Acquisition - Chartwell Underwriting Network

Hiscox PLC
5 June 2000


HISCOX EXPANDS UK REGIONAL NETWORK BY ACQUISITION


Hiscox  plc,  the  specialist insurance  group,  has  conditionally
agreed  to  acquire the regional distribution network of  Chartwell
Underwriting  Limited, a wholly owned subsidiary  of  the  American
Insurance group, Trenwick Re.

Hiscox  will  pay  £500,000  for the Chartwell  regional  business,
giving  them  the right to renew approximately £20m  of  specialist
liability  business.  Chartwell will be transferring 30  staff  who
currently  operate  from  offices in  Leeds,  Glasgow,  Birmingham,
Chelmsford  and  London, to Hiscox. The Managing Director,  Michael
Earp, will not be transferring and Chartwell will be managing their
own  claims  run  off.   The transaction is  expected  to  complete
towards the end of June 2000.


Hiscox's  acquisition of Chartwell's regional business  strengthens
the  Hiscox  strategy of building a specialist  insurance  business
with  a  strong  regional presence to complement its London  Market
underwriting.  Hiscox already has offices outside London in  Paris,
Munich,   Amsterdam,  Guernsey  and  Harrogate.   The   continental
European  offices achieved a 62% growth in written  premium  during
1999,  and  strong growth has continued into 2000.   The  Harrogate
office was started in 1998 and also grew strongly in 1999.

The  addition of Chartwell's offices will broaden the exposure that
Hiscox  has in the UK insurance broker market and assist Hiscox  in
distributing its specialist insurance products regionally.


Bronek Masojada, Chief Executive of Hiscox plc said:

'The  acquisition of Chartwell's regional network helps to  bolster
our strategy of building up our regional business to complement our
already   strong  position  in  London.   We  have  two  particular
opportunities  from this deal: we will be able to  cross  sell  our
specialist products to Chartwell's partner brokers, and we will  be
able  to  firm up our market leadership in key areas  of  the  UK's
specialist insurance market.'


For further information please contact:

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

Robert Hiscox  Hiscox plc  020 7448 6011
[e-mail]

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

Jeremy Adams  Chartwell Underwriting Ltd  020 7369 3074
[e-mail]