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, 2007
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 02/13/08
------------------------------- ------------------------------- --------
[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: 112
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Form 13F Information Table Value Total: $ 1,956740
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(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 5059 60000 SH SOLE 60000
868 10300 SH DEFINED 01 10000 300
Aflac COM 001055102 2505 40000 SH SOLE 40000
22855 364920 SH DEFINED 01 345000 19920
Alleghany Corporation COM 017175100 1608 4000 SH SOLE 4000
Allied Capital COM 01903Q108 9429 438540 SH DEFINED 01 404015 34525
Altria COM 02209S103 8820 116700 SH DEFINED 01 114500 2200
American Express COM 025816109 520 10000 SH SOLE 10000
20459 393288 SH DEFINED 01 339000 54288
American International Group COM 026874107 1166 20000 SH SOLE 20000
1338 22955 SH DEFINED 01 20000 2955
Anheuser Busch COM 035229103 1047 20000 SH SOLE 20000
81532 1557737 SH DEFINED 01 1423000 134737
Automatic Data Processing COM 053015103 13680 307200 SH DEFINED 01 300700 6500
Bank of America COM 060505104 21661 525000 SH SOLE 525000
8415 203946 SH DEFINED 01 130000 73946
Bank of New York Mellon Corp COM 064058100 1610 33019 SH SOLE 33019
17581 360560 SH DEFINED 01 334907 25653
Berkshire Hathaway Class B COM 084670207 16221 3425 SH SOLE 3425
133124 28109 SH DEFINED 01 26575 1534
Berkshire Hathaway, Inc. COM 084670108 14868 105 SH SOLE 105
112855 797 SH DEFINED 01 755 42
Brookfield Asset Management COM 112585104 6499 182205 SH SOLE 182205
51774 1451469 SH DEFINED 01 1240343 211126
Brown & Brown COM 115236101 8592 365628 SH DEFINED 01 365628
Brown Forman Class A COM 115637100 21304 284660 SH DEFINED 01 281000 3660
Page 1
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
-------------- -------------- --------- -------- ------- --- ---- ------- -------- ------- ------ ------
Carmax COM 143130102 3160 160000 SH SOLE 160000
104035 5267572 SH DEFINED 01 4803070 464502
Caterpillar Inc COM 149123101 9796 135000 SH SOLE 135000
4520 62300 SH DEFINED 01 60000 2300
Charles Schwab COM 808513105 1405 55000 SH SOLE 55000
11505 450300 SH DEFINED 01 450000 300
Cincinnati Financial COM 172062101 21383 540799 SH DEFINED 01 530686 10113
Cintas Corp COM 172908105 1345 40000 SH SOLE 40000
1009 30000 SH DEFINED 01 30000
Citigroup COM 172967101 6035 205000 SH SOLE 205000
38977 1323940 SH DEFINED 01 1200000 123940
Comcast COM 20030N101 10180 557500 SH SOLE 557500
6472 354450 SH DEFINED 01 255000 99450
Corus Bankshares COM 220873103 3564 334000 SH DEFINED 01 327000 7000
Diageo PLC COM 25243Q205 2575 30000 SH SOLE 30000
106458 1240341 SH DEFINED 01 1160000 80341
Exxon Corporation COM 302290101 34337 366493 SH DEFINED 01 349800 16693
Fairfax Financial Holdings Ltd COM 303901102 91407 319459 SH SOLE 319459
Federated Investors COM 314211103 412 10000 SH SOLE 10000
6833 166000 SH DEFINED 01 165000 1000
Fidelity National Financial COM 31620R105 14610 1000000 SH SOLE 1000000
9944 680600 SH DEFINED 01 550000 130600
Forest City Enterprises Class COM 345550107 36136 813133 SH DEFINED 01 782400 30733
Friedman Billings and Ramsey COM 358434108 675 215000 SH SOLE 215000
2362 752200 SH DEFINED 01 725000 27200
General Dynamics COM 369550108 35088 394287 SH DEFINED 01 370000 24287
General Electric COM 369604103 16867 455000 SH SOLE 455000
119596 3226234 SH DEFINED 01 3000000 226234
Goldman Sachs COM 38141G104 2150 10000 SH DEFINED 01 10000
Home Depot COM 437076102 539 20000 SH SOLE 20000
27447 1018808 SH DEFINED 01 900000 118808
Illinois Tool Works COM 452308109 11243 210000 SH SOLE 210000
1783 33300 SH DEFINED 01 10000 23300
Page 2
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
-------------- -------------- --------- -------- ------- --- ---- ------- -------- ------- ------ ------
Intel COM 458140100 1600 60000 SH SOLE 60000
2307 86542 SH DEFINED 01 80000 6542
International Business Machine COM 459200101 1081 10000 SH SOLE 10000
1146 10600 SH DEFINED 01 10000 600
International Game Technology COM 459902102 10982 250000 SH SOLE 250000
38445 875150 SH DEFINED 01 780000 95150
International Speedway COM 460335201 6945 168650 SH DEFINED 01 167300 1350
Investors Title Company COM 461804106 8835 230150 SH DEFINED 01 213300 16850
Johnson and Johnson COM 478160104 5002 75000 SH SOLE 75000
30795 461689 SH DEFINED 01 447200 14489
LandAmerica Financial Group COM 514936103 31125 930500 SH SOLE 930500
Leucadia National Corp COM 527288104 3532 75000 SH SOLE 75000
2944 62500 SH DEFINED 01 60000 2500
Lowes COM 548661107 2149 95000 SH SOLE 95000
1330 58800 SH DEFINED 01 55000 3800
MBIA Inc COM 55262C100 10987 589767 SH DEFINED 01 585000 4767
Marriott International COM 571903202 5298 155000 SH SOLE 155000
31712 927786 SH DEFINED 01 810000 117786
Marsh & McLennan COM 571748102 1588 60000 SH SOLE 60000
32018 1209594 SH DEFINED 01 1158000 51594
McGraw-Hill Companies COM 580645109 21143 482600 SH DEFINED 01 480000 2600
Meadowbrook Insurance Company COM 58319P108 3327 353600 SH SOLE 353600
Microsoft COM 594918104 697 19590 SH DEFINED 01 10000 9590
News Corporation COM 65248E203 6414 301850 SH DEFINED 01 285000 16850
Northern Trust Corp COM 665859104 1532 20000 SH SOLE 20000
9190 120000 SH DEFINED 01 120000
NuStar GP Holdings COM 67059L102 2284 80000 SH SOLE 80000
11129 389800 SH DEFINED 01 375000 14800
Pepsico COM 713448108 2543 33500 SH DEFINED 01 33300 200
Plum Creek Lumber MLP COM 729251108 16538 359200 SH DEFINED 01 350000 9200
Page 3
VOTING AUTHORITY
-------------------
TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER
NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
-------------- -------- --------- -------- ------- --- ---- ------- -------- ------ ------ -----
Progressive Corp COM 743315103 891 46516 SH DEFINED 01 46516
RLI Corporation COM 749607107 35861 631475 SH DEFINED 01 598637 32838
State Street Corp COM 857477103 3280 40400 SH DEFINED 01 40400
Sysco Corp COM 871829107 2653 85000 SH SOLE 85000
22127 708961 SH DEFINED 01 615000 93961
T.Rowe Price COM 74144T108 670 11000 SH SOLE 11000
9680 159000 SH DEFINED 01 159000
Tiffany COM 886547108 3710 80600 SH DEFINED 01 80000 600
United Mobile Homes COM 903002103 153 13000 SH DEFINED 01 13000
United Parcel Service COM 911312106 19802 280000 SH SOLE 280000
30330 428870 SH DEFINED 01 360000 68870
Valley National Bank COM 919794107 2449 128483 SH DEFINED 01 125132 3351
W.P. Carey COM 92930Y107 31739 956000 SH DEFINED 01 925200 30800
Wachovia COM 929903102 791 20803 SH DEFINED 01 20803
Wal-Mart Stores COM 931142103 3327 70000 SH SOLE 70000
35088 738232 SH DEFINED 01 655000 83232
Walgreen COM 931422109 1333 35000 SH SOLE 35000
1156 30360 SH DEFINED 01 30000 360
Washington Post Co COM 939640108 4294 5425 SH DEFINED 01 5200 225
Washington Real Estate Investm COM 939653101 12934 411775 SH DEFINED 01 390300 21475
White Mountains COM G9618E107 19007 36975 SH SOLE 36975
52600 102325 SH DEFINED 01 102325
XL Capital COM G98255105 29009 576608 SH DEFINED 01 559138 17470
Page 4