Trading Update

Hiscox PLC
28 July 2005


                           HISCOX PLC TRADING UPDATE

Hiscox plc ('Hiscox'), the UK's leading specialist insurer, today announces a
trading update for the six months to 30 June 2005.

The Board believes that the Group's half-year results will be materially ahead
of expectations due to strong trading, benign claims activity, an improved
investment performance, and the effect of reporting under International
Financial Reporting Standards (IFRS). It is anticipated that pre-tax profit for
the group for the first half of 2005 will exceed £80 million. Reflecting our
strong trading performance and cash generation, the Board expects to declare an
interim dividend of at least 2 pence net per share.

As noted in our trading statement at the time of the AGM in June, Hiscox has had
a good start to the year across all its business areas and activities.

Hiscox Global Markets, the international business trading through Lloyd's, has
performed well reflecting the benefits of our specialty focus, a disciplined
approach to pricing and selective underwriting.

Hiscox UK has shown strong profitability and Hiscox Europe is also making
progress, with increased profitability.

We will be reporting on an IFRS basis for the first time and our initial
assessment indicates that this will have a favourable impact on profits.

This update is given at the beginning of the hurricane season with several
hurricanes having already taken place, with little impact to Hiscox. Our full
year result is obviously dependent on hurricane activity and other potential
claims in the remainder of the year.

Robert Hiscox, Chairman of Hiscox plc, said:

'We have had a very strong first half year with all parts of the business
performing well. It is our ambition to buck the cycle as much as is possible,
and our strategy of underwriting a spread of specialist products distributed
over a wider geography is helping us achieve that aim'.

Hiscox will announce its interim results on Monday 12th September 2005.

                                    - ends -

For further information:

Hiscox plc
Robert Hiscox     Chairman                     020 7448 6011
Stuart Bridges    Finance Director             020 7448 6013
Fiona Fong        Director of Communications   020 7448 6447

The Maitland Consultancy

Suzanne Bartch                                 020 7379 5151

Notes to editors

Hiscox plc is a specialist insurance group listed on the London Stock Exchange
where it has a market capitalization of circa £500 million. There are three main
underwriting parts of the Group - Global Markets, UK and International Retail.
The Global Markets business underwrites, via Syndicate 33, mainly
internationally traded business in the London Market - generally large or
complex business which needs to be shared with other insurers or needs the
international licences of Lloyd's. The UK business offers a wide range of
specialist insurance for professionals and business customers, as well as high
net worth individuals. It has regional offices in Birmingham, Glasgow, Leeds,
Maidenhead and Colchester. The European business has offices in Paris,
Amsterdam, Munich, Brussels and Guernsey and writes mainly high value household
business and some specialist professional indemnity business. Guernsey
underwrites kidnap and ransom business and fine art. For further information, go
to www.hiscox.com



                      This information is provided by RNS
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