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: September 30, 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 11/12/03 ------------------------ ------------------------ ------------------------ [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: 180 ----------- Form 13F Information Table Value Total: $ 872256 ----------- (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 September 30, 2003

Title Voting Authority 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 1579 37100 SH Other 1 37100 Ace Limited............... COM G0070K103 4486 135600 SH Other 1,3 135600 496 15000 SH Other 1 15000 Aflac..................... COM 001055102 1777 55000 SH Other 1,2 55000 1938 60000 SH Other 1,3 60000 1363 42200 SH Other 1 42200 Allied Capital Corp....... COM 019033109 3578 145500 SH Other 1,2 145500 246 10000 SH Other 1,3 10000 7168 291530 SH Other 1 291530 Altria Group Inc.......... COM 02209S103 5195 118600 SH Other 1 118600 American Express.......... COM 025816109 6173 137000 SH Other 1,2 137000 451 10000 SH Other 1,3 10000 10026 222500 SH Other 1 222500 Anheuser Busch............ COM 035229103 24777 502175 SH Other 1,2 502175 5921 120000 SH Other 1,3 120000 19427 393745 SH Other 1 393745 Astoria Financial......... COM 046265104 1236 40000 SH Other 1,2 40000 Automatic Data Processing. COM 019411107 5378 150000 SH Other 1,2 150000 1075 30000 SH Other 1,3 30000 4055 113106 SH Other 1 113106 Bank One.................. COM 06423A103 387 10000 SH Other 1,3 10000 1159 30000 SH Other 1 30000 Bank of New York.......... COM 064057102 5094 175000 SH Other 1,2 175000 1456 50000 SH Other 1,3 50000 5152 177000 SH Other 1 177000 Baxter International...... COM 071813109 581 20000 SH Other 1,2 20000 872 30000 SH Other 1,3 30000 878 30200 SH Other 1 30200 Berkshire Hathaway Class B COM 084670207 41159 16490 SH Other 1,2 16490 6240 2500 SH Other 1,3 2500 31485 12614 SH Other 1 12614 Berkshire Hathaway, Inc... COM 10382K102 17250 230 SH Other 1,2 230 9000 120 SH Other 1,3 120 17625 235 SH Other 1 235 Bristol Myers Squibb...... COM 110122108 2694 105000 SH Other 1,3 105000 1435 55900 SH Other 1 55900 Brown & Brown............. COM 115236101 456 14805 SH Other 1,2 14805 246 8009 SH Other 1,3 8009 Brown Forman Class A...... COM 115637100 935 11500 SH Other 1,2 11500 650 8000 SH Other 1,3 8000 10062 123730 SH Other 1 123730 Capital Automotive REIT... COM 139733109 303 10000 SH Other 1,3 10000 Carmax.................... COM 143130102 28692 878500 SH Other 1,2 878500 4736 145000 SH Other 1,3 145000 28518 873180 SH Other 1 873180 Cedar Fair LP............. COM 150185106 599 21400 SH Other 1 21400 Centerpoint Property Trust COM 151895109 16714 245400 SH Other 1,2 245400 4087 60000 SH Other 1,3 60000 16067 235900 SH Other 1 235900

Title Voting Authority of Value Shares/ Sh/ Put/ Invstmt Other ---------------- Name of Issuer Class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None -------------- ----- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- Cincinnati Financial........ COM 172062101 6800 170000 SH Other 1,2 170000 6190 154750 SH Other 1,3 154750 9267 231670 SH Other 1 231670 Claire's Stores............. COM 179584107 836 25000 SH Other 1,2 25000 6709 200500 SH Other 1 200500 Clear Channel Communications COM 184502102 383 10000 SH Other 1 10000 Comcast..................... COM 20030N101 1387 45000 SH Other 1,2 45000 1233 40000 SH Other 1,3 40000 98 3200 SH Other 1 3200 Corus Bankshares............ COM 220873103 1952 36500 SH Other 1,2 36500 2086 39000 SH Other 1 39000 Cox Communications.......... COM 224044107 316 10000 SH Other 1 10000 Crescent Real Estate-REIT... COM 225756105 145 10000 SH Other 1 10000 Diageo PLC.................. COM 25243Q205 19426 440000 SH Other 1,2 440000 9779 221500 SH Other 1,3 221500 13246 300020 SH Other 1 300020 Duke Energy................. COM 264399106 187 10500 SH Other 1 10500 Exxon Mobil Corporation..... COM 30231G102 1464 40000 SH Other 1,2 40000 2562 70000 SH Other 1,3 70000 3582 97872 SH Other 1 97872 Federated Investors Inc..... COM 314211103 277 10000 SH Other 1,2 10000 554 20000 SH Other 1,3 20000 Forest City Enterprises..... COM 345550107 13602 310900 SH Other 1,2 310900 2187 50000 SH Other 1,3 50000 3277 74900 SH Other 1 74900 Gannett Company............. COM 364730101 7756 100000 SH Other 1,2 100000 1551 20000 SH Other 1,3 20000 4302 55467 SH Other 1 55467 General Dynamics............ COM 369550108 8196 105000 SH Other 1,2 105000 1561 20000 SH Other 1,3 20000 5960 76350 SH Other 1 76350 General Electric............ COM 369604103 396 13300 SH Other 1 13300 Golden West Financial....... COM 381317106 4476 50000 SH Other 1,2 50000 895 10000 SH Other 1,3 10000 8500 94965 SH Other 1 94965 H&R Block................... COM 093671105 3021 70000 SH Other 1,2 70000 949 22000 SH Other 1 22000 HCC Corporation............. COM 404132102 1017 35000 SH Other 1,2 35000 2923 100500 SH Other 1 100500 Harrah's Entertainment...... COM 413619107 3790 90000 SH Other 1,2 90000 1263 30000 SH Other 1,3 30000 7205 171100 SH Other 1 171100 International Game Tech..... COM 459902102 225 8000 SH Other 1 8000 International Speedway...... COM 460335201 4946 112700 SH Other 1,2 112700 2414 55000 SH Other 1,3 55000 8234 187600 SH Other 1 187600 Interpublic Group........... COM 460690100 960 68000 SH Other 1,2 68000 847 60000 SH Other 1,3 60000 2155 152600 SH Other 1 152600 Investors Title Company..... COM 461804106 1287 42200 SH Other 1,2 42200 4655 152600 SH Other 1,3 152600 1270 41650 SH Other 1 41650 Johnson and Johnson......... COM 478160104 990 20000 SH Other 1,3 20000 1347 27200 SH Other 1 27200

Title Voting Authority of Value Shares/ Sh/ Put/ Invstmt Other ---------------- Name of Issuer Class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None -------------- ----- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- Kaneb Services.............. COM 484173109 2278 85500 SH Other 1,2 85500 5876 220500 SH Other 1,3 220500 4395 164900 SH Other 1 164900 Lamar Communications........ COM 512815101 295 10000 SH Other 1 10000 Leucadia National Corp...... COM 527288104 757 20000 SH Other 1,3 20000 23 600 SH Other 1 600 MBIA Inc.................... COM 55262C100 10719 195000 SH Other 1,2 195000 10719 195000 SH Other 1,3 195000 11280 205200 SH Other 1 205200 Marriott International...... COM 571903202 7961 185000 SH Other 1,2 185000 860 20000 SH Other 1,3 20000 5611 130400 SH Other 1 130400 Marsh & McLennan............ COM 571748102 8570 180000 SH Other 1,2 180000 5713 120000 SH Other 1,3 120000 7256 152400 SH Other 1 152400 Martin Marietta Materials... COM 573284106 1549 42500 SH Other 1,2 42500 9116 250086 SH Other 1,3 250086 7937 217744 SH Other 1 217744 Merck....................... COM 58155Q103 3185 62925 SH Other 1 62925 Mission West Properties REIT COM 605203108 124 10000 SH Other 1,3 10000 New York Community Bank..... COM 649445103 1260 40000 SH Other 1,2 40000 Northern Trust Corp......... COM 665859104 1271 30000 SH Other 1,2 30000 423 10000 SH Other 1,3 10000 423 10000 SH Other 1 10000 Penn National Gaming........ COM 707569109 1322 62000 SH Other 1,2 62000 2887 135400 SH Other 1,3 135400 426 20000 SH Other 1 20000 Pepsico..................... COM 713448108 1563 34100 SH Other 1 34100 Pitney Bowes Inc............ COM 724479100 383 10000 SH Other 1 10000 Plum Creek Timber Co........ COM 729251108 2163 85000 SH Other 1,2 85000 763 30000 SH Other 1,3 30000 2111 82987 SH Other 1 82987 Prologis.................... COM 743410102 302 10000 SH Other 1,3 10000 RLI Corporation............. COM 749607107 3411 103624 SH Other 1,2 103624 13055 396576 SH Other 1,3 396576 4685 142285 SH Other 1 142285 Reynolds & Reynolds 'A'..... COM 761695105 551 20000 SH Other 1,2 20000 275 10000 SH Other 1 10000 Schering Plough............. COM 806605101 229 15000 SH Other 1,2 15000 457 30000 SH Other 1,3 30000 736 48300 SH Other 1 48300 ServiceMaster............... COM 817615107 1847 180000 SH Other 1,2 180000 576 56200 SH Other 1,3 56200 2612 254543 SH Other 1 254543 State Street Corp........... COM 857477103 900 20000 SH Other 1,2 20000 918 20400 SH Other 1 20400 T Rowe Price Group.......... COM 74144T108 2064 50000 SH Other 1,2 50000 413 10000 SH Other 1,3 10000 1032 25000 SH Other 1 25000 TCF Financial Corp.......... COM 872275102 479 10000 SH Other 1,3 10000 Tiffany..................... COM 886547108 3546 95000 SH Other 1,2 95000 747 20000 SH Other 1,3 20000 1139 30500 SH Other 1 30500 United Mobile Homes......... COM 911024107 196 13000 SH Other 1 13000

Title Voting Authority of Value Shares/ Sh/ Put/ Invstmt Other ---------------- Name of Issuer Class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None -------------- ----- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- Valley National Bank.. COM 919794107 901 32348 SH Other 1,2 32348 1247 44800 SH Other 1 44800 Vulcan Materials...... COM 929160109 2634 66000 SH Other 1,2 66000 1636 41000 SH Other 1,3 41000 2755 69030 SH Other 1 69030 Walt Disney Company... COM 254687106 2420 120000 SH Other 1,2 120000 1210 60000 SH Other 1,3 60000 6721 333165 SH Other 1 333165 Washington Post Co.... COM 939640108 1862 2800 SH Other 1,3 2800 1480 2225 SH Other 1 2225 Washington Real Estate Investment.......... COM 939653101 2770 95500 SH Other 1,2 95500 6243 215293 SH Other 1,3 215293 5693 196307 SH Other 1 196307 Waste Management...... COM 94106l109 1832 70000 SH Other 1,2 70000 262 10000 SH Other 1,3 10000 6608 252536 SH Other 1 252536 White Mountains....... COM G9618E107 119 300 SH Other 1,2 300 3970 10000 SH Other 1,3 10000 53599 135000 SH Other 1 135000 Wyeth Inc............. COM 026609107 1466 31800 SH Other 1 31800 XL Capital............ COM G3242A102 27814 359160 SH Other 1,2 359160 8417 108688 SH Other 1,3 108688 9695 125199 SH Other 1 125199

REPORT SUMMARY DATA RECORDS: 180 $872256 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: September 30, 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 11/12/03 ------------------------ ------------------------ ------------------------ [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: September 30, 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 11/12/03 ------------------------ ------------------------ ------------------------ [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: September 30, 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 11/12/03 ------------------------ ------------------------ ------------------------ [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