Filed Pursuant to Rule 425
                                              Registration #333-88609
                                              and #333-96243
                                              Filed by Markel Holdings Inc.
                                              Companies subject of the offering:
                                              Terra Nova (Bermuda) Holdings Ltd.
                                              Markel Corporation

       MARKEL CORPORATION AND TERRA NOVA (BERMUDA) HOLDINGS LTD. ANNOUNCE
                   DATE FOR SPECIAL MEETINGS OF SHAREHOLDERS


      RICHMOND,  Virginia  and  HAMILTON,  Bermuda,  February  9, 2000 -- Markel
Corporation  (NYSE:  MKL) and Terra Nova (Bermuda)  Holdings Ltd.  (NYSE:  TNA),
today  announced  that  they  have  set  March  16,  2000  as the  date  for the
reconvening of special  meetings of their  shareholders  to vote on the proposed
acquisition of Terra Nova by Markel.  The Markel Special Meeting will be held in
the Markel  American  Building,  4501 Highwoods  Parkway,  Glen Allen,  Virginia
beginning at 10:00 a.m. The Terra Nova Special  General and Court  Meetings will
be held at  Richmond  House,  12  Par-La-Ville  Road,  Hamilton  HM 08,  Bermuda
beginning  at 10:00 a.m.  local  time.  The record  date for the Markel  Special
Meeting is  December  20,  1999 and the record  date for the Terra Nova  Special
General and Court Meetings is December 23, 1999.

      The companies also announced  that all required  regulatory  approvals for
the  transactions  have been received other than approval by the Bermuda Supreme
Court, as required by Bermuda law. A hearing has been scheduled before the Court
on March 23, 2000.  The  companies  plan to close the  transaction  on March 24,
2000,  if  shareholder  approvals  and the Bermuda  Supreme  Court  approval are
obtained and other closing conditions are satisfied.

      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.

      Terra Nova (Bermuda)  Holdings Ltd. is the holding company for five wholly
owned  operating  entities -- Terra Nova  Insurance  Company  Limited in the UK,
Terra Nova (Bermuda) Insurance Company Ltd., Corifrance in Paris, and Terra Nova
Capital  Limited and Octavian  Syndicate  Management  Limited  which manages six
Lloyd's  syndicates  in which the Company  has a  participation.  Through  these
companies,  Terra Nova  underwrites  a diverse  property,  casualty,  marine and
aviation insurance and reinsurance business on a worldwide basis.

            Investors  are  urged  to read the  amendment  to  Markel  Holdings'
Registration  Statement  on Form S-4  filed  with the  Securities  and  Exchange
Commission   because  it  contains  important   information.   The  joint  proxy
statement/prospectus  included in the Markel Holdings' Registration Statement on
Form S-4 includes the identity of the  participants  in the  solicitation  and a
description  of their  direct or  indirect  interests.  Investors  can get these
documents when filed for free at the SEC's web site at http://www.sec.gov.

                                           # # #
CONTACTS:

Markel Corporation:  Steven A. Markel, 804-747-0136
Terra Nova (Bermuda) Holdings Ltd.:  John J. Dwyer, 441-292-7731