NEW YORK (Standard & Poor's CreditWire) Jan. 26, 2000--Standard & Poor's today placed its ratings (see list) on Markel Corp. (Markel) and related entities on CreditWatch with negative implications. At the same time, Standard & Poor's revised its CreditWatch implications for its ratings (see list) on Terra Nova Holdings Ltd. (Terra Nova) and related entities to developing from positive. The action follows Markel's announcement of a revision to its merger agreement with Terra Nova due to preliminary estimates of full-year 1999 losses that may reduce Terra Nova's book value by about $81 million to $445 million. Terra Nova's heavy losses end several years of very strong profitability and raise doubts about its future level and quality of earnings. The losses
