Holdings Ltd. by US based Markel Corporation is nearing completion.

The legal firm of Conyers Dill and Pearman at the request of the local company have asked for a hearing on the scheme of arrangement to take place on February 10, 2000.

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

Alan Kirshner, chief executive officer of Markel Corporation said that Terra Nova would not change in name or business operations and he confirmed that the company would be subjected to US taxation.