Syndicate 33 statement

Hiscox PLC
26 March 2003

2000 ACCOUNT RESULT AND 2001 OPEN YEAR FORECAST FOR SYNDICATE 33 MANAGED BY
HISCOX SYNDICATES LTD


The Syndicate result and forecast shown below are after standard personal
expenses but before members' agents' charges. Standard personal expenses
comprise managing agent fees and profit commission and all charges levied
directly on members by Lloyd's.

Syndicate result and forecast as % of capacity
Year of account          Current result/estimate        Previous estimate              Capacity
2000                     (12.4)%                        (7.5)% to (12.5)%              £360m
2001                     (2.5)% to (7.5)%               (2.5)% to (7.5)%               £360m

For further information please contact:
Bronek Masojada                                  Hiscox plc                                      020 7448 6012
[e-mail]
Stuart Bridges                                   Hiscox plc                                      020 7448 6013
[e-mail]
Suzanne Bartch                                   The Maitland Consultancy                        020 7379 5151
[e-mail]



NOTES TO EDITORS


 1. 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.

 2. Hiscox plc has also made a separate announcement today releasing the
    Preliminary Results for the year ended 31 December 2002.



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