(Bermuda) Holdings Ltd.

The new holding company, which has been renamed Markel Corporation, issued approximately 1,750,000 common shares and contingent value rights to Terra Nova shareholders and paid approximately $325 million in cash in the transaction.

Markel Corporation markets and underwrites specialty insurance products and programmes to a variety of niche markets.

In each of these markets, the Company seeks to provide quality products and excellent customer service so that it can be a market leader.

The financial goals of the Company are to earn consistent underwriting profits and superior investment returns to build shareholder value.

Terra Nova (Bermuda) Holdings Ltd. is the holding company for five wholly owned operating entities -- Terra Nova Insurance Company Limited in the UK, Terra Nova (Bermuda) Insurance Company Ltd., Corifrance in Paris, and Terra Nova Capital Limited and Octavian Syndicate Management Limited which manage six Lloyd's syndicates in which the Company has a participation.

Through these companies, Terra Nova underwrites a diverse property, casualty, marine and aviation insurance and reinsurance business on a worldwide basis.