Syndicate 33 2002 Forecast

Hiscox PLC
29 May 2003

HISCOX PLC

2002 OPEN YEAR FORECAST

FOR SYNDICATE 33 MANAGED BY HISCOX SYNDICATES LTD




The board of Hiscox announces the 2002 forecast Syndicate 33 result, as reported
to Lloyd's. 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 forecasts as % of capacity.

Year of Account                     Current Estimate                     Capacity
2001                                (5.0%) to (10.0%)                    £360m
2002                                17.5% to 22.5%                       £504m


The Syndicate's gross premium income for 2002 will exceed the capacity of £504m
and the surplus income has been reinsured through the use of qualifying quota
share reinsurance arrangements (QQS). Syndicate 33 benefits from the QQS's due
to fees and profit commissions paid by the supporting re-insurers.


Bronek Masojada, Hiscox's chief executive, said: 'The 2002 forecast result for
Syndicate 33 reflects the exceptional market conditions, good underwriting and
the positive impact of the qualifying quota shares supporting the Syndicate.
Current trading conditions remain strong across the Group.'


For further information please contact:

Bronek Masojada                                    Hiscox plc                                  020 7448 6012
[e-mail]

Stuart Bridges                                     Hiscox plc                                  020 7448 6013
[e-mail]

Suzanne Bartch                                     Maitland                                    020 7379 5151
[e-mail]





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