Terra Nova (Bermuda) Holdings Ltd.

The Company writes specialty property, casualty, marine and aviation insurance on a direct and reinsurance basis. Business is written world-wide with the majority coming from the United Kingdom and the United States. The Company has a strong presence in the London Insurance Market through Terra Nova and its participation through Markel Capital in four Lloyd's syndicates managed by Markel Syndicate Management. For 2002 a new syndicate, named Markel Syndicate 3000, has been formed which will consolidate business previously written in these Lloyd's syndicates. Consolidating the Lloyd's operations into one syndicate should provide cost reductions and allow more efficient capital allocation.