Syndicate 33

Hiscox Ltd
12 October 2007


                                   Hiscox Ltd                                       
                                      
                      PANTHER BERMUDA LIMITED ('PANTHER')


Hamilton, Bermuda - Panther and Hiscox Syndicate 33 ('Syndicate 33') have agreed 
that the successful reinsurance partnership between Panther and Syndicate 33 
covering the 2007 year of account will not be renewed for the 2008 year of 
account.

Syndicate 33 expects that some of the business previously ceded to Panther will
be retained for its own account, some will be ceded to other re-insurance
partners and some risks will not be renewed.

Hiscox is delighted to have been involved in the first Lloyd's sidecar and looks
forward to using similar innovative risk financing approaches in the future.


                                     -ends-


For further information:

Hiscox Ltd

Robin Mehta, Company Secretary                     [phone]

Kylie O'Connor, Head of Communications, London     [phone]


Maitland

Suzanne Bartch                                     [phone]

Richard Farnsworth                                 [phone]


Notes to editors

About Hiscox

Hiscox, headquartered in Bermuda, is a specialist insurance group listed on the
London Stock Exchange. There are three main underwriting parts of the Group -
Hiscox Global Markets, Hiscox UK and Europe, and Hiscox International. Hiscox
Global Markets 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. Hiscox UK and Hiscox
Europe offer a range of specialist insurance for professionals and business
customers, as well as high net worth individuals. Hiscox International includes
operations in Bermuda, Guernsey and the USA. Hiscox Insurance Company Ltd,
Hiscox Underwriting Ltd and Hiscox Syndicates Ltd are authorised and regulated
by the Financial Services Authority.

For further information, visit www.hiscox.com

About Panther

Panther is a limited life special purpose reinsurance vehicle formed to write
quota share reinsurance of Syndicate 33.









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