13F-HR 1 d13fhr.txt MARKEL GAYNER ASSET MGMT 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, 2004 ----------------- 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 05/12/04 ---------------------- ---------------------------- ------------------- [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).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 4 ----------------- Form 13F Information Table Entry Total: 229 ----------------- Form 13F Information Table Value Total: $ 1,136,402 ----------------- (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 28-10743 Markel International Insurance Company Limited Markel Gayner Asset Management Corporation FORM 13F March 31, 2004

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 966 23500 SH Other 1,4 23500 559 13600 SH Other 1 13600 Ace Limited COM G0070K103 5785 135600 SH Other 1,3 135600 384 9000 SH Other 1 9000 Aflac COM 001055102 2609 65000 SH Other 1,2 65000 2408 60000 SH Other 1,3 60000 2810 70000 SH Other 1,4 70000 3440 85700 SH Other 1 85700 Allied Capital Corp. COM 019033109 4407 145500 SH Other 1,2 145500 303 10000 SH Other 1,3 10000 2492 82265 SH Other 1,4 82265 6353 209750 SH Other 1 209750 Allstate Corp. COM 020002101 86 1886 SH Other 1,2 1886 143 3144 SH Other 1,3 3144 Altria Group Inc. COM 02209S103 6458 118600 SH Other 1 118600 American Express COM 025816109 7103 137000 SH Other 1,2 137000 519 10000 SH Other 1,3 10000 11506 221900 SH Other 1 221900 Anheuser Busch COM 035229103 26121 512175 SH Other 1,2 512175 6120 120000 SH Other 1,3 120000 7140 140000 SH Other 1,4 140000 23370 458230 SH Other 1 458230 Astoria Financial COM 046265104 1521 40000 SH Other 1,2 40000 Automatic Data Processing COM 019411107 6720 160000 SH Other 1,2 160000 1260 30000 SH Other 1,3 30000 2129 50700 SH Other 1,4 50700 3516 83706 SH Other 1 83706 Bank of New York COM 064057102 5513 175000 SH Other 1,2 175000 1575 50000 SH Other 1,3 50000 1417 45000 SH Other 1,4 45000 4057 128800 SH Other 1 128800 Baxter International COM 071813109 618 20000 SH Other 1,2 20000 927 30000 SH Other 1,3 30000 618 20000 SH Other 1,4 20000 2168 70200 SH Other 1 70200 Berkshire Hathaway Class B COM 084670207 53945 17340 SH Other 1,2 17340 7778 2500 SH Other 1,3 2500 5942 1910 SH Other 1,4 1910 30849 9916 SH Other 1 9916 Berkshire Hathaway, Inc. COM 10382K102 23325 250 SH Other 1,2 250 11196 120 SH Other 1,3 120 10730 115 SH Other 1,4 115 23325 250 SH Other 1 250

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 2544 105000 SH Other 1,3 105000 734 30300 SH Other 1,4 30300 436 18000 SH Other 1 18000 Brown & Brown COM 115236101 574 14805 SH Other 1,2 14805 311 8009 SH Other 1,3 8009 1744 45000 SH Other 1,4 45000 4457 115000 SH Other 1 115000 Brown Forman Class A COM 115637100 1162 23000 SH Other 1,2 23000 808 16000 SH Other 1,3 16000 5111 101200 SH Other 1,4 101200 7346 145460 SH Other 1 145460 Carmax COM 143130102 25652 878500 SH Other 1,2 878500 4234 145000 SH Other 1,3 145000 5296 181386 SH Other 1,4 181386 21045 720709 SH Other 1 720709 Cedar Fair LP COM 150185106 574 16400 SH Other 1 16400 Centerpoint Property Trust COM 151895109 20246 245400 SH Other 1,2 245400 4950 60000 SH Other 1,3 60000 19387 235000 SH Other 1 235000 Cincinnati Financial COM 172062101 7386 170000 SH Other 1,2 170000 6724 154750 SH Other 1,3 154750 1086 25000 SH Other 1,4 25000 8587 197625 SH Other 1 197625 Citigroup COM 172967101 517 10000 SH Other 1,4 10000 Clear Channel Communications COM 184502102 424 10000 SH Other 1,4 10000 Comcast COM 20030N101 1869 65000 SH Other 1,2 65000 1150 40000 SH Other 1,3 40000 4746 165000 SH Other 1,4 165000 5772 200700 SH Other 1 200700 Corus Bankshares COM 220873103 2941 73000 SH Other 1,2 73000 3143 78000 SH Other 1 78000 Diageo PLC COM 25243Q205 23796 450000 SH Other 1,2 450000 11713 221500 SH Other 1,3 221500 12876 243500 SH Other 1,4 243500 13398 253370 SH Other 1 253370 Erie Indemnity Co. COM 29530P102 77 1588 SH Other 1,2 1588 128 2647 SH Other 1,3 2647 Exxon Mobil Corporation COM 30231G102 2080 50000 SH Other 1,2 50000 2911 70000 SH Other 1,3 70000 6230 149800 SH Other 1,4 149800 2432 58472 SH Other 1 58472 Federated Investors Inc. COM 314211103 629 20000 SH Other 1,2 20000 629 20000 SH Other 1,3 20000 3614 115000 SH Other 1 115000 First Data Corp. COM 319963104 535 12700 SH Other 1 12700 Forest City Enterprises COM 345550107 16742 310900 SH Other 1,2 310900 2692 50000 SH Other 1,3 50000 824 15300 SH Other 1,4 15300 3113 57800 SH Other 1 57800

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 ------------------------------------------------------------------------------------------------------------------------------------ Gannett Company COM 364730101 8814 100000 SH Other 1,2 100000 1763 20000 SH Other 1,3 20000 3702 42000 SH Other 1,4 42000 1187 13467 SH Other 1 13467 General Dynamics COM 369550108 9379 105000 SH Other 1,2 105000 1787 20000 SH Other 1,3 20000 1787 20000 SH Other 1,4 20000 5034 56350 SH Other 1 56350 General Electric COM 369604103 422 13818 SH Other 1 13818 Golden West Financial COM 381317106 5598 50000 SH Other 1,2 50000 1119 10000 SH Other 1,3 10000 3358 30000 SH Other 1,4 30000 7273 64965 SH Other 1 64965 H&R Block COM 093671105 4082 80000 SH Other 1,2 80000 1021 20000 SH Other 1,4 20000 2654 52000 SH Other 1 52000 HCC Insurance Holdings COM 404132102 95 2932 SH Other 1,2 2932 158 4887 SH Other 1,3 4887 Harrah's Entertainment COM 413619107 1646 30000 SH Other 1,3 30000 6587 120000 SH Other 1,4 120000 8777 159900 SH Other 1 159900 Honda Motor Co. COM 438128308 507 21900 SH Other 1 21900 International Game Tech. COM 459902102 360 8000 SH Other 1 8000 International Speedway COM 460335201 5297 112700 SH Other 1,2 112700 2585 55000 SH Other 1,3 55000 3995 85000 SH Other 1,4 85000 6293 133900 SH Other 1 133900 Interpublic Group COM 460690100 1046 68000 SH Other 1,2 68000 923 60000 SH Other 1,3 60000 661 43000 SH Other 1,4 43000 1686 109600 SH Other 1 109600 Investors Title Company COM 461804106 1298 42200 SH Other 1,2 42200 4692 152600 SH Other 1,3 152600 1275 41450 SH Other 1 41450 Johnson and Johnson COM 478160104 1522 30000 SH Other 1,3 30000 9495 187200 SH Other 1,4 187200 6208 122400 SH Other 1 122400 Kaneb Services COM 484173109 2821 85500 SH Other 1,2 85500 7277 220500 SH Other 1,3 220500 3053 92500 SH Other 1,4 92500 2389 72400 SH Other 1 72400 Labranche & Co. COM 505447102 1121 100000 SH Other 1,2 100000 280 25000 SH Other 1,3 25000 1121 100000 SH Other 1,4 100000 4570 407700 SH Other 1 407700 Lamar Communications COM 512815101 403 10000 SH Other 1,4 10000 Leucadia National Corp. COM 527288104 1066 20000 SH Other 1,3 20000 32 600 SH Other 1 600 MBIA Inc. COM 55262C100 12226 195000 SH Other 1,2 195000 12226 195000 SH Other 1,3 195000 5957 95000 SH Other 1,4 95000 6923 110400 SH Other 1 110400

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 ------------------------------------------------------------------------------------------------------------------------------------ Marriott International COM 571903202 7872 185000 SH Other 1,2 185000 851 20000 SH Other 1,3 20000 1915 45000 SH Other 1,4 45000 3634 85400 SH Other 1 85400 Marsh & McLennan COM 571748102 10649 230000 SH Other 1,2 230000 5556 120000 SH Other 1,3 120000 16344 353000 SH Other 1,4 353000 21480 463935 SH Other 1 463935 Martin Marietta Materials COM 573284106 1962 42500 SH Other 1,2 42500 11544 250086 SH Other 1,3 250086 2465 53400 SH Other 1,4 53400 7281 157744 SH Other 1 157744 McGraw-Hill COM 580645109 3045 40000 SH Other 1,4 40000 5566 73100 SH Other 1 73100 Merck COM 58155Q103 1074 24300 SH Other 1,4 24300 1464 33125 SH Other 1 33125 New York Community Bank COM 649445103 1828 53333 SH Other 1,2 53333 Northern Trust Corp. COM 665859104 1398 30000 SH Other 1,2 30000 466 10000 SH Other 1,3 10000 466 10000 SH Other 1 10000 Penn National Gaming COM 707569109 1784 62000 SH Other 1,2 62000 3895 135400 SH Other 1,3 135400 575 20000 SH Other 1 20000 Pepsico COM 713448108 1793 33300 SH Other 1,4 33300 43 800 SH Other 1 800 Pitney Bowes Inc. COM 724479100 426 10000 SH Other 1 10000 Plum Creek Timber Co. COM 729251108 3086 95000 SH Other 1,2 95000 974 30000 SH Other 1,3 30000 1624 50000 SH Other 1,4 50000 6219 191487 SH Other 1 191487 Progressive Corp. COM 743315103 85 977 SH Other 1,2 977 143 1629 SH Other 1,3 1629 RLI Corporation COM 749607107 4000 103624 SH Other 1,2 103624 15308 396576 SH Other 1,3 396576 5376 139284 SH Other 1 139284 Reynolds & Reynolds `A' COM 761695105 568 20000 SH Other 1,2 20000 284 10000 SH Other 1,4 10000 Schering Plough COM 806605101 243 15000 SH Other 1,2 15000 487 30000 SH Other 1,3 30000 162 10000 SH Other 1,4 10000 621 38300 SH Other 1 38300 Service Corporation Int'l COM 817565104 2241 300000 SH Other 1,4 300000 3354 449000 SH Other 1 449000 ServiceMaster COM 817615107 675 56200 SH Other 1,3 56200 3363 280000 SH Other 1,4 280000 3200 266443 SH Other 1 266443 State Street Corp. COM 857477103 1043 20000 SH Other 1,2 20000 1063 20400 SH Other 1,4 20400 T Rowe Price Group COM 74144T108 2692 50000 SH Other 1,2 50000 538 10000 SH Other 1,3 10000 1346 25000 SH Other 1 25000 TCF Financial Corp. COM 872275102 511 10000 SH Other 1,3 10000

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 ------------------------------------------------------------------------------------------------------------------------------------ Tiffany COM 886547108 3626 95000 SH Other 1,2 95000 763 20000 SH Other 1,3 20000 954 25000 SH Other 1,4 25000 210 5500 SH Other 1 5500 United Mobile Homes COM 911024107 209 13000 SH Other 1 13000 Valley National Bank COM 919794107 905 32348 SH Other 1,2 32348 771 27562 SH Other 1,4 27562 482 17237 SH Other 1 17237 Vulcan Materials COM 929160109 3131 66000 SH Other 1,2 66000 1945 41000 SH Other 1,3 41000 1423 30000 SH Other 1,4 30000 1297 27330 SH Other 1 27330 Walt Disney Company COM 254687106 2999 120000 SH Other 1,2 120000 1499 60000 SH Other 1,3 60000 1125 45000 SH Other 1,4 45000 7156 286365 SH Other 1 286365 Washington Post Co. COM 939640108 2476 2800 SH Other 1,3 2800 1680 1900 SH Other 1,4 1900 730 825 SH Other 1 825 Washington Real Estate Investment COM 939653101 3099 95500 SH Other 1,2 95500 6986 215293 SH Other 1,3 215293 5997 184807 SH Other 1 184807 Waste Management COM 94106l109 2112 70000 SH Other 1,2 70000 302 10000 SH Other 1,3 10000 3320 110000 SH Other 1,4 110000 4211 139536 SH Other 1 139536 White Mountains COM G9618E107 5927 11300 SH Other 1,2 11300 5245 10000 SH Other 1,3 10000 15211 29000 SH Other 1,4 29000 49827 95000 SH Other 1 95000 XL Capital COM G3242A102 27310 359160 SH Other 1,2 359160 8265 108688 SH Other 1,3 108688 9490 124799 SH Other 1 124799

REPORT SUMMARY DATA RECORDS: 229 $1,136,402 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: March 31, 2004 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 05/12/04 ---------------------- ---------------------------- ------------------- [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: March 31, 2004 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 05/12/04 ---------------------- ---------------------------- ------------------- [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: March 31, 2004 ----------------- 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: 28-10743 ----------- 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 05/12/04 ---------------------- ---------------------------- ------------------- [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: March 31, 2004 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 05/12/04 ---------------------- ---------------------------- ------------------- [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