Syndicate 33 Forecasts

Hiscox PLC
01 December 2004

1 December 2004


                            HISCOX PLC ANNOUNCEMENT
Third Quarter 2004 Syndicate 33 Forecasts and Lloyd's Market Commentary

Hiscox plc, the leading specialist insurer, issues third quarter 2004 forecasts 
for the 2001, 2002 and 2003 years of account for Syndicate 33 and comments on 
current conditions in the Lloyd's market.

Third quarter 2004 forecast results

The syndicate forecasts remain unchanged from those announced at the end of the
second quarter. These years of account continue to develop in line with
expectations. The syndicate forecasts, expressed as a percentage of capacity,
are as follows:

Year of    Current estimate      Previous estimate    Capacity   Hiscox plc
account    December 2004         August 2004                          share

   2001    (17.5%) to (22.5%)    (17.5%) to (22.5%)      £360m          53%
   2002      22.5% to 27.5%        22.5% to 27.5%        £504m          55%
   2003      12.5% to 17.5%        12.5% to 17.5%        £842m          65%

Lloyd's market commentary

Hiscox continues to experience attractive conditions overall in the classes of
business we underwrite in the Lloyd's market. The four hurricanes have caused
some reinsurance and catastrophe-exposed property rates to firm. Rates are
staying firm in some of our other specialist lines. As indicated in the
company's half year results announcement in September, we have reduced our
activity in markets, such as onshore energy, large property risks and U.S.
Directors and Officers insurance, where rates are decreasing as anticipated.

Bronek Masojada, Chief Executive of Hiscox plc, said:

'We continue to focus our underwriting in the London Market on those areas where
there are good opportunities for profit for disciplined underwriters.'

                                    - ends -

For further information:

Hiscox plc
Bronek Masojada Chief Executive           020 7448 6012
Stuart Bridges Finance Director           020 7448 6013
Fiona Fong Director of Communications     020 7448 6447

The Maitland Consultancy
Philip Gawith                             020 7379 5151


Notes to editors

1.  The Syndicate forecasts are after standard personal expenses, such as
Managing Agent fees and profit commission and all charges levied directly on
syndicates by Lloyd's, but before Members Agents' charges.

2.  Hiscox plc is a specialist insurance group listed on the London Stock
Exchange where it has a market capitalization of circa £460 million. There are
three main underwriting parts of the Group - Syndicate 33 at Lloyd's, UK Retail
and International Retail business. Syndicate 33 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 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,
Maidenhead and Colchester. The International Retail Business has offices in
Paris, Amsterdam, Munich, Brussels and Guernsey. 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. For further information, go to www.hiscox.com






                      This information is provided by RNS
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