MARKEL FINALISES DEAL FOR TAKEOVER OF BERMUDA’S TERRA NOVA

Virginia-based p/c group Markel has signed a definitive agreement for its takeover of Terra Nova (Bermuda) Holdings under terms that the two companies revised last week in the wake of a recent fall in Markel shares and Terra Nova’s projection for a 1999 loss of $2.13 a share. Under the new pact, Markel will pay $680m in cash, shares and contingent value rights, against $905m in cash and shares under the original agreement.