UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter: March 31, 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 5/12/2008
---------------------- ---------------------------- -------------------
[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).)
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Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 1
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Form 13F Information Table Entry Total: 120
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Form 13F Information Table Value Total: $1,809,973
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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
Markel Corporation
FORM 13F
March 31, 2008
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 4749 60000 SH Sole 60000
902 11400 SH Defined 01 10000 1400
Accenture COM g1150g111 1055 30000 SH Defined 01 30000
Aflac COM 001055102 1948 30000 SH Sole 30000
19947 307120 SH Defined 01 305000 2120
Alleghany Corporation COM 017175100 1393 4080 SH Sole 4080
Allied Capital COM 01903Q108 7009 380315 SH Defined 01 364015 16300
Altria COM 02209S103 2591 116700 SH Defined 01 114500 2200
American Express COM 025816109 437 10000 SH Sole 10000
17091 390928 SH Defined 01 339000 51928
American International Group COM 026874107 865 20000 SH Sole 20000
993 22955 SH Defined 01 20000 2955
Anheuser Busch COM 035229103 949 20000 SH Sole 20000
72774 1533704 SH Defined 01 1423000 110704
Automatic Data Processing COM 053015103 12997 306600 SH Defined 01 300700 5900
Bank of America COM 060505104 19903 525000 SH Sole 525000
7216 190346 SH Defined 01 130000 60346
Bank of New York Mellon Corp COM 064058100 1378 33019 SH Sole 33019
15003 359523 SH Defined 01 334907 24616
Berkshire Hathaway Class B COM 084670207 15320 3425 SH Sole 3425
125447 28046 SH Defined 01 26575 1471
Berkshire Hathaway, Inc. COM 084670108 14007 105 SH Sole 105
106320 797 SH Defined 01 755 42
Brookfield Asset Management COM 112585104 5559 207205 SH Sole 207205
44057 1642084 SH Defined 01 1425343 216741
Brookfield Infrastructure Part COM G16252101 124 7288 SH Sole 7288
919 54204 SH Defined 01 50613 3591
Brown & Brown COM 115236101 6355 365628 SH Defined 01 365628
Brown Forman Class A COM 115637100 19654 283860 SH Defined 01 281000 2860
CB Richard Ellis Group COM 12497T101 1082 50000 SH Defined 01 50000
Carmax COM 143130102 3107 160000 SH Sole 160000
101228 5212558 SH Defined 01 4803070 409488
Caterpillar Inc COM 149123101 10569 135000 SH Sole 135000
4877 62300 SH Defined 01 60000 2300
Charles Schwab COM 808513105 1036 55000 SH Sole 55000
8479 450300 SH Defined 01 450000 300
Cincinnati Financial COM 172062101 16594 436236 SH Defined 01 430686 5550
Cintas Corp COM 172908105 1142 40000 SH Sole 40000
856 30000 SH Defined 01 30000
Citigroup COM 172967101 4391 205000 SH Sole 205000
24652 1150902 SH Defined 01 1150000 902
Cohen & Steers COM 19247a100 1743 65800 SH Defined 01 60000 5800
Comcast COM 20030N101 10782 557500 SH Sole 557500
6658 344250 SH Defined 01 255000 89250
Corus Bankshares COM 220873103 3084 317000 SH Defined 01 317000
Diageo PLC COM 25243Q205 2440 30000 SH Sole 30000
100448 1235219 SH Defined 01 1160000 75219
Disney COM 254687106 3897 124175 SH Defined 01 110000 14175
Emerson Electric COM 291011104 5059 98300 SH Defined 01 85000 13300
Exxon Corporation COM 302290101 31396 371193 SH Defined 01 354800 16393
Fairfax Financial Holdings Ltd COM 303901102 80233 279459 SH Sole 279459
Federated Investors COM 314211103 392 10000 SH Sole 10000
6501 166000 SH Defined 01 165000 1000
Fidelity National Financial COM 31620R105 18330 1000000 SH Sole 1000000
12057 657800 SH Defined 01 550000 107800
Forest City Enterprises Class COM 345550107 29899 812467 SH Defined 01 782400 30067
Fortune Brands COM 349631101 1737 25000 SH Defined 01 25000
Friedman Billings and Ramsey COM 358434108 365 215000 SH Sole 215000
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Markel Corporation
FORM 13F
March 31, 2008
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
------------------------------ -------------- --------- -------- ------- --- ---- ------- -------- ------- ------ ------
807 475000 SH Defined 01 475000
General Dynamics COM 369550108 32882 394407 SH Defined 01 370000 24407
General Electric COM 369604103 16840 455000 SH Sole 455000
118517 3202304 SH Defined 01 3000000 202304
Goldman Sachs COM 38141G104 1654 10000 SH Defined 01 10000
Home Depot COM 437076102 559 20000 SH Sole 20000
28036 1002345 SH Defined 01 900000 102345
Illinois Tool Works COM 452308109 10128 210000 SH Sole 210000
1611 33400 SH Defined 01 10000 23400
Intel COM 458140100 1271 60000 SH Sole 60000
3127 147642 SH Defined 01 140000 7642
International Business Machine COM 459200101 1151 10000 SH Sole 10000
1215 10550 SH Defined 01 10000 550
International Game Technology COM 459902102 10052 250000 SH Sole 250000
35368 879580 SH Defined 01 790000 89580
International Speedway COM 460335201 2416 58650 SH Defined 01 57300 1350
Investors Title Company COM 461804106 11268 229950 SH Defined 01 213300 16650
Johnson and Johnson COM 478160104 4865 75000 SH Sole 75000
29902 460945 SH Defined 01 447200 13745
LandAmerica Financial Group COM 514936103 36727 930500 SH Sole 930500
Leucadia National Corp COM 527288104 3391 75000 SH Sole 75000
2826 62500 SH Defined 01 60000 2500
Lowes COM 548661107 2179 95000 SH Sole 95000
3712 161800 SH Defined 01 150000 11800
Marriott International COM 571903202 5326 155000 SH Sole 155000
38059 1107646 SH Defined 01 975000 132646
Marsh & McLennan COM 571748102 1461 60000 SH Sole 60000
26044 1069556 SH Defined 01 1043000 26556
McGraw-Hill Companies COM 580645109 17027 460800 SH Defined 01 460000 800
Meadowbrook Insurance Company COM 58319P108 2275 291300 SH Sole 291300
Microsoft COM 594918104 249 8790 SH Defined 01 8790
News Corporation COM 65248E203 5534 290650 SH Defined 01 275000 15650
Northern Trust Corp COM 665859104 1329 20000 SH Sole 20000
7976 120000 SH Defined 01 120000
NuStar GP Holdings COM 67059L102 2025 80000 SH Sole 80000
9598 379200 SH Defined 01 375000 4200
Pepsico COM 713448108 2419 33500 SH Defined 01 33300 200
Philip Morris International COM 718172109 5903 116700 SH Defined 01 114500 2200
Plum Creek Lumber MLP COM 729251108 14477 355700 SH Defined 01 350000 5700
Progressive Corp COM 743315103 748 46516 SH Defined 01 46516
RLI Corporation COM 749607107 31225 629913 SH Defined 01 598637 31276
SAP Aktiengesellschaft COM 803054204 1487 30000 SH Defined 01 30000
State Street Corp COM 857477103 3192 40400 SH Defined 01 40400
Sysco Corp COM 871829107 2467 85000 SH Sole 85000
20190 695717 SH Defined 01 615000 80717
T.Rowe Price COM 74144T108 550 11000 SH Sole 11000
7950 159000 SH Defined 01 159000
United Parcel Service COM 911312106 20446 280000 SH Sole 280000
30498 417670 SH Defined 01 360000 57670
Valley National Bank COM 919794107 2432 126607 SH Defined 01 125132 1475
W.P. Carey COM 92930Y107 28454 949400 SH Defined 01 925200 24200
Wachovia COM 929903102 346 12797 SH Defined 01 12797
Wal-Mart Stores COM 931142103 3688 70000 SH Sole 70000
39145 743062 SH Defined 01 665000 78062
Walgreen COM 931422109 1333 35000 SH Sole 35000
1168 30660 SH Defined 01 30000 660
Washington Post Co COM 939640108 3589 5425 SH Defined 01 5200 225
Washington Real Estate Investm COM 939653101 13518 404475 SH Defined 01 390300 14175
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Markel Corporation
FORM 13F
March 31, 2008
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
------------------------------ -------------- --------- -------- ------- --- ---- ------- -------- ------- ------ ------
White Mountains COM G9618E107 17748 36975 SH Sole 36975
44796 93325 SH Defined 01 93325
XL Capital COM G98255105 13882 469796 SH Defined 01 469138 658
Yum! Brands Inc COM 988498101 923 24800 SH Defined 01 20000 4800
REPORT SUMMARY 120 DATA RECORDS 1809973 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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