Preheat oven to 270ºC .
Pat meat dry. In a small bowl combine rosemary, thyme, garlic, pepper and salt. Rub mixture onto meat and arrange meat on a rack in a roasting pan. Roast meat for 45 to 50 minutes, or until a meat thermometer inserted in the thickest part of the meat registers 130 to 60ºC . for mediumrare. Transfer meat to a cutting board and let rest, loosely covered, for 10 minutes.
Make the sauce: In a saucepan combine the shallots, two third cup of the Madeira, the thyme, rosemary and bay leaf and reduce the mixture to one third cup. Add the stock and tomato paste and simmer, stirring occasionally, for 20 minutes.
In a small bowl combine the remaining Madeira with the arrowroot until smooth and whisk it into the sauce. Simmer for 5 minutes more, or until lightly thickened. Keep warm. Before serving, strain into a sauceboat.