Rights Issue Update

Hiscox PLC
24 September 2002


PROPOSED RIGHTS ISSUE

The Board of Hiscox plc ('Hiscox' or the 'Company') notes the announcement made
earlier this afternoon by The Chubb Corporation that its wholly owned subsidiary
Chubb Investment Services Limited intends, in respect of its holding of
54,529,566 Hiscox ordinary shares (representing approximately 28.3% of the
existing issued share capital), to vote against resolutions to enable the
proposed Hiscox rights issue to proceed.


The Company was informed by its Registrars that, as at 11 am on 24 September
2002, being the latest time and date by which valid proxy forms had to be
returned to the Company's Registrars, the following votes had been received:

                                                            For                Against          Discretionary

Resolution 1                                         97,360,361             54,533,448                 12,997

Resolution 2                                         97,335,541             54,533,968                 37,297

Resolution 1 is to increase the authorised share capital in the Company and
resolution 2 authorises the Board to allot the rights issue shares. The
resolutions are ordinary resolutions requiring a simple majority of those who
vote.


The Company has a total of 192,701,369 ordinary shares in issue. Accordingly
votes in favour amount to over 50% of the shares in issue and over 64% of those
who have voted. The Extraordinary General Meeting of the Company will be held at
Hiscox's offices, 1 Great St Helen's, London, EC3A 6HX at 11 am on 26 September
2002.


Chubb Investment Services Limited has not made any advance commitment in respect
of its entitlement to take up shares under the Rights Issue.

ENQUIRIES:
Hiscox plc                             Bronek Masojada                        020 7448 6000

                                       Stuart Bridges
ING Barings                            Ben Money-Coutts                       020 7767 5700
NM Rothschild                          Philip Swatman                         020 7280 5000

                                       Jonathan Eddis
The Maitland Consultancy               Suzanne Bartch                         020 7379 5151



ING Barings and NM Rothschild are acting for the Company, and no one else, in
connection with the Rights Issue and will not be responsible to any other person
for providing the protections afforded to their respective clients or for
providing advice in relation to the proposed Rights Issue.


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