Grant of Share Option

Hiscox PLC
14 November 2000



                                HISCOX PLC

                         ('Hiscox' or the 'Company')


The Board of Hiscox announces that it has granted a total of 110,000 options
over Ordinary Shares of 5p each in the Company ('Shares') to employees of
Hiscox.

Of the total of 110,000 options, 105,000 were granted over unissued shares
under the Inland Revenue Unapproved Share Option Scheme at an exercise price
of 113p per Share.  The balance of 5,000 options was granted over existing
Shares under the Hiscox Performance Share Plan at an exercise price of 117p
per Share.