Markel Corporation Contingent Value Rights Extinguished

Apr 02, 2001, 01:00 ET from Markel Corporation

    RICHMOND, Va., April 2 /PRNewswire/ -- Markel Corporation (NYSE:   MKL)
 announced today that all issued and outstanding contingent value rights had
 been automatically extinguished pursuant to the terms of the Contingent Value
 Rights Agreement dated as of March 15, 2000 between Markel and The Chase
 Manhattan Bank, as Trustee.  Accordingly, Markel has no obligation to make any
 payment with respect to the contingent value rights.
     Under the Agreement the contingent value rights are automatically
 extinguished when the Current Market Value, as defined in the Agreement, of
 Markel common shares, is greater than or equal to the Target Price of $185.
 The Current Market Value of Markel common shares exceeded $185 during the 20
 consecutive trading day period ended as of the close of trading on the New
 York Stock Exchange on March 30, 2001.  The contingent value rights were
 issued in connection with Markel's acquisition of Terra Nova (Bermuda)
 Holdings Ltd. in March 2000 and had traded in the over the counter market
 under the symbol "MKLRR."
 
     Markel Corporation markets and underwrites specialty insurance products
 and programs to a variety of niche markets.  In each of these markets, the
 Company seeks to provide quality products and excellent customer service so
 that it can be a market leader.  The financial goals of the Company are to
 earn consistent underwriting profits and superior investment returns to build
 shareholder value.
 
 

SOURCE Markel Corporation
    RICHMOND, Va., April 2 /PRNewswire/ -- Markel Corporation (NYSE:   MKL)
 announced today that all issued and outstanding contingent value rights had
 been automatically extinguished pursuant to the terms of the Contingent Value
 Rights Agreement dated as of March 15, 2000 between Markel and The Chase
 Manhattan Bank, as Trustee.  Accordingly, Markel has no obligation to make any
 payment with respect to the contingent value rights.
     Under the Agreement the contingent value rights are automatically
 extinguished when the Current Market Value, as defined in the Agreement, of
 Markel common shares, is greater than or equal to the Target Price of $185.
 The Current Market Value of Markel common shares exceeded $185 during the 20
 consecutive trading day period ended as of the close of trading on the New
 York Stock Exchange on March 30, 2001.  The contingent value rights were
 issued in connection with Markel's acquisition of Terra Nova (Bermuda)
 Holdings Ltd. in March 2000 and had traded in the over the counter market
 under the symbol "MKLRR."
 
     Markel Corporation markets and underwrites specialty insurance products
 and programs to a variety of niche markets.  In each of these markets, the
 Company seeks to provide quality products and excellent customer service so
 that it can be a market leader.  The financial goals of the Company are to
 earn consistent underwriting profits and superior investment returns to build
 shareholder value.
 
 SOURCE  Markel Corporation