Renewal Rights

Hiscox PLC
16 April 2003


HISCOX ANNOUNCES CONTINENTAL EUROPE HIGH NET WORTH BUSINESS RENEWAL AGREEMENT
WITH CHUBB


Hiscox plc announces that it has reached agreement with Chubb Insurance Company
of Europe S.A. ('Chubb'), for Chubb to grant to Hiscox the renewal rights of the
Chubb book of Continental European high net worth business in exchange for
commission payments based on the actual amount renewed with Hiscox. The
agreement will take effect from 1st May, 2003 and the new business will form
part of Hiscox's International Retail operations.

This agreement has been reached following Chubb's decision to re-focus its
offering to the ultra high net worth sector (accounts with annual premiums of
Euro 10,000 or more) in mainland Europe.

Robert Hiscox, Chairman of Hiscox, commented:

'This deal is excellent news for Hiscox. It is in line with our strategy of
developing our retail business in mainland Europe, where we believe there are
huge opportunities for growth and profit.'

For further information, please contact:

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

Suzanne Bartch                                               Tel: [phone]
The Maitland Consultancy



Notes to Editors


 1. Hiscox plc is a specialist insurance group listed on the London Stock
    Exchange where it has a market capitalisation of circa £450 million. There
    are three main underwriting parts of the Group - Syndicate 33 at Lloyd's, UK
    Retail and International Retail business. Syndicate 33 had a premium income
    of £726 million in 2002. It underwrites 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 Retail business had a premium income of £148 million in
    2002. It 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 and Maidenhead. The International
    Retail business had a premium income of £67 million in 2002. It has offices
    throughout Europe. The European offices write mainly high value household
    business and some specialist professional indemnity business. The Guernsey
    office underwrites kidnap and ransom business and fine art. The gross
    written premiums worldwide of Hiscox's Affluent Personal Lines business in
    2002 were £336 million, Hiscox's largest business area. More information
    about Hiscox can be found at www.hiscox.com


 2. Chubb Insurance Company of Europe S.A. (Chubb Europe) provides specialist
    property and casualty insurance to businesses and individuals through
    independent brokers. It has more than 30 offices in twelve European
    countries. Chubb Europe is a member of the Chubb Group of Insurance
    Companies, a multi-billion dollar insurance organisation with more than 130
    offices across North and South America, Europe, Asia and Australia. The
    parent company, The Chubb Corporation, is listed on the New York Stock
    Exchange. All members of the Chubb Group earn consistently high ratings for
    financial strength from leading rating agencies. Chubb Insurance is not
    affiliated with Chubb Plc Security Services. More information about Chubb
    can be found at www.chubb.com



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