Standard & Poor's rating

Hiscox PLC
21 October 2003

                                                                 21 October 2003

                                   Hiscox plc
             Standard & Poor's ratings on Hiscox Insurance Company

Hiscox plc announces today that Standard & Poor's has upgraded its credit and
financial strength ratings for Hiscox Insurance Company (HISCO) to 'A-' from
'BBB+'. The outlook is stable.

HISCO comprises the UK and European retail business, providing insurance for
affluent households and specialty commercial insurance for professionals.

Standard & Poor's said that the upgrade to 'A-' from 'BBB+' reflects HISCO's
continued strong capitalization, strong and improving operating performance and
strong investments. Its statement noted that the net combined ratio at HISCO has
improved in each of the past five years, and is expected to fall again this
year. Standard & Poor's noted that this should help drive good growth in
shareholder funds through retained earnings and thereby enable HISCO to maintain
its strong capitalization.

                                    - ends -

For further information:

Hiscox plc
Bronek Masojada    Chief Executive                       020 7448 6012
Stuart Bridges     Finance Director                      020 7448 6013
Fiona Fong         Director of Communications            020 7448 6447



                      This information is provided by RNS
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