Holding(s) in Company

Hiscox PLC
18 March 2003


FOR IMMEDIATE RELEASE
18 March 2003


                                   HISCOX PLC

                             Holding(s) in Company

Hiscox plc (the 'Company') was notified on 14 March 2003 by Morgan Stanley
Securities Limited ('MSSL') that on 13 March 2003 MSSL acquired an interest in
the shares of the Company that resulted in a total holding of 9,808,297 shares,
being approximately 3.39% of the issued share capital of the Company.

Furthermore, the Company was notified that MSSL has transferred from time to
time 9,808,297 shares to a third party on terms which give MSSL the right to
require the return of an equivalent number of shares. Accordingly, MSSL's
interest in 9,808,297 shares is pursuant to Section 208(5) of the Act.


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