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, 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:
/s/ Thomas S. Gayner Richmond, VA 8/13/2008
---------------------- -------------- -----------
[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).)
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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: $1,516,706
(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
Market Corporation
FORM 13F
June 30, 2008
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 4175 60000 SH SOLE 60000
793 11400 SH DEFINED 01 10000 1400
Accenture COM g1150g111 407 10000 SH SOLE 10000
4443 109100 SH DEFINED 01 100000 9100
Aflac COM 001055102 12874 205000 SH DEFINED 01 205000
Alleghany Corporation COM 017175100 1355 4080 SH SOLE 4080
Allied Capital COM 01903Q108 3260 234699 SH DEFINED 01 234015 684
Altria COM 02209S103 2399 116700 SH DEFINED 01 114500 2200
American Express COM 025816109 377 10000 SH SOLE 10000
14726 390929 SH DEFINED 01 339000 51929
Automatic Data Processing COM 053015103 12847 306600 SH DEFINED 01 300700 5900
BP Plc COM 055622104 803 11548 SH DEFINED 01 10000 1548
Bank of America COM 060505104 12532 525000 SH SOLE 525000
4432 185661 SH DEFINED 01 130000 55661
Bank of New York Mellon Corp COM 064058100 1249 33019 SH SOLE 33019
10007 264527 SH DEFINED 01 244907 19620
Berkshire Hathaway Class B COM 084670207 23238 5792 SH SOLE 5792
103084 25694 SH DEFINED 01 24208 1486
Berkshire Hathaway, Inc. COM 084670108 12679 105 SH SOLE 105
95755 793 SH DEFINED 01 755 38
Brookfield Asset Management COM 112585104 7719 237205 SH SOLE 237205
62039 1906534 SH DEFINED 01 1695343 211191
Brookfield Infrastructure Part COM G16252101 143 7288 SH SOLE 7288
1049 53530 SH DEFINED 01 50613 2917
Brown & Brown COM 115236101 6358 365628 SH DEFINED 01 365628
Brown Forman Class A COM 115637100 21582 283860 SH DEFINED 01 281000 2860
CB Richard Ellis Group COM 12497T101 960 50000 SH DEFINED 01 50000
Carmax COM 143130102 2270 160000 SH SOLE 160000
73654 5190558 SH DEFINED 01 4803070 387488
Caterpillar Inc COM 149123101 9966 135000 SH SOLE 135000
4599 62300 SH DEFINED 01 60000 2300
Cemex SAB de C.V. COM 151290889 247 10000 SH DEFINED 01 10000
Charles Schwab COM 808513105 1130 55000 SH SOLE 55000
9249 450300 SH DEFINED 01 450000 300
Cincinnati Financial COM 172062101 7643 300906 SH DEFINED 01 300686 220
Cintas Corp COM 172908105 1060 40000 SH SOLE 40000
795 30000 SH DEFINED 01 30000
Citigroup COM 172967101 3444 205500 SH DEFINED 01 205000 500
Cohen & Steers COM 19247a100 2488 95800 SH DEFINED 01 90000 5800
Comcast COM 20030N101 10576 557500 SH SOLE 557500
6285 331300 SH DEFINED 01 255000 76300
Corus Bankshares COM 220873103 820 197000 SH DEFINED 01 197000
Costco COM 22160K105 351 5000 SH SOLE 5000
95 1350 SH DEFINED 01 1350
Diageo PLC COM 25243Q205 2216 30000 SH SOLE 30000
90913 1230719 SH DEFINED 01 1160000 70719
Disney COM 254687106 780 25000 SH SOLE 25000
16769 537475 SH DEFINED 01 455000 82475
Emerson Electric COM 291011104 7877 159300 SH DEFINED 01 145000 14300
Enterprise GP Holdings COM 293716106 1970 65500 SH DEFINED 01 60000 5500
Exxon Corporation COM 302290101 33595 381193 SH DEFINED 01 364800 16393
Fairfax Financial Holdings Ltd COM 303901102 70955 279459 SH SOLE 279459
Federated Investors COM 314211103 344 10000 SH SOLE 10000
5714 166000 SH DEFINED 01 165000 1000
Fidelity National Financial COM 31620R105 12600 1000000 SH SOLE 1000000
8244 654300 SH DEFINED 01 550000 104300
Forest City Enterprises Class COM 345550107 26178 812467 SH DEFINED 01 782400 30067
Fortune Brands COM 349631101 1560 25000 SH DEFINED 01 25000
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Market Corporation
FORM 13F
June 30, 2008
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
Friedman Billings and Ramsey COM 358434108 210 140000 SH SOLE 140000
375 250000 SH DEFINED 01 250000
General Dynamics COM 369550108 33209 394409 SH DEFINED 370000 24409
General Electric COM 369604103 12144 455000 SH SOLE 455000
85400 3199713 SH DEFINED 01 3000000 199713
Goldman Sachs COM 38141G104 1749 10000 SH DEFINED 01 10000
Home Depot COM 437076102 468 20000 SH SOLE 20000
23342 996648 SH DEFINED 01 900000 96648
Illinois Tool Works COM 452308109 9977 210000 SH SOLE 210000
1539 32400 SH DEFINED 01 10000 22400
Inbev NV COM 011994008 1388 20000 SH DEFINED 01 20000
Intel COM 458140100 1289 60000 SH SOLE 60000
3171 147642 SH DEFINED 01 140000 7642
International Business Machine COM 459200101 1185 10000 SH SOLE 10000
1250 10550 SH DEFINED 01 10000 550
International Game Technology COM 459902102 6245 250000 SH SOLE 250000
21800 872680 SH DEFINED 01 790000 82680
Investors Title Company COM 461804106 11123 229350 SH DEFINED 01 213300 16050
Johnson and Johnson COM 478160104 4825 75000 SH SOLE 75000
29828 463595 SH DEFINED 01 447200 16395
LandAmerica Financial Group COM 514936103 28414 1280500 SH SOLE 1280500
Leucadia National Corp COM 527288104 3520 75000 SH SOLE 75000
2934 62500 SH DEFINED 01 60000 2500
Lowes COM 548661107 1971 95000 SH SOLE 95000
3627 174800 SH DEFINED 01 160000 14800
Manpower Inc. COM 56418H100 408 7000 SH SOLE 7000
3087 53000 SH DEFINED 01 53000
Marriott International COM 571903202 4592 175000 SH SOLE 175000
31716 1208696 SH DEFINED 01 1065000 143696
Marsh & McLennan COM 571748102 1327 50000 SH SOLE 50000
25207 949406 SH DEFINED 01 933000 16406
McGraw-Hill Companies COM 580645109 13673 340800 SH DEFINED 01 340000 800
Meadowbrook Insurance Company COM 58319P108 689 130000 SH SOLE 130000
Microsoft COM 594918104 228 8290 SH DEFINED 01 8290
News Corporation COM 65248E203 2599 169300 SH DEFINED 01 155000 14300
Nike COM 654106103 2992 50200 SH DEFINED 01 50000 200
Northern Trust Corp COM 665859104 1371 20000 SH SOLE 20000
8228 120000 SH DEFINED 01 120000
NuStar GP Holdings COM 67059L102 1950 90000 SH SOLE 90000
9565 441400 SH DEFINED 01 436500 4900
Pepsico COM 713448108 2130 33500 SH DEFINED 01 33300 200
Peyto Energy Trust COM 717045108 494 25000 SH DEFINED 01 25000
Philip Morris International COM 718172109 5764 116700 SH DEFINED 01 114500 2200
Plum Creek Lumber MLP COM 729251108 15205 356000 SH DEFINED 01 350000 6000
Progressive Corp COM 743315103 871 46516 SH DEFINED 01 46516
RLI Corporation COM 749607107 30861 623841 SH DEFINED 01 598637 25204
SAP Aktiengesellschaft COM 803054204 3194 61300 SH DEFINED 01 60000 1300
State Street Corp COM 857477103 2585 40400 SH DEFINED 01 40400
Sysco Corp COM 871829107 2338 85000 SH SOLE 85000
19070 693220 SH DEFINED 01 615000 78220
T.Rowe Price COM 74144T108 621 11000 SH SOLE 11000
8979 159000 SH DEFINED 01 159000
United Parcel Service COM 911312106 17212 280000 SH SOLE 280000
25594 416373 SH DEFINED 01 360000 56373
Valley National Bank COM 919794107 467 29641 SH DEFINED 01 29389 252
W.P. Carey COM 92930Y107 24691 860000 SH DEFINED 01 845200 14800
Wal-Mart Stores COM 931142103 3934 70000 SH SOLE 70000
42176 750463 SH DEFINED 01 675000 75463
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Market Corporation
FORM 13F
June 30, 2008
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
Walgreen COM 931422109 1138 35000 SH SOLE 35000
997 30660 SH DEFINED 01 30000 660
Washington Post Co COM 939640108 3184 5425 SH DEFINED 01 5200 225
Washington Real Estate Investm COM 939653101 12127 403575 SH DEFINED 01 390300 13275
White Mountains COM G9618E107 14575 33975 SH SOLE 33975
36175 84325 SH DEFINED 01 84325
XL Capital COM G98255105 7180 349230 SH DEFINED 01 349138 92
Yum! Brands Inc COM 988498101 853 24300 SH DEFINED 01 20000 4300
REPORT SUMMARY 124 DATA RECORDS 1516706 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS
FILED
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