Result of Rights Issue

Hiscox PLC
29 November 2005


29 November 2005

Not for release, publication or distribution in whole or in part in or into the
United States, Canada, Australia or Japan

                            HISCOX PLC ANNOUNCEMENT
                             Result of Rights Issue

Hiscox plc ('Hiscox') today announces that it has received valid acceptances in
respect of 95,146,129 new ordinary shares of Hiscox ('New Hiscox Shares'),
representing approximately 98.7% of the total number of New Hiscox Shares
offered to Qualifying Shareholders pursuant to the 0.327 for 1 rights issue
announced by Hiscox on 8 November 2005 (the 'Rights Issue'). A total of
96,376,553 New Hiscox Shares were offered to Qualifying Shareholders in the
Rights Issue, which closed at 11:00am on 29 November 2005.

In accordance with the arrangements set out in Part II of the prospectus
relating to the Rights Issue, subscribers have today been procured for the
remaining 1,230,424 New Hiscox Shares for which valid acceptances were not
received, at a price of 213.25 pence per share. The net proceeds from the sale
of these New Hiscox Shares after deduction of the Rights Issue price of 183
pence per share and relevant costs, will be paid to those Qualifying
Shareholders who have not taken up their entitlements, pro rata to their lapsed
provisional allotments or to Hiscox, if the net proceeds are less than £5.

As a result of the sale of these shares, neither the underwriters nor the
sub-underwriters will be required to subscribe for any new Hiscox shares.

The Rights Issue was fully underwritten by UBS Limited.

Enquiries:

Hiscox plc                                                     020 7448 6000
Robert Hiscox, Chairman
Bronek Masojada, Chief Executive Officer
Stuart Bridges, Finance Director

The Maitland Consultancy                                       020 7379 5151
Public Relations
Angus Maitland
Suzanne Bartch

UBS Investment Bank                                            020 7567 8000
Sole Sponsor, Underwriter and Joint Financial Adviser
John Woolland
Ian Gladman

N M Rothschild & Sons                                          020 7280 5000
Joint Financial Adviser
Jonathan Eddis

Each of UBS Investment Bank and N M Rothschild & Sons Limited is acting for
Hiscox plc in connection with the Rights Issue and no-one else and will not be
responsible to anyone other than Hiscox plc for providing the protections
afforded to each of their respective clients or for providing advice in relation
to the Rights Issue or any other matters referred to in this document.

Definitions used in the prospectus dated 8 November 2005 issued by Hiscox plc
shall have the same meanings when used in this announcement unless the context
otherwise requires.

This announcement is not for release, publication or distribution, directly or
indirectly, in whole or in part, in or into the United States (including its
territories and possessions, any state of the United States and the District of
Columbia). This announcement is not an offer of securities for sale into the
United States or in any jurisdiction in which such an offer or solicitation is
unlawful. The securities referred to in this announcement have not been and will
not be registered under the US Securities Act of 1933, as amended, and may not
be offered or sold in the United States, absent registration or an applicable
exemption from registration. No public offering of the securities will be made
in the United States.

This announcement does not constitute or form part of any offer or invitation to
sell or issue, or any solicitation of any offer to purchase or subscribe for,
the nil paid rights, the fully paid rights or the new Ordinary Shares being
issued in connection with the Rights Issue, in any jurisdiction or in any
circumstances in which such offer or solicitation is unlawful. The nil paid
rights, the fully paid rights, the new Ordinary Shares and the provisional
allotment letters have not been, and will not be, registered under the
applicable securities laws of Canada, Australia or Japan. Accordingly, unless an
exemption under any applicable laws is available, the nil paid rights, the fully
paid rights, the new Ordinary Shares and the provisional allotment letters may
not be offered, sold, transferred, taken up or delivered, directly or
indirectly, in Canada, Australia or Japan or any other country outside the
United Kingdom where such distribution may otherwise lead to a breach of any law
or regulatory requirement.





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