Employee Share Option Scheme

Hiscox PLC
21 January 2003

FOR IMMEDIATE RELEASE                                            21 January 2003


                                   HISCOX PLC


                          Employee Share Option Scheme


The board of Hiscox plc ('Hiscox') hereby announces that on 21 January 2003,
Hiscox allotted a total of 21,152 shares of 5p each at an exercise price of
109.5p under the Unapproved Employee Share Option Scheme.

These shares will rank pari passu with the existing class of ordinary 5p shares
in issue.

END


                      This information is provided by RNS
            The company news service from the London Stock Exchange