Results of Open Offer

Hiscox PLC
14 December 2001



NOT FOR RELEASE PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
CANADA, JAPAN, AUSTRALIA, SOUTH AFRICA OR THE REPUBLIC OF IRELAND



HISCOX PLC

Results of Open Offer


The Board of Hiscox plc ('Hiscox' or the 'Company') announces that the Open
Offer by the Company of 44,461,435 New Ordinary Shares at 126 pence per share
closed at 3.00 p.m. yesterday. 94.1 per cent. of the shares on offer will be
taken up, either as valid applications, or as stock placed on a firm basis
pursuant to the Underwriting Agreement, provided that the conditions set out
below are met.


Valid applications in respect of 30,250,276 New Ordinary Shares have been
received from shareholders. A further 11,611,487 New Ordinary Shares were
placed on a firm basis with investors by ING Barings Limited, pursuant to the
Underwriting Agreement, on 22 November 2001 when the Open Offer was announced.
2,599,672 New Ordinary Shares, representing 5.9 per cent. of the shares on
offer, were not taken up by shareholders and these shares are expected to be
taken up by investors pursuant to the Underwriting Agreement.


The Open Offer remains conditional on (i) the passing of the resolutions to be
proposed at the Extraordinary General Meeting of the Company, to be held at
11.00 a.m. on 17 December 2001, details of which are set out in the notice
sent to shareholders on 22 November 2001; (ii) the Underwriting Agreement
having become unconditional in all respects and not having been terminated in
accordance with its terms; and (iii) admission of the New Ordinary Shares to
the Official List of the UK Listing Authority and to the London Stock
Exchange's market for listed securities. It is expected that admission will
become effective and dealings in New Ordinary Shares will commence at 8.00
a.m. on 18 December 2001.


For further information, please contact: -

Robert Hiscox/Bronek Masojada                                     020 7448 6000

Hiscox plc

Ben Money-Coutts/Simon Edwards                                    020 7767 1000

ING Barings

Suzanne Bartch                                                    020 7379 5151

The Maitland Consultancy