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13F-HR 1 d13fhr.txt FORM 13 F HOLDINGS REPORT 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, 2006 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 2/14/07 ------------------------------- -------------- -------------------- [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: 8 Form 13F Information Table Entry Total: 315 Form 13F Information Table Value Total: $ 1,892,060 (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 5 28-11258 Markel Syndicate Management Limited 6 To Be Assigned Markel Insurance Company 7 To Be Assigned Associated International Insurance Company 8 To Be Assigned Markel Capital Limited
Markel Gayner Asset Management Corporation FORM 13F December 31, 2006
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 -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- Aflac COM 001055102 2990 65000 SH Other 1,2 65000 2760 60000 SH Other 1,3 60000 9200 200000 SH Other 1,8 200000 2033 44200 SH Other 1 44200 Allied Capital Corp. COM 019033109 4755 145500 SH Other 1,2 145500 327 10000 SH Other 1,3 10000 2688 82265 SH Other 1,4 82265 4289 131250 SH Other 1,7 131250 817 25000 SH Other 1,8 25000 1567 47930 SH Other 1 47930 Altria Group Inc. COM 02209S103 9827 114500 SH Other 1,6 114500 343 4000 SH Other 1 4000 Ambac Financial COM 023139108 891 10000 SH Other 1,7 10000 American Express COM 025816109 8312 137000 SH Other 1,2 137000 1213 20000 SH Other 1,3 20000 607 10000 SH Other 1,4 10000 5582 92000 SH Other 1,6 92000 1517 25000 SH Other 1,7 25000 5423 89400 SH Other 1 89400 Anheuser Busch COM 035229103 31105 632225 SH Other 1,2 632225 7380 150000 SH Other 1,3 150000 3444 70000 SH Other 1,4 70000 3198 65000 SH Other 1,5 65000 3351 68111 SH Other 1,6 68111 6150 125000 SH Other 1,7 125000 8118 165000 SH Other 1,8 165000 15466 314334 SH Other 1 314334 Automatic Data Processing COM 019411107 7880 160000 SH Other 1,2 160000 1477 30000 SH Other 1,3 30000 1512 30700 SH Other 1,4 30700 493 10000 SH Other 1,7 10000 2463 50000 SH Other 1,8 50000 1354 27500 SH Other 1 27500 Bank of America COM 060505104 534 10000 SH Other 1,2 10000 1068 20000 SH Other 1,6 20000 133 2500 SH Other 1 2500 Bank of New York COM 064057102 6890 175000 SH Other 1,2 175000 1968 50000 SH Other 1,3 50000 2165 55000 SH Other 1,4 55000 984 25000 SH Other 1,6 25000 787 20000 SH Other 1,7 20000 394 10000 SH Other 1,8 10000 1863 47300 SH Other 1 47300 Bed Bath & Beyond Inc. COM 075896100 381 10000 SH Other 1,4 10000 381 10000 SH Other 1,8 10000 305 8000 SH Other 1 8000 Berkshire Hathaway Class B COM 084670207 66355 18100 SH Other 1,2 18100 9165 2500 SH Other 1,3 2500 2859 780 SH Other 1,5 780

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 -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- 14664 4000 SH Other 1,6 4000 3116 850 SH Other 1,7 850 4143 1130 SH Other 1,8 1130 15511 4231 SH Other 1 4231 Berkshire Hathaway, Inc. COM 10382K102 30797 280 SH Other 1,2 280 14299 130 SH Other 1,3 130 8249 75 SH Other 1,4 75 18698 170 SH Other 1,5 170 3300 30 SH Other 1,6 14664 1100 10 SH Other 1,7 10 12539 114 SH Other 1 114 Brookfield Asset Management COM 10549P606 8080 167700 SH Other 1,3 167700 2430 50437 SH Other 1,4 50437 15610 324000 SH Other 1,7 324000 8701 180592 SH Other 1,8 180592 17542 364095 SH Other 1 364095 Brown & Brown COM 115236101 835 29610 SH Other 1,2 29610 452 16018 SH Other 1,3 16018 1975 70000 SH Other 1,4 70000 5077 180000 SH Other 1,8 180000 1975 70000 SH Other 1 70000 Brown Forman Class A COM 115637100 1551 23000 SH Other 1,2 23000 1079 16000 SH Other 1,3 16000 3870 57400 SH Other 1,6 57400 674 10000 SH Other 1,7 10000 7498 111200 SH Other 1,8 111200 4523 67060 SH Other 1 67060 Bunge Limited COM 013317810 725 10000 SH Other 1,3 10000 725 10000 SH Other 1,4 10000 1704 23500 SH Other 1 23500 Carmax COM 143130102 49795 928500 SH Other 1,2 928500 10458 195000 SH Other 1,3 195000 13750 256386 SH Other 1,4 256386 1 13 SH Other 1,5 13 17244 321528 SH Other 1,6 321528 11262 210000 SH Other 1,7 210000 17734 330680 SH Other 1,8 330680 24887 464049 SH Other 1 464049 Cedar Fair LP COM 150185106 206 7400 SH Other 1 7400 Charles Schwab COM 808513105 484 25000 SH Other 1,2 25000 7736 400000 SH Other 1,4 400000 483 25000 SH Other 1,7 25000 14 700 SH Other 1 700 Cincinnati Financial COM 172062101 8492 187425 SH Other 1,2 187425 7730 170611 SH Other 1,3 170611 1748 38587 SH Other 1,4 38587 3027 66811 SH Other 1,6 66811 1299 28665 SH Other 1,7 28665 2638 58202 SH Other 1 58202 Citigroup COM 172967101 8077 145000 SH Other 1,2 145000 6372 114400 SH Other 1,3 114400 21623 388200 SH Other 1,4 388200 7241 130000 SH Other 1,6 130000

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 -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- 14827 266200 SH Other 1,7 266200 4801 86200 SH Other 1,8 86200 13300 238775 SH Other 1 238775 Comcast COM 20030N101 2963 70000 SH Other 1,4 70000 440 10400 SH Other 1 10400 Corus Bankshares COM 220873103 4476 194000 SH Other 1,2 194000 577 25000 SH Other 1,4 25000 923 40000 SH Other 1,7 40000 1729 75000 SH Other 1 75000 Deere & Co. COM 214199105 210 2500 SH Other 1 2500 Diageo PLC COM 25243Q205 57103 720000 SH Other 1,2 720000 119 1500 SH Other 1,3 1500 3569 45000 SH Other 1,4 45000 7199 90775 SH Other 1,5 90775 793 10000 SH Other 1,6 10000 4362 55000 SH Other 1,7 55000 16475 207725 SH Other 1,8 207725 11978 151020 SH Other 1 151020 Exxon Mobil Corporation COM 30231G102 3832 50000 SH Other 1,2 50000 5364 70000 SH Other 1,3 70000 766 10000 SH Other 1,4 10000 766 10000 SH Other 1,6 10000 15311 199800 SH Other 1,8 199800 1965 25638 SH Other 1 25638 Fairfax Financial Holdings COM 303901102 145274 731861 SH Other 1 731861 Federated Investors Inc. COM 314211103 675 20000 SH Other 1,2 20000 675 20000 SH Other 1,3 20000 3209 95000 SH Other 1,4 95000 338 10000 SH Other 1,6 10000 338 10000 SH Other 1,7 10000 372 11000 SH Other 1 11000 Forest City Enterprises COM 345550107 36313 621800 SH Other 1,2 621800 5840 100000 SH Other 1,3 100000 1752 30000 SH Other 1,7 30000 1787 30600 SH Other 1,8 30600 2606 44616 SH Other 1 44616 Friedman Billings Ramsey Group COM 358434108 280 35000 SH Other 1,2 35000 1440 180000 SH Other 1,3 180000 1400 175000 SH Other 1,4 175000 200 25000 SH Other 1,6 25000 2040 255000 SH Other 1,7 255000 3093 386600 SH Other 1 386600 General Dynamics COM 369550108 15614 210000 SH Other 1,2 210000 2974 40000 SH Other 1,3 40000 2974 40000 SH Other 1,8 40000 7817 105150 SH Other 1 105150 General Electric COM 369604103 37052 995750 SH Other 1,2 995750 15007 403300 SH Other 1,3 403300 10533 283060 SH Other 1,4 283060

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 -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- 18918 508400 SH Other 1,6 508400 5079 136500 SH Other 1,7 136500 4003 107580 SH Other 1,8 107580 9302 250018 SH Other 1 250018 General Motors Corp. DEB SR CONV. A 370442741 1770 70000 PRN Other 1,4 70000 3286 130000 PRN Other 1,8 130000 Goldman Sachs COM 38141G104 1993 10000 SH Other 1,3 10000 H&R Block COM 093671105 3686 160000 SH Other 1,2 160000 461 20000 SH Other 1,6 20000 2304 100000 SH Other 1,8 100000 1037 45000 SH Other 1 45000 Harley-Davidson Inc. COM 412822108 705 10000 SH Other 1,8 10000 Home Depot COM 437076102 11446 285000 SH Other 1,2 285000 3012 75000 SH Other 1,3 75000 12249 305000 SH Other 1,4 305000 5622 140000 SH Other 1,6 140000 9494 236400 SH Other 1 236400 International Game Tech. COM 459902102 2772 60000 SH Other 1,2 60000 3927 85000 SH Other 1,3 85000 7623 165000 SH Other 1,4 165000 3696 80000 SH Other 1,6 80000 12936 280000 SH Other 1,7 280000 9778 211650 SH Other 1 211650 International Speedway COM 460335201 6263 122700 SH Other 1,2 122700 3828 75000 SH Other 1,3 75000 1786 35000 SH Other 1,6 35000 510 10000 SH Other 1,7 10000 6890 135000 SH Other 1,8 135000 5169 101250 SH Other 1 101250 Investors Title Company COM 461804106 2253 42200 SH Other 1,2 42200 8149 152600 SH Other 1,3 152600 1899 35550 SH Other 1 35550 Johnson and Johnson COM 478160104 1320 20000 SH Other 1,2 20000 2641 40000 SH Other 1,3 40000 3776 57200 SH Other 1,4 57200 5247 79480 SH Other 1,5 79480 660 10000 SH Other 1,6 10000 660 10000 SH Other 1,7 10000 13238 200520 SH Other 1,8 200520 985 14900 SH Other 1 14900 Leucadia National Corp COM 527288104 1692 60000 SH Other 1,3 60000 51 1800 SH Other 1 1800 MBIA Inc. COM 55262C100 25936 355000 SH Other 1,2 355000 2557 35000 SH Other 1,3 35000 2046 28000 SH Other 1,4 28000 1827 25000 SH Other 1,6 25000 2922 40000 SH Other 1,7 40000 5626 77000 SH Other 1,8 77000 5961 81600 SH Other 1 81600 Marriott International COM 571903202 17656 370000 SH Other 1,2 370000 1909 40000 SH Other 1,3 40000 1909 40000 SH Other 1,6 40000

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 -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- 7158 150000 SH Other 1,8 150000 4601 96425 SH Other 1 96425 Marsh & McLennan COM 571748102 7358 240000 SH Other 1,2 240000 5979 195000 SH Other 1,3 195000 3311 108000 SH Other 1,4 108000 1073 35000 SH Other 1,6 35000 15637 510000 SH Other 1,8 510000 5389 175760 SH Other 1 175760 McGraw-Hill COM 580645109 2721 40000 SH Other 1,3 40000 20406 300000 SH Other 1,4 300000 4081 60000 SH Other 1,7 60000 5442 80000 SH Other 1,8 80000 381 5600 SH Other 1 5600 News Corp Class B COM 65248E203 1113 50000 SH Other 1,3 50000 557 25000 SH Other 1,4 25000 4341 195000 SH Other 1,7 195000 759 34150 SH Other 1 34150 Northern Trust Corp. COM 665859104 1821 30000 SH Other 1,2 30000 607 10000 SH Other 1,3 10000 3034 50000 SH Other 1,4 50000 607 10000 SH Other 1,6 10000 607 10000 SH Other 1,7 10000 Nuveen Investments COM 67090F106 519 10000 SH Other 1,7 10000 519 10000 SH Other 1 10000 Penn National Gaming COM 707569109 5161 124000 SH Other 1,2 124000 11271 270800 SH Other 1,3 270800 1664 40000 SH Other 1,6 40000 Pepsico COM 713448108 2083 33300 SH Other 1,4 33300 12 200 SH Other 1 200 Pitney Bowes Inc. COM 724479100 462 10000 SH Other 1 10000 Plum Creek Timber Co. COM 729251108 5579 140000 SH Other 1,2 140000 1195 30000 SH Other 1,3 30000 5978 150000 SH Other 1,8 150000 1793 45000 SH Other 1 45000 Progressive Corp. COM 743315103 158 6516 SH Other 1,3 6516 969 40000 SH Other 1,7 40000 RLI Corporation COM 749607107 5846 103624 SH Other 1,2 103624 22375 396576 SH Other 1,3 396576 1058 18750 SH Other 1,6 18750 6349 112524 SH Other 1 112524 Reddy Ice COM 75734R105 646 25000 SH Other 1,2 25000 118 4556 SH Other 1,3 4556 528 20445 SH Other 1,4 20445 553 21399 SH Other 1,6 21399 750 29100 SH Other 1 29100 ServiceMaster COM 817615107 737 56200 SH Other 1,3 56200 656 50000 SH Other 1,4 50000 1192 90900 SH Other 1,6 90900 3277 250000 SH Other 1,8 250000 1974 150643 SH Other 1 150643 St. Joe Corporation COM 790148100 1125 21000 SH Other 1,4 21000 482 9000 SH Other 1,7 9000 568 10600 SH Other 1 10600

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 -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- State Street Corp. COM 857477103 1349 20000 SH Other 1,2 20000 1376 20400 SH Other 1,4 20400 Sysco Corp. COM 871829107 4779 130000 SH Other 1,2 130000 2389 65000 SH Other 1,3 65000 5882 160000 SH Other 1,4 160000 3860 105000 SH Other 1,6 105000 2206 60000 SH Other 1,7 60000 1838 50000 SH Other 1,8 50000 5357 145761 SH Other 1 145761 T Rowe Price Group COM 74144T108 4377 100000 SH Other 1,2 100000 875 20000 SH Other 1,3 20000 2189 50000 SH Other 1 50000 TCF Financial Corp. COM 872275102 548 20000 SH Other 1,3 20000 Tiffany COM 886547108 3728 95000 SH Other 1,2 95000 1177 30000 SH Other 1,3 30000 1766 45000 SH Other 1,8 45000 63 1600 SH Other 1 1600 United Mobile Homes COM 911024107 201 13000 SH Other 1 13000 United Parcel Service COM 911312106 2249 30000 SH Other 1,4 30000 750 10000 SH Other 1,7 10000 750 10000 SH Other 1,8 10000 307 4100 SH Other 1 4100 Valero GP Holdings COM 91914G108 9307 375000 SH Other 1,4 375000 797 32100 SH Other 1 32100 Valley National Bank COM 919794107 993 37446 SH Other 1,2 37446 846 31904 SH Other 1,4 31904 877 33075 SH Other 1,8 33075 528 19946 SH Other 1 19946 W. P. Carey COM 92930Y107 24856 826600 SH Other 1,2 826600 301 10000 SH Other 1,3 10000 1612 53600 SH Other 1,6 53600 301 10000 SH Other 1,7 10000 2305 76700 SH Other 1 76700 Wachovia COM 337358105 1220 21431 SH Other 1 21431 Wal-Mart COM 931142103 11314 245000 SH Other 1,2 245000 2924 63320 SH Other 1,3 63320 6234 135000 SH Other 1,4 135000 1859 40255 SH Other 1,6 40255 3002 65000 SH Other 1,7 65000 2144 46425 SH Other 1,8 46425 7228 156525 SH Other 1 156525 Walt Disney Company COM 254687106 497 14500 SH Other 1 14500 Washington Post Co. COM 939640108 2088 2800 SH Other 1,3 2800 1417 1900 SH Other 1,4 1900 540 725 SH Other 1 725 Washington Real Estate Investment COM 939653101 3820 95500 SH Other 1,2 95500 8612 215293 SH Other 1,3 215293 1200 30000 SH Other 1,6 30000 5908 147707 SH Other 1 147707 White Mountains COM G9618E107 16832 29050 SH Other 1,2 29050 5794 10000 SH Other 1,3 10000 16803 29000 SH Other 1,4 29000

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 -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- 14978 25850 SH Other 1,6 25850 8359 14425 SH Other 1,8 14425 21425 36975 SH Other 1 36975 XL Capital COM G3242A102 25867 359160 SH Other 1,2 359160 7828 108688 SH Other 1,3 108688 4558 63290 SH Other 1,6 63290 3867 53696 SH Other 1 53696
REPORT SUMMARY DATA RECORDS: 315 $1,892,060 8 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED