MARKEL CORP
10-Q/A, 2000-11-13
FIRE, MARINE & CASUALTY INSURANCE
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<PAGE>

                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC  20549

                                  FORM 10-Q/A

[X] Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange
Act of 1934 for the quarterly period ended September 30, 2000

or

[_] Transition report pursuant to section 13 or 15(d) of the Securities Exchange
Act of 1934 for the transition period from _____ to _____

Commission File Number 001-15811

                              MARKEL CORPORATION
            (Exact name of registrant as specified in its charter)

             Virginia                                          54-1959284
 (State or other jurisdiction of                            (I.R.S. employer
  incorporation or organization)                         identification number)

           4521 Highwoods Parkway, Glen Allen, Virginia  23060-6148
                   (Address of principal executive offices)
                                  (Zip code)

                                (804) 747-0136
             (Registrant's telephone number, including area code)

                                     NONE
             (Former name, former address and former fiscal year,
                         if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.

Yes [X]   No [_]

Number of shares of the registrant's common stock outstanding at November 3,
2000: 7,324,371

                                       1
<PAGE>

The purpose of this amended filing is to reflect a change in the individual
line balance called "Proceeds from sales of fixed maturities and equity
securities" on the Statement of Cash Flows. For the Nine Months Ended
September 30, 2000, the balance should be $688,922,000 not $689,686,000.
The Statement of Cash Flows is being refiled because of a $764,000 error.



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<PAGE>

                      MARKEL CORPORATION AND SUBSIDIARIES

                     Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
                                                                                             Nine Months Ended
                                                                                                September 30,
                                                                                           -----------------------
                                                                                               2000       1999
------------------------------------------------------------------------------------------------------------------
                                                                                            (dollars in thousands)
<S>                                                                                        <C>         <C>
OPERATING ACTIVITIES
Net Income (Loss)                                                                          $ (19,371)  $  35,363
Adjustments to reconcile net income (loss) to net cash provided by operating activities       45,343     (22,494)
------------------------------------------------------------------------------------------------------------------
        Net Cash Provided By Operating Activities                                             25,972      12,869
------------------------------------------------------------------------------------------------------------------

INVESTING ACTIVITIES
Proceeds from sales of fixed maturities and equity securities                                688,922     795,684
Proceeds from maturities of fixed maturities                                                  51,547      38,443
Cost of fixed maturities and equity securities purchased                                    (726,305)   (715,938)
Net change in short-term investments                                                          13,800      12,255
Acquisition of insurance company, net of cash acquired                                      (208,040)   (143,557)
Sale of insurance company shell, net of cash sold                                             12,482          --
Other                                                                                        (10,774)       (749)
------------------------------------------------------------------------------------------------------------------
        Net Cash Used By Investing Activities                                               (178,368)    (13,862)
------------------------------------------------------------------------------------------------------------------

FINANCING ACTIVITIES
Additions to long-term debt                                                                  370,000     105,000
Repayments and repurchases of long-term debt                                                (126,488)    (95,000)
Other                                                                                         (9,224)       (709)
------------------------------------------------------------------------------------------------------------------
        Net Cash Provided By Financing Activities                                            234,288       9,291
------------------------------------------------------------------------------------------------------------------

Increase in cash and cash equivalents                                                         81,892       8,298
Cash and cash equivalents at beginning of period                                             129,055      78,952
------------------------------------------------------------------------------------------------------------------
Cash And Cash Equivalents At End Of Period                                                 $ 210,947   $  87,250
------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes to consolidated financial statements.

                                       3
<PAGE>

                                  Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized, this 13th day of November, 2000.
                                            Markel Corporation



                                            By  Alan I. Kirshner
                                              ----------------------------------
                                                Alan I. Kirshner
                                                Chief Executive Officer
                                                (Principal Executive Officer)


                                            By  Anthony F. Markel
                                                --------------------------------
                                                Anthony F. Markel
                                                President
                                                (Principal Operating Officer)


                                            By  Steven A. Markel
                                                --------------------------------
                                                Steven A. Markel
                                                Vice Chairman


                                            By  Darrell D. Martin
                                                --------------------------------
                                                Darrell D. Martin
                                                Executive Vice President and
                                                Chief Financial Officer
                                                (Principal Financial Officer and
                                                Principal Accounting Officer)

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