Exercise of Options

Hiscox PLC
27 September 2004


                               Exercise of Options

Exercise of Approved Options

The board of Hiscox plc advises that today it allotted 10,984 shares of 5p each
at an exercise price of £0.831, 2,736 shares of 5p each at an exercise price of
£1.622, 1,094 shares of 5p each at an exercise price of £1.32 and 106 shares of
5p each at an exercise price of £1.051 under the Approved Share Option Scheme.

Exercise of Unapproved Options

The board of Hiscox plc advises that today it allotted 10,906 shares of 5p each
at an exercise price of £0.831, 2,736 shares of 5p each at an exercise price of
£1.622, 9,851 shares of 5p each at an exercise price of £1.32 and 10,839 shares
of 5p each at an exercise price of £1.051 under the Unapproved Share Option
Scheme.

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


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