Markel To Acquire Alterra For Approximately $31 Per Share In Stock And Cash

Enhanced size and scale: Following the close of the transaction, Markel is expected to write annual gross premiums of approximately $4.4 billion and to have approximately $6 billion in equity with capital flexibility to support future growth.

Strong and well diversified franchise: Complementary business profiles provide important diversification of risk, with Markel adding reinsurance and large-account insurance to its specialty insurance portfolio. Following the close of the transaction, Markel's business is expected to be approximately 50% short-tail, 50% long tail; 67% insurance and 33% reinsurance.

Common cultures of underwriting discipline: The merger brings together seasoned and accomplished underwriting teams with limited overlap in diverse specialty insurance and reinsurance lines.

Strong investment performance: Markel brings a long and successful track record of investment outperformance. This expertise can now be applied to the combined entity's investment portfolio of over $16 billion.

Additional details on the transaction are posted on the websites of Markel and Alterra, at www.markelcorp.com and www.alterracap.com, respectively.

Advisors:Citigroup acted as financial advisor to Markel and Debevoise & Plimpton LLC and Appleby's as legal counsel. BofA Merrill Lynch acted as financial advisor to Alterra and Akin Gump Strauss Hauer & Feld LLP and Conyers Dill & Pearman as legal counsel.

Conference Call and Webcast:Markel and Alterra will conduct a joint investor conference call on December 19, 2012 at 11:00 a.m. Eastern Time to discuss the merger with interested investors and shareholders. On the call, Markel will be represented by Steven A. Markel and Presidents Richard R. Whitt, III, F. Michael Crowley and Thomas S. Gayner, and Alterra will be represented by W. Marston (Marty) Becker, and Executive Vice President and Chief Financial Officer Joe Roberts.

The details of the call are as follows: Date: December 19, 2012 Time: 11:00 a.m. Eastern Time Toll-free number (U.S. callers): 1-877-407-9205International callers: 1- 201-689-8054

Please dial in five to ten minutes prior to the start of the call.

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