Exercise of Share Options

Hiscox PLC
11 July 2001


FOR IMMEDIATE RELEASE     11 July 2001


                            Hiscox plc ('Hiscox')

                          Exercise of Share Options


On 28 June 2001 Hiscox allotted a total of 5,785 new ordinary shares of 5p
each at the prices set out below, following the exercise of options under the
Sharesave Scheme:


Number of Shares                           Exercise Price

4,126                                      118p
1,659                                      96.4p


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