MARKEL GROUP INC. — Director's Dealing 2011

Feb 25, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MARKEL CORP (MKL)
CIK: 0001096343
Period of Report: 2011-02-23

Reporting Person: GAYNER THOMAS SINNICKSON (Pres. & Chief Investment Off.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-23	Common Stock	A	1071	—	Acquired	31542.135	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2000	Indirect
Common Stock	2350.041	Indirect
Common Stock	446.66	Indirect

Footnotes

F1: Restricted stock units awarded pursuant to the Markel Corporation Omnibus Incentive Plan. Restricted stock units will vest on December 31, 2015.

F2: The total includes 2,780 restricted stock units awarded pursuant to the Markel Corporation Omnibus Incentive Plan. Subject to certain conditions, twenty percent of these units will vest on May 10, 2011, and the balance will vest on May 10, 2015. The total also includes 6,927.733 other restricted stock units granted pursuant to the Markel Corporation Omnibus Incentive Plan, of which 1,220.049 units vested on December 2, 2008, 1,071.238 units vested on December 9, 2009, 513.446 units vested on December 1, 2010, 1,447 units will vest on December 31, 2011, 1,605 units will vest on December 31, 2012 and 1,071 units will vest on December 31, 2015.

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 December 31, 2010 and utilizes the closing stock price on that date of $378.13 per share. As of December 31, 2010, a unit under the Plan represented one share of Common Stock.