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, 2008
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: Executive Vice President and Chief Investment Officer
Phone: 804-527-3806
Signature, Place, and Date of Signing:
Thomas S. Gayner Richmond, VA 11/12/2008
---------------------- ------------- ----------
[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: 124
Form 13F Information Table Value Total: $1,533,899
(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
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 4099 60000 SH SOLE 60000
779 11400 SH DEFINED 01 10000 1400
Accenture COM g1150g111 380 10000 SH SOLE 10000
4176 109900 SH DEFINED 01 100000 9900
Aflac COM 001055102 6169 105000 SH DEFINED 01 105000
Alleghany Corporation COM 017175100 1489 4080 SH SOLE 4080
Allied Capital COM 01903Q108 1450 134299 SH DEFINED 01 134015 284
Altria COM 02209S103 2315 116700 SH DEFINED 01 114500 2200
American Express COM 025816109 354 10000 SH SOLE 10000
13848 390864 SH DEFINED 01 339000 51864
Automatic Data Processing COM 053015103 13107 306600 SH DEFINED 01 300700 5900
Bank of America COM 060505104 18375 525000 SH SOLE 525000
6527 186473 SH DEFINED 01 130000 56473
Bank of New York Mellon Corp COM 064058100 98 3019 SH SOLE 3019
6608 202830 SH DEFINED 01 184907 17923
Berkshire Hathaway Class B COM 084670207 25456 5792 SH SOLE 5792
112969 25704 SH DEFINED 01 24208 1496
Berkshire Hathaway, Inc. COM 084670108 13713 105 SH SOLE 105
103566 793 SH DEFINED 01 755 38
Brookfield Asset Management COM 112585104 6783 247205 SH SOLE 247205
53483 1949084 SH DEFINED 01 1735343 213741
Brookfield Infrastructure Part COM G16252101 115 7288 SH SOLE 7288
842 53548 SH DEFINED 01 50613 2935
Brown & Brown COM 115236101 7905 365628 SH DEFINED 01 365628
Brown Forman Class A COM 115637100 20154 283860 SH DEFINED 01 281000 2860
CB Richard Ellis Group COM 12497T101 668 50000 SH DEFINED 01 50000
CME Group Inc COM 12572q105 372 1000 SH SOLE 1000
4744 12770 SH DEFINED 01 12000 770
Carmax COM 143130102 2240 160000 SH SOLE 160000
72679 5191358 SH DEFINED 01 4803070 388288
Caterpillar Inc COM 149123101 8344 140000 SH SOLE 140000
3725 62500 SH DEFINED 01 60000 2500
Cemex SAB de C.V. COM 151290889 517 30000 SH DEFINED 01 30000
Charles Schwab COM 808513105 1430 55000 SH SOLE 55000
11708 450300 SH DEFINED 01 450000 300
Cincinnati Financial COM 172062101 5998 210906 SH DEFINED 01 210686 220
Cintas Corp COM 172908105 1148 40000 SH SOLE 40000
861 30000 SH DEFINED 01 30000
Cohen & Steers COM 19247a100 2714 95800 SH DEFINED 01 90000 5800
Comcast COM 20030N101 10944 557500 SH SOLE 557500
6503 331300 SH DEFINED 01 255000 76300
Corus Bankshares COM 220873103 393 97000 SH DEFINED 01 97000
Costco COM 22160K105 325 5000 SH SOLE 5000
412 6350 SH DEFINED 01 5000 1350
Diageo PLC COM 25243Q205 2066 30000 SH SOLE 30000
84736 1230553 SH DEFINED 01 1160000 70553
Disney COM 254687106 1074 35000 SH SOLE 35000
19374 631275 SH DEFINED 01 545000 86275
Emerson Electric COM 291011104 6498 159300 SH DEFINED 01 145000 14300
Enterprise GP Holdings COM 293716106 235 10000 SH SOLE 10000
3671 156000 SH DEFINED 01 150000 6000
Exxon Corporation COM 302290101 29611 381293 SH DEFINED 01 364800 16493
Fairfax Financial Holdings Ltd COM 303901102 91802 279459 SH SOLE 279459
Federated Investors COM 314211103 288 10000 SH SOLE 10000
4789 166000 SH DEFINED 01 165000 1000
Fidelity National Financial COM 31620R105 14700 1000000 SH SOLE 1000000
9626 654800 SH DEFINED 01 550000 104800
First Industrial Realty Trust COM 32054K103 1468 51200 SH DEFINED 01 50000 1200
Forest City Enterprises Class COM 345550107 24918 812467 SH DEFINED 01 782400 30067
Fortune Brands COM 349631101 1434 25000 SH DEFINED 01 25000
Friedman Billings and Ramsey COM 358434108 130 65000 SH SOLE 65000
150 75000 SH DEFINED 01 75000
General Dynamics COM 369550108 29059 394710 SH DEFINED 01 370000 24710
General Electric COM 369604103 11602 455000 SH SOLE 455000
81630 3201191 SH DEFINED 01 3000000 201191
Goldman Sachs COM 38141G104 1280 10000 SH DEFINED 01 10000
Home Depot COM 437076102 518 20000 SH SOLE 20000
25817 997186 SH DEFINED 01 900000 97186
Illinois Tool Works COM 452308109 9334 210000 SH SOLE 210000
1458 32804 SH DEFINED 01 10000 22804
Intel COM 458140100 1124 60000 SH SOLE 60000
2765 147642 SH DEFINED 01 140000 7642
International Business Machine COM 459200101 1170 10000 SH SOLE 10000
1234 10550 SH DEFINED 01 10000 550
International Game Technology COM 459902102 4295 250000 SH SOLE 250000
15213 885482 SH DEFINED 01 800000 85482
Investors Title Company COM 461804106 9747 229350 SH DEFINED 01 213300 16050
Johnson and Johnson COM 478160104 5196 75000 SH SOLE 75000
32118 463595 SH DEFINED 01 447200 16395
LandAmerica Financial Group COM 514936103 33530 1382700 SH SOLE 1382700
Leucadia National Corp COM 527288104 3408 75000 SH SOLE 75000
2858 62900 SH DEFINED 01 60000 2900
Lowes COM 548661107 2251 95000 SH SOLE 95000
4390 185300 SH DEFINED 01 170000 15300
Manpower Inc. COM 56418H100 302 7000 SH SOLE 7000
3151 73000 SH DEFINED 01 73000
Marriott International COM 571903202 4566 175000 SH SOLE 175000
32106 1230596 SH DEFINED 01 1085000 145596
Marsh & McLennan COM 571748102 28545 898776 SH DEFINED 01 883000 15776
McGraw-Hill Companies COM 580645109 6954 220000 SH DEFINED 01 220000
Microsoft COM 594918104 213 7990 SH DEFINED 01 7990
NYSE Euronext COM 629491101 1175 30000 SH DEFINED 01 30000
News Corporation COM 65248E203 672 55300 SH DEFINED 01 55000 300
Nike COM 654106103 3358 50200 SH DEFINED 01 50000 200
Northern Trust Corp COM 665859104 1444 20000 SH SOLE 20000
8664 120000 SH DEFINED 01 120000
NuStar GP Holdings COM 67059L102 1750 100000 SH SOLE 100000
8480 484600 SH DEFINED 01 476500 8100
Pepsico COM 713448108 2388 33500 SH DEFINED 01 33300 200
Peyto Energy Trust COM 717045108 354 25000 SH DEFINED 01 25000
Philip Morris International COM 718172109 5613 116700 SH DEFINED 01 114500 2200
Plum Creek Lumber MLP COM 729251108 17750 356000 SH DEFINED 01 350000 6000
Progressive Corp COM 743315103 809 46516 SH DEFINED 01 46516
RLI Corporation COM 749607107 38641 622340 SH DEFINED 01 598636 23704
SAP Aktiengesellschaft COM 803054204 5209 97500 SH DEFINED 01 95000 2500
Schlumberger COM 806857108 1570 20100 SH DEFINED 01 20000 100
State Street Corp COM 857477103 2298 40400 SH DEFINED 01 40400
Sysco Corp COM 871829107 2621 85000 SH SOLE 85000
21405 694290 SH DEFINED 01 615000 79290
T.Rowe Price COM 74144T108 591 11000 SH SOLE 11000
8540 159000 SH DEFINED 01 159000
United Parcel Service COM 911312106 17609 280000 SH SOLE 280000
26230 417075 SH DEFINED 01 360000 57075
W.P. Carey COM 92930Y107 22446 860000 SH DEFINED 01 845200 14800
Wal-Mart Stores COM 931142103 4192 70000 SH SOLE 70000
44965 750798 SH DEFINED 01 675000 75798
Walgreen COM 931422109 1084 35000 SH SOLE 35000
949 30660 SH DEFINED 01 30000 660
Washington Post Co COM 939640108 3020 5425 SH DEFINED 01 5200 225
Washington Real Estate Investm COM 939653101 14801 404075 SH DEFINED 01 390300 13775
White Mountains COM G9618E107 14081 29975 SH SOLE 29975
33035 70325 SH DEFINED 01 70325
XL Capital COM G98255105 4471 249230 SH DEFINED 01 249138 92
Yum! Brands Inc COM 988498101 789 24200 SH DEFINED 01 20000 4200
REPORT SUMMARY 124 DATA RECORDS 1533899 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED