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, 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 5/15/2009
---------------------------- ---------------------- -------------------
[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: $1,016,370
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
No. Form 13F File Number Name
--- -------------------- -----
1 28-6056 Markel Gayner Asset Management Corporation
Markel Corporation
FORM 13F
March 31, 2009
Voting Authority
Title of Value Shares/ Sh/ Put/ Invstmt Other ----------------------
Name of Issuer class CUSIP (x$ 1000) Prn Amt Prn Call Dscretn Managers Sole Shared None
------------------------------ -------- --------- --------- -------- --- ---- ------- -------- -------- ------ ------
3M Company COM 88579y101 1492 30000 SH Sole 30000
2073 41700 SH Defined 01 40000 1700
Accenture COM g1150g111 275 10000 SH Sole 10000
3073 111800 SH Defined 01 100000 11800
Aflac COM 001055102 2033 105000 SH Sole 105000
Alleghany Corporation COM 017175100 1105 4080 SH Sole 4080
Altria COM 02209S103 1870 116700 SH Defined 01 114500 2200
American Express COM 025816109 136 10000 SH Sole 10000
5300 388867 SH Defined 01 339000 49867
Automatic Data Processing COM 053015103 10762 306100 SH Defined 01 300700 5400
Bank of America COM 060505104 4841 709888 SH Defined 01 655000 54888
Bank of New York Mellon Corp COM 064058100 85 3019 SH Sole 3019
5730 202830 SH Defined 01 184907 17923
Berkshire Hathaway Class B COM 084670207 21720 7702 SH Sole 7702
66950 23741 SH Defined 01 22298 1443
Berkshire Hathaway, Inc. COM 084670108 23842 275 SH Sole 275
54014 623 SH Defined 01 585 38
Brookfield Asset Management COM 112585104 4134 300000 SH Sole 300000
38644 2804339 SH Defined 01 2590548 213791
Brookfield Infrastructure Part COM G16252101 96 7288 SH Sole 7288
707 53539 SH Defined 01 50613 2926
Brown & Brown COM 115236101 3404 180000 SH Sole 180000
3510 185628 SH Defined 01 185628
Brown Forman Class A COM 115637100 11383 283860 SH Defined 01 281000 2860
Brown-Forman Class B COM 115637209 2756 70965 SH Defined 01 70250 715
CB Richard Ellis Group COM 12497T101 201 50000 SH Defined 01 50000
CME Group Inc COM 12572q105 246 1000 SH Sole 1000
3122 12670 SH Defined 01 12000 670
Carmax COM 143130102 1990 160000 SH Sole 160000
64438 5179906 SH Defined 01 4803070 376836
Caterpillar Inc COM 149123101 6590 235700 SH Defined 01 230000 5700
Cemex SAB de C.V. COM 151290889 187 30000 SH Defined 01 30000
Charles Schwab COM 808513105 7832 505300 SH Defined 01 505000 300
Cintas Corp COM 172908105 1730 70000 SH Defined 01 70000
Comcast COM 20030N101 902 66100 SH Defined 01 66100
Conoco Phillips COM 20825C104 392 10000 SH Defined 01 10000
Costco COM 22160K105 232 5000 SH Sole 5000
308 6650 SH Defined 01 5000 1650
Covanta Holding Corp COM 22282E102 314 24019 SH Defined 01 24019
Diageo PLC COM 25243Q205 14700 328500 SH Sole 328500
41616 929956 SH Defined 01 861500 68456
Disney COM 254687106 3632 200000 SH Sole 200000
23468 1292283 SH Defined 01 1202500 89783
Emerson Electric COM 291011104 4644 162500 SH Defined 01 145000 17500
Enterprise GP Holdings COM 293716106 226 10000 SH Sole 10000
3556 157200 SH Defined 01 150000 7200
Exxon Corporation COM 302290101 13606 199800 SH Sole 199800
12237 179693 SH Defined 01 165000 14693
Fairfax Financial Holdings Ltd COM 303901102 72799 279459 SH Sole 279459
Federated Investors COM 314211103 223 10000 SH Sole 10000
3695 166000 SH Defined 01 165000 1000
Fidelity National Financial COM 31620R105 9147 468850 SH Sole 468850
25079 1285450 SH Defined 01 1194150 91300
First Industrial Realty Trust COM 32054K103 127 51700 SH Defined 01 50000 1700
Forest City Enterprises Class COM 345550107 3040 844367 SH Defined 01 812400 31967
Fortune Brands COM 349631101 626 25500 SH Defined 01 25000 500
General Dynamics COM 369550108 16366 393515 SH Defined 01 370000 23515
General Electric COM 369604103 2982 295000 SH Sole 295000
Markel Corporation
FORM 13F
March 31, 2009
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
------------------------------ -------- --------- --------- -------- --- ---- ------- -------- -------- ------ ------
33915 3354556 SH Defined 01 3160000 194556
Goldman Sachs COM 38141G104 1060 10000 SH Defined 01 10000
Home Depot COM 437076102 471 20000 SH Sole 20000
22753 965728 SH Defined 01 900000 65728
Illinois Tool Works COM 452308109 7494 242916 SH Defined 01 220000 22916
Intel COM 458140100 902 60000 SH Sole 60000
2838 188842 SH Defined 01 165000 23842
International Business Machine COM 459200101 969 10000 SH Sole 10000
1022 10550 SH Defined 01 10000 550
International Game Technology COM 459902102 2305 250000 SH Sole 250000
8231 892725 SH Defined 01 810000 82725
Investors Title Company COM 461804106 6634 228850 SH Defined 01 213300 15550
Johnson and Johnson COM 478160104 14728 280000 SH Sole 280000
13586 258295 SH Defined 01 242200 16095
Leucadia National Corp COM 527288104 4142 278200 SH Defined 01 275000 3200
Lowes COM 548661107 1734 95000 SH Sole 95000
3761 206100 SH Defined 01 170000 36100
Manpower Inc. COM 56418H100 221 7000 SH Sole 7000
2302 73000 SH Defined 01 73000
Marriott International COM 571903202 2863 175000 SH Sole 175000
20086 1227776 SH Defined 01 1085000 142776
McGraw-Hill Companies COM 580645109 5031 220000 SH Defined 01 220000
NYSE Euronext COM 629491101 179 10000 SH Defined 01 10000
Nike COM 654106103 2354 50200 SH Defined 01 50000 200
Northern Trust Corp COM 665859104 8375 140000 SH Defined 01 140000
NuStar GP Holdings COM 67059L102 12084 586300 SH Defined 01 576500 9800
Pepsico COM 713448108 1750 34000 SH Defined 01 33300 700
Philip Morris International COM 718172109 4152 116700 SH Defined 01 114500 2200
Plum Creek Lumber MLP COM 729251108 4360 150000 SH Sole 150000
5988 206000 SH Defined 01 200000 6000
Progressive Corp COM 743315103 625 46516 SH Defined 01 46516
RLI Corporation COM 749607107 31137 620266 SH Defined 01 598636 21630
SAP Aktiengesellschaft COM 803054204 3441 97500 SH Defined 01 95000 2500
SL Green Corp COM 78440x101 515 47700 SH Defined 01 45000 2700
Schlumberger COM 806857108 1462 36000 SH Defined 01 35000 1000
State Street Corp COM 857477103 1244 40400 SH Defined 01 40400
Sysco Corp COM 871829107 1938 85000 SH Sole 85000
15771 691698 SH Defined 01 615000 76698
T.Rowe Price COM 74144T108 317 11000 SH Sole 11000
5180 179500 SH Defined 01 179000 500
United Parcel Service COM 911312106 3422 69520 SH Sole 69520
31302 635963 SH Defined 01 580480 55483
W.P. Carey COM 92930Y107 19128 862000 SH Defined 01 845200 16800
Wal-Mart Stores COM 931142103 6066 116425 SH Sole 116425
36512 700800 SH Defined 01 628575 72225
Walgreen COM 931422109 1705 65660 SH Defined 01 65000 660
Washington Post Co COM 939640108 1928 5400 SH Defined 01 5200 200
Washington Real Estate Investm COM 939653101 7049 407475 SH Defined 01 390300 17175
White Mountains COM G9618E107 6464 37600 SH Sole 37600
9610 55900 SH Defined 01 55900
Yum! Brands Inc COM 988498101 665 24200 SH Defined 01 20000 4200
Level 3 Communications CONV 52729NBM1 24406 25000000 PRN Sole 25000000
REPORT SUMMARY 110 DATA RECORDS 1016370 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED