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
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REPORT SUMMARY 114 DATA RECORDS 1807112 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED.