meeting in the new year to vote on a $905 million takeover plan by US-based Markel Corporation.

The Terra Nova Special General and Court Meetings will be held on February 10, 2000 at Richmond House, 12 Par-La-Ville Road beginning at 10 a.m. local time.

The Markel Special General Meeting is to be held on the same date in Virginia.

The record date for the Terra Nova Special General and Court Meetings is December 23, 1999 and the record date for the Markel Special Meeting is December 20, 1999.

Shareholders to meet If shareholders and the Bermuda Supreme Court approve, the companies plan to close the transaction on February 18, 2000.

Markel Corporation announced back in August plans to buy out Terra Nova at $34 per share. Terra Nova's share prices peaked at $31.50 last year and were valued at $30.88 in August during the time of the offer.

Some shareholders and directors of Terra Nova and Markel have already agreed to vote their shares in favour of the transaction.

It is planned the deal will see a tax-free exchange for shares of Markel common stock received in the transaction.

Terra Nova (Bermuda) Holdings Ltd. is the holding company for five wholly owned operating entities including 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 manages eight Lloyd's syndicates in which the company has a participation.

Terra Nova underwrites property, casualty, marine and aviation insurance and reinsurance business. Markel is also a specialty insurer.