Re Ascot Agreement

Hiscox PLC
18 August 2005


                            HISCOX PLC ANNOUNCEMENT
                    Hiscox acquires fine art renewal rights

Hiscox plc ('Hiscox') announces that agreement has been reached with Ascot
Underwriting Limited ('Ascot') on arrangements for Hiscox companies to offer
renewal of certain insurance policies in Ascot's fine art business.

These fine art policies were until now underwritten through syndicate 1414 by
Ascot. The agreement, effective from today, facilitates renewal of these
policies by Hiscox. The annual gross premium income of these policies was around
$8 million.

This agreement follows a strategic decision taken by Ascot to withdraw from
certain aspects of the business after departure of Ascot's fine art underwriter.
Ascot is the specialist Lloyd's underwriter backed by AIG.

Bronek Masojada, Chief Executive from Hiscox, commented:

'As the leading specialist fine art and high net worth insurer in Europe, we are
pleased to be able to offer a solution and our expertise to Ascot's clients and
brokers. This deal reflects our drive to further grow our fine art and high net
worth retail business.'

David Edward, Director, Ascot Underwriting Ltd, said:

'Ascot is pleased that, with this deal, Hiscox will be able to offer a
continuity of service to our fine art clients.'

                                    - ends -

For further information:

Hiscox plc
Bronek Masojada             Chief Executive                   020 7448 6012
Stuart Bridges              Finance Director                  020 7448 6013
Fiona Fong                  Director of Communications        020 7448 6447

The Maitland Consultancy
Philip Gawith                                                 020 7379 5151
Suzanne Bartch                                                020 7379 5151

Notes to editors

Hiscox plc is a specialist insurance group listed on the London Stock Exchange
where it has a market capitalization of circa £500 million. There are three main
underwriting parts of the Group - Global Markets, UK and International Retail.
The Global Markets business underwrites, via Syndicate 33, mainly
internationally traded business in the London Market - generally large or
complex business which needs to be shared with other insurers or needs the
international licences of Lloyd's. The UK business offers a wide range of
specialist insurance for professionals and business customers, as well as high
net worth individuals. It has regional offices in Birmingham, Glasgow, Leeds,
Maidenhead and Colchester. The European business has offices in Paris,
Amsterdam, Munich, Brussels and Guernsey and writes mainly high value household
business and some specialist professional indemnity business. Guernsey
underwrites kidnap and ransom business and fine art. Total premium income of the
Hiscox Group in the year ended 31st December 2004 was £1,051 million. For
further information, go to www.hiscox.com





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