Hiscox Managed Syndicates

HISCOX PLC
27 August 1999

                    1997 and 1998 Open Year Forecasts
             for Syndicates 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          Estimated profit          Previous   Year of Account
                  % of Capacity for         Estimates          Capacity
                     a Natural Name
                                                                       
1997 ACCOUNT ESTIMATES                                                 
                                                                       
Non-marine 33            0% to 5.0%      2.5% to 7.5%             £201m
                                                                       
Marine 52                0% to 5.0%        0% to 5.0%              £54m
                                                                       
Marine 625               0% to 5.0%        0% to 5.0%             £115m
                                                                       
1998 ACCOUNT ESTIMATE                                                  
                                                                       
Composite 33          -2.5% to 2.5%               N/A             £360m

The  1997  and 1998 estimates have not been audited, nor have they  been
subject  to independent actuarial review.  In each case the forecast  is
given as a projected return on capacity.  The final results of the  1997
account  will  not be determined until March 2000 and the  1998  account
until March 2001.  The development of these accounts 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 these estimates substantially.

Robert Hiscox, Chairman of Hiscox plc, said:

'The  1997 account continues to show an underwriting profit on all three
syndicates,  albeit reduced by claims arising during 1998.  The  initial
forecast  for  the 1998 account of the combined composite  Syndicate  33
reflects  not  only the tough market conditions, but also the  political
turmoil  and economic upheaval of 1998.  Syndicate 33 is a world  leader
in  political  risks and has made full provision for all losses  arising
from  that portfolio.  Traditionally, considerable savings are  made  in
the  final  settlement  of contract frustration and  similar  claims  as
clients  trade  out  of their losses.  Syndicate  33  has  retained  its
reinsurance capacity and political risk is now one area where there  are
strong rate increases.'

For further information please contact:

Robert Hiscox/Bronek Masojada, Hiscox plc on 0171 448 6000