Share Option Scheme

Hiscox Ltd
01 May 2007

HAMILTON, Bermuda; Hiscox Ltd allotted the following shares under the Hiscox
Approved Share Option Scheme ('Approved'), and the Hiscox Unapproved Share
Option Scheme ('Unapproved').

Date         Scheme    No. Shares  Ex. Price
1 May 2007   Approved      16,919     £1.281
1 May 2007   Approved       8,159     £1.020
1 May 2007   Unapproved    36,958     £1.020
1 May 2007   Unapproved    67,678     £0.806
1 May 2007   Unapproved   118,508     £1.252
                          -------
                          248,223
                          -------

These shares will rank pari passu with the existing class of Ordinary 5p shares
in issue.

The issued share capital of Hiscox Ltd is now 396,101,029 Ordinary shares of 5p
each.




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