Employee Share Option Scheme

Hiscox PLC
16 July 2003

                                   Hiscox plc


                          Employee Share Option Scheme





The board of Hiscox plc advises that on Tuesday, 15th July it allotted a total
of 8,209 shares of 5p each at an exercise price of £1.051 under the Approved
Employee Share Option Scheme.


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


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