13F-HR 1 d255195d13fhr.txt FORM 13F ================================================================================ 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 ---------------------- -------------- ----------- [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: 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 --- -------------------- ---- 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. 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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. 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