Syndicate Results

Hiscox PLC
23 February 2000


1997 Account Results and 1998 Account Open Year Forecast
for Syndicates Managed by Hiscox Syndicates Ltd

The  syndicate  results  and  forecast  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               Unaudited   Previous      Year of
                       Results as  Estimates      Account
                    % of Capacity                Capacity
                              for
                    an Individual
                             Name
                         (Note 1)
                                                         
1997       Account                                       
Results
Non-Marine 33                4.5%      0% to        £201m
                                        5.0%
Marine 52                    0.3%      0% to         £54m
                                        5.0%
Marine 625                   1.2%   -2.5% to        £115m
                                        2.5%
1998       Account                                       
Estimate
Composite 33       -7.5% to -2.5%   -2.5% to        £360m
                                        2.5%
                                                         


Robert Hiscox, Chairman Hiscox plc, commented:

The  1997  account  finished with profits on  all  three  Hiscox
managed Syndicates, at the top end of the forecast for Syndicate
33,  but  at the bottom end for the two marine syndicates  which
reflects the state of the pure marine market.

1998  was  a  particularly difficult year for the  newly  merged
composite  Syndicate 33.  As world leaders in the  insurance  of
international trade transactions, the crash in commodity  prices
and  the  world  economic  turmoil  in  1998  produced  a  large
aggregate  loss  to  the Syndicate which was  reflected  in  the
previous  estimates.   In late 1999 there were  new  advices  of
claims  to  the  1998 account from this area.  These  have  been
reserved  fully,  although historically  they  reduce  as  trade
improves.  There have also been new advices on  the  energy  and
marine  accounts.   The  new advices  have  resulted  in  higher
reinsurance costs.

After  over  30  years of consistent profits, the  Syndicate  is
stronger  for experiencing the test of an extraordinary  set  of
adverse  circumstances,  and  is  rapidly  returning  to  proper
profitability.

Note 1

The   1997  result  is  unaudited  but  has  been  reviewed   by
independent actuaries.

The  1998 estimate has not been audited, nor has it been subject
to  independent  actuarial review.  It is given as  a  projected
return  on capacity.  The final result of the 1998 account  will
not  be  determined until March 2001.  The development  of  this
account will continue to be affected by unexpired risks and  the
final  result  will be influenced by the future  development  of
claims  and  expenses, the eventual year end reserving  exercise
(including the reassessment of reserves required for  the  prior
years) and the final level of investment earnings.  Any of these
features could vary this estimate substantially.


For further information please contact:

Robert Hiscox, Bronek Masojada, or Stuart Bridges at Hiscox  plc
on 0171 448 6000.