Syndicate forecasts

Hiscox PLC
29 August 2001

                                                                29 August 2001


                                  Hiscox plc

                      1999 and 2000 Open Year Forecasts
              for Syndicate 33 managed by Hiscox Syndicates Ltd

The Syndicate forecasts shown below are after standard personal expenses but
before Members' Agents' charges. Standard personal expenses comprise managing
agent fees and profit commission and all charges levied directly on members by
Lloyd's.

Syndicate Forecasts as % of capacity

Year of Account        Current Estimate      Previous Estimate       Capacity

1999                  (6.5)% to (11.5)%      (6.5)% to (11.5)%        £360m

2000                   (2.0)% to + 3.0%             N/A               £360m

Robert Hiscox comments: 'We are able to maintain the forecast for the 1999
account despite the insolvencies of a number of reinsurers and the losses that
are affecting the market. Syndicate 33 currently has no material reinsurance
failures, and had a minimal involvement in Directors' & Officers' liability
and financial institutions insurance.

The 2000 account shows considerable improvement, and that trend continues with
rates rising and premium income growing. We are increasing the capacity of the
Syndicate to £447 million for the 2002 account.'



For further information please contact:

Bronek Masojada                Hiscox plc                         020 7448 6012
[e-mail]

Stuart Bridges                 Hiscox plc                         020 7448 6013
[e-mail]

Suzanne Bartch                 The Maitland Consultancy           020 7379 5151
[e-mail]


ENDS