Share Option Scheme

Hiscox PLC
26 October 2005


On 5 October 2005, the Board of Hiscox plc (the 'Company') exercised its
discretion to alter the terms of options over 562,481 ordinary shares of 5p
each, being all those subsisting options granted in 1998 under the Hiscox
Unapproved Share Option Scheme (the 'Scheme'). The effect of this alteration is
to extend the exercise period of those options by three years, as if they had
been granted with an expiry date of ten years from the date of grant.
Accordingly, these options will now expire on 19 October 2008 and will continue
to be exercisable at £1.62 each.

This extension brings options granted under the Scheme in line with all other
Hiscox plc executive share options schemes, and affects options held by
directors and Persons Discharging Managerial Responsibility as set out below:


Director                          No. of ordinary shares under option
R Childs                          87,566
R Hiscox                          71,147
B Masojada                        71,147


Persons Discharging
Managerial Responsibility         No. of ordinary shares under option
R Watson                          65,674
C Dupplin                         27,364



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