UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 5)
MARKEL CORPORATION
----------------------------------------------
(Name of Issuer)
Common Stock
----------------------------------------------
(Title of Class of Securities)
570535104
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(CUSIP Number)
December 31, 2003
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(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|X| Rule 13d-1(b)
|_| Rule 13d-1(c)
|_| Rule 13d-1(d)
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SCHEDULE 13G
--------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert E. Torray & Co., Inc.
N/A
--------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------- ----------------------------------------------------------------------
SEC USE ONLY
3
--------- ----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
----------------------- --------- ----------------------------------------------
5
SOLE VOTING POWER
419,583
NUMBER OF SHARES
BENEFICIALLY OWNED BY
EACH REPORTING PERSON
WITH
--------- ----------------------------------------------
6
SHARED VOTING POWER
0
--------- ----------------------------------------------
7
SOLE DISPOSITIVE POWER
419,583
--------- ----------------------------------------------
8
SHARED DISPOSITIVE POWER
0
----------- --------------------------------------------------------------------
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
419,583
------------ -------------------------------------------------------------------
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
------------ -------------------------------------------------------------------
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.26%
------------ -------------------------------------------------------------------
12
TYPE OF REPORTING PERSON
IA
------------ -------------------------------------------------------------------
--------- ----------------------------------------------------------------------
1
NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Torray Corp.
N/A
--------- ----------------------------------------------------------------------
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------- ----------------------------------------------------------------------
3
SEC USE ONLY
--------- ----------------------------------------------------------------------
4
CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
----------------------- --------- ----------------------------------------------
NUMBER OF 5
SHARES SOLE VOTING POWER
BENEFICIALLY 281,205
OWNED BY
EACH
REPORTING
PERSON
WITH
--------- ----------------------------------------------
6
SHARED VOTING POWER
0
--------- ----------------------------------------------
7
SOLE DISPOSITIVE POWER
281,205
--------- ----------------------------------------------
8
SHARED DISPOSITIVE POWER
0
------------ -------------------------------------------------------------------
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
281,205
------------ -------------------------------------------------------------------
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
------------ -------------------------------------------------------------------
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.85%
------------ -------------------------------------------------------------------
12
TYPE OF REPORTING PERSON
IA
------------ -------------------------------------------------------------------
--------- ----------------------------------------------------------------------
1
NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert E. Torray
N/A
--------- ----------------------------------------------------------------------
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------- ----------------------------------------------------------------------
3
SEC USE ONLY
--------- ----------------------------------------------------------------------
4
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
----------------------- --------- ----------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------- ----------------------------------------------
6 SHARED VOTING POWER
700,788
--------- ----------------------------------------------
7 SOLE DISPOSITIVE POWER
0
--------- ----------------------------------------------
8 SHARED DISPOSITIVE POWER
700,788
------------ -------------------------------------------------------------------
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
700,788
------------ -------------------------------------------------------------------
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
------------ -------------------------------------------------------------------
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.11%
------------ -------------------------------------------------------------------
12
TYPE OF REPORTING PERSON
IN, HC
------------ -------------------------------------------------------------------
--------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Douglas C. Eby
N/A
--------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------- ----------------------------------------------------------------------
SEC USE ONLY
3
--------- ----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
----------------------- --------- ----------------------------------------------
5
SOLE VOTING POWER
7,128
NUMBER OF SHARES
BENEFICIALLY OWNED BY
EACH REPORTING PERSON
WITH
--------- ----------------------------------------------
6
SHARED VOTING POWER
0
--------- ----------------------------------------------
7
SOLE DISPOSITIVE POWER
7,128
--------- ----------------------------------------------
8
SHARED DISPOSITIVE POWER
0
----------- --------------------------------------------------------------------
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,128
------------ -------------------------------------------------------------------
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
------------ -------------------------------------------------------------------
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
.0007%
------------ -------------------------------------------------------------------
12
TYPE OF REPORTING PERSON
IN, HC
------------ -------------------------------------------------------------------
Item 1. (a). Name of Issuer: Markel Corporation
(b). Address of Issuer's Principal Executive Offices:
4251 Highwoods Parkway
Glen Allen, VA 23060
Item 2. (a). Name of Person Filing:
(i) Robert E. Torray & Co., Inc. ("Torray & Co.")
(ii) Torray Corp. ("Torray Corp.")
(iii) Robert E. Torray ("Torray")
(iv) Douglas C. Eby ("Eby")
(b). Address of Principal Business Office or, if none, Residence:
7501 Wisconsin Avenue
Suite 1100
Bethesda, MD 20814
(c). Citizenship or Place of Organization:
Torray & Co. and Torray Corp.: Maryland
Torray & Eby: United States
(d). Title of Class of Securities: Common Stock
(e). CUSIP Number: 570535104
Item 3. If this statement is filed pursuant to sections 240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of
the Act (15 U.S.C. 78o);
(b) [ ] Bank as defined in section 3(a)(6) of the
Act (15 U.S.C. 78c);
(c) [ ] Insurance company as defined in section 3(a)(19)
of the Act (15 U.S.C. 78c.);
(d) [ ] Investment company registered under section 8 of
the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e) [x] An investment adviser in accordance with
section 240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in
accordance with section 240.13d-1(b)(1)(ii)(F);
(g) [x] A parent holding company or control person in
accordance with section 240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in
section 3(b) of the Federal Deposit Insurance
Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the
definition of an investment company under section
3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with section 240.13d-1(b)(1)(ii)(J).
Item 4. Ownership:
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item
1.
(a). Amount beneficially owned:
(i) Torray & Co.: 419,583
(ii) Torray Corp.: 281,205
(iii) Torray: 700,788
(iv) Eby: 7,128
(b). Percent of class:
(i) Torray & Co.: 4.26%
(ii) Torray Corp.: 2.85%
(iii) Torray: 7.11%
(iv) Eby: 0.0007%
(c). Number of shares as to which the person has:
(1) Sole power to vote or to direct the vote:
(i) Torray & Co.: 419,583
(ii) Torray Corp.: 281,205
(iii) Torray: 0
(iv) Eby: 7,128
(2) Shared power to vote or to direct the vote:
(i) Torray & Co.: 0
(ii) Torray Corp.: 0
(iii) Torray: 700,788
(iv) Eby: 0
(3) Sole power to dispose or to direct the disposition of:
(i) Torray & Co.: 419,583
(ii) Torray Corp.: 281,205
(iii) Torray: 0
(iv) Eby: 7,128
(4) Shared power to dispose or to direct the disposition of:
(i) Torray & Co.: 0
(ii) Torray Corp.: 0
(iii) Torray: 700,788
(iv) Eby: 0
Item 5. Ownership of Five Percent or Less of a Class:
Not Applicable
Item 6. Ownership of More Than Five Percent on Behalf of Another Person:
Not Applicable
Item 7. Identification and Classification of Subsidiaries which Acquired the
Security Being Reported on by the Parent Holding Company:
Not Applicable
Item 8. Identification and Classification of Members of the Group:
Not Applicable
Item 9. Notice of Dissolution of Group:
Not Applicable
Item 10. Certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held in
the ordinary course of business and were not acquired and are not held
for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are
not held in connection with or as a participant in any transaction
having that purpose or effect.
In accordance with Rule 13d-4 of the Securities Exchange Act of 1934,
each of the persons filing this statement expressly disclaim the
beneficial ownership of the securities covered by this statement other
than those personally held and the filing of this report shall not be
construed as an admission by such persons that they are the beneficial
owners of such securities. In addition, in accordance with written
procedures adopted by Torray & Co. because of Mr. Eby's status as a
director of the issuer, Mr. Eby exercises no voting or dispositive
power over the securities covered by this statement (other than those
personally held), and he is therefore not deemed to beneficially own
such shares.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
ROBERT E. TORRAY & CO., INC.
Date: February 13, 2004 By: /s/William Lane
-----------------------------
William Lane
Executive Vice President
TORRAY CORP.
Date: February 13, 2004 By: /s/William Lane
----------------------------
William Lane
Vice President
ROBERT E. TORRAY
Date: February 13, 2004 By: /s/Robert E. Torray
----------------------------
Robert E. Torray
DOUGLAS C. EBY
Date: February 13, 2004 By: /s/Douglas C. Eby
----------------------------
Douglas C. Eby
EXHIBIT 1
JOINT FILING AGREEMENT AMONG ROBERT E. TORRAY & CO., INC., TORRAY CORP., ROBERT
E. TORRAY AND DOUGLAS C. EBY
WHEREAS, in accordance with Rule 13d-1(k) under the Securities and Exchange Act
of 1934 (the "Act"), only one joint statement and any amendments thereto need to
be filed whenever one or more persons are required to file such a statement or
any amendments thereto pursuant to Section 13(d) of the Act with respect to the
same securities, provided that said persons agree in writing that such statement
or amendments thereto is filed on behalf of each of them;
NOW, THEREFORE, the parties hereto agree as follows:
ROBERT E. TORRAY & CO., INC., TORRAY CORP., ROBERT E. TORRAY AND DOUGLAS C. EBY
hereby agree, in accordance with Rule 13d-1(k) under the Act, to file a
statement on Schedule 13G relating to their ownership of Common Stock of the
Issuer and do hereby further agree that said statement shall be filed on behalf
of each of them.
ROBERT E. TORRAY & CO., INC.
Date: February 13, 2004 By: /s/William Lane
-----------------------------
William Lane
Executive Vice President
TORRAY CORP.
Date: February 13, 2004 By: /s/William Lane
----------------------------
William Lane
Vice President
ROBERT E. TORRAY
Date: February 13, 2004 By: /s/Robert E. Torray
----------------------------
Robert E. Torray
DOUGLAS C. EBY
Date: February 13, 2004 By: /s/Douglas C. Eby
----------------------------
Douglas C. Eby