259500
Home Depot COM 437076102 1237 20000 SH Sole 20000
57938 936757 SH Defined 01 900000 36757
Illinois Tool Works COM 452308109 14929 245500 SH Defined 01 230000 15500
Intel COM 458140100 1237 60000 SH Sole 60000
16049 778342 SH Defined 01 750000 28342
International Business Machine COM 459200101 1915 10000 SH Sole 10000
1935 10100 SH Defined 01 10000 100
International Game Technology COM 459902102 3542 250000 SH Sole 250000
13033 919728 SH Defined 01 885000 34728
Investors Title Company COM 461804106 13719 228650 SH Defined 01 213300 15350
Johnson and Johnson COM 478160104 19628 280000 SH Sole 280000
21906 312495 SH Defined 01 300700 11795
Lennox International COM 526107107 13314 253500 SH Defined 01 253000 500
Leucadia National Corp COM 527288104 17724 745033 SH Defined 01 725000 20033
Liberty Media COM 530322106 1392 12000 SH Defined 01 12000
Loews Corporation COM 540424108 9809 240700 SH Defined 01 235000 5700
Lowes COM 548661107 3374 95000 SH Sole 95000
17092 481200 SH Defined 01 445000 36200
Marriott International COM 571903202 6782 181965 SH Sole 181965
44600 1196675 SH Defined 01 1101907 94768
Mastercard, Inc COM 57636Q104 1474 3000 SH Defined 01 3000
Mattel COM 577081102 3699 101000 SH Defined 01 101000
McCormick and Company COM 579780206 1080 17000 SH Defined 01 17000
McDonalds COM 580135101 16726 189611 SH Defined 01 181000 8611
Microsoft Corp COM 594918104 21450 803090 SH Defined 01 784000 19090
Monsanto Co COM 61166W101 3351 35400 SH Defined 01 33000 2400
Moody's Corp COM 615369105 4801 95400 SH Defined 01 95000 400
National Oilwell COM 637071101 8407 123000 SH Defined 01 123000
Natural Resource Partners COM 63900P103 1880 101400 SH Defined 01 100000 1400
Nicholas Financial COM 65373j209 2275 183500 SH Defined 01 183500
Nike COM 654106103 6213 120400 SH Defined 01 120000 400
Norfolk Southern COM 655844108 4459 72100 SH Defined 01 70000 2100
Northern Trust Corp COM 665859104 7022 140000 SH Defined 01 140000
Novo-Nordisk A/S COM 670100205 37098 227300 SH Defined 01 215000 12300
Oracle Corp COM 68389x105 21575 647500 SH Defined 01 618000 29500
Patterson Companies Inc. COM 703395103 5001 146100 SH Defined 01 145000 1100
Paychex COM 704326107 4693 150900 SH Defined 01 150000 900
Peabody Energy COM 704549104 4790 180000 SH Defined 01 180000
Pepsico COM 713448108 8711 127300 SH Defined 01 126300 1000
Philip Morris International COM 718172109 9761 116700 SH Defined 01 114500 2200
Plum Creek Lumber MLP COM 729251108 6655 150000 SH Sole 150000
8958 201900 SH Defined 01 200000 1900
Procter & Gamble COM 742718109 2335 34400 SH Defined 01 33000 1400
Quaterra Resources COM 747952109 68 200000 SH Defined 01 200000
RLI Corporation COM 749607107 39673 613562 SH Defined 01 598636 14926
Resolute Forest Products COM 76117W109 204 15375 SH Defined 01 15375
SEI Investments Co COM 784117103 2567 110000 SH Defined 01 110000
Schlumberger COM 806857108 10118 146000 SH Defined 01 146000
State Street Corp COM 857477103 1899 40400 SH Defined 01 40400
Sysco Corp COM 871829107 18091 571408 SH Defined 01 512000 59408
T.Rowe Price COM 74144T108 716 11000 SH Sole 11000
2
Markel Corporation
FORM 13F
December 31, 2012
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
15596 239500 SH Defined 01 239000 500
Teva Pharmaceuticals COM 881624209 24051 644100 SH Defined 01 635000 9100
Union First Market Bankshares COM 90662P104 41388 2624481 SH Sole 2624481
United Parcel Service COM 911312106 5126 69520 SH Sole 69520
49903 676829 SH Defined 01 637980 38849
United Technologies COM 913017109 4396 53600 SH Defined 01 53000 600
Visa COM 92826C839 15325 101100 SH Defined 01 101000 100
W.P. Carey COM 92936U109 2347 45000 SH Sole 45000
47488 910600 SH Defined 01 905200 5400
Wal-Mart Stores COM 931142103 7944 116425 SH Sole 116425
67523 989643 SH Defined 01 930575 59068
Walgreen COM 931422109 79663 2152460 SH Defined 01 2115000 37460
Washington Post Co COM 939640108 1936 5300 SH Defined 01 5200 100
Washington Real Estate Investm COM 939653101 241 9200 SH Defined 01 9200
3