SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934


                          Date of Report: June 12, 2001
                        (Date of earliest event reported)


                               MARKEL CORPORATION
               (Exact Name of Registrant as Specified in Charter)


          Virginia                       001-15811                54-1959284
(State or other jurisdiction of         (Commission             (IRS Employer
 incorporation or organization)         File Number)         Identification No.)


                             4521 Highwoods Parkway
                         Glen Allen, Virginia 23060-6148
                                 (804) 747-0136
        (Address including zip code, and telephone number, including area
                   code, of registrant's principal executive offices)


             (Former name or address, if changed since last report.)
<PAGE>
ITEM 5.  OTHER EVENTS
         ------------

     On June 12, 2001, the  Corporation  announced that the  underwriter for the
Corporation's  recently  completed offering of Liquid Yield Option Notes (LYONs)
exercised and closed on the  underwriter's  over allotment  option to acquire an
additional $53,000,000.00 aggregate principal amount at maturity of LYONs.

     The  Corporation's  net proceeds from the exercise,  before expenses,  were
approximately $14.7 million.

                                    SIGNATURE

     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 hereunto duly authorized.

                                       MARKEL CORPORATION


Date: June 12, 2001                    By: /s/ Gregory B. Nevers
                                           -------------------------------------
                                       Name:  Gregory B. Nevers
                                       Title: Senior Vice President and
                                              General Counsel
[{"type": "8-K", "sequence": "1", "filename": "markel.txt", "description": "FORM 8-K", "secsgml_size_bytes": 2279}]
{"company-data": {"conformed-name": "MARKEL CORP", "cik": "0001096343", "assigned-sic": "6331", "irs-number": "541959284", "state-of-incorporation": "VA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-15811", "film-number": "1659047"}, "business-address": {"street1": "4521 HIGHWOODS PARKWAY", "city": "GLEN ALLEN", "state": "VA", "zip": "23060-3382", "phone": "8047470136"}, "mail-address": {"street1": "4551 COX RD", "city": "GLEN ALLEN", "state": "VA", "zip": "23060"}, "former-company": {"former-conformed-name": "MARKEL HOLDINGS INC", "date-changed": "19991005"}}
SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934

                          Date of Report: June 12, 2001
                        (Date of earliest event reported)

                               MARKEL CORPORATION
               (Exact Name of Registrant as Specified in Charter)

          Virginia                       001-15811                54-1959284
(State or other jurisdiction of         (Commission             (IRS Employer
 incorporation or organization)         File Number)         Identification No.)

                             4521 Highwoods Parkway
                         Glen Allen, Virginia 23060-6148
                                 (804) 747-0136
        (Address including zip code, and telephone number, including area
                   code, of registrant's principal executive offices)

             (Former name or address, if changed since last report.)
ITEM 5.  OTHER EVENTS
         ------------

     On June 12, 2001, the  Corporation  announced that the  underwriter for the
Corporation's  recently  completed offering of Liquid Yield Option Notes (LYONs)
exercised and closed on the  underwriter's  over allotment  option to acquire an
additional $53,000,000.00 aggregate principal amount at maturity of LYONs.

     The  Corporation's  net proceeds from the exercise,  before expenses,  were
approximately $14.7 million.

                                    SIGNATURE

     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 hereunto duly authorized.

                                       MARKEL CORPORATION

Date: June 12, 2001                    By: /s/ Gregory B. Nevers
                                           -------------------------------------
                                       Name:  Gregory B. Nevers
                                       Title: Senior Vice President and
                                              General Counsel