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: December 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 02/16/04 ---------------------- ---------------------------- ------------------- [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: 4 ----------- Form 13F Information Table Entry Total: 222 ----------- Form 13F Information Table Value Total: $ 1,043,470 ----------- (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 4 To Be Assigned Markel International Insurance Company Limited Markel Gayner Asset Management Corporation FORM 13F December 31, 2003

Voting Authority Title of Value Shares Sh/ Put Invstmt Others --------------------------- Name of Issuer Class CUSIP (x$100) Prn Amt Prn Call Dscretn Managers Sole Shared None ----------------------------------------------------------------------------------------------------------------------------------- Abbott Laboratories COM 002824100 1095 23500 SH Other 1,4 23500 634 13600 SH Other 1 13600 Ace Limited COM G0070K103 5617 135600 SH Other 1,3 135600 372 9000 SH Other 1 9000 Aflac COM 001055102 2352 65000 SH Other 1,2 65000 2171 60000 SH Other 1,3 60000 2533 70000 SH Other 1,4 70000 3067 84800 SH Other 1 84800 Allied Capital Corp. COM 019033109 4057 145500 SH Other 1,2 145500 279 10000 SH Other 1,3 10000 2294 82265 SH Other 1,4 82265 5847 209750 SH Other 1 209750 Allstate Corp. COM 020002101 81 1886 SH Other 1,2 1886 135 3144 SH Other 1,3 3144 Altria Group Inc. COM 02209S103 6454 118600 SH Other 1 118600 American Express COM 025816109 6607 137000 SH Other 1,2 137000 482 10000 SH Other 1,3 10000 10664 221100 SH Other 1 221100 Anheuser Busch COM 035229103 26981 512175 SH Other 1,2 512175 6322 120000 SH Other 1,3 120000 5268 100000 SH Other 1,4 100000 22123 419945 SH Other 1 419945 Astoria Financial COM 046265104 1488 40000 SH Other 1,2 40000 Automatic Data Processing COM 019411107 6338 160000 SH Other 1,2 160000 1188 30000 SH Other 1,3 30000 2008 50700 SH Other 1,4 50700 3316 83706 SH Other 1 83706 Bank One COM 06423A103 456 10000 SH Other 1,3 10000 912 20000 SH Other 1,4 20000 456 10000 SH Other 1 10000 Bank of New York COM 064057102 5796 175000 SH Other 1,2 175000 1656 50000 SH Other 1,3 50000 1490 45000 SH Other 1,4 45000 4356 131500 SH Other 1 131500 Baxter International COM 071813109 610 20000 SH Other 1,2 20000 916 30000 SH Other 1,3 30000 1837 60200 SH Other 1 60200 Berkshire Hathaway Class B COM 084670207 48812 17340 SH Other 1,2 17340 7038 2500 SH Other 1,3 2500 5377 1910 SH Other 1,4 1910 27775 9867 SH Other 1 9867 Berkshire Hathaway, Inc. COM 10382K102 21062 250 SH Other 1,2 250 10110 120 SH Other 1,3 120 8004 95 SH Other 1,4 95 18535 220 SH Other 1 220

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 ------------------------------------------------------------------------------------------------------------------------------------ Bristol Myers Squibb COM 110122108 3003 105000 SH Other 1,3 105000 867 30300 SH Other 1,4 30300 643 22500 SH Other 1 22500 Brown & Brown COM 115236101 483 14805 SH Other 1,2 14805 261 8009 SH Other 1,3 8009 2772 85000 SH Other 1 85000 Brown Forman Class A COM 115637100 1115 11500 SH Other 1,2 11500 776 8000 SH Other 1,3 8000 4906 50600 SH Other 1,4 50600 7050 72730 SH Other 1 72730 Carmax COM 143130102 27172 878500 SH Other 1,2 878500 4485 145000 SH Other 1,3 145000 5610 181386 SH Other 1,4 181386 21664 700409 SH Other 1 700409 Cedar Fair LP COM 150185106 504 16400 SH Other 1 16400 Centerpoint Property Trust COM 151895109 18380 245400 SH Other 1,2 245400 4494 60000 SH Other 1,3 60000 17602 235000 SH Other 1 235000 Cincinnati Financial COM 172062101 7098 170000 SH Other 1,2 170000 6461 154750 SH Other 1,3 154750 1044 25000 SH Other 1,4 25000 8360 200270 SH Other 1 200270 Clear Channel Communications COM 184502102 468 10000 SH Other 1,4 10000 Comcast COM 20030N101 2131 65000 SH Other 1,2 65000 1312 40000 SH Other 1,3 40000 656 20000 SH Other 1,4 20000 3253 99200 SH Other 1 99200 Corus Bankshares COM 220873103 2264 73000 SH Other 1,2 73000 2420 78000 SH Other 1 78000 Cox Communications COM 224044107 344 10000 SH Other 1,4 10000 Crescent Real Estate-REIT COM 225756105 171 10000 SH Other 1 10000 Diageo PLC COM 25243Q205 23787 450000 SH Other 1,2 450000 11708 221500 SH Other 1,3 221500 10757 203500 SH Other 1,4 203500 11758 222420 SH Other 1 222420 Exxon Mobil Corporation COM 30231G102 2050 50000 SH Other 1,2 50000 2870 70000 SH Other 1,3 70000 4092 99800 SH Other 1,4 99800 1958 47772 SH Other 1 47772 Federated Investors Inc. COM 314211103 587 20000 SH Other 1,2 20000 587 20000 SH Other 1,3 20000 3083 105000 SH Other 1 105000 Forest City Enterprises COM 345550107 14771 310900 SH Other 1,2 310900 2376 50000 SH Other 1,3 50000 727 15300 SH Other 1,4 15300 2745 57800 SH Other 1 57800 Gannett Company COM 364730101 8916 100000 SH Other 1,2 100000 1783 20000 SH Other 1,3 20000 3745 42000 SH Other 1,4 42000 1201 13467 SH Other 1 13467

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 ------------------------------------------------------------------------------------------------------------------------------------ General Dynamics COM 369550108 9491 105000 SH Other 1,2 105000 1808 20000 SH Other 1,3 20000 1808 20000 SH Other 1,4 20000 5093 56350 SH Other 1 56350 General Electric COM 369604103 381 12300 SH Other 1 12300 Golden West Financial COM 381317106 5160 50000 SH Other 1,2 50000 1032 10000 SH Other 1,3 10000 3096 30000 SH Other 1,4 30000 6703 64965 SH Other 1 64965 H&R Block COM 093671105 4430 80000 SH Other 1,2 80000 1107 20000 SH Other 1,4 20000 2879 52000 SH Other 1 52000 Harrah's Entertainment COM 413619107 1493 30000 SH Other 1,3 30000 5972 120000 SH Other 1,4 120000 7959 159900 SH Other 1 159900 International Game Tech. COM 459902102 286 8000 SH Other 1 8000 International Speedway COM 460335201 5008 112700 SH Other 1,2 112700 2444 55000 SH Other 1,3 55000 3333 75000 SH Other 1,4 75000 5480 123300 SH Other 1 123300 Interpublic Group COM 460690100 1061 68000 SH Other 1,2 68000 936 60000 SH Other 1,3 60000 671 43000 SH Other 1,4 43000 1709 109600 SH Other 1 109600 Investors Title Company COM 461804106 1309 42200 SH Other 1,2 42200 4732 152600 SH Other 1,3 152600 1285 41450 SH Other 1 41450 Johnson and Johnson COM 478160104 1033 20000 SH Other 1,3 20000 1405 27200 SH Other 1,4 27200 2743 53100 SH Other 1 53100 Kaneb Services COM 484173109 2725 85500 SH Other 1,2 85500 7027 220500 SH Other 1,3 220500 2948 92500 SH Other 1,4 92500 2308 72400 SH Other 1 72400 Labranche & Co. COM 505447102 1167 100000 SH Other 1,2 100000 292 25000 SH Other 1,3 25000 1167 100000 SH Other 1,4 100000 4851 415700 SH Other 1 415700 Lamar Communications COM 512815101 373 10000 SH Other 1,4 10000 Leucadia National Corp. COM 527288104 922 20000 SH Other 1,3 20000 28 600 SH Other 1 600 MBIA Inc. COM 55262C100 11550 195000 SH Other 1,2 195000 11550 195000 SH Other 1,3 195000 5627 95000 SH Other 1,4 95000 6539 110400 SH Other 1 110400 Marriott International COM 571903202 8547 185000 SH Other 1,2 185000 924 20000 SH Other 1,3 20000 2079 45000 SH Other 1,4 45000 3945 85400 SH Other 1 85400 Marsh & McLennan COM 571748102 11015 230000 SH Other 1,2 230000 5747 120000 SH Other 1,3 120000 14511 303000 SH Other 1,4 303000 19578 408835 SH Other 1 408835

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 ------------------------------------------------------------------------------------------------------------------------------------ Martin Marietta Materials COM 573284106 1996 42500 SH Other 1,2 42500 11747 250086 SH Other 1,3 250086 2508 53400 SH Other 1,4 53400 7611 162044 SH Other 1 162044 McGraw-Hill COM 580645109 3622 51800 SH Other 1 51800 Merck COM 58155Q103 1123 24300 SH Other 1,4 24300 1530 33125 SH Other 1 33125 New York Community Bank COM 649445103 1522 40000 SH Other 1,2 40000 Northern Trust Corp. COM 665859104 1388 30000 SH Other 1,2 30000 463 10000 SH Other 1,3 10000 463 10000 SH Other 1 10000 Penn National Gaming COM 707569109 1433 62000 SH Other 1,2 62000 3130 135400 SH Other 1,3 135400 463 20000 SH Other 1 20000 Pepsico COM 713448108 1552 33300 SH Other 1,4 33300 38 800 SH Other 1 800 Pitney Bowes Inc. COM 724479100 406 10000 SH Other 1 10000 Plum Creek Timber Co. COM 729251108 2893 95000 SH Other 1,2 95000 913 30000 SH Other 1,3 30000 1218 40000 SH Other 1,4 40000 5009 164487 SH Other 1 164487 Prologis COM 743410102 321 10000 SH Other 1,3 10000 RLI Corporation COM 749607107 3882 103624 SH Other 1,2 103624 14856 396576 SH Other 1,3 396576 5217 139284 SH Other 1 139284 Reynolds & Reynolds 'A' COM 761695105 581 20000 SH Other 1,2 20000 290 10000 SH Other 1,4 10000 Schering Plough COM 806605101 261 15000 SH Other 1,2 15000 522 30000 SH Other 1,3 30000 174 10000 SH Other 1,4 10000 665 38300 SH Other 1 38300 Service Corporation Int'l COM 817565104 1816 337000 SH Other 1 337000 ServiceMaster COM 817615107 655 56200 SH Other 1,3 56200 3262 280000 SH Other 1,4 280000 3104 266443 SH Other 1 266443 State Street Corp. COM 857477103 1042 20000 SH Other 1,2 20000 1062 20400 SH Other 1,4 20400 T Rowe Price Group COM 74144T108 2371 50000 SH Other 1,2 50000 474 10000 SH Other 1,3 10000 1185 25000 SH Other 1 25000 TCF Financial Corp. COM 872275102 513 10000 SH Other 1,3 10000 Tiffany COM 886547108 4294 95000 SH Other 1,2 95000 904 20000 SH Other 1,3 20000 1130 25000 SH Other 1,4 25000 249 5500 SH Other 1 5500 United Mobile Homes COM 911024107 221 13000 SH Other 1 13000 Valley National Bank COM 919794107 945 32348 SH Other 1,2 32348 805 27562 SH Other 1,4 27562 503 17237 SH Other 1 17237 Vulcan Materials COM 929160109 3140 66000 SH Other 1,2 66000 1950 41000 SH Other 1,3 41000 1427 30000 SH Other 1,4 30000 1747 36730 SH Other 1 36730

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 --------------------------------------------------------------------------------------------------------------------------------- Walt Disney Company COM 254687106 2800 120000 SH Other 1,2 120000 1400 60000 SH Other 1,3 60000 1050 45000 SH Other 1,4 45000 6680 286365 SH Other 1 286365 Washington Post Co. COM 939640108 2216 2800 SH Other 1,3 2800 1504 1900 SH Other 1,4 1900 652 825 SH Other 1 825 Washington Real Estate Investment COM 939653101 2789 95500 SH Other 1,2 95500 6287 215293 SH Other 1,3 215293 5428 185907 SH Other 1 185907 Waste Management COM 94106l109 2072 70000 SH Other 1,2 70000 296 10000 SH Other 1,3 10000 3256 110000 SH Other 1,4 110000 4130 139536 SH Other 1 139536 White Mountains COM G9618E107 5197 11300 SH Other 1,2 11300 4600 10000 SH Other 1,3 10000 13339 29000 SH Other 1,4 29000 43695 95000 SH Other 1 95000 XL Capital COM G3242A102 27853 359160 SH Other 1,2 359160 8429 108688 SH Other 1,3 108688 9693 124999 SH Other 1 124999 REPORT SUMMARY DATA RECORDS: 222 $1,043,470 4 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: December 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 02/16/04 ---------------------- ---------------------------- ------------------- [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: December 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 02/16/04 ---------------------- ---------------------------- ------------------- [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: December 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 02/16/04 ---------------------- ---------------------------- ------------------- [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: December 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 International Insurance Company Limited Address: The Markel Building 49 Leadenhall Street London EC3A 2EA England Form 13F File Number: To Be Assigned -------------- 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: Andrew J. Bailey Title: Secretary Phone: 011-44-207-953-6532 Signature, Place, and Date of Signing: Andrew J. Bailey London, England 02/16/04 ---------------------- ---------------------------- ------------------- [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