<ARTICLE> 7 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS CONTAINED IN THE FORM 10-Q FOR EACH QUARTERLY PERIOD ENDED AS SHOWN AND THE FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 1996 FOR MARKEL CORPORATION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <RESTATED> <MULTIPLIER> 1,000 <PERIOD-TYPE> YEAR 9-MOS 6-MOS 3-MOS <FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996 DEC-31-1996 DEC-31-1996 <PERIOD-END> DEC-31-1996 SEP-30-1996 JUN-30-1996 MAR-31-1996 <DEBT-HELD-FOR-SALE> 885,874 709,070 692,417 725,241 <DEBT-CARRYING-VALUE> 0 0 0 0 <DEBT-MARKET-VALUE> 0 0 0 0 <EQUITIES> 193,395 175,690 164,713 152,471 <MORTGAGE> 0 0 0 0 <REAL-ESTATE> 0 0 0 0 <TOTAL-INVEST> 1,130,776 956,417 908,912 914,197 <CASH> 11,054 16,252 20,377 18,699 <RECOVER-REINSURE> 11,631 11,657 16,900 12,074 <DEFERRED-ACQUISITION> 37,979 35,336 33,403 32,584 <TOTAL-ASSETS> 1,605,297 1,388,136 1,354,593 1,319,458 <POLICY-LOSSES> 935,582 766,139 751,266 750,685 <UNEARNED-PREMIUMS> 200,870 187,410 178,821 166,131 <POLICY-OTHER> 0 0 0 0 <POLICY-HOLDER-FUNDS> 0 0 0 0 <NOTES-PAYABLE> 114,691 99,678 99,665 106,702 <COMMON> 24,347 23,970 23,199 23,167 <PREFERRED-MANDATORY> 0 0 0 0 <PREFERRED> 0 0 0 0 <OTHER-SE> 243,988 223,848 209,131 186,399 <TOTAL-LIABILITY-AND-EQUITY> 1,605,297 1,388,136 1,354,593 1,319,458 <PREMIUMS> 307,453 225,051 148,190 76,797 <INVESTMENT-INCOME> 51,168 36,500 24,137 12,284 <INVESTMENT-GAINS> 5,013 2,956 2,507 2,974 <OTHER-INCOME> 3,102 2,522 1,828 935 <BENEFITS> 202,378 151,471 100,879 54,552 <UNDERWRITING-AMORTIZATION> 70,372 54,862 36,204 18,135 <UNDERWRITING-OTHER> 34,660 19,730 12,615 6,595 <INCOME-PRETAX> 37,000 31,815 20,671 10,554 <INCOME-TAX> (9,672) (10,554) (13,229) 2,744 <INCOME-CONTINUING> 46,672 42,369 33,900 7,810 <DISCONTINUED> 0 0 0 0 <EXTRAORDINARY> 0 0 0 0 <CHANGES> 0 0 0 0 <NET-INCOME> 46,672 42,369 33,900 7,810 <EPS-PRIMARY> 8.58 7.80 6.25 1.44<F1> <EPS-DILUTED> 8.30 7.51 5.99 1.38<F1> <RESERVE-OPEN> 699,311 0 0 0 <PROVISION-CURRENT> 226,495 0 0 0 <PROVISION-PRIOR> (24,117) 0 0 0 <PAYMENTS-CURRENT> 52,158 0 0 0 <PAYMENTS-PRIOR> 124,467 0 0 0 <RESERVE-CLOSE> 725,064 0 0 0 <CUMULATIVE-DEFICIENCY> (24,117) 0 0 0 <FN> Markel adopted Statement of Financial Accounting Standards No. 128 "Earnings Per Share" effective December 31, 1997. The Financial Data Schedule tags <EPS PRIMARY> and <EPS DILUTED> refer to Basic EPS and Diluted EPS, respectively, as these terms are set forth in Statement of Financial Accounting Standards No. 128. </FN>