13F-HR 1 d13fhr.txt MARKEL 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: September 30, 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: Chief Investment Officer Phone: 804-527-3806 Signature, Place, and Date of Signing: /s/ Thomas S. Gayner Richmond, VA 11/6/2009 ------------------------ ---------------------- ------------------- [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: 111 Form 13F Information Table Value Total: $ 1,371,183 (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 September 30, 2009

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 2214 30000 SH Sole 30000 4162 56400 SH Defined 01 54000 2400 Abbott Laboratories COM 002824100 1469 29700 SH Defined 01 29000 700 Accenture COM G1151C101 373 10000 SH Sole 10000 4167 111800 SH Defined 01 100000 11800 Aflac COM 001055102 4488 105000 SH Sole 105000 Alleghany Corporation COM 017175100 1078 4161 SH Sole 4161 Altria COM 02209S103 2078 116700 SH Defined 01 114500 2200 American Express COM 025816109 339 10000 SH Sole 10000 13166 388370 SH Defined 01 339000 49370 Automatic Data Processing COM 053015103 12242 311500 SH Defined 01 305700 5800 Bank of America COM 060505104 12005 709489 SH Defined 01 655000 54489 Bank of New York Mellon Corp COM 064058100 88 3019 SH Sole 3019 5880 202830 SH Defined 01 184907 17923 Berkshire Hathaway Class B COM 084670207 25594 7702 SH Sole 7702 78808 23716 SH Defined 01 22298 1418 Berkshire Hathaway, Inc. COM 084670108 27775 275 SH Sole 275 62923 623 SH Defined 01 585 38 Brookfield Asset Management COM 112585104 6813 300000 SH Sole 300000 63623 2801539 SH Defined 01 2590548 210991 Brown & Brown COM 115236101 3449 180000 SH Sole 180000 3557 185628 SH Defined 01 185628 Brown Forman Class A COM 115637100 14497 283860 SH Defined 01 281000 2860 Brown-Forman Class B COM 115637209 3422 70965 SH Defined 01 70250 715 CME Group Inc COM 12572q105 308 1000 SH Sole 1000 3882 12595 SH Defined 01 12000 595 Campbell Soup Co COM 134429109 1155 35400 SH Defined 01 35000 400 Carmax COM 143130102 3344 160000 SH Sole 160000 108103 5172406 SH Defined 01 4803070 369336 Caterpillar Inc COM 149123101 12129 236300 SH Defined 01 230000 6300 Charles Schwab COM 808513105 9676 505300 SH Defined 01 505000 300 Cintas Corp COM 172908105 2122 70000 SH Defined 01 70000 Coca Cola Co COM 191216100 1176 21900 SH Defined 01 17000 4900 Comcast COM 20030N101 1090 64600 SH Defined 01 64600 Costco COM 22160K105 282 5000 SH Sole 5000 544 9650 SH Defined 01 8000 1650 DENTSPLY COM 249030107 1050 30400 SH Defined 01 30000 400 Diageo PLC COM 25243Q205 20199 328500 SH Sole 328500 57115 928858 SH Defined 01 861500 67358 Disney COM 254687106 5492 200000 SH Sole 200000 35461 1291383 SH Defined 01 1202500 88883 Emerson Electric COM 291011104 7026 175300 SH Defined 01 158000 17300 Enterprise GP Holdings COM 293716106 296 10000 SH Sole 10000 4650 157200 SH Defined 01 150000 7200 Exxon Corporation COM 30231G102 13708 199800 SH Sole 199800 12651 184393 SH Defined 01 170000 14393 Fairfax Financial Holdings Ltd COM 303901102 103604 279459 SH Sole 279459 Federated Investors COM 314211103 264 10000 SH Sole 10000 4377 166000 SH Defined 01 165000 1000 Fidelity National Financial COM 31620R105 7070 468850 SH Sole 468850 19362 1283950 SH Defined 01 1194150 89800 Forest City Enterprises Class COM 345550107 11289 844367 SH Defined 01 812400 31967 Fortune Brands COM 349631101 1105 25700 SH Defined 01 25000 700 General Dynamics COM 369550108 25383 392921 SH Defined 01 370000 22921 General Electric COM 369604103 4844 295000 SH Sole 295000 55038 3351893 SH Defined 01 3160000 191893 Heritage Crystal Clean Inc COM 42726M106 296 23200 SH Defined 01 23200 Home Depot COM 437076102 533 20000 SH Sole 20000

Markel Corporation FORM 13F September 30, 2009

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 ----------------------------- ---------------- --------- -------- -------- --- ---- --------- -------- -------- ------ ------ 25674 963736 SH Defined 01 900000 63736 ITC Holdings Corp COM 465685105 1954 43000 SH Defined 01 43000 Illinois Tool Works COM 452308109 10380 243029 SH Defined 01 220000 23029 Intel COM 458140100 1174 60000 SH Sole 60000 3803 194342 SH Defined 01 170000 24342 International Business Machine COM 459200101 1196 10000 SH Sole 10000 1262 10550 SH Defined 01 10000 550 International Game Technology COM 459902102 5370 250000 SH Sole 250000 19352 900928 SH Defined 01 820000 80928 Investors Title Company COM 461804106 7495 228850 SH Defined 01 213300 15550 Johnson and Johnson COM 478160104 17049 280000 SH Sole 280000 15697 257795 SH Defined 01 242200 15595 Leucadia National Corp COM 527288104 8736 353400 SH Defined 01 345000 8400 Lowes COM 548661107 1989 95000 SH Sole 95000 4299 205300 SH Defined 01 170000 35300 Manpower Inc. COM 56418H100 397 7000 SH Sole 7000 4140 73000 SH Defined 01 73000 Marriott International COM 571903202 5003 181347 SH Sole 181347 34211 1239991 SH Defined 01 1098162 141829 McDonalds COM 580135101 1763 30900 SH Defined 01 26000 4900 McGraw-Hill Companies COM 580645109 4902 195000 SH Defined 01 195000 Microsoft COM 594918104 1098 42690 SH Defined 01 30000 12690 Nike COM 654106103 3248 50200 SH Defined 01 50000 200 Northern Trust Corp COM 665859104 8142 140000 SH Defined 01 140000 NuStar GP Holdings COM 67059L102 14540 586300 SH Defined 01 576500 9800 Patterson Companies Inc. COM 703395103 1090 40000 SH Defined 01 40000 Paychex COM 302 10400 SH Defined 01 10000 400 Pepsico COM 713448108 1994 34000 SH Defined 01 33300 700 Philip Morris International COM 718172109 5688 116700 SH Defined 01 114500 2200 Plum Creek Lumber MLP COM 729251108 4596 150000 SH Sole 150000 6321 206300 SH Defined 01 200000 6300 Pool Corp COM 73278L105 778 35000 SH Defined 01 35000 Procter & Gamble COM 742718109 1008 17400 SH Defined 01 17000 400 RLI Corporation COM 749607107 32672 619016 SH Defined 01 598636 20380 SAP Aktiengesellschaft COM 803054204 4765 97500 SH Defined 01 95000 2500 SL Green Corp COM 78440x101 2092 47700 SH Defined 01 45000 2700 Schlumberger COM 806857108 3397 57000 SH Defined 01 56000 1000 State Street Corp COM 857477103 2125 40400 SH Defined 01 40400 Sysco Corp COM 871829107 2112 85000 SH Sole 85000 17910 720707 SH Defined 01 640000 80707 T.Rowe Price COM 74144T108 503 11000 SH Sole 11000 8203 179500 SH Defined 01 179000 500 United Parcel Service COM 911312106 3926 69520 SH Sole 69520 36026 637970 SH Defined 01 583480 54490 W.P. Carey COM 92930Y107 24361 860500 SH Defined 01 845200 15300 Wal-Mart Stores COM 931142103 5715 116425 SH Sole 116425 36621 746005 SH Defined 01 673575 72430 Walgreen COM 931422109 4768 127260 SH Defined 01 125000 2260 Washington Post Co COM 939640108 2528 5400 SH Defined 01 5200 200 Washington Real Estate Investm COM 939653101 11735 407475 SH Defined 01 390300 17175 White Mountains COM G9618E107 11544 37600 SH Sole 37600 17162 55900 SH Defined 01 55900 Level 3 Communications CONV 52729NBM1 29531 25000000 PRN Sole 25000000