Final Results of Rights Issue

Hiscox PLC
22 October 2002

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES, CANADA, JAPAN, AUSTRALIA, SOUTH AFRICA OR THE REPUBLIC OF IRELAND



FOR IMMEDIATE RELEASE                                           22 October 2002


                                   HISCOX PLC

                          Final result of Rights Issue


The board of Hiscox announces that the 1 for 2 rights issue of up to 96,350,684
New Ordinary Shares at 120 pence per share, as detailed in the prospectus
published by Hiscox on 10 September 2002, closed at 10.30 a.m. on 21 October
2002.

Acceptances have been received in respect of 60,492,341 New Ordinary Shares from
Qualifying Shareholders, which represents an aggregate take-up of 62.8 per cent.

The balance of the New Ordinary Shares not taken up by Qualifying Shareholders,
being 35,858,343 New Ordinary Shares, has today been placed with institutional
investors at a price of 120.5 pence per share (gross of expenses), save for
fractional entitlements, amounting to 157 New Ordinary Shares, which will not be
issued. In accordance with the terms of the Rights Issue, the premium over the
Issue Price (after deducting the expenses of procuring subscribers) will be
distributed without interest pro rata among the shareholders entitled thereto
except that entitlements of less than £3 will not be paid but will be aggregated
and retained for the benefit of the Company. Sub-underwriters will therefore not
be required to subscribe for any New Ordinary Shares.

Robert Hiscox, Chairman, commented, 'I am delighted with the excellent support
of our institutional shareholder base for the issue. We can now focus on taking
further advantage of the superb rating environment.'

Terms in this announcement shall bear the same meaning, unless the context
otherwise requires, as defined in the Prospectus.

Enquiries

Hiscox plc
Robert Hiscox / Bronek Masojada / Stuart Bridges             Tel: [phone]

ING Barings
Paul Newman / Simon Edwards                                  Tel: [phone]

NM Rothschild
Philip Swatman / Jonathan Eddis                              Tel: [phone]

The Maitland Consultancy
Philip Gawith / Suzanne Bartch                               Tel: [phone]

ING Barings and NM Rothschild are acting for the Company, and no one else, in
connection with the Rights Issue and will not be responsible to any other person
for providing the protections afforded to their respective clients or for
providing advice in relation to the proposed Rights Issue.

This announcement does not constitute or form part of, and should not be
construed as, an offer for sale or subscription of, or solicitation of an offer
to buy or subscribe for, any securities of Hiscox plc nor should it, or any part
of it, form the basis of, or be relied on in connection with any contract or
commitment whatsoever. Any decision in connection with the Rights Issue should
be made solely on the basis of the information contained in the Prospectus.

This announcement is not for publication or distribution or release, directly or
indirectly, in the United States, Canada, Japan, Australia, South Africa or the
Republic of Ireland. This announcement does not constitute or form any part of
any offer to sell, issue or to acquire any securities of the Company in the
United States, Canada, Japan, Australia, South Africa, the Republic of Ireland
or in any other jurisdiction. Neither the Company's New Ordinary Shares, Fully
Paid Rights nor the Provisional Allotment Letters are being or will be
registered under the US Securities Act of 1933, as amended (the 'Securities
Act') and may not be offered or sold in the United States (as such term is
defined in Regulation S under the Securities Act) at any time except pursuant to
the terms of an applicable exemption under the Securities Act and applicable
securities laws of the states of the United States.


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