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, 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 2/11/2011 ------------------- -------------------------- ------------------- [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: 114 Form 13F Information Table Value Total: $ 1,807,112 (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 2589 30000 SH SOLE 30000 10770 124800 SH DEFINED 01 121000 3800 Abbott Laboratories COM 002824100 3354 70000 SH DEFINED 01 69000 1000 AbitibiBowater, Inc COM 003687209 2021 85392 SH DEFINED 01 85392 Accenture COM G1151C101 485 10000 SH SOLE 10000 5421 111800 SH DEFINED 01 100000 11800 Air Products & Chemicals COM 009158106 491 5400 SH DEFINED 01 5400 Alleghany Corporation COM 017175100 1300 4244 SH SOLE 4244 Altria COM 02209S103 2873 116700 SH DEFINED 01 114500 2200 American Express COM 025816109 429 10000 SH SOLE 10000 16613 387058 SH DEFINED 01 339000 48058 Anheuser-Busch Inbev ADR COM 03524A108 15186 266000 SH DEFINED 01 249000 17000 Automatic Data Processing COM 053015103 20812 449700 SH DEFINED 01 436700 13000 Bank of New York Mellon Corp COM 064058100 91 3019 SH SOLE 3019 7041 233130 SH DEFINED 01 214907 18223 Berkshire Hathaway Class B COM 084670702 38861 485100 SH SOLE 485100 87620 1093747 SH DEFINED 01 1026507 67240 Berkshire Hathaway, Inc. COM 084670108 33124 275 SH SOLE 275 80220 666 SH DEFINED 01 630 36 Brookfield Asset Management COM 112585104 14315 430000 SH SOLE 430000 88680 2663871 SH DEFINED 01 2465548 198323 Brown & Brown COM 115236101 8753 365628 SH DEFINED 01 365628 Brown Forman Class A COM 115637100 19698 283760 SH DEFINED 01 281000 2760 Brown-Forman Class B COM 115637209 4937 70915 SH DEFINED 01 70250 665 Calumet COM 131476103 213 10000 SH SOLE 10000 334 15700 SH DEFINED 01 15000 700
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 -------------- -------------- --------- -------- -------- --- ---- ------- -------- ------- ------ ------ Campbell Soup Co COM 134429109 2585 74400 SH DEFINED 01 70000 4400 Carmax COM 143130102 7492 235000 SH SOLE 235000 158895 4984146 SH DEFINED 01 4728070 256076 Caterpillar Inc COM 149123101 23162 247300 SH DEFINED 01 241000 6300 Charles Schwab COM 808513105 15849 926300 SH DEFINED 01 860000 66300 Clorox Company COM 189054109 759 12000 SH DEFINED 01 12000 Coca Cola Co COM 191216100 4308 65500 SH DEFINED 01 60000 5500 Costco COM 22160K105 361 5000 SH SOLE 5000 2563 35500 SH DEFINED 01 34000 1500 DENTSPLY COM 249030107 1210 35400 SH DEFINED 01 35000 400 Diageo PLC COM 25243Q205 24417 328500 SH SOLE 328500 68754 924979 SH DEFINED 01 861500 63479 Disney COM 254687106 7502 200000 SH SOLE 200000 48267 1286789 SH DEFINED 01 1202500 84289 EOG Resources, Inc. COM 26875p101 7203 78800 SH DEFINED 01 78000 800 Emerson Electric COM 291011104 9970 174400 SH DEFINED 01 158000 16400 Enterprise Products Lmtd Ptnsh COM 293792107 624 15000 SH SOLE 15000 9770 234800 SH DEFINED 01 225000 9800 Exxon Corporation COM 30231G102 14609 199800 SH SOLE 199800 36251 495772 SH DEFINED 01 446000 49772 Fairfax Financial Holdings Ltd COM 303901102 109395 267104 SH SOLE 267104 5060 12355 SH DEFINED 01 12355 Federated Investors COM 314211103 262 10000 SH SOLE 10000 5928 226500 SH DEFINED 01 225000 1500 Fidelity National Financial COM 31620R105 23959 1751373 SH DEFINED 01 1663000 88373 Forest City Enterprises Class COM 345550107 190 11400 SH DEFINED 01 11400 Fortune Brands COM 349631101 2765 45900 SH DEFINED 01 45000 900 General Dynamics COM 369550108 27666 389876 SH DEFINED 01 370000 19876 General Electric COM 369604103 24919 1362450 SH SOLE 1362450 20402 1115490 SH DEFINED 01 942550 172940 Heritage Crystal Clean Inc COM 42726M106 2409 239500 SH DEFINED 01 239500 Home Depot COM 437076102 701 20000 SH SOLE 20000 33195 946802 SH DEFINED 01 900000 46802
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 -------------- -------------- --------- -------- -------- --- ---- ------- -------- ------- ------ ------ ITC Holdings Corp COM 465685105 10735 173200 SH DEFINED 01 173000 200 Illinois Tool Works COM 452308109 13502 252854 SH DEFINED 01 230000 22854 Intel COM 458140100 1262 60000 SH SOLE 60000 4269 202992 SH DEFINED 01 180000 22992 International Business Machine COM 459200101 1468 10000 SH SOLE 10000 1541 10500 SH DEFINED 01 10000 500 International Game Technology COM 459902102 4422 250000 SH SOLE 250000 15837 895235 SH DEFINED 01 820000 75235 Investors Title Company COM 461804106 6980 228850 SH DEFINED 01 213300 15550 Johnson and Johnson COM 478160104 17318 280000 SH SOLE 280000 17441 281995 SH DEFINED 01 267200 14795 Kimberly Clark Corp COM 494368103 769 12200 SH DEFINED 01 12000 200 Leucadia National Corp COM 527288104 17170 588400 SH DEFINED 01 575000 13400 Lowes COM 548661107 2383 95000 SH SOLE 95000 5365 213900 SH DEFINED 01 170000 43900 Marriott International COM 571903202 7559 181965 SH SOLE 181965 51318 1235378 SH DEFINED 01 1101907 133471 McDonalds COM 580135101 14788 192654 SH DEFINED 01 181000 11654 Microsoft COM 594918104 5822 208590 SH DEFINED 01 194000 14590 National Oilwell COM 637071101 5716 85000 SH DEFINED 01 85000 Nike COM 654106103 4288 50200 SH DEFINED 01 50000 200 Northern Trust Corp COM 665859104 7757 140000 SH DEFINED 01 140000 Novo-Nordisk A/S COM 670100205 25964 230650 SH DEFINED 01 215000 15650 NuStar GP Holdings COM 67059L102 21264 585300 SH DEFINED 01 576500 8800 Patterson Companies Inc. COM 703395103 4258 139000 SH DEFINED 01 135000 4000 Paychex COM 704326107 1573 50900 SH DEFINED 01 50000 900 Pepsico COM 713448108 4377 67000 SH DEFINED 01 66300 700 Philip Morris International COM 718172109 6830 116700 SH DEFINED 01 114500 2200 Plum Creek Lumber MLP COM 729251108 5617 150000 SH SOLE 150000 7666 204700 SH DEFINED 01 200000 4700
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 -------------- -------------- --------- -------- -------- --- ---- ------- -------- -------- ------ ----- Pool Corp COM 73278L105 2141 95000 SH DEFINED 01 95000 Procter & Gamble COM 742718109 4079 63400 SH DEFINED 01 62000 1400 RLI Corporation COM 749607107 32471 617666 SH DEFINED 01 598636 19030 Schlumberger COM 806857108 5870 70300 SH DEFINED 01 69000 1300 State Street Corp COM 857477103 1872 40400 SH DEFINED 01 40400 Sysco Corp COM 871829107 2499 85000 SH SOLE 85000 21132 718775 SH DEFINED 01 640000 78775 T.Rowe Price COM 74144T108 710 11000 SH SOLE 11000 11908 184500 SH DEFINED 01 184000 500 Teva Pharmaceuticals COM 881624209 6339 121600 SH DEFINED 01 115000 6600 Union First Market Bankshares COM 90662P104 51803 3504920 SH SOLE 3504920 United Parcel Service COM 911312106 5046 69520 SH SOLE 69520 46149 635836 SH DEFINED 01 583480 52356 Visa COM 92826C839 289 4100 SH DEFINED 01 4000 100 W.P. Carey COM 92930Y107 1408 45000 SH SOLE 45000 28784 919900 SH DEFINED 01 905200 14700 Wal-Mart Stores COM 931142103 6279 116425 SH SOLE 116425 46939 870370 SH DEFINED 01 795575 74795 Walgreen COM 931422109 8671 222560 SH DEFINED 01 220000 2560 Washington Post Co COM 939640108 2373 5400 SH DEFINED 01 5200 200 Washington Real Estate Investm COM 939653101 12628 407475 SH DEFINED 01 390300 17175 Western Union COM 959802109 743 40000 SH DEFINED 01 40000 White Mountains COM G9618E107 2368 7056 SH SOLE 7056 24993 74474 SH DEFINED 01 74474 Level 3 Communications CONV 52729NBM1 16725 15000000 PRN SOLE 15000000 --------------------------------------------------------------------------------------------------------------------------- REPORT SUMMARY 114 DATA RECORDS 1807112 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED.