Exercise of Options

Hiscox PLC
30 January 2002



FOR IMMEDIATE RELEASE     30 January 2002




                             HISCOX PLC ('Hiscox')

                                Sharesave Scheme


The board of Hiscox announces that on 28 January 2002, Hiscox allotted a total
of 2,396 shares of 5p each at a price of £1.18 following the exercise of options
under the Sharesave Scheme.


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






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