13F-HR 1 d13fhr.txt FORM 13F-HR 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