According to the Complaint, Alterra Capital Holdings Limited ("Alterra") is an insurance company that provides specialty insurance and reinsurance products to corporations, public entities, and property and casualty insurers.

On December 19, 2012, Alterra and Markel Corporation announced as part of a Proposed Merger a definitive agreement pursuant to which each Alterra shareholder will receive consideration consisting of 0.04315 shares of Markel common stock and a cash payment of $10 per Alterra share.

The Complaint alleges that on January 18, 2013, Defendants filed with the SEC, and disseminated to Alterra shareholders, the materially false and misleading Proxy. The Proxy, which recommends that Alterra shareholders vote in favor of the Proposed Merger, omits and/or misrepresents material information in contravention of sections 14(a) and 20(a) of the Exchange Act regarding: (i) the unfair sales process for the Company; (ii) the financial analyses of its financial advisor Bank of America Merrill Lynch, and (iii) the financial projections prepared by Alterra management and used in Bank of America Merrill Lynch's analyses.

On June 20, 2013, the parties entered into a Stipulation of Settlement. The Settlement was preliminarily approved by the Court on August 5th. On October 25th, the Court issued an Order and Final Judgment approving the Settlement.