Grant of Options

Hiscox PLC
28 September 2001


FOR IMMEDIATE RELEASE     28 September 2001

                                  HISCOX PLC

                               Grant of Options

On 27 September 2001 the Board of Hiscox plc ('Hiscox' or the 'Company')
granted options over a total of 2,000,000 ordinary shares of 5p each in the
Company ('Shares'), pursuant to The Approved and Unapproved share option
schemes of the Company. All options granted on 27 September 2001 are
exercisable at a price of 91p.

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

                                            No. of Options

Bronek E Masojada                           125,000
Stuart J Bridges                            125,000
Robert S Childs                             125,000