Exercise of Options

Hiscox PLC
14 February 2002




FOR IMMEDIATE RELEASE     14 February 2002


                             HISCOX PLC ('Hiscox')

                              Exercise of Options


The board of Hiscox allotted a total of 20,145 shares on 13 February 2002 of 5p
each at a price of £0.19 following the exercise of options under the Hiscox
Holdings Inland Revenue Approved Share Option Scheme.


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






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