Presentation to analysts and investors June 2007

Welcome IntroductionRobert Hiscox Hiscox Global MarketsRichard Watson Hiscox BermudaRob Childs Questions Coffee Hiscox USAEd Donnelly Hiscox EuropeMarc van der Veer Hiscox UKSteve Langan ConclusionBronek Masojada Questions 17.00Drinks and canapés

Hiscox 2002 Hiscox plc Hiscox Global Markets One location ­Reinsurance ­Property ­Marine and Energy ­Specialty ­Space ­Technology and Media PI Hiscox Guernsey One location ­Art and Private Client ­Kidnap and Ransom Hiscox International Hiscox UK Hiscox Europe Four locations ­Art and Private Client ­PI and Specialty Commercial ­Technology and Media PI ­Direct Hiscox UK and Hiscox Europe 2002 gross written premium £677 million Three locations ­Art and Private Client ­PI and Specialty Commercial

Hiscox 2007 Hiscox Ltd Hiscox Global Markets Hiscox Bermuda Hiscox Guernsey Hiscox USA One location ­Reinsurance ­Group Capital Support One location ­Art and Private Client ­Kidnap and Ransom Three locations ­Art and Private Client ­PI and Specialty Commercial ­Regional Media and Technology Hiscox International Hiscox UK Hiscox Europe Ten locations ­Art and Private Client ­PI and Specialty Commercial ­Regional Media and Technology Nine locations ­Art and Private Client ­PI and Specialty Commercial ­Regional Media and Technology ­Direct Hiscox UK and Hiscox Europe Four locations ­Reinsurance ­Property ­Marine and Energy ­Specialty ­Space ­Technology and Media PI 2006 gross written premium £1,126 million

Business growth Global Markets UK87925 Europe Bermuda (external reinsurance) Guernsey2120(1) USA18800 GWP total Panther Re-27- GWP total (excluding Panther Re) IFRS Hiscox Group share 2006 £m 2007 £m % Gross written premium for the five months to May

Hiscox Global Markets Richard Watson

What do we do? Characteristics of what we do Larger individual risks Bundles of small risks Catastrophe exposed risks Specialist lines Characteristics of what we do not do Process orientated High volume, small margin Direct to consumer Offices in London, Paris and New York

An experienced underwriting team DivisionDirector Years' experience Years at Hiscox Active Underwriter Richard Watson2621 ReinsuranceRussell Merrett1710 PropertyPaul Lawrence2115 Marine and Energy Simon Williams2212 SpecialtyDavid Bruce35 SpaceBruno Ritchie139 Technology and Media PI Neil Bolton1613

Rates Hiscox Global Markets - divisional 12 month rolling rate since 1998 May-98 to Apr-99 Sep-98 to Aug-99Jan-99 to Dec-99 May-99 to Apr-00 Sep-99 to Aug-00 Jan-00 to Dec-00May-00 to Apr-01Sep-00 to Aug-01Jan-01 to Dec-01 May-01 to Apr-02Sep-01 to Aug-02Jan-02 to Dec-02 May-02 to Apr-03 Sep-02 to Aug-03 Jan-03 to Dec-03 May-03 to Apr-04 Sep-03 to Aug-04 Jan-04 to Dec-04May-04 to Apr-05Sep-04 to Aug-05 Jan-05 to Dec-05 May-05 to Apr-06 Sep-05 to Aug-06 Jan-06 to Dec-06 May-06 to Apr-07 Jan-88 to Dec % 800% 700% 600% 500% 400% 300% 200% 100% 0% Rolling 12 month index of rates Marine and Energy Professional Indemnity Property Reinsurance Specialty and other

Reinsurance - Panther Re Panther Re created with W L Ross & Company Special purpose reinsurer, capitalised at $360m, $144m of equity and two debt tranches totalling $216m, rated BBB+ and BB+ by Standard and Poor's Underwrites a 40% pro-rata quota share of property catastrophe account Hiscox Syndicate 33 receives an over-rider and profit commission Arrangements cover 2007 and 2008, but with appropriate mid-term protections Good opportunities at January renewals May 07 GWP £224m May 06 GWP £168m June renewals went well Market share for reinsurance business in Lloyd's increased from 6.0% to 10.9% Good prices and volume in Florida

Looking ahead Across the board reductions Reduction of Syndicate capacity for 2008 ­First cut business plan for Lloyd's sets capacity for 2008 at £700 million (2007: £875 million) ­Trimming of exposure of less profitable classes ­Maintain exposure in well rated catastrophe business Continue to develop hub offices in Paris and New York

Hiscox Bermuda Rob Childs

Established team Rob Childs Chief Executive Officer, Hiscox Bermuda; Chairman, Hiscox USA; Chief Underwriting Officer, Hiscox 21 years at Hiscox, active underwriter of Syndicate 33 from 1993 to 2005 Chris Sharpe Senior Vice President Ten years at Hiscox as a treaty reinsurance underwriter, writing catastrophe and risk excess of loss and pro rata reinsurance worldwide Robin Mehta Chief Financial Officer and Chief Operating Officer; Company Secretary, Hiscox Ltd Joined Hiscox in 2006, 17 years with the Munich Re group of companies Krystalle Tobin Financial Controller and Treasurer Joined Hiscox in 2006 with nine years experience in the reinsurance industry, previously worked with the Munich Re group of companies

Hiscox Bermuda written premium 2006 Gross written premium $310 million $173 million $137 million 56% 23% 9% 8% 4% Reinsurance Kidnap and Ransom Hiscox Insurance Company (Guernsey) Limited UK errors and omissions Hiscox Insurance Company Limited Share of Hiscox Syndicate 33 Hiscox Dedicated Corporate Member Fine Art Hiscox Insurance Company (Guernsey) Limited External businessInternal Group business

Syndicate 33 rating catastrophe exposed index 350% 300% 250% 200% 150% 100% 50% 0% Apr 2001 Nov 2001 May 2002 Dec 2002 Jun 2003 Jan 2004 Aug 2004 Feb 2005 Sep 2005 Mar 2006 Oct 2006 Apr 2007 Nov 2007

Hiscox Bermuda written premium 2007 YTD External reinsurance Total $239 million Catastrophe excess of loss 60% 17% Proportional treaties Risk excess of loss 18% Industry loss warranty 2% Aggregate excess of loss 1% Stop loss 1%

Where we get our business from Gross written premium by broker 2007 YTD Aon 29% Guy Carpenter 25% Benfield 20% Other 13% Willis 13%

Looking ahead Future prospects Maintain underwriting discipline Internal quota shares depends on my colleagues! External: catastrophe market firm in 2007, will it continue in 2008? Bermuda under no pressure to follow market down

Questions

Coffee

Hiscox USA Ed Donnelly

The intellectual capital Edward Donnelly President Over 24 years insurance experience Formally with AIG Started and grew professional lines with Houston Casualty Company Underwrote on behalf of Lloyd's for 17 years as a PI coverholder Gavin Watson CFO Joined Hiscox in 1998, FD of Hiscox Insurance Company for four years Eric Pruss COO Ten years in the insurance industry, five years of management consulting, most recently with Chubb

Admitted vs. surplus lines $470 billion market Intense regulation of rates and wordings, less flexibility State guarantee funds available No individual risk filings More direct client and broker relationships More cost-efficient at the right scale $33 billion market Less regulation of rates and wordings No guarantee funds Heavy administration/ documentation on heavy risks Must deal through surplus brokers Less cost-efficient AdmittedSurplus lines

Phased approach to growth ­Scale through reputation of staff ­Small wholesale surplus lines business Phase 3 Phase 1 Phase 2 ­More surplus lines business ­Entry to the admitted market ­Build reputation of Hiscox ­Rollout products into the admitted market

Core Hiscox products Non-profit Directors and Officers' Liability Public Officials' Liability Terrorism Professional Indemnity (E&O) ­Allied Healthcare ­Architect and Engineers ­Miscellaneous Media and Broadcasters' Liability Technology and Privacy Liability

American Live Stock Insurance Company Acquired, subject to regulatory consents (closing expected in July) Purchase price of $55m: net tangible assets of $45m 2006: GWP of $16.9m, combined ratio of 80.9% Admitted in all 50 states Licences for all livestock products Application process for Hiscox products will begin immediately Presence in the important mid-west market Located just outside Chicago, a key insurance hub Strong brand and complimentary business Recognised as a leading livestock insurer in the USA Hiscox active in bloodstock insurance for 15 years

Looking ahead Roll out admitted PI products across the whole of US Kidnap and Ransom product coming Hiscox Global Markets integration Extend geographic spread ­New office in Chicago

Hiscox Europe Marc van der Veer

European management team Marc van der Veer Managing Director 13 years' insurance experience, previously with XL Capital Marianda Quadakkers European Operations Manager Previously with Deutsche Asset Management managing the start up of new operations in Europe and the UK Heino Hovingh Head of Sales and Marketing Previously with Axa and Coca-Cola Paul Cooper Finance Director Previously with Ernst and Young

Changing business mix Business split 2000Business split % 73% 97% 3% Art and private client Professions and specialty commercial

Growing distribution Focus within core countries Regional offices to get closer to local brokers and leverage scale Distribution partnerships with other insurers and private banks 20% YTD growth

Quote volume Quote volume YTD France Germany Belgium Netherlands Europe

Improving the expense ratio FranceGermany Belgium Netherlands Europe total 10% 0% Difference in growth between GWP and expenses YTD % 12.7% 12.6% 7.5% 11.1%

Pricing environment 180% 160% 140% 120% 100% 80% Europe rate index for Europe Mar-01 to Feb-02 Nov-01 to Oct-02 Jul-02 to Jun-03 Mar-03 to Feb-04 Nov-03 to Oct-04 Jul-04 to Jun-05 Mar-05 to Feb-06 Nov-05 to Oct-06 Moy-06 to Apr-07 Jul-00 to Jun-01 Europe property Europe PI Rolling 12 month index of rates

GWP and combined ratio Gross written premium: million Combined ratio: %

Hiscox UK Steve Langan

Hiscox Insurance Company Gross written premium: £million Combined ratio: % Core Non-core

Brand and underwriting experience Steve Langan Managing Director and Group Marketing Director Ten years with Diageo and Coca-Cola Gary Head UK Underwriting Manager Ten years broking, 11 years at Hiscox Austyn Tusler Head of Art and Private Client 17 years in the insurance industry, three years with AIG Glenn Caton Commercial Director Ten years with Proctor and Gamble Alan Millard Chief Operating Officer Ten years with GSK, previously with JP Morgan Paul Cooper Finance Director 12 years at PWC and Ernst and Young

Retail distribution model complete Market leading products Focus on: ­emerging wealth and high net worth individuals ­Professions/Specialty Commercial SMEs 250 employees in nine locations Nine underwriting offices plus Colchester (underwriting and claims processing)

Market opportunities - personal lines 1,000, m M/HNW households in UK: c17% of total 39% of all household sums insured Only 25% of these households have a specialist policy Hiscox = market leaders UK contents > £75k The facts 750, , ,000 0 £75k £1m + Contents sum insured Policy volume Source: Hiscox, Datamonitor, ABI

Market opportunities - commercial lines 95%+ UK companies employ <250 people Explosive growth in insurance opportunity Cost effective service is key SMEs in the UK (2005) The facts No. of businesses Source: DTI SME stats ,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, ,000 Self employed Micro 1-9 employees Small employees Medium employees Large 250+ employees

Rates Retail rates 180% 160% 140% 120% 100% 80% 60% Jul-00 to Jun-01 Oct-00 to Sep-01 Jan-01 to Dec-01 Apr-01 to Mar-02 Jul-01 to Jun-02 Oct-01 to Sep-02 Jan-02 to Dec-02 Apr-02 to Mar-03 Jul-02 to Jun-03 Oct-02 to Sep-03 Jan-03 to Dec-03 Apr-03 to Mar-04 Jul-03 to Jun-04 Oct-03 to Sep-04 Jan-04 to Dec-04 Apr-04 to Mar-05 Jul-04 to Jun-05 Oct-04 to Sep-05 Jan-05 to Dec-05 Apr-05 to Mar-06 Jul-05 to Jun-06 Oct-05 to Sep-06 Jan-06 to Dec-06 Apr-06 to May-07 Rolling 12 month index of rates UK PI UK Personal Lines (inc. DPD)

Building the brand Direct Direct marketing cost per sale total brand awareness growth and policy count (Jan-06 to May-07) Brand awareness index Commercial Direct policy count Home Direct policy count 300% 250% 200% 150% 100% 50% 0% 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May % 55,000 Cost per sale index Index Policy count

Outlook: choppy! New marketing campaign Steady growth of regions Grow commercial lines Walk away from unprofitable business Ongoing management of costs

Conclusion Bronek Masojada

Hiscox 2007 Hiscox Ltd Hiscox Global Markets Hiscox Bermuda Hiscox Guernsey Hiscox USA One location ­Reinsurance ­Group Capital Support One location ­Art and Private Client ­Kidnap and Ransom Three locations ­Art and Private Client ­PI and Specialty Commercial ­Regional Media and Technology Hiscox International Hiscox UK Hiscox Europe Ten locations ­Art and Private Client ­PI and Specialty Commercial ­Regional Media and Technology Nine locations ­Art and Private Client ­PI and Specialty Commercial ­Regional Media and Technology ­Direct Hiscox UK and Hiscox Europe Four locations ­Reinsurance ­Property ­Marine and Energy ­Specialty ­Space ­Technology and Media PI 2006 gross written premium £1,126 million

Business growth Global Markets UK87925 Europe Bermuda (external reinsurance) Guernsey2120(1) USA18800 GWP total Panther Re-27- GWP total (excluding Panther Re) IFRS Hiscox Group share 2006 £m 2007 £m % Gross written premium for the five months to May

Balance sheet Current debt facilities: ­Syndicated Letter of Credit (LoC) Facility - £137.5 million ­Revolving Credit Facility - $91 million ­Term Loan - $91 million Gearing at 31/12/06 (including LoC) - 25% Looking to extend Facility duration Announced 2007 target dividend of 12p (2006:10p) Gained shareholder approval to buy back up to 10% of shares into treasury Capital management decision dependent on 2007 performance Current debt arrangementsCapital management

Group rating index Jul-99 to Jun-00 Jan-00 to Dec-00 Jul-00 to Jun-01 Jan-01 to Dec-01 Jul-01 to Jun-02 Jan-02 to Dec-02 Jul-02 to Jun-03 Jan-03 to Dec-03 Jul-03 to Jun-04 Jan-04 to Dec-04 Jul-04 to Jun-05 Jan-05 to Dec-05 Jul-05 to Jun-06 Jan-06 to Dec-06 Jul-06 to Jun-07 Jan-07 to Dec-07 Jan-99 to Dec-99 50% 100% 150% 200% 250% 300% 0% Catastrophe exposed index Group composite index Non cat exposed index Rolling 12 month index of rates

Clear strategic focus 100% = £1,407m Total group controlled income for 2006 London Market Syndicate 33 and Hiscox Bermuda Regional Syndicate 33, Hiscox Insurance Company, Hiscox Guernsey and Hiscox USA London Market Reinsurance and Major Property 27% 30% TMT Art and Private Client Specialty Professions and Specialty Commercial 14% 6% 17% 6%

Questions