Share Option Scheme

Hiscox Ltd
22 December 2006


Hiscox Ltd allotted the following shares under the Hiscox Unapproved Share
Option Scheme ('Unapproved'), the Hiscox ShareSave Scheme ('ShareSave') and the
Hiscox International ShareSave Scheme ('International ShareSave').

Date         Scheme      No. Shares    Ex. Price
15 Dec 2006  Approved        16,919       £1.574
15 Dec 2006  Approved         2,255       £1.281
15 Dec 2006  Approved           469       £1.020
15 Dec 2006  Unapproved      50,758       £1.574
15 Dec 2006  Unapproved      48,502       £1.281
15 Dec 2006  Unapproved      55,928       £1.020
21 Dec 2006  ShareSave       13,501     £1.32166
21 Dec 2006  ShareSave        5,397      £1.5759
                           --------
                            193,729
                           --------

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

The issued share capital of Hiscox Ltd is now 393,900,838 ordinary shares of 5p
each.




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