MARKEL GROUP INC. — Director's Dealing 2011

Nov 16, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MARKEL CORP (MKL)
CIK: 0001096343
Period of Report: 2011-11-15

Reporting Person: MARKEL STEVEN A (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-15	Common Stock	S	7208	$396.6115	Disposed	136427	Direct
2011-11-16	Common Stock	S	5292	$396.5741	Disposed	131135	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1953.927	Indirect
Common Stock	58058	Indirect
Common Stock	4375	Indirect
Common Stock	15000	Indirect

Footnotes

F1: Sales were effected in forty-three separate transactions at prices ranging from $396.00 to $397.472. Mr. Markel will provide upon request by the Securities and Exchange Commission staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price.

F2: Sales were effected in twenty-four separate transactions at prices ranging from $396.00 to $398.25. Mr. Markel will provide upon request by the Securities and Exchange Commission staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price.

F3: Holdings under the Markel Corporation 401(K) Plan are reported in units. The information reported herein is based on a plan statement dated as of September 30, 2011 and utilizes the closing stock price on that date of $357.13. As of 9/30/2011, a unit under the Plan represented one share of Common Stock.

F4: Mr. Markel is a Trustee and partial beneficiary of four Grantor Retained Annuity Trusts. The total reported represents the aggregate of the trusts.

F5: Mr. Markel is trustee and retains a partial interest in the trust. The amount reported reflects all the securities held by the trust, but Mr. Markel disclaims beneficial ownership except with respect to his interest in the trust.

F6: Beneficial ownership of securities is expressly disclaimed.