Aug 31 (Reuters) - Markel Corp MKL.N :
* MARKEL TO ACQUIRE NEPHILA HOLDINGS LIMITED
* MARKEL CORP - TRANSACTION IS NOT SUBJECT TO ANY FINANCING CONDITION, AND MARKEL PLANS TO FINANCE TRANSACTION USING CASH BALANCES ON HAND
* MARKEL CORP - NEPHILA WILL CONTINUE TO OPERATE AS A SEPARATE BUSINESS UNIT ON DEAL CLOSE
* MARKEL CORP - NEPHILA MANAGEMENT TEAM, LED BY GREG HAGOOD AND FRANK MAJORS WILL REMAIN IN PLACE