Grant of Options

Hiscox PLC
3 May 2001

                                                                              
                                 HISCOX PLC                                  
                               Grant of Options                               

On 3 May 2001 the Board of Hiscox plc ('Hiscox' or the 'Company') granted
options over ordinary shares of 5p each in the Company ('Shares') as follows:

- 185,498 options at an exercise price of 198p per Share under the terms of 
  the Inland Revenue Approved Share Option Scheme.

- 914,502 options at an exercise price of 198p per Share under the terms of
  the Unapproved Share Option Scheme.

- Options over a maximum of 200,000 existing Shares held by Hiscox Holdings 

Limited at an exercise price of 117p per Share under the terms of the Hiscox
Performance Share Plan.

Included in these grants were options granted to directors as set out below:

                    Hiscox Performance              Unapproved Share
                            Share Plan                 Option Scheme
Robert R S Hiscox               10,000                        50,000
Bronek E Masojada               10,000                        70,000
Stuart J Bridges                10,000                        50,000
Robert S Childs                 10,000                        70,000