On March 22, 2002, Standard & Poor's lowered its ratings on Markel Corp's London subsidiary, Terra Nova Insurance Co. Ltd. (TNIC), and also lowered its ratings on Markel's international operations holding company, Terra Nova (Bermuda) Holdings Ltd. (TNBH). Both companies were removed from CreditWatch where they had been placed on Sept. 20, 2001. At the same time, Standard & Poor's removed from CreditWatch and affirmed its ratings on Virginia-based property/casualty specialty writer Markel Corp. and Markel Corp.'s North American subsidiaries (MNA), which consist of Markel Insurance Co., Essex Insurance Co., Deerfield Insurance Co., Evanston Insurance Co., and Markel American Insurance Co. Concurrent with these actions, Standard & Poor's removed from CreditWatch and affirmed its ratings on Markel Corp.'s run-off subsidiary,
