EXHIBIT 99.1


MARKEL ANNOUNCES ACCEPTANCE OF NOTES TENDERED IN EXCHANGE OFFERS


FOR IMMEDIATE RELEASE                       CONTACT: BRUCE A. KAY
                                            TELEPHONE: 804-747-0136

Richmond, VA, May 20, 2002, Markel Corporation (NYSE:MKL) announced today that
it has accepted all notes validly tendered and not withdrawn pursuant to
Markel's exchange offers for outstanding Terra Nova 7.2% Notes due 2007 and
Terra Nova 7.0% Notes due 2008. The exchange offers expired at 5:00 p.m. New
York City time on May 20, 2002. At the expiration time, 100% of the Terra Nova
7.2% Notes held by non-affiliates of Markel had been tendered and 100% of the
Terra Nova 7.0% Notes held by non-affiliates of Markel had been tendered. Markel
has, in accordance with the terms and conditions of the exchange offers,
notified the exchange agent of Markel's acceptance of these notes.

JPMorgan acted as the exclusive Dealer Manager for the exchange offer.

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.



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