13F-HR 1 d13fhr.txt FORM 13F-HR 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, 2003 ----------------- 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 Gayner Asset Management Corporation Address: 4521 Highwoods Pkwy Glen Allen, VA 23060 Form 13F File Number: 28-6056 -------- 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 Phone: 804-527-3806 Signature, Place, and Date of Signing: Thomas S. Gayner Richmond, VA 05/06/03 ---------------------- ---------------------------- ------------------- [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).) 1 Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 3 ----------------- Form 13F Information Table Entry Total: 148 ----------------- Form 13F Information Table Value Total: $ 617368 ----------------- (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 28-6647 Markel Corporation 2 28-6745 Evanston Insurance Company 3 28-10352 Essex Insurance Company Markel Gayner Asset Management Corporation FORM 13F March 31, 2003

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 ------------------------------------------------------------------------------------------------------------------------- Abbott Laboratories COM 002824100 1395 37100 SH Other 1 37100 Ace Limited COM G0070K103 3925 135600 SH Other 1,3 135600 455 15700 SH Other 1 15700 Aflac COM 001055102 641 20000 SH Other 1,2 20000 16 500 SH Other 1 500 Allied Capital Corp. COM 019033109 2507 125500 SH Other 1,2 125500 4996 250045 SH Other 1 250045 Altria Group Inc. COM 02209S103 3553 118600 SH Other 1 118600 American Express COM 025816109 4553 137000 SH Other 1,2 137000 332 10000 SH Other 1,3 10000 7101 213700 SH Other 1 213700 Anheuser Busch COM 035229103 20610 442175 SH Other 1,2 442175 3729 80000 SH Other 1,3 80000 16054 344445 SH Other 1 344445 Astoria Financial COM 046265104 929 40000 SH Other 1,2 40000 61 2600 SH Other 1 2600 Aurora Foods COM 05164B106 18 46906 SH Other 1,3 46906 Automatic Data Processing COM 019411107 3694 120000 SH Other 1,2 120000 989 32106 SH Other 1 32106 Bank One COM 06423A103 692 20000 SH Other 1 20000 Bank of New York COM 064057102 3382 165000 SH Other 1,2 165000 1025 50000 SH Other 1,3 50000 2975 145100 SH Other 1 145100 Berkshire Hathaway Class B COM 084670207 19286 9025 SH Other 1,2 9025 5343 2500 SH Other 1,3 2500 42708 19985 SH Other 1 19985 Berkshire Hathaway, Inc. COM 10382K102 9889 155 SH Other 1,2 155 5806 91 SH Other 1 91 Bristol Myers Squibb COM 110122108 2219 105000 SH Other 1,3 105000 1213 57400 SH Other 1 57400 Brown Forman Class A COM 115637100 887 11500 SH Other 1,2 11500 617 8000 SH Other 1,3 8000 9775 126730 SH Other 1 126730 Carmax COM 172737306 14257 978500 SH Other 1,2 978500 2113 145000 SH Other 1,3 145000 11319 776892 SH Other 1 776892 Cedar Fair LP COM 150185106 622 24900 SH Other 1 24900 Centerpoint Property Trust COM 151895109 14184 245400 SH Other 1,2 245400 3468 60000 SH Other 1,3 60000 13742 237750 SH Other 1 237750 Cincinnati Financial COM 172062101 5962 170000 SH Other 1,2 170000 5427 154750 SH Other 1,3 154750 8192 233585 SH Other 1 233585 Claire's Stores COM 179584107 590 25000 SH Other 1,2 25000 4838 204900 SH Other 1 204900 Clayton Homes COM 184190106 276 25000 SH Other 1,2 25000 552 50000 SH Other 1,3 50000 17430 1578817 SH Other 1 1578817 Corus Bankshares COM 220873103 798 20000 SH Other 1,2 20000 399 10000 SH Other 1 10000 Costco COM 22160K105 2252 75000 SH Other 1,2 75000 1201 40000 SH Other 1 40000 Cox Communications COM 224044107 311 10000 SH Other 1 10000 Diageo PLC COM 25243Q205 16654 405000 SH Other 1,2 405000 5818 141500 SH Other 1,3 141500 6726 163570 SH Other 1 163570 Duke Energy COM 264399106 378 26000 SH Other 1 26000 Exxon Corporation COM 302290101 349 10000 SH Other 1,2 10000 349 10000 SH Other 1,3 10000 2583 73872 SH Other 1 73872 Forest City Enterprises COM 345550107 10117 290900 SH Other 1,2 290900 1739 50000 SH Other 1,3 50000 2080 59800 SH Other 1 59800 Gannett Company COM 364730101 5634 80000 SH Other 1,2 80000 1653 23467 SH Other 1 23467 General Dynamics COM 369550108 2753 50000 SH Other 1,2 50000 229 4150 SH Other 1 4150 General Electric COM 369604103 366 14350 SH Other 1 14350 Golden West Financial COM 381317106 719 10000 SH Other 1,2 10000 2400 33365 SH Other 1 33365 HCC Corporation COM 404132102 13674 535000 SH Other 1,2 535000 2045 80000 SH Other 1,3 80000 3975 155500 SH Other 1 155500 Harrah's Entertainment COM 413619107 1785 50000 SH Other 1,2 50000 714 20000 SH Other 1,3 20000 5687 159300 SH Other 1 159300

Markel Gayner Asset Management Corporation FORM 13F March 31, 2003

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 ------------------------------------------------------------------------------------------------------------------------- International Speedway COM 460335201 3313 82700 SH Other 1,2 82700 601 15000 SH Other 1,3 15000 6337 158200 SH Other 1 158200 Interpublic Group COM 460690100 632 68000 SH Other 1,2 68000 558 60000 SH Other 1,3 60000 1751 188200 SH Other 1 188200 Investors Title Company COM 461804106 877 42200 SH Other 1,2 42200 3173 152600 SH Other 1,3 152600 895 43050 SH Other 1 43050 Johnson and Johnson COM 478160104 1574 27200 SH Other 1 27200 Kaneb Services COM 484173109 1381 65500 SH Other 1,2 65500 4648 220500 SH Other 1,3 220500 3594 170500 SH Other 1 170500 Lamar Communications COM 512815101 293 10000 SH Other 1 10000 MBIA Inc. COM 55262C100 5603 145000 SH Other 1,2 145000 6762 175000 SH Other 1,3 175000 6229 161200 SH Other 1 161200 Marriott International COM 571903202 4613 145000 SH Other 1,2 145000 636 20000 SH Other 1,3 20000 2341 73600 SH Other 1 73600 Marsh & McLennan COM 571748102 1705 40000 SH Other 1,2 40000 1407 33000 SH Other 1 33000 Martin Marietta Materials COM 573284106 1174 42500 SH Other 1,2 42500 6905 250086 SH Other 1,3 250086 6140 222394 SH Other 1 222394 Merck COM 58155Q103 3546 64725 SH Other 1 64725 New York Community Bank COM 649445103 894 30000 SH Other 1,2 30000 Penn National Gaming COM 707569109 1101 62000 SH Other 1,2 62000 2403 135400 SH Other 1,3 135400 355 20000 SH Other 1 20000 Pepsico COM 713448108 1364 34100 SH Other 1 34100 Pfizer Inc COM 717081103 231 7400 SH Other 1 7400 Plum Creek Lumber COM 729237107 328 15187 SH Other 1 15187 RLI Corporation COM 749607107 2784 103624 SH Other 1,2 103624 10656 396576 SH Other 1,3 396576 3911 145546 SH Other 1 145546 Schering Plough COM 806605101 267 15000 SH Other 1,2 15000 178 10000 SH Other 1,3 10000 907 50800 SH Other 1 50800 ServiceMaster COM 817615107 1550 155000 SH Other 1,2 155000 312 31200 SH Other 1,3 31200 2548 254843 SH Other 1 254843 State Street Corp COM 857477103 316 10000 SH Other 1,2 10000 646 20400 SH Other 1 20400 T Rowe Price Group COM 74144T108 271 10000 SH Other 1,2 10000 678 25000 SH Other 1 25000 Tiffany COM 886547108 2375 95000 SH Other 1,2 95000 500 20000 SH Other 1,3 20000 737 29500 SH Other 1 29500 United Mobile Homes COM 911024107 182 13000 SH Other 1 13000 Valley National Bank COM 919794107 512 20808 SH Other 1,2 20808 1037 42097 SH Other 1 42097 Vulcan Materials COM 929160109 1390 46000 SH Other 1,2 46000 937 31000 SH Other 1,3 31000 1995 65980 SH Other 1 65980 Walt Disney Company COM 254687106 1532 90000 SH Other 1,2 90000 851 50000 SH Other 1,3 50000 5045 296405 SH Other 1 296405 Washington Post Co COM 939640108 1227 1800 SH Other 1,3 1800 1175 1725 SH Other 1 1725 Washington Real Estate Investm COM 939653101 2480 95500 SH Other 1,2 95500 5591 215293 SH Other 1,3 215293 5223 201107 SH Other 1 201107 Waste Management COM 94106l109 953 45000 SH Other 1,2 45000 4904 231536 SH Other 1 231536 White Mountains COM G9618E107 102 300 SH Other 1,2 300 3400 10000 SH Other 1,3 10000 45900 135000 SH Other 1 135000 Wyeth Inc. COM 026609107 1207 31920 SH Other 1 31920 XL Capital COM G3242A102 25421 359160 SH Other 1,2 359160 7693 108688 SH Other 1,3 108688 8876 125400 SH Other 1 125400 REPORT SUMMARY 148 DATA RECORDS $617368 3 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED

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, 2003 ----------------- 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: Chief Investment Officer Phone: 804-527-3806 Signature, Place, and Date of Signing: Thomas S. Gayner Richmond, VA 05/06/03 ---------------------- ---------------------------- ------------------- [Signature] [City, State] [Date] Report Type (Check only one.): [_] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [X] 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).) List of Other Managers Reporting for this Manager: Form 13F File Number Name -------------------- ---- 28-6056 Markel Gayner Asset Management Corporation 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, 2003 ----------------- 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: Evanston Insurance Company Address: Ten Parkway North Deerfield, IL 60015 Form 13F File Number: 28-6745 ---------- 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: Anne Waleski Title: Assistant Treasurer Phone: 804-747-0136 Signature, Place, and Date of Signing: Anne Waleski Richmond, VA 05/06/03 ---------------------- ---------------------------- ------------------- [Signature] [City, State] [Date] Report Type (Check only one.): [_] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [X] 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).) List of Other Managers Reporting for this Manager: Form 13F File Number Name -------------------- ---- 28-6056 Markel Gayner Asset Management Corporation 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, 2003 ----------------- 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: Essex Insurance Company Address: 4521 Highwoods Parkway Glen Allen, VA 23060 Form 13F File Number: 28-10352 -------------- 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: Anne Waleski Title: Assistant Treasurer Phone: 804-747-0136 Signature, Place, and Date of Signing: Anne Waleski Richmond, VA 05/06/03 ---------------------- ---------------------------- ------------------- [Signature] [City, State] [Date] Report Type (Check only one.): [_] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [X] 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).) List of Other Managers Reporting for this Manager: Form 13F File Number Name -------------------- ---- 28-6056 Markel Gayner Asset Management Corporation