13F-HR 1 d13fhr.txt HOLDINGS REPORT 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, 2008 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: Thomas S. Gayner Richmond, VA 2/9/2009 ---------------- ------------- -------- [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: $1,125,980 (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 1726 30000 SH SOLE 30000 2382 41400 SH DEFINED 01 40000 1400 Accenture COM g1150g111 328 10000 SH SOLE 10000 3659 111600 SH DEFINED 01 100000 11600 Aflac COM 001055102 4813 105000 SH SOLE 105000 Alleghany Corporation COM 017175100 1151 4080 SH SOLE 4080 Altria COM 02209S103 1758 116700 SH DEFINED 01 114500 2200 American Express COM 025816109 185 10000 SH SOLE 10000 7213 388865 SH DEFINED 01 339000 49865 Automatic Data Processing COM 053015103 12042 306100 SH DEFINED 01 300700 5400 Bank of America COM 060505104 9995 709887 SH DEFINED 01 655000 54887 Bank of New York Mellon Corp COM 064058100 86 3019 SH SOLE 3019 5746 202830 SH DEFINED 01 184907 17923 Berkshire Hathaway Class B COM 084670207 24754 7702 SH SOLE 7702 76371 23762 SH DEFINED 01 22298 1464 Berkshire Hathaway, Inc. COM 084670108 26565 275 SH SOLE 275 60182 623 SH DEFINED 01 585 38 Brookfield Asset Management COM 112585104 4581 300000 SH SOLE 300000 42830 2804839 SH DEFINED 01 2590548 214291 Brookfield Infrastructure Part COM G16252101 82 7288 SH SOLE 7288 600 53548 SH DEFINED 01 50613 2935 Brown & Brown COM 115236101 3762 180000 SH SOLE 180000 3880 185628 SH DEFINED 01 185628 Brown Forman Class A COM 115637100 14193 283860 SH DEFINED 01 281000 2860 Brown-Forman Class B COM 115637209 3654 70965 SH DEFINED 01 70250 715 CB Richard Ellis Group COM 12497T101 216 50000 SH DEFINED 01 50000
Page 1 CME Group Inc COM 12572q105 208 1000 SH SOLE 1000 2647 12720 SH DEFINED 01 12000 720 Carmax COM 143130102 1261 160000 SH SOLE 160000 40854 5184506 SH DEFINED 01 4803070 381436 Caterpillar Inc COM 149123101 9180 205500 SH DEFINED 01 200000 5500 Cemex SAB de C.V. COM 151290889 274 30000 SH DEFINED 01 30000 Charles Schwab COM 808513105 8171 505300 SH DEFINED 01 505000 300 Cintas Corp COM 172908105 1626 70000 SH DEFINED 01 70000 Comcast COM 20030N101 1128 66850 SH DEFINED 01 66850 Conoco Phillips COM 20825C104 518 10000 SH DEFINED 01 10000 Costco COM 22160K105 262 5000 SH SOLE 5000 333 6350 SH DEFINED 01 5000 1350 Covanta Holding Corp COM 22282E102 527 23992 SH DEFINED 01 23992 Diageo PLC COM 25243Q205 18639 328500 SH SOLE 328500 52788 930356 SH DEFINED 01 861500 68856 Disney COM 254687106 4538 200000 SH SOLE 200000 29106 1282775 SH DEFINED 01 1192500 90275 Emerson Electric COM 291011104 5938 162200 SH DEFINED 01 145000 17200 Enterprise GP Holdings COM 293716106 174 10000 SH SOLE 10000 2719 156000 SH DEFINED 01 150000 6000 Exxon Corporation COM 302290101 30439 381293 SH DEFINED 01 364800 16493 Fairfax Financial Holdings Ltd COM 303901102 87585 279459 SH SOLE 279459 Federated Investors COM 314211103 170 10000 SH SOLE 10000 2815 166000 SH DEFINED 01 165000 1000 Fidelity National Financial COM 31620R105 14315 806500 SH SOLE 806500 16832 948300 SH DEFINED 01 856500 91800 First Industrial Realty Trust COM 32054K103 387 51200 SH DEFINED 01 50000 1200 Forest City Enterprises Class COM 345550107 5661 844967 SH DEFINED 01 812400 32567 Fortune Brands COM 349631101 1053 25500 SH DEFINED 01 25000 500 Friedman Billings and Ramsey COM 358434108 11 65000 SH SOLE 65000 13 75000 SH DEFINED 01 75000 General Dynamics COM 369550108 22680 393813 SH DEFINED 01 370000 23813
Page 2 General Electric COM 369604103 4779 295000 SH SOLE 295000 54384 3357031 SH DEFINED 01 3160000 197031 Goldman Sachs COM 38141G104 844 10000 SH DEFINED 01 10000 Home Depot COM 437076102 460 20000 SH SOLE 20000 22265 967190 SH DEFINED 01 900000 67190 Illinois Tool Works COM 452308109 8521 243110 SH DEFINED 01 220000 23110 Intel COM 458140100 880 60000 SH SOLE 60000 2764 188542 SH DEFINED 01 165000 23542 International Business Machine COM 459200101 842 10000 SH SOLE 10000 888 10550 SH DEFINED 01 10000 550 International Game Technology COM 459902102 2972 250000 SH SOLE 250000 10496 882720 SH DEFINED 01 800000 82720 Investors Title Company COM 461804106 8548 228850 SH DEFINED 01 213300 15550 Johnson and Johnson COM 478160104 16752 280000 SH SOLE 280000 15454 258295 SH DEFINED 01 242200 16095 Leucadia National Corp COM 527288104 4215 212900 SH DEFINED 01 210000 2900 Lowes COM 548661107 2044 95000 SH SOLE 95000 4435 206100 SH DEFINED 01 170000 36100 Manpower Inc. COM 56418H100 238 7000 SH SOLE 7000 2481 73000 SH DEFINED 01 73000 Marriott International COM 571903202 3404 175000 SH SOLE 175000 23890 1228276 SH DEFINED 01 1085000 143276 McGraw-Hill Companies COM 580645109 5102 220000 SH DEFINED 01 220000 NYSE Euronext COM 629491101 274 10000 SH DEFINED 01 10000 Nike COM 654106103 2560 50200 SH DEFINED 01 50000 200 Northern Trust Corp COM 665859104 7300 140000 SH DEFINED 01 140000 NuStar GP Holdings COM 67059L102 10343 585000 SH DEFINED 01 576500 8500 Pepsico COM 713448108 1862 34000 SH DEFINED 01 33300 700 Peyto Energy Trust COM 717045108 196 25000 SH DEFINED 01 25000 Philip Morris International COM 718172109 5078 116700 SH DEFINED 01 114500 2200 Plum Creek Lumber MLP COM 729251108 5211 150000 SH SOLE 150000
Page 3 7156 206000 SH DEFINED 01 200000 6000 Progressive Corp COM 743315103 689 46516 SH DEFINED 01 46516 RLI Corporation COM 749607107 37935 620266 SH DEFINED 01 598636 21630 SAP Aktiengesellschaft COM 803054204 3531 97500 SH DEFINED 01 95000 2500 Schlumberger COM 806857108 880 20800 SH DEFINED 01 20000 800 State Street Corp COM 857477103 1589 40400 SH DEFINED 01 40400 Sysco Corp COM 871829107 1950 85000 SH SOLE 85000 15867 691694 SH DEFINED 01 615000 76694 T.Rowe Price COM 74144T108 390 11000 SH SOLE 11000 5653 159500 SH DEFINED 01 159000 500 United Parcel Service COM 911312106 12677 229820 SH SOLE 229820 25691 465759 SH DEFINED 01 410180 55579 W.P. Carey COM 92930Y107 20150 860000 SH DEFINED 01 845200 14800 Wal-Mart Stores COM 931142103 6527 116425 SH SOLE 116425 39325 701473 SH DEFINED 01 628575 72898 Walgreen COM 931422109 1620 65660 SH DEFINED 01 65000 660 Washington Post Co COM 939640108 2117 5425 SH DEFINED 01 5200 225 Washington Real Estate Investm COM 939653101 11407 403075 SH DEFINED 01 390300 12775 White Mountains COM G9618E107 10043 37600 SH SOLE 37600 14931 55900 SH DEFINED 01 55900 Yum! Brands Inc COM 988498101 762 24200 SH DEFINED 01 20000 4200
REPORT SUMMARY 110 DATA RECORDS 1125980 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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