On Tuesday, specialty insurers Markel (NYSE:MKL) and Alterra Capital Holdings (UNKNOWN:ALTE.DL2) announced that their respective shareholders have "overwhelmingly" voted to approve the merger of the two companies. Assuming regulators approve, and other usual closing conditions are similarly satisfied, the companies plan to consummate their merger sometime in Q2 2013.

At that time, Alterra shareholders will receive 0.04315 Markel shares, plus $10 cash, for each share of Alterra they own -- resulting in a per-share purchase price of about $31.27 based on Market's current $493 share price.

Alterra shares rose 2.7% in Tuesday trading, only to fall back to 0.32% gain at day's end. Shares currently trade for $30.94.