NEW YORK (Standard & Poor's) March 22, 2002--Standard & Poor's said today it removed from CreditWatch and lowered its counterparty credit ratings on property/casualty specialty writer Markel Corp.'s London subsidiary, Terra Nova Insurance Co. Ltd., and Markel Corp.'s international operations holding company, Terra Nova (Bermuda) Holdings Ltd., because of poor operating performance and a deterioration in capital adequacy at the units. At the same time, Standard & Poor's said it removed from CreditWatch and affirmed its triple-'B'-minus counterparty credit rating on Virginia-based Markel Corp. and its single-'A'-minus counterparty credit and financial strength ratings on Markel Corp.'s North American subsidiaries. Concurrent with these actions, Standard & Poor's said it removed from CreditWatch and affirmed its triple-'B' counterparty credit and financial strength
