Share Option Scheme

Hiscox Ltd
02 January 2008


                                   HISCOX LTD
                         Unapproved Share Option Scheme

HAMILTON, Bermuda; Hiscox Ltd allotted the following shares under the Hiscox
Unapproved Share Option Scheme ('Unapproved Options'):

Date                  Scheme           No. of Shares       Ex. Price

02 January 2008       Unapproved       25,763              £1.514

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 393,598,763 Ordinary shares of 5p
each.

                                   SECRETARY





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