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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, 2011
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 11/14/2011
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[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).)
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Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 1
Form 13F Information Table Entry Total: 122
Form 13F Information Table Value Total: $1,633,596
(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
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1 28-6056 Markel Gayner Asset Management
Corporation
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
3M Company COM 88579y101 2154 30000 SH SOLE 30000
9175 127800 SH DEFINED 01 124000 3800
Abbott Laboratories COM 002824100 6623 129500 SH DEFINED 01 128500 1000
Accenture COM G1151C101 527 10000 SH SOLE 10000
5816 110400 SH DEFINED 01 100000 10400
Air Products & Chemicals COM 009158106 374 4900 SH DEFINED 01 4900
Alleghany Corporation COM 017175100 1249 4328 SH SOLE 4328
Altria COM 02209S103 3147 117400 SH DEFINED 01 114500 2900
American Express COM 025816109 449 10000 SH SOLE 10000
16984 378264 SH DEFINED 01 339000 39264
Anheuser-Busch Inbev ADR COM 03524A108 21489 405601 SH DEFINED 01 390000 15601
Automatic Data Processing COM 053015103 23004 487900 SH DEFINED 01 474700 13200
Bank of New York Mellon Corp COM 064058100 56 3019 SH SOLE 3019
4334 233130 SH DEFINED 01 214907 18223
Berkshire Hathaway Class B COM 084670702 34462 485100 SH SOLE 485100
77561 1091797 SH DEFINED 01 1026507 65290
Berkshire Hathaway, Inc. COM 084670108 29370 275 SH SOLE 275
72944 683 SH DEFINED 01 647 36
Brookfield Asset Management COM 112585104 11846 430000 SH SOLE 430000
73200 2656983 SH DEFINED 01 2465548 191435
Brookfield Residential COM 11283W104 469 70500 SH DEFINED 01 68500 2000
Brown & Brown COM 115236101 6508 365628 SH DEFINED 01 365628
Brown Forman Class A COM 115637100 19284 283760 SH DEFINED 01 281000 2760
Brown-Forman Class B COM 115637209 4974 70915 SH DEFINED 01 70250 665
Calumet COM 131476103 169 10000 SH SOLE 10000
435 25700 SH DEFINED 01 25000 700
Campbell Soup Co COM 134429109 2360 72900 SH DEFINED 01 70000 2900
Capital One COM 14040H105 436 11000 SH DEFINED 01 10000 1000
Carmax COM 143130102 5605 235000 SH SOLE 235000
118395 4964169 SH DEFINED 01 4728070 236099
Caterpillar Inc COM 149123101 18256 247234 SH DEFINED 01 241000 6234
Charles Schwab COM 808513105 10834 961300 SH DEFINED 01 895000 66300
Coca Cola Co COM 191216100 4324 64000 SH DEFINED 01 60000 4000
Contango Oil & Gas COM 21075n204 3310 60500 SH DEFINED 01 60500
Costco COM 22160K105 411 5000 SH SOLE 5000
2916 35500 SH DEFINED 01 34000 1500
DENTSPLY COM 249030107 1086 35400 SH DEFINED 01 35000 400
DST Systems, Inc COM 233326107 1227 28000 SH DEFINED 01 28000
Diageo PLC COM 25243Q205 24943 328500 SH SOLE 328500
69831 919681 SH DEFINED 01 861500 58181
Disney COM 254687106 6032 200000 SH SOLE 200000
40438 1340794 SH DEFINED 01 1262500 78294
EOG Resources, Inc. COM 26875p101 5986 84300 SH DEFINED 01 83500 800
Eagle Materials COM 26969p108 441 26500 SH DEFINED 01 26500
Ecolab COM 278865100 1291 26400 SH DEFINED 01 26000 400
Emerson Electric COM 291011104 7213 174600 SH DEFINED 01 158000 16600
Encana Corp COM 292505104 538 28000 SH DEFINED 01 28000
Enterprise Products Lmtd Ptnsh COM 293792107 602 15000 SH SOLE 15000
8283 206300 SH DEFINED 01 200000 6300
Expeditors Int'l Wash Inc COM 302130109 689 17000 SH DEFINED 01 17000
Exxon Corporation COM 30231G102 14511 199800 SH SOLE 199800
40504 557676 SH DEFINED 01 510000 47676
Fairfax Financial Holdings Ltd COM 303901102 102750 267104 SH SOLE 267104
4753 12355 SH DEFINED 01 12355
Federated Investors COM 314211103 175 10000 SH SOLE 10000
8336 475500 SH DEFINED 01 474000 1500
Fidelity National Financial COM 31620R105 25820 1700950 SH DEFINED 01 1663000 37950
General Dynamics COM 369550108 22124 388885 SH DEFINED 01 370000 18885
General Electric COM 369604103 20736 1362450 SH SOLE 1362450
16562 1088198 SH DEFINED 01 942550 145648
Heritage Crystal Clean Inc COM 42726M106 4349 239500 SH DEFINED 01 239500
Home Depot COM 437076102 657 20000 SH SOLE 20000
31115 946611 SH DEFINED 01 900000 46611
ITC Holdings Corp COM 465685105 13411 173200 SH DEFINED 01 173000 200
Illinois Tool Works COM 452308109 10401 250035 SH DEFINED 01 230000 20035
Intel COM 458140100 1280 60000 SH SOLE 60000
13283 622592 SH DEFINED 01 590000 32592
International Business Machine COM 459200101 1749 10000 SH SOLE 10000
1836 10500 SH DEFINED 01 10000 500
International Game Technology COM 459902102 3632 250000 SH SOLE 250000
12926 889585 SH DEFINED 01 820000 69585
Investors Title Company COM 461804106 8076 228850 SH DEFINED 01 213300 15550
Johnson and Johnson COM 478160104 17833 280000 SH SOLE 280000
18240 286395 SH DEFINED 01 271700 14695
Lennar Corporation COM 526057104 772 57000 SH DEFINED 01 56000 1000
Lennox International COM 526107107 2849 110500 SH DEFINED 01 110000 500
Leucadia National Corp COM 527288104 13342 588266 SH DEFINED 01 575000 13266
Louisiana Pacific Corp COM 546347105 291 57000 SH DEFINED 01 57000
Lowes COM 548661107 1837 95000 SH SOLE 95000
6792 351200 SH DEFINED 01 310000 41200
Marriott International COM 571903202 4957 181965 SH SOLE 181965
33439 1227561 SH DEFINED 01 1101907 125654
Mastercard, Inc COM 57636Q104 951 3000 SH DEFINED 01 3000
McDonalds COM 580135101 16814 191456 SH DEFINED 01 181000 10456
Microsoft Corp COM 594918104 11218 450690 SH DEFINED 01 429000 21690
National Oilwell COM 637071101 4354 85000 SH DEFINED 01 85000
Nicholas Financial COM 65373j209 816 83500 SH DEFINED 01 83500
Nike COM 654106103 4293 50200 SH DEFINED 01 50000 200
Northern Trust Corp COM 665859104 4897 140000 SH DEFINED 01 140000
Novo-Nordisk A/S COM 670100205 22835 229450 SH DEFINED 01 215000 14450
NuStar GP Holdings COM 67059L102 17148 559300 SH DEFINED 01 551500 7800
Oracle Corp COM 68389x105 9527 331500 SH DEFINED 01 295000 36500
Patterson Companies Inc. COM 703395103 4197 146600 SH DEFINED 01 145000 1600
Paychex COM 704326107 1342 50900 SH DEFINED 01 50000 900
Pepsico COM 713448108 6499 105000 SH DEFINED 01 104300 700
Philip Morris International COM 718172109 7280 116700 SH DEFINED 01 114500 2200
Plum Creek Lumber MLP COM 729251108 5206 150000 SH SOLE 150000
7105 204700 SH DEFINED 01 200000 4700
Pool Corp COM 73278L105 2487 95000 SH DEFINED 01 95000
Procter & Gamble COM 742718109 4006 63400 SH DEFINED 01 62000 1400
RLI Corporation COM 749607107 39108 615096 SH DEFINED 01 598636 16460
Schlumberger COM 806857108 4181 70000 SH DEFINED 01 69000 1000
State Street Corp COM 857477103 1299 40400 SH DEFINED 01 40400
Sysco Corp COM 871829107 2201 85000 SH SOLE 85000
18503 714387 SH DEFINED 01 640000 74387
T.Rowe Price COM 74144T108 525 11000 SH SOLE 11000
8814 184500 SH DEFINED 01 184000 500
Teva Pharmaceuticals COM 881624209 12588 338200 SH DEFINED 01 330000 8200
Union First Market Bankshares COM 90662P104 37573 3504920 SH SOLE 3504920
United Parcel Service COM 911312106 4390 69520 SH SOLE 69520
42497 672946 SH DEFINED 01 622980 49966
United Technologies COM 913017109 1309 18600 SH DEFINED 01 18000 600
Visa COM 92826C839 2837 33100 SH DEFINED 01 33000 100
W.P. Carey COM 92930Y107 1639 45000 SH SOLE 45000
33366 915900 SH DEFINED 01 905200 10700
Wal-Mart Stores COM 931142103 6042 116425 SH SOLE 116425
49589 955479 SH DEFINED 01 884575 70904
Walgreen COM 931422109 7300 221960 SH DEFINED 01 220000 1960
Washington Post Co COM 939640108 1766 5400 SH DEFINED 01 5200 200
Washington Real Estate Investm COM 939653101 370 13141 SH DEFINED 01 13141
Watsco Inc COM 942622200 2044 40000 SH DEFINED 01 40000
Western Union COM 959802109 3287 215000 SH DEFINED 01 215000