next month to vote on the proposed acquisition of the firm by Virginia's Markel Corporation.

And a week later the matter will be heard before the Island's Supreme Court with the transaction being closed the next day if everything proceeds smoothly.

March 16 has been set as the date for meetings for shareholders in both companies to vote on the acquisition with the Markel meeting set to be held in Glen Allen, Virginia and the Terra Nova meeting set for Richmond House, Par-La-Ville Road at 10 a.m..

Meanwhile, all required regulatory approvals for the transaction have been received by the Bermuda Supreme Court and a hearing has been scheduled before that entity on March 23.

A joint Press release from the two companies yesterday stated: "The companies plan to close the transaction on March 24, 2000, if shareholder approvals and the Bermuda Supreme Court approval are obtained and other closing conditions are satisfied.'' Markel Corporation markets and underwrites specialty insurance products and programmes to a variety of niche markets.

Terra Nova (Bermuda) Holdings Ltd. is the holding company for five wholly owned operating entities: Terra Nova Insurance Company Limited; Terra Nova (Bermuda) Insurance Company Ltd.; Corifrance; Terra Nova Capital Limited; and Octavian Syndicate Management Limited through which it underwrites diverse property, casualty, marine and aviation insurance and reinsurance business worldwide.