Syndicate 33 Forecasts

Hiscox PLC
25 November 2003


Tuesday 25 November 2003


HISCOX PLC


THIRD QUARTER SYNDICATE 33 FORECASTS


Hiscox plc, the leading specialist Lloyd's insurer, announces third quarter
forecasts for Syndicate 33 for the 2001 and 2002 years of account.



The forecasts for the 2001 and 2002 years of account are unchanged from those
announced at the end of the second quarter.  Both these years of account
continue to develop in line with expectations.


The syndicate forecasts, expressed as a percentage of capacity, are as follows:


Year of account        Current estimate             Previous estimate             Capacity          Hiscox plc share
                        November 2003                  August 2003
2001                  (17.5%) to (22.5%)           (17.5%) to (22.5%)              £360m                  53%

2002                    22.5% to 27.5%               22.5% to 27.5%                £504m                  55%

2003                no estimate given yet                   -                      £842m                  65%




Hiscox also confirms today that it has secured its target of £847 million of
capacity for 2004 of which it will own 65 per cent.



Bronek Masojada, Chief Executive said: 'We continue to forecast an excellent
result for the 2002 year of account and experience a strong market in 2003.'



                                    - ends -


For further information:


Hiscox plc
Bronek Masojada                          Chief Executive                             020 7448 6012
Stuart Bridges                           Finance Director                            020 7448 6013
Fiona Fong                               Director of Communications                  020 7448 6447
The Maitland Consultancy
Suzanne Bartch                                                                       020 7379 5151



Notes to editors

1.    The Syndicate forecasts are after standard personal expenses,
such as Managing Agent fees and profit commission and all charges levied
directly on syndicates by Lloyd's, but before Members Agents' charges.



2.    Lloyd's of London operates a three year accounting system.
There are currently three years of account which have not yet reached their due
date of closure: 2001, 2002 and 2003.  As a Lloyd's syndicate, Syndicate 33,
managed by Hiscox, provides quarterly information for any year of account that
has reached or passed the 18 month stage of development but has not yet reached
its normal date of closure (36 months after commencement).   The forecasts are
provided as a range, set out as best and worst case percentages for the
estimated result on the capacity for that year of account.



3.    Hiscox plc is a specialist insurance group listed on the
London Stock Exchange where it has a market capitalisation of circa £450
million.  There are three main underwriting parts of the Group - Syndicate 33 at
Lloyd's, UK Retail and International Retail business.  Syndicate 33 had a
premium income of £726 million in 2002.  It underwrites mainly internationally
traded business in the London Market - generally large or complex business which
needs to be shared with other insurers or needs the international licences of
Lloyd's.  The UK Retail business had a premium income of £148 million in 2002.
It offers a wide range of specialist insurance for professionals and business
customers, as well as high net worth individuals. It has regional offices in
Birmingham, Glasgow, Leeds and Maidenhead.  The International Retail business
had a premium income of £67 million in 2002.  It has offices in Paris,
Amsterdam, Munich and Guernsey. The European offices write mainly high value
household business and some specialist professional indemnity business.  The
Guernsey office underwrites kidnap and ransom business and fine art.   For
further information, go to www.hiscox.com




                      This information is provided by RNS
            The company news service from the London Stock Exchange