AGM Statement

Hiscox PLC
21 June 2005

                   HISCOX PLC BOARD CHANGES AND AGM STATEMENT

Hiscox plc ('Hiscox'), will make the following announcements today at its Annual
General Meeting.

Board changes
-------------

We are pleased to announce that Sir Mervyn Pedelty and Mr Adrian Auer will join
the board as non-executive directors on 1st July 2005. Sir Mervyn Pedelty was
Chief Executive of The Co-operative Bank plc, Co-operative Financial Services
Limited and the Co-operative Insurance Society Limited. Adrian Auer was Group
Finance Director of RMC Group plc, and he will succeed Stephen Hall as Chairman
of the Audit Committee. They bring strong financial and business acumen to the
board, and in the case of Sir Mervyn, a broad experience of corporate
governance. Further information on Sir Mervyn Pedelty and Adrian Auer is set out
in the notes at the end of this statement.

Stephen Hall is to retire as a non-executive director at the end of the year
after 10 years on the Board. The Board wishes to express its appreciation of his
valuable contribution to the development of the Group.

Trading statement
------------------

Hiscox's businesses have made a good start to the year. Market conditions have
become more competitive, as expected, but a continued focus on profitable,
disciplined underwriting and careful risk selection is serving us well.

Hiscox Global Markets, the international business trading through Lloyd's, has
reduced its presence in segments such as big ticket property and non-US
catastrophe reinsurance where rates have eased. This has been counter-balanced,
in part, by expansion in areas where rates have risen, such as offshore energy
and marine reinsurance, and by our focus on smaller specialty risks. We are
currently in the Lloyd's business planning process and we expect that we will
apply for a further reduction of Syndicate 33's capacity for 2006 to £650m
(2005: £775m).

Hiscox UK has shown strong profitability in the first half. Conditions remain
stable in high net worth personal lines. In Professions and Specialty
Commercial, given the pricing pressure at the top end of the market, we continue
to target smaller risks with success. In May this year we launched an online
professional indemnity product for small and sole trader businesses in the IT
and marketing professions.

Hiscox Europe is making progress, with increased profitability. We have recently
announced the appointment of Marc van der Veer as Managing Director for this
business unit.

The Group has made further senior appointments with Tim Hardcastle joining as
Group IT Director and Jeremy Pinchin as Group Claims Director. Both IT and
claims are vital to our business. It is pleasing to have two new excellent
people to lead these areas.

Robert Hiscox, Chairman of Hiscox plc, said:
'Earnings from the peak of the market are flowing through strongly and will
continue to do so for some time. Overall, rates in the Global Markets areas are
still strongly profitable despite some much publicised weakening in certain
classes. Our specialist retail businesses are making a growing contribution to
the profitability of the group. Our strategy was designed to flatten the cycle,
and it is working.'

Hiscox will report its interim results on Monday 12th September.

For further information:
------------------------

Hiscox plc
Bronek Masojada     Chief Executive         020 7448 6012
Stuart Bridges      Finance Director        020 7448 6013
Kylie O'Connor      Group Communications    020 7448 6656

The Maitland Consultancy
Philip Gawith                               020 7379 5151
Suzanne Bartch                              020 7399 5151

Notes to editors
----------------

1.Hiscox plc's AGM takes place today at 11 am at 1 Great St Helen's, London,
EC3A 6HX.

2. Sir Mervyn Pedelty was Chief Executive of The Co-operative Bank plc (from
1997 to 2004) and of Co-operative Financial Services Limited and the
Co-operative Insurance Society Limited (from 2002-2004). He was also a Director
and Deputy Chair of Unity Trust Bank plc from 1997-2004, and a Director of the
Association of British Insurers from 2002-2004; he is also a previous Council
Member of the British Bankers' Association. Other current appointments include:
Chairman of the FTSE4Good Policy Committee, a Director of Business in the
Community and a member of the DWP Employer Task Force on Pensions.

Mr Adrian Auer was Group Finance Director for the RMC Group plc from 2001-2005.
Mr Auer is also Chairman of Readymix plc. Other directorships include, Bespak
plc, Foseco plc, Filtrona plc and Shanks plc.

Hiscox confirms there is no information to be disclosed under the requirements
of Listing Rule 16.4(b) in relation to either appointment.

3. Hiscox plc is a specialist insurance group listed on the London Stock
Exchange where it has a market capitalization of circa £500 million. There are
three main underwriting parts of the Group - Global Markets, UK and
International Retail. The Global Markets business underwrites, via Syndicate 33,
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 licenses of Lloyd's. The UK business 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,
Maidenhead and Colchester. The European business has offices in Paris,
Amsterdam, Munich, Brussels and Guernsey and writes mainly high value household
business and some specialist professional indemnity business. Guernsey
underwrites kidnap and ransom business and fine art. For further information, go
to www.hiscox.com


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