13F-HR 1 d483966d13fhr.txt 13F HOLDINGS REPORT 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, 2012 ----------------- 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 02/11/2013 ---------------------- ---------------------------- ------------------- [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: 130 ----------------- Form 13F Information Table Value Total: $ 2,400,833 ----------------- (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 Markel Corporation FORM 13F December 31, 2012

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 2785 30000 SH Sole 30000 16040 172750 SH Defined 01 171000 1750 Accenture COM G1151C101 665 10000 SH Sole 10000 7162 107700 SH Defined 01 100000 7700 Air Products & Chemicals COM 009158106 2294 27300 SH Defined 01 24000 3300 Alleghany Corporation COM 017175100 1452 4328 SH Sole 4328 Alliance Holdings GP COM 01861G100 7922 166500 SH Defined 01 165000 1500 Alpha Natural Resources COM 02076x102 2362 242500 SH Defined 01 240000 2500 American Express COM 025816109 575 10000 SH Sole 10000 20802 361898 SH Defined 01 339000 22898 Anheuser-Busch Inbev ADR COM 03524A108 34999 400401 SH Defined 01 390000 10401 Arch Coal Inc COM 039380100 410 56000 SH Defined 01 55000 1000 Archer Daniels COM 039483102 36546 1334300 SH Defined 01 1325000 9300 Artio Global Investors COM 04315B107 10819 5694000 SH Defined 01 5683000 11000 Automatic Data Processing COM 053015103 29359 515700 SH Defined 01 507700 8000 Bank of New York Mellon Corp COM 064058100 78 3019 SH Sole 3019 5822 226527 SH Defined 01 214907 11620 Barrett Business Systems COM 068463108 781 20500 SH Defined 01 20000 500 Berkshire Hathaway Class B COM 084670702 43513 485100 SH Sole 485100 96498 1075782 SH Defined 01 1026507 49275 Berkshire Hathaway, Inc. COM 084670108 36866 275 SH Sole 275 111002 828 SH Defined 01 803 25 Brookfield Asset Management COM 112585104 15759 430000 SH Sole 430000 97150 2650764 SH Defined 01 2504548 146216 Brown & Brown COM 115236101 9309 365628 SH Defined 01 365628 Brown Forman Class A COM 115637100 26177 425640 SH Defined 01 421500 4140 Brown-Forman Class B COM 115637209 6728 106372 SH Defined 01 105375 997 Bunge Limited COM G16962105 654 9000 SH Defined 01 9000 Calamos Asset Management COM 12811R104 2431 230000 SH Defined 01 230000 Calumet COM 131476103 304 10000 SH Sole 10000 821 27000 SH Defined 01 25000 2000 Capital One COM 14040H105 10393 179400 SH Defined 01 170000 9400 Carbo Ceramics Inc COM 140781105 1410 18000 SH Sole 18000 12143 155000 SH Defined 01 155000 Carmax COM 143130102 8822 235000 SH Sole 235000 184238 4907773 SH Defined 01 4728070 179703 Caterpillar Inc COM 149123101 22044 246000 SH Defined 01 241000 5000 Charles Schwab COM 808513105 14540 1012509 SH Defined 01 960000 52509 Coca Cola Co COM 191216100 4495 124000 SH Defined 01 120000 4000 Colfax Corporation COM 194014106 43783 1085070 SH Sole 1085070 Consol Energy COM 20854p109 963 30000 SH Defined 01 30000 Costco COM 22160K105 494 5000 SH Sole 5000 3505 35500 SH Defined 01 34000 1500 DENTSPLY COM 249030107 1402 35400 SH Defined 01 35000 400 Dell Inc COM 24702R101 2535 250000 SH Defined 01 250000 Diageo PLC COM 25243Q205 38297 328500 SH Sole 328500 105609 905893 SH Defined 01 861500 44393 Disney COM 254687106 9958 200000 SH Sole 200000 66735 1340335 SH Defined 01 1284500 55835 EOG Resources, Inc. COM 26875p101 10134 83900 SH Defined 01 83500 400 Ecolab COM 278865100 3480 48400 SH Defined 01 48000 400 Emerson Electric COM 291011104 9072 171300 SH Defined 01 158000 13300 Enterprise Products Lmtd Ptnsh COM 293792107 316 6300 SH Defined 01 6300 Expeditors Int'l Wash Inc COM 302130109 5260 133000 SH Defined 01 133000 Exxon Corporation COM 30231G102 17293 199800 SH Sole 199800 53861 622313 SH Defined 01 587000 35313 Fairfax Financial Holdings Ltd COM 303901102 96425 267104 SH Sole 267104 4460 12355 SH Defined 01 12355

1 Markel Corporation FORM 13F December 31, 2012

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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Federated Investors COM 314211103 202 10000 SH Sole 10000 43434 2147000 SH Defined 01 2124000 23000 Fidelity National Financial COM 31620R105 330 14000 SH Defined 01 14000 General Dynamics COM 369550108 27566 397955 SH Defined 01 382000 15955 General Electric COM 369604103 50390 2400690 SH Defined 01 2305000 95690 Hasbro, Inc COM 418056107 5439 151500 SH Defined 01 149000 2500 Heritage Crystal Clean Inc COM 42726M106 3895 259500 SH Defined 01 259500 Home Depot COM 437076102 1237 20000 SH Sole 20000 57938 936757 SH Defined 01 900000 36757 Illinois Tool Works COM 452308109 14929 245500 SH Defined 01 230000 15500 Intel COM 458140100 1237 60000 SH Sole 60000 16049 778342 SH Defined 01 750000 28342 International Business Machine COM 459200101 1915 10000 SH Sole 10000 1935 10100 SH Defined 01 10000 100 International Game Technology COM 459902102 3542 250000 SH Sole 250000 13033 919728 SH Defined 01 885000 34728 Investors Title Company COM 461804106 13719 228650 SH Defined 01 213300 15350 Johnson and Johnson COM 478160104 19628 280000 SH Sole 280000 21906 312495 SH Defined 01 300700 11795 Lennox International COM 526107107 13314 253500 SH Defined 01 253000 500 Leucadia National Corp COM 527288104 17724 745033 SH Defined 01 725000 20033 Liberty Media COM 530322106 1392 12000 SH Defined 01 12000 Loews Corporation COM 540424108 9809 240700 SH Defined 01 235000 5700 Lowes COM 548661107 3374 95000 SH Sole 95000 17092 481200 SH Defined 01 445000 36200 Marriott International COM 571903202 6782 181965 SH Sole 181965 44600 1196675 SH Defined 01 1101907 94768 Mastercard, Inc COM 57636Q104 1474 3000 SH Defined 01 3000 Mattel COM 577081102 3699 101000 SH Defined 01 101000 McCormick and Company COM 579780206 1080 17000 SH Defined 01 17000 McDonalds COM 580135101 16726 189611 SH Defined 01 181000 8611 Microsoft Corp COM 594918104 21450 803090 SH Defined 01 784000 19090 Monsanto Co COM 61166W101 3351 35400 SH Defined 01 33000 2400 Moody's Corp COM 615369105 4801 95400 SH Defined 01 95000 400 National Oilwell COM 637071101 8407 123000 SH Defined 01 123000 Natural Resource Partners COM 63900P103 1880 101400 SH Defined 01 100000 1400 Nicholas Financial COM 65373j209 2275 183500 SH Defined 01 183500 Nike COM 654106103 6213 120400 SH Defined 01 120000 400 Norfolk Southern COM 655844108 4459 72100 SH Defined 01 70000 2100 Northern Trust Corp COM 665859104 7022 140000 SH Defined 01 140000 Novo-Nordisk A/S COM 670100205 37098 227300 SH Defined 01 215000 12300 Oracle Corp COM 68389x105 21575 647500 SH Defined 01 618000 29500 Patterson Companies Inc. COM 703395103 5001 146100 SH Defined 01 145000 1100 Paychex COM 704326107 4693 150900 SH Defined 01 150000 900 Peabody Energy COM 704549104 4790 180000 SH Defined 01 180000 Pepsico COM 713448108 8711 127300 SH Defined 01 126300 1000 Philip Morris International COM 718172109 9761 116700 SH Defined 01 114500 2200 Plum Creek Lumber MLP COM 729251108 6655 150000 SH Sole 150000 8958 201900 SH Defined 01 200000 1900 Procter & Gamble COM 742718109 2335 34400 SH Defined 01 33000 1400 Quaterra Resources COM 747952109 68 200000 SH Defined 01 200000 RLI Corporation COM 749607107 39673 613562 SH Defined 01 598636 14926 Resolute Forest Products COM 76117W109 204 15375 SH Defined 01 15375 SEI Investments Co COM 784117103 2567 110000 SH Defined 01 110000 Schlumberger COM 806857108 10118 146000 SH Defined 01 146000 State Street Corp COM 857477103 1899 40400 SH Defined 01 40400 Sysco Corp COM 871829107 18091 571408 SH Defined 01 512000 59408 T.Rowe Price COM 74144T108 716 11000 SH Sole 11000

2 Markel Corporation FORM 13F December 31, 2012

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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 15596 239500 SH Defined 01 239000 500 Teva Pharmaceuticals COM 881624209 24051 644100 SH Defined 01 635000 9100 Union First Market Bankshares COM 90662P104 41388 2624481 SH Sole 2624481 United Parcel Service COM 911312106 5126 69520 SH Sole 69520 49903 676829 SH Defined 01 637980 38849 United Technologies COM 913017109 4396 53600 SH Defined 01 53000 600 Visa COM 92826C839 15325 101100 SH Defined 01 101000 100 W.P. Carey COM 92936U109 2347 45000 SH Sole 45000 47488 910600 SH Defined 01 905200 5400 Wal-Mart Stores COM 931142103 7944 116425 SH Sole 116425 67523 989643 SH Defined 01 930575 59068 Walgreen COM 931422109 79663 2152460 SH Defined 01 2115000 37460 Washington Post Co COM 939640108 1936 5300 SH Defined 01 5200 100 Washington Real Estate Investm COM 939653101 241 9200 SH Defined 01 9200

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