<SEC-DOCUMENT>0000950123-18-001283.txt : 20180209
<SEC-HEADER>0000950123-18-001283.hdr.sgml : 20180209
<ACCEPTANCE-DATETIME>20180209170019
ACCESSION NUMBER:		0000950123-18-001283
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180209
DATE AS OF CHANGE:		20180209
EFFECTIVENESS DATE:		20180209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARKEL CORP
		CENTRAL INDEX KEY:			0001096343
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				541959284
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-06647
		FILM NUMBER:		18592652

	BUSINESS ADDRESS:	
		STREET 1:		4521 HIGHWOODS PARKWAY
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060-3382
		BUSINESS PHONE:		8047470136

	MAIL ADDRESS:	
		STREET 1:		4521 HIGHWOODS PKWY
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARKEL HOLDINGS INC
		DATE OF NAME CHANGE:	19991005
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xsi:schemaLocation="http://www.sec.gov/edgar/thirteenffiler eis_13F_Filer.xsd" xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:ns1="http://www.sec.gov/edgar/common" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001096343</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>12-31-2017</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>12-31-2017</reportCalendarOrQuarter>
      <filingManager>
        <name>MARKEL CORP</name>
        <address>
          <ns1:street1>4521 Highwoods Pkwy</ns1:street1>
          <ns1:city>Glen Allen</ns1:city>
          <ns1:stateOrCountry>VA</ns1:stateOrCountry>
          <ns1:zipCode>23060</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-06647</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Thomas S. Gayner</name>
      <title>Co-Chief Executive Officer</title>
      <phone>804-527-3806</phone>
      <signature>/s/ Thomas S. Gayner</signature>
      <city>Glen Allen</city>
      <stateOrCountry>VA</stateOrCountry>
      <signatureDate>02-09-2018</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>166</tableEntryTotal>
      <tableValueTotal>5296475</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <form13FFileNumber>28-6056</form13FFileNumber>
            <name>Markel Gayner Asset Management Corporation</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
    </summaryPage>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>form13fInfoTable.xml
<DESCRIPTION>INFORMATION TABLE FOR FORM 13F
<TEXT>
<XML>
<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
   <infoTable>
       <nameOfIssuer>3M Company</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>88579Y101</cusip>
       <value>7767</value>
       <shrsOrPrnAmt>
           <sshPrnamt>33000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>33000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>3M Company</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>88579Y101</cusip>
       <value>40248</value>
       <shrsOrPrnAmt>
           <sshPrnamt>171000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>171000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Accenture</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>G1151C101</cusip>
       <value>1531</value>
       <shrsOrPrnAmt>
           <sshPrnamt>10000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>10000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Accenture</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>G1151C101</cusip>
       <value>22872</value>
       <shrsOrPrnAmt>
           <sshPrnamt>149400</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>149400</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Albemarle Corp</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>012653101</cusip>
       <value>9336</value>
       <shrsOrPrnAmt>
           <sshPrnamt>73000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>73000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Alleghany Corporation</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>017175100</cusip>
       <value>2580</value>
       <shrsOrPrnAmt>
           <sshPrnamt>4328</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>4328</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Allergan, Inc.</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>G0177J108</cusip>
       <value>5398</value>
       <shrsOrPrnAmt>
           <sshPrnamt>33000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>33000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Alphabet Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>02079K107</cusip>
       <value>101533</value>
       <shrsOrPrnAmt>
           <sshPrnamt>97031</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>97031</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Alphabet Inc Class A</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>02079K305</cusip>
       <value>13167</value>
       <shrsOrPrnAmt>
           <sshPrnamt>12500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>12500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Amazon.com</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>023135106</cusip>
       <value>93558</value>
       <shrsOrPrnAmt>
           <sshPrnamt>80000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>80000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>American Express</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>025816109</cusip>
       <value>993</value>
       <shrsOrPrnAmt>
           <sshPrnamt>10000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>10000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>American Express</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>025816109</cusip>
       <value>37341</value>
       <shrsOrPrnAmt>
           <sshPrnamt>376000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>376000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>American Tower</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>03027X100</cusip>
       <value>5065</value>
       <shrsOrPrnAmt>
           <sshPrnamt>35500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>35500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Analog Devices Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>032654105</cusip>
       <value>47881</value>
       <shrsOrPrnAmt>
           <sshPrnamt>537811</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>537811</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Anthem Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>036752103</cusip>
       <value>50402</value>
       <shrsOrPrnAmt>
           <sshPrnamt>224000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>224000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Aon Corporation</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>G0408V102</cusip>
       <value>4958</value>
       <shrsOrPrnAmt>
           <sshPrnamt>37000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>37000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Apollo Global Management - A</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>037612306</cusip>
       <value>22927</value>
       <shrsOrPrnAmt>
           <sshPrnamt>685000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>685000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Apple Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>037833100</cusip>
       <value>19140</value>
       <shrsOrPrnAmt>
           <sshPrnamt>113100</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>113100</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Archer Daniels</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>039483102</cusip>
       <value>58649</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1463300</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>1463300</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Automatic Data Processing</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>053015103</cusip>
       <value>62193</value>
       <shrsOrPrnAmt>
           <sshPrnamt>530700</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>530700</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Baxter International Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>071813109</cusip>
       <value>1422</value>
       <shrsOrPrnAmt>
           <sshPrnamt>22000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>22000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Becton Dickinson</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>075887109</cusip>
       <value>1927</value>
       <shrsOrPrnAmt>
           <sshPrnamt>9000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>9000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Berkshire Hathaway Class B</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>084670702</cusip>
       <value>96157</value>
       <shrsOrPrnAmt>
           <sshPrnamt>485100</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>485100</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Berkshire Hathaway Class B</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>084670702</cusip>
       <value>203474</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1026507</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>1026507</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Berkshire Hathaway, Inc.</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>084670108</cusip>
       <value>116957</value>
       <shrsOrPrnAmt>
           <sshPrnamt>393</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>393</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Berkshire Hathaway, Inc.</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>084670108</cusip>
       <value>206832</value>
       <shrsOrPrnAmt>
           <sshPrnamt>695</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>695</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Blackrock Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>09247X101</cusip>
       <value>92468</value>
       <shrsOrPrnAmt>
           <sshPrnamt>180000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>180000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Blackstone Group</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>09253U108</cusip>
       <value>27217</value>
       <shrsOrPrnAmt>
           <sshPrnamt>850000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>850000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Boeing Co</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>097023105</cusip>
       <value>27840</value>
       <shrsOrPrnAmt>
           <sshPrnamt>94400</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>94400</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Bristol Myers Squibb</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>110122108</cusip>
       <value>613</value>
       <shrsOrPrnAmt>
           <sshPrnamt>10000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>10000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Brookfield Asset Management</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>112585104</cusip>
       <value>28083</value>
       <shrsOrPrnAmt>
           <sshPrnamt>645000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>645000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Brookfield Asset Management</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>112585104</cusip>
       <value>208592</value>
       <shrsOrPrnAmt>
           <sshPrnamt>4790821</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>4790821</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Brookfield Business Partners</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>G16234109</cusip>
       <value>445</value>
       <shrsOrPrnAmt>
           <sshPrnamt>12900</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>12900</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Brookfield Business Partners</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>G16234109</cusip>
       <value>3062</value>
       <shrsOrPrnAmt>
           <sshPrnamt>88694</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>88694</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Brown Forman Class A</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>115637100</cusip>
       <value>10691</value>
       <shrsOrPrnAmt>
           <sshPrnamt>159000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>159000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Brown Forman Class A</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>115637100</cusip>
       <value>45992</value>
       <shrsOrPrnAmt>
           <sshPrnamt>684000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>684000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Brown-Forman Class B</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>115637209</cusip>
       <value>14472</value>
       <shrsOrPrnAmt>
           <sshPrnamt>210750</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>210750</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Bunge Limited</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>G16962105</cusip>
       <value>4816</value>
       <shrsOrPrnAmt>
           <sshPrnamt>71800</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>71800</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CDK Global Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>12508E101</cusip>
       <value>24</value>
       <shrsOrPrnAmt>
           <sshPrnamt>333</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>333</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CDK Global Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>12508E101</cusip>
       <value>12585</value>
       <shrsOrPrnAmt>
           <sshPrnamt>176564</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>176564</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CME Group Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>12572Q105</cusip>
       <value>19717</value>
       <shrsOrPrnAmt>
           <sshPrnamt>135000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>135000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CVS Corporation</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>126650100</cusip>
       <value>19357</value>
       <shrsOrPrnAmt>
           <sshPrnamt>267000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>267000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Cable One</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>12685J105</cusip>
       <value>3657</value>
       <shrsOrPrnAmt>
           <sshPrnamt>5200</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>5200</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Carmax</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>143130102</cusip>
       <value>59281</value>
       <shrsOrPrnAmt>
           <sshPrnamt>924386</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>924386</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Carmax</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>143130102</cusip>
       <value>255794</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3988684</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>3988684</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Caterpillar Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>149123101</cusip>
       <value>43807</value>
       <shrsOrPrnAmt>
           <sshPrnamt>278000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>278000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Charles Schwab</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>808513105</cusip>
       <value>54298</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1057000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>1057000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Choice Hotels Intl Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>169905106</cusip>
       <value>3492</value>
       <shrsOrPrnAmt>
           <sshPrnamt>45000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>45000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Cisco</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>17275R102</cusip>
       <value>13099</value>
       <shrsOrPrnAmt>
           <sshPrnamt>342000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>342000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Colfax Corporation</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>194014106</cusip>
       <value>42990</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1085070</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>1085070</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Colfax Corporation</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>194014106</cusip>
       <value>1981</value>
       <shrsOrPrnAmt>
           <sshPrnamt>50000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>50000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Comcast Corp- Class A</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>20030n101</cusip>
       <value>8451</value>
       <shrsOrPrnAmt>
           <sshPrnamt>211000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>211000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Costco</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>22160K105</cusip>
       <value>2420</value>
       <shrsOrPrnAmt>
           <sshPrnamt>13000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>13000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Costco</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>22160K105</cusip>
       <value>4839</value>
       <shrsOrPrnAmt>
           <sshPrnamt>26000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>26000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Diageo PLC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>25243Q205</cusip>
       <value>64034</value>
       <shrsOrPrnAmt>
           <sshPrnamt>438500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>438500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Diageo PLC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>25243Q205</cusip>
       <value>133077</value>
       <shrsOrPrnAmt>
           <sshPrnamt>911300</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>911300</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Discovery Communications</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>25470F302</cusip>
       <value>21763</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1028000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>1028000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Disney</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>254687106</cusip>
       <value>182681</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1699200</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>1699200</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Dollar Tree Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>256746108</cusip>
       <value>9443</value>
       <shrsOrPrnAmt>
           <sshPrnamt>88000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>88000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Ecolab</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>278865100</cusip>
       <value>30700</value>
       <shrsOrPrnAmt>
           <sshPrnamt>228800</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>228800</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Facebook</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>30303M102</cusip>
       <value>19146</value>
       <shrsOrPrnAmt>
           <sshPrnamt>108500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>108500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Factset Research</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>303075105</cusip>
       <value>31613</value>
       <shrsOrPrnAmt>
           <sshPrnamt>164000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>164000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Flowserve</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>34354P105</cusip>
       <value>2823</value>
       <shrsOrPrnAmt>
           <sshPrnamt>67000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>67000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>General Dynamics</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>369550108</cusip>
       <value>203</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>1000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>General Dynamics</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>369550108</cusip>
       <value>78532</value>
       <shrsOrPrnAmt>
           <sshPrnamt>386000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>386000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>General Electric</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>369604103</cusip>
       <value>1658</value>
       <shrsOrPrnAmt>
           <sshPrnamt>95000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>95000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Gilead Sciences Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>375558103</cusip>
       <value>2364</value>
       <shrsOrPrnAmt>
           <sshPrnamt>33000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>33000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Goldman Sachs</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>38141G104</cusip>
       <value>9961</value>
       <shrsOrPrnAmt>
           <sshPrnamt>39100</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>39100</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Goodyear Tire &amp; Rubber Co.</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>382550101</cusip>
       <value>646</value>
       <shrsOrPrnAmt>
           <sshPrnamt>20000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>20000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Graham Holdings Co</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>384637104</cusip>
       <value>2903</value>
       <shrsOrPrnAmt>
           <sshPrnamt>5200</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>5200</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Hasbro, Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>418056107</cusip>
       <value>33084</value>
       <shrsOrPrnAmt>
           <sshPrnamt>364000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>364000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Healthcare Services Group</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>421906108</cusip>
       <value>2900</value>
       <shrsOrPrnAmt>
           <sshPrnamt>55000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>55000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Heico Corp</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>422806109</cusip>
       <value>354</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3750</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>3750</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Heico Corp Class A</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>422806208</cusip>
       <value>10939</value>
       <shrsOrPrnAmt>
           <sshPrnamt>138375</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>138375</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Hershey Foods</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>427866108</cusip>
       <value>2736</value>
       <shrsOrPrnAmt>
           <sshPrnamt>24100</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>24100</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Hexcel Corp</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>428291108</cusip>
       <value>5319</value>
       <shrsOrPrnAmt>
           <sshPrnamt>86000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>86000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Home Depot</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>437076102</cusip>
       <value>7013</value>
       <shrsOrPrnAmt>
           <sshPrnamt>37000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>37000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Home Depot</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>437076102</cusip>
       <value>167355</value>
       <shrsOrPrnAmt>
           <sshPrnamt>883000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>883000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Hormel Foods</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>440452100</cusip>
       <value>691</value>
       <shrsOrPrnAmt>
           <sshPrnamt>19000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>19000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>IBM</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>459200101</cusip>
       <value>2409</value>
       <shrsOrPrnAmt>
           <sshPrnamt>15700</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>15700</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Illinois Tool Works</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>452308109</cusip>
       <value>12514</value>
       <shrsOrPrnAmt>
           <sshPrnamt>75000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>75000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Illinois Tool Works</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>452308109</cusip>
       <value>25862</value>
       <shrsOrPrnAmt>
           <sshPrnamt>155000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>155000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Illumina Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>452327109</cusip>
       <value>218</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>1000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Intl Flavors &amp; Fragrances</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>459506101</cusip>
       <value>1221</value>
       <shrsOrPrnAmt>
           <sshPrnamt>8000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>8000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Investors Title Company</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>461804106</cusip>
       <value>42308</value>
       <shrsOrPrnAmt>
           <sshPrnamt>213300</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>213300</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>JP Morgan</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>46625H100</cusip>
       <value>19570</value>
       <shrsOrPrnAmt>
           <sshPrnamt>183000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>183000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>John Deere</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>244199105</cusip>
       <value>171441</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1095400</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>1095400</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Johnson and Johnson</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>478160104</cusip>
       <value>21657</value>
       <shrsOrPrnAmt>
           <sshPrnamt>155000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>155000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Johnson and Johnson</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>478160104</cusip>
       <value>63684</value>
       <shrsOrPrnAmt>
           <sshPrnamt>455800</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>455800</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>KKR &amp; Co LLC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>48248M102</cusip>
       <value>20365</value>
       <shrsOrPrnAmt>
           <sshPrnamt>967000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>967000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Liberty Braves Group A</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>531229706</cusip>
       <value>939</value>
       <shrsOrPrnAmt>
           <sshPrnamt>42600</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>42600</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Liberty Braves Group C</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>531229888</cusip>
       <value>2217</value>
       <shrsOrPrnAmt>
           <sshPrnamt>99788</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>99788</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Liberty Broadband A</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>530307107</cusip>
       <value>319</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3750</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>3750</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Liberty Broadband A</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>530307107</cusip>
       <value>17138</value>
       <shrsOrPrnAmt>
           <sshPrnamt>201500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>201500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Liberty Broadband Class C</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>530307305</cusip>
       <value>581</value>
       <shrsOrPrnAmt>
           <sshPrnamt>6818</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>6818</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Liberty Broadband Class C</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>530307305</cusip>
       <value>14077</value>
       <shrsOrPrnAmt>
           <sshPrnamt>165295</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>165295</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Liberty Global PLC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>G5480U104</cusip>
       <value>4444</value>
       <shrsOrPrnAmt>
           <sshPrnamt>124000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>124000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Liberty Global PLC Lilac</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>G5480U138</cusip>
       <value>297</value>
       <shrsOrPrnAmt>
           <sshPrnamt>14720</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>14720</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Liberty Media Group A</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>531229870</cusip>
       <value>5153</value>
       <shrsOrPrnAmt>
           <sshPrnamt>157500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>157500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Liberty Media Group C</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>531229854</cusip>
       <value>8865</value>
       <shrsOrPrnAmt>
           <sshPrnamt>259500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>259500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Liberty Sirius Group A</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>531229409</cusip>
       <value>16895</value>
       <shrsOrPrnAmt>
           <sshPrnamt>426000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>426000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Liberty Sirius Group C</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>531229607</cusip>
       <value>1190</value>
       <shrsOrPrnAmt>
           <sshPrnamt>30000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>30000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Liberty Sirius Group C</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>531229607</cusip>
       <value>19513</value>
       <shrsOrPrnAmt>
           <sshPrnamt>492000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>492000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Live Nation</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>538034109</cusip>
       <value>17781</value>
       <shrsOrPrnAmt>
           <sshPrnamt>417700</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>417700</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Lowes</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>548661107</cusip>
       <value>8829</value>
       <shrsOrPrnAmt>
           <sshPrnamt>95000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>95000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Lowes</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>548661107</cusip>
       <value>44146</value>
       <shrsOrPrnAmt>
           <sshPrnamt>475000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>475000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>MSCI</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>55354G100</cusip>
       <value>17336</value>
       <shrsOrPrnAmt>
           <sshPrnamt>137000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>137000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Marriott International</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>571903202</cusip>
       <value>13845</value>
       <shrsOrPrnAmt>
           <sshPrnamt>102000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>102000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Marriott International</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>571903202</cusip>
       <value>190873</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1406269</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>1406269</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Marsh &amp; McLennan</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>571748102</cusip>
       <value>49607</value>
       <shrsOrPrnAmt>
           <sshPrnamt>609500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>609500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Mastercard, Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>57636Q104</cusip>
       <value>27563</value>
       <shrsOrPrnAmt>
           <sshPrnamt>182100</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>182100</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Maxim Integrated Products</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>57772K101</cusip>
       <value>10299</value>
       <shrsOrPrnAmt>
           <sshPrnamt>197000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>197000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>McKesson Corp</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>58155Q103</cusip>
       <value>4070</value>
       <shrsOrPrnAmt>
           <sshPrnamt>26100</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>26100</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Merck</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>58933Y105</cusip>
       <value>315</value>
       <shrsOrPrnAmt>
           <sshPrnamt>5600</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>5600</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Microchip Technology</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>595017104</cusip>
       <value>703</value>
       <shrsOrPrnAmt>
           <sshPrnamt>8000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>8000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Microsoft Corp</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>594918104</cusip>
       <value>26688</value>
       <shrsOrPrnAmt>
           <sshPrnamt>312000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>312000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Monsanto Co</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>61166W101</cusip>
       <value>46327</value>
       <shrsOrPrnAmt>
           <sshPrnamt>396700</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>396700</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Moody&apos;s Corp</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>615369105</cusip>
       <value>42807</value>
       <shrsOrPrnAmt>
           <sshPrnamt>290000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>290000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Nike</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>654106103</cusip>
       <value>2252</value>
       <shrsOrPrnAmt>
           <sshPrnamt>36000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>36000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Nike</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>654106103</cusip>
       <value>20641</value>
       <shrsOrPrnAmt>
           <sshPrnamt>330000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>330000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Norfolk Southern</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>655844108</cusip>
       <value>33255</value>
       <shrsOrPrnAmt>
           <sshPrnamt>229500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>229500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Novartis AG-Sponsored ADR</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>66987V109</cusip>
       <value>311</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3700</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>3700</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Novo-Nordisk A/S</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>670100205</cusip>
       <value>57695</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1075000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>1075000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Oaktree Capital Group LLC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>674001201</cusip>
       <value>37322</value>
       <shrsOrPrnAmt>
           <sshPrnamt>886500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>886500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Paccar</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>693718108</cusip>
       <value>8409</value>
       <shrsOrPrnAmt>
           <sshPrnamt>118300</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>118300</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Parker-Hannifin Corp</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>701094104</cusip>
       <value>23670</value>
       <shrsOrPrnAmt>
           <sshPrnamt>118600</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>118600</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Patterson Companies Inc.</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>703395103</cusip>
       <value>6070</value>
       <shrsOrPrnAmt>
           <sshPrnamt>168000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>168000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Paychex</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>704326107</cusip>
       <value>10212</value>
       <shrsOrPrnAmt>
           <sshPrnamt>150000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>150000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Penske Automotive Group</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>70959W103</cusip>
       <value>3445</value>
       <shrsOrPrnAmt>
           <sshPrnamt>72000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>72000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Pepsico</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>713448108</cusip>
       <value>17460</value>
       <shrsOrPrnAmt>
           <sshPrnamt>145600</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>145600</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Philip Morris International</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>718172109</cusip>
       <value>12097</value>
       <shrsOrPrnAmt>
           <sshPrnamt>114500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>114500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Praxair Inc.</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>74005P104</cusip>
       <value>13055</value>
       <shrsOrPrnAmt>
           <sshPrnamt>84400</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>84400</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Priceline Group Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>741503403</cusip>
       <value>348</value>
       <shrsOrPrnAmt>
           <sshPrnamt>200</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>200</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>RLI Corporation</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>749607107</cusip>
       <value>72627</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1197272</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>1197272</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Ritchie Bros</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>767744105</cusip>
       <value>3412</value>
       <shrsOrPrnAmt>
           <sshPrnamt>114000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>114000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Rockwell Automation Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>773903109</cusip>
       <value>25094</value>
       <shrsOrPrnAmt>
           <sshPrnamt>127800</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>127800</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Rockwell Collins Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>774341101</cusip>
       <value>5018</value>
       <shrsOrPrnAmt>
           <sshPrnamt>37000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>37000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Rollins, Inc.</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>775711104</cusip>
       <value>20645</value>
       <shrsOrPrnAmt>
           <sshPrnamt>443700</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>443700</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>S&amp;P Global</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>78409V104</cusip>
       <value>24902</value>
       <shrsOrPrnAmt>
           <sshPrnamt>147000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>147000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SEI Investments Co</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>784117103</cusip>
       <value>22004</value>
       <shrsOrPrnAmt>
           <sshPrnamt>306200</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>306200</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Sensata Technologies Holding</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>N7902X106</cusip>
       <value>8586</value>
       <shrsOrPrnAmt>
           <sshPrnamt>168000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>168000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Starbucks Corp</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>855244109</cusip>
       <value>2986</value>
       <shrsOrPrnAmt>
           <sshPrnamt>52000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>52000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Stericycle Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>858912108</cusip>
       <value>15774</value>
       <shrsOrPrnAmt>
           <sshPrnamt>232000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>232000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Synalloy Corporation</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>871565107</cusip>
       <value>5558</value>
       <shrsOrPrnAmt>
           <sshPrnamt>414804</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>414804</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>T.Rowe Price</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>74144T108</cusip>
       <value>1154</value>
       <shrsOrPrnAmt>
           <sshPrnamt>11000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>11000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>T.Rowe Price</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>74144T108</cusip>
       <value>31794</value>
       <shrsOrPrnAmt>
           <sshPrnamt>303000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>303000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Texas Instruments Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>882508104</cusip>
       <value>54935</value>
       <shrsOrPrnAmt>
           <sshPrnamt>526000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>526000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>The Carlyle Group</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>14309L102</cusip>
       <value>18251</value>
       <shrsOrPrnAmt>
           <sshPrnamt>797000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>797000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>The Travelers Companies Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>89417E109</cusip>
       <value>42727</value>
       <shrsOrPrnAmt>
           <sshPrnamt>315000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>315000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Tyson Foods</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>902494103</cusip>
       <value>14430</value>
       <shrsOrPrnAmt>
           <sshPrnamt>178000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>178000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Under Armour Inc-Class C</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>904311206</cusip>
       <value>1465</value>
       <shrsOrPrnAmt>
           <sshPrnamt>110000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>110000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Unilever PLC ADR</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>904767704</cusip>
       <value>84537</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1527600</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>1527600</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Union Pacific</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>907818108</cusip>
       <value>11345</value>
       <shrsOrPrnAmt>
           <sshPrnamt>84600</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>84600</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>United Health Group Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>91324P102</cusip>
       <value>1146</value>
       <shrsOrPrnAmt>
           <sshPrnamt>5200</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>5200</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>United Health Group Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>91324P102</cusip>
       <value>145019</value>
       <shrsOrPrnAmt>
           <sshPrnamt>657800</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>657800</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>United Technologies</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>913017109</cusip>
       <value>21049</value>
       <shrsOrPrnAmt>
           <sshPrnamt>165000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>165000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>VF Corp</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>918204108</cusip>
       <value>2279</value>
       <shrsOrPrnAmt>
           <sshPrnamt>30800</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>30800</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Verisk Analytics Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>92345Y106</cusip>
       <value>7008</value>
       <shrsOrPrnAmt>
           <sshPrnamt>73000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>73000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Visa</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>92826C839</cusip>
       <value>456</value>
       <shrsOrPrnAmt>
           <sshPrnamt>4000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>4000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Visa</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>92826C839</cusip>
       <value>103792</value>
       <shrsOrPrnAmt>
           <sshPrnamt>910300</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>910300</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>W.P. Carey</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>92936U109</cusip>
       <value>3100</value>
       <shrsOrPrnAmt>
           <sshPrnamt>45000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>45000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>W.P. Carey</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>92936U109</cusip>
       <value>62368</value>
       <shrsOrPrnAmt>
           <sshPrnamt>905200</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>905200</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>WR Berkley Corp</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>084423102</cusip>
       <value>1290</value>
       <shrsOrPrnAmt>
           <sshPrnamt>18000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>18000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Walgreens Boots Alliance Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>931427108</cusip>
       <value>45387</value>
       <shrsOrPrnAmt>
           <sshPrnamt>625000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>625000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Walgreens Boots Alliance Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>931427108</cusip>
       <value>109656</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1510000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>1510000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>Watsco Inc</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>942622200</cusip>
       <value>40044</value>
       <shrsOrPrnAmt>
           <sshPrnamt>235500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>235500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
