Offer Talks Terminated

Hiscox PLC
30 January 2001


Hiscox plc ('Hiscox' or the 'Company')

The   board  of  Hiscox  (the  'Board')  announces   that
following  the recent approach from The Chubb Corporation
('Chubb'),  the  two parties have been  unable  to  reach
agreement on value and discussions have therefore  ended.
During  discussions Chubb revised upwards its  indicative
offer  for Hiscox shares to 210p, but in the view of  the
Board   and   its   advisers  this  still   significantly
undervalued the Company.

Despite  difficult recent trading conditions at  Lloyd's,
the  prospects for Hiscox remain excellent.  The  Company
remains   convinced  that  significant  value   for   its
shareholders  will be built by the continued  pursuit  of
Hiscox's successful strategy.  This strategy is to  build
a  major specialist insurer, underwriting retail business
through  the Hiscox Insurance Company and internationally
traded  business through Hiscox Syndicate 33 at  Lloyd's.
The   retail  business  continues  to  improve  with  the
combined  ratio  below 100 per cent  and  strong  premium
growth.  The results of the Lloyd's business are expected
to  benefit  significantly  from  the  currently  firming
rates.

The   Board   expects   to  continue   its   constructive
relationship   with   Chubb  as  the  Company's   largest
shareholder.


Enquiries:

Robert Hiscox     Chairman, Hiscox PLC            020 7448 6000
Bronek Masojada   Chief Executive, Hiscox PLC

Andrew Nason      Dresdner Kleinwort Wasserstein  020 7623 8000
Charles Batten

Angus Maitland      The Maitland Consultancy      020 7379 5151
Suzanne Bartch


Kleinwort    Benson    Limited    ('Dresdner    Kleinwort
Wasserstein'),  which is regulated by The Securities  and
Futures  Authority Limited, is acting for Hiscox  and  no
one  else  in connection with any offer and will  not  be
responsible to anyone other than Hiscox for providing the
protections  afforded to customers of Dresdner  Kleinwort
Wasserstein  or  for  giving advice in  relation  to  any
offer.