purchased by Markel Corporation for almost $700 million. The news came last week after shareholders approved the specialty insurer's plans to buy international insurer Terra Nova (Bermuda) Holdings Ltd.

The companies said they expect to close the $680 million transaction on March 24, pending approval from Bermuda's Supreme Court, which is due to meet the day before.

Markel's original deal last August was worth $905 million but was cut by about 25 percent in January because of concerns about Terra Nova's expected fourth-quarter losses.

Those losses did result and Terra Nova posted a net loss of $79 million, or a loss of $3.01 per diluted share, for the quarter. That compared with a profit of $19 million, or a gain of 72 cents per share, in the year-earlier quarter.

Under the deal's terms, each Terra Nova share would be exchanged for $13 cash, 0.07027 share of a new holding company for the merged company, and 0.07027 of a contingent value right.

Markel shareholders are entitled to one share of the new holding company, to be called Markel Corporation, for each Markel share.

Markel markets and underwrites speciality insurance products to niche markets, such as Arabian horses and children's summer camps.

Terra Nova is the holding company for five wholly-owned operating entities that underwrite a diverse property, casualty, marine and aviation insurance and reinsurance business on a worldwide basis.