Exercise of approved options

Hiscox PLC
23 June 2004

23 June 2004





                                   HISCOX PLC



                          Exercise of Approved Options



The board of Hiscox plc ('Hiscox') advises that on 22 June 2004 it allotted a
total of 1,094 shares of 5p each at an exercise price of £1.32 and 796 shares of
5p each at an exercise price of £1.051 under the Approved Share Option Scheme.


52,882 shares of 5p each were also allotted on 22 June 2004 at an exercise price
of £0.314 under the Hiscox Holdings Approved Share Option Scheme.


These shares will rank pari passu with the existing class of ordinary 5p shares
in issue.


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