Share Allotment

Hiscox PLC
14 April 2003

14 April 2003


FOR IMMEDIATE RELEASE


                                   Hiscox plc


                                Share Allotment

The Board of Hiscox plc hereby advises that on 14 April 2003 it has allotted the
following ordinary shares of 5p each at exercise prices set out below following
the exercise of options under the following schemes:

Hiscox Holdings Inland Revenue Approved and Unapproved Share Option Schemes

Approved                                                  Exercise Price
52,882                                                    £0.314
Unapproved                                                Exercise Price
592,273                                                   £1.095

Subsequent to the exercise of 528,816 of the unapproved share options above, B E
Masojada will have 2,317,808 beneficial shares or 0.8% of the issued share
capital of Hiscox plc.

Also on 14 April 2003, the Board of Hiscox plc allotted 1,795 ordinary shares of
5p each at an exercise price of £1.078 following the exercise of options under
the Sharesave Scheme.

The total number of shares allotted was 646,950. These shares will rank pari
passu with the existing class of ordinary 5p shares in issue.


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