Exercise of Share Options

Hiscox PLC
19 April 2001

FOR IMMEDIATE RELEASE                              19 APRIL 2001

                                  HISCOX PLC

                          Exercise of Share Options

Hiscox plc alloted a total of 4,414 new ordinary shares of 5p each yesterday
at a price of £1.06 per share following the exercise of options under the
Sharesave Scheme.

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