UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter: June 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 8/15/2011
---------------------- ---------------------------- -------------------
[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: 116
Form 13F Information Table Value Total: $ 1,884,122
(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 2845 30000 SH SOLE 30000
12122 127800 SH DEFINED 01 124000 3800
Abbott Laboratories COM 002824100 6814 129500 SH DEFINED 01 128500 1000
Accenture COM G1151C101 604 10000 SH SOLE 10000
6731 111400 SH DEFINED 01 100000 11400
Air Products & Chemicals COM 009158106 507 5300 SH DEFINED 01 5300
Alleghany Corporation COM 017175100 1442 4328 SH SOLE 4328
Altria COM 02209S103 3082 116700 SH DEFINED 01 114500 2200
American Express COM 025816109 517 10000 SH SOLE 10000
19556 378263 SH DEFINED 01 339000 39263
Anheuser-Busch Inbev ADR COM 03524A108 19526 336601 SH DEFINED 01 320000 16601
Automatic Data Processing COM 053015103 24702 468900 SH DEFINED 01 454700 14200
Bank of New York Mellon Corp COM 064058100 77 3019 SH SOLE 3019
5973 233130 SH DEFINED 01 214907 18223
Berkshire Hathaway Class B COM 084670702 37542 485100 SH SOLE 485100
84645 1093747 SH DEFINED 01 1026507 67240
Berkshire Hathaway, Inc. COM 084670108 31929 275 SH SOLE 275
77326 666 SH DEFINED 01 630 36
Brookfield Asset Management COM 112585104 14263 430000 SH SOLE 430000
88356 2663728 SH DEFINED 01 2465548 198180
Brookfield Residential COM 11283W104 268 27000 SH DEFINED 01 25000 2000
Brown & Brown COM 115236101 9382 365628 SH DEFINED 01 365628
Brown Forman Class A COM 115637100 20431 283760 SH DEFINED 01 281000 2760
Brown-Forman Class B COM 115637209 5297 70915 SH DEFINED 01 70250 665
Calumet COM 131476103 215 10000 SH SOLE 10000
553 25700 SH DEFINED 01 25000 700
Campbell Soup Co COM 134429109 2519 72900 SH DEFINED 01 70000 2900
Carmax COM 143130102 7771 235000 SH SOLE 235000
164336 4969332 SH DEFINED 01 4728070 241262
Caterpillar Inc COM 149123101 26321 247234 SH DEFINED 01 241000 6234
Charles Schwab COM 808513105 15797 960300 SH DEFINED 01 895000 65300
Clorox Company COM 189054109 1079 16000 SH DEFINED 01 16000
Coca Cola Co COM 191216100 4374 65000 SH DEFINED 01 60000 5000
Contango Oil & Gas COM 21075n204 2951 50500 SH DEFINED 01 50500
Costco COM 22160K105 406 5000 SH SOLE 5000
2884 35500 SH DEFINED 01 34000 1500
DENTSPLY COM 249030107 1348 35400 SH DEFINED 01 35000 400
DST Systems, Inc COM 233326107 1320 25000 SH DEFINED 01 25000
Diageo PLC COM 25243Q205 26894 328500 SH SOLE 328500
75556 922881 SH DEFINED 01 861500 61381
Disney COM 254687106 7808 200000 SH SOLE 200000
50158 1284794 SH DEFINED 01 1202500 82294
EOG Resources, Inc. COM 26875p101 8814 84300 SH DEFINED 01 83500 800
Emerson Electric COM 291011104 9810 174400 SH DEFINED 01 158000 16400
Enterprise Products Lmtd Ptnsh COM 293792107 648 15000 SH SOLE 15000
10124 234300 SH DEFINED 01 225000 9300
Exxon Corporation COM 30231G102 16260 199800 SH SOLE 199800
42657 524174 SH DEFINED 01 475000 49174
Fairfax Financial Holdings Ltd COM 303901102 107146 267104 SH SOLE 267104
4956 12355 SH DEFINED 01 12355
Federated Investors COM 314211103 238 10000 SH SOLE 10000
6496 272500 SH DEFINED 01 271000 1500
Fidelity National Financial COM 31620R105 26883 1707950 SH DEFINED 01 1663000 44950
General Dynamics COM 369550108 29054 389881 SH DEFINED 01 370000 19881
General Electric COM 369604103 25696 1362450 SH SOLE 1362450
20712 1098172 SH DEFINED 01 942550 155622
Heritage Crystal Clean Inc COM 42726M106 4594 239500 SH DEFINED 01 239500
Home Depot COM 437076102 724 20000 SH SOLE 20000
34286 946608 SH DEFINED 01 900000 46608
ITC Holdings Corp COM 465685105 12431 173200 SH DEFINED 01 173000 200
Illinois Tool Works COM 452308109 14265 252530 SH DEFINED 01 230000 22530
Intel COM 458140100 1330 60000 SH SOLE 60000
9021 407092 SH DEFINED 01 380000 27092
International Business Machine COM 459200101 1715 10000 SH SOLE 10000
1801 10500 SH DEFINED 01 10000 500
International Game Technology COM 459902102 4395 250000 SH SOLE 250000
15682 892030 SH DEFINED 01 820000 72030
Investors Title Company COM 461804106 9122 228850 SH DEFINED 01 213300 15550
Johnson and Johnson COM 478160104 18626 280000 SH SOLE 280000
19031 286095 SH DEFINED 01 271700 14395
Kimberly Clark Corp COM 494368103 1078 16200 SH DEFINED 01 16000 200
Lennar Corporation COM 526057104 454 25000 SH DEFINED 01 25000
Leucadia National Corp COM 527288104 20060 588266 SH DEFINED 01 575000 13266
Lowes COM 548661107 2214 95000 SH SOLE 95000
5944 255000 SH DEFINED 01 210000 45000
Marriott International COM 571903202 6458 181965 SH SOLE 181965
43834 1235110 SH DEFINED 01 1101907 133203
McDonalds COM 580135101 16203 192156 SH DEFINED 01 181000 11156
Microsoft Corp COM 594918104 9724 373990 SH DEFINED 01 354000 19990
National Oilwell COM 637071101 6648 85000 SH DEFINED 01 85000
Nike COM 654106103 4517 50200 SH DEFINED 01 50000 200
Northern Trust Corp COM 665859104 6434 140000 SH DEFINED 01 140000
Novo-Nordisk A/S COM 670100205 28745 229450 SH DEFINED 01 215000 14450
NuStar GP Holdings COM 67059L102 21035 584300 SH DEFINED 01 576500 7800
Oracle Corp COM 68389x105 6638 201700 SH DEFINED 01 165000 36700
Patterson Companies Inc. COM 703395103 4493 136600 SH DEFINED 01 135000 1600
Paychex COM 704326107 1564 50900 SH DEFINED 01 50000 900
Pepsico COM 713448108 7395 105000 SH DEFINED 01 104300 700
Philip Morris International COM 718172109 7792 116700 SH DEFINED 01 114500 2200
Plum Creek Lumber MLP COM 729251108 6081 150000 SH SOLE 150000
8299 204700 SH DEFINED 01 200000 4700
Pool Corp COM 73278L105 2832 95000 SH DEFINED 01 95000
Procter & Gamble COM 742718109 4030 63400 SH DEFINED 01 62000 1400
RLI Corporation COM 749607107 38153 616166 SH DEFINED 01 598636 17530
Schlumberger COM 806857108 6074 70300 SH DEFINED 01 69000 1300
State Street Corp COM 857477103 1822 40400 SH DEFINED 01 40400
Sysco Corp COM 871829107 2650 85000 SH SOLE 85000
22409 718683 SH DEFINED 01 640000 78683
T.Rowe Price COM 74144T108 664 11000 SH SOLE 11000
11133 184500 SH DEFINED 01 184000 500
Teva Pharmaceuticals COM 881624209 12156 252100 SH DEFINED 01 243000 9100
Union First Market Bankshares COM 90662P104 42690 3504920 SH SOLE 3504920
United Parcel Service COM 911312106 5070 69520 SH SOLE 69520
47400 649942 SH DEFINED 01 597980 51962
Visa COM 92826C839 345 4100 SH DEFINED 01 4000 100
W.P. Carey COM 92930Y107 1822 45000 SH SOLE 45000
37252 919900 SH DEFINED 01 905200 14700
Wal-Mart Stores COM 931142103 6187 116425 SH SOLE 116425
49913 939276 SH DEFINED 01 864575 74701
Walgreen COM 931422109 9424 221960 SH DEFINED 01 220000 1960
Washington Post Co COM 939640108 2262 5400 SH DEFINED 01 5200 200
Washington Real Estate Investm COM 939653101 7041 216508 SH DEFINED 01 200300 16208
Watsco Inc COM 942622200 340 5000 SH DEFINED 01 5000
Western Union COM 959802109 2364 118000 SH DEFINED 01 118000
White Mountains COM G9618E107 2965 7056 SH SOLE 7056
28770 68474 SH DEFINED 01 68474