AGM Statement

Hiscox PLC
20 June 2006


                            HISCOX PLC AGM STATEMENT

Hiscox plc ('Hiscox'), the specialist insurer, will give the following update at
its Annual General Meeting.

Group Revenue
A good start to the year. The Group's gross written premium to end May 2006
increased 30% against 2005 to over £500 million with overall exposure remaining
static. There have been no material new claims during the period.

Global Markets
We have achieved rate increases over the whole account of 9%, with the
reinsurance account achieving a 17% increase overall (including both new
business and renewals) to the end of May. We expect rates in some areas of our
business, especially reinsurance, to rise further in the coming months. There
have been more claims from the 2005 hurricanes but the net increase after
reinsurance was mitigated by other releases and reductions.

UK & Europe Retail
The UK business continues to grow satisfactorily. We have experienced a boost to
new business from the strengthened advertising campaign. The TV advertisements
run in May had a measurable impact over all retail areas and also helped broker
sales. They will continue later in the year.
Revenue in Europe was flat as the impact of the re-focussing of the account
continues.

Hiscox Bermuda
Our Bermudan business has had a strong start and has written $150 million new
reinsurance business out of a target of $165 million for the year. Internal
quota shares will add to that business to give balance. Our strong commitment to
this market in terms of underwriting expertise and leadership has paid off with
a good flow of business from brokers.

Hiscox USA
We opened for business in March and are already beating expectations. We are
hiring some very good people and they are writing good quality, non-catastrophe,
middle market commercial business with excellent support from brokers.

Investments
At the time of our rights issue and the construction of Hiscox Bermuda, we
hedged our investment in this operation by borrowing a proportion of the sum
invested in US dollars and entering into a forward foreign exchange contract.
This has effectively preserved the capital in this business against the
weakening in the US dollar since December 2005.
We have 92% of overall Group funds in short bonds or cash so we are well
protected against the recent market volatility.

Domicile
As announced at the time of the rights issue in 2005 we are considering moving
the domicile of Hiscox to Bermuda. Work has progressed on the move and we will
make a more detailed statement on this at the time of the half-year results.

Robert Hiscox said:
'A good start to the year. We are, of course, waiting for the effects of the
wind season, but we have more income this year per pound of exposure. The two
new businesses in Bermuda and the USA have both started well and, together with
our growing retail book, give an even better balance to the Group.'


For further information:

Hiscox plc

Robert Hiscox                    Chairman                  020 7448 6011
Bronek Masojada                  Chief Executive           020 7448 6012
Stuart Bridges                   Finance Director          020 7448 6013

Maitland

Philip Gawith                                              020 7379 5151

Notes to editors

Hiscox plc is a specialist insurance group listed on the London Stock Exchange.
There are three main underwriting parts of the Group - Hiscox Global Markets,
Hiscox UK and Europe, and Hiscox International. Hiscox Global Markets
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. Hiscox UK and Hiscox Europe
offer a range of specialist insurance for professionals and business customers,
as well as high net worth individuals. Hiscox International includes offshore
operations in Bermuda and Guernsey and Hiscox USA.


                      This information is provided by RNS
            The company news service from the London Stock Exchange