1. www.hiscox.com Aerospace Bloodstock Classic Cars Employers’ Liability Energy Financial Institutions Fine Art High Value Household Kidnap & Ransom Marine Media Personal Accident Political Risks Professional Indemnity Property Reinsurance Specie Technology Terrorism War Hiscox plc Interim results for the six months ended 30 June 2005 Robert Hiscox, Chairman Bronek Masojada, Chief Executive Stuart Bridges, Finance Director Robert Childs, Director of Underwriting 12 September 2005

2. Return on equity** (%) FY 2004HY 2004 29.420.635.9 ** annualised, based on adjusted opening shareholder’s funds HY 2005 A Strong Performance 2 H1H2 FY 2004 HY 2004 Combined ratio* (%) 84.683.5 Profit before tax (£m) FY 2004HY 2005 88.160.3 29.2 89.5 HY 2005 * based on net earned premium 92.6

3. Dividend per share (p) 2004HY 2005 30 Jun 200431 Dec 2004 A Strong Performance Net Asset Value per share (p) 125.7 EPS (p) FY 2004HY 2005 20.814.9 3 7.0 H1H2 30 Jun 2005 143.3 21.9 120.2 2.25 1.5 3.5 5.0

4. Highlights  Record profits  Underwriting discipline  Growing distribution  Retail expansion working –UK profits doubled –International strongly ahead  Strong additions to senior management 4

5. Financial Performance 5

6. Hiscox plc Results IFRS June 2005 (unaudited) £m June 2004 (unaudited) £m FY 2004 (audited) £m Gross Premiums Written Net Premiums Written Net Premiums Earned 437.2 345.0 345.7 489.0 396.5 349.7 816.6 704.1 714.9 Profit before tax 88.160.389.5 Profit for the period 61.143.363.9 Basic earnings per share (p) 20.8p14.9p 21.9p Interim/Final Dividend (p) 2.25p1.5p5.0p Net Asset Value £m421.7350.2368.8 p per share143.3p120.2p125.7p Return on Equity35.9%*29.4%*20.6% *annualised, based on adjusted opening shareholder’s funds 6

7. Segmental Analysis 7 Six months to 30 June 2005Six months to 30 June 2004 London Market /Group £m UK £m International £m Group Total £m Gross Premiums Written306.2437.284.1364.4489.045.679.0 London Market /Group £m UK £m International £m Group Total £m Combined Ratio*82.8%83.5%95.4%81.6%82.4%84.6%103.8%89.3% London Market/Group: Hiscox plc share of Syndicate 33, Managing Agent, Hiscox Investment Management and central Group costs. UK : UK within Hiscox Insurance Company and Connect International : Guernsey Insurance Company and European business within Hiscox Insurance Company. Net Premiums Earned235.7345.732.377.7256.4349.729.264.1 Profit before tax88.13.064.021.149.560.30.510.3 Net Premiums Written * Based on Net Earned Premium IFRS (unaudited) 46.9 233.375.036.7345.0295.368.133.0396.5

8. 30 June 2005 31 December 2004 Asset Allocation % Return % Return £000 Asset Allocation % Return % Return £000 Bonds69.83.514, 87475.92.719,088 Equities7.58.93,7297.910.38,529 Deposits/Cash22.74.54,31916.22.95,467 Actual Return4.022,9223.433,084 Group invested assets* 1,238.9m1,098.9m Investment Performance 8 * Includes investments, cash and cash equivalents

9. Summary Consolidated Balance Sheet IFRS 30 June 2005 (unaudited) £m 30 June 2004 (unaudited)) £m 31 Dec 2004 (audited) £m Intangible assets Deferred acquisition costs Investments, cash and cash equivalents Reinsurance contract receivables Trade receivables and other assets TOTAL ASSETS Claims and claims handling provision Unearned premiums Other liabilities TOTAL LIABILITIES SHARHOLDERS EQUITY LOC drawn Net Asset Value per share (basic) Net Tangible Assets per share (basic) 32.4 114.9 1,238.9 290.3 342.8 2,019.3 928.6 445.3 223.7 1,597.6 421.7 137.5 143.3p 132.3p 26.6 117.9 966.7 270.8 368.6 1,750.6 727.7 470.7 202.0 1,400.4 350.2 132.4 120.2p 111.0p 30.0 110.0 1,098.9 238.9 340.6 1,818.4 830.7 416.2 202.7 1,449.6 368.8 137.5 125.7p 115.4p 9

10. Hiscox Global Markets 10

11. Rates vs Exposure 100 94 78 60 71 100 106 126 191 240 ExposurePremium Rolling 12 Month Index to June 11 67 239 70 217 1999200020012002200320042005

12. Rating 12 Syndicate 33 12 month rolling rate and index since 1998

13. Hurricane Katrina 13 Hiscox plc Net Loss = $100m estimate Marine Reinsurance $25m Non Marine Reinsurance $30m Non Marine Insurance $30m Marine Insurance $15m £1 = UDS$ 1.84 This analysis is without prejudice to the interpretation of any contract and the handling or outcome of any claim.

14. Reinsurance Underwriting 14 Reinsurance Account: Gross Incurred Loss Ratio Average 58%

15. Claims Breakdown 15 Budgeted Breakdown of Claims for 2005 Risk 47% Attritional 42% Catastrophe 11%

16. Extending Geographic Reach 16 2004 Distribution  Global brokers  Major wholesale broker - London wholesale brokers  All other risks – London wholesale broker London Business Development

17. Extending Geographic Reach 17 2005 Creation of local underwriting centre  Ed Donnelly - Establishment of office in Armonk, NY Regional business development  Bruno Ritchie – Europe  Nick Ward – New York  David Chavez – West Coast

18. Global Markets Summary 18  Experienced underwriting team - maintain discipline  Extend geographic coverage  Focus on known business areas

19. Hiscox UK and Europe 19

20. Hiscox Insurance Company Gross Written Premium: £mCombined Ratio: % 20 93.6 97.8 97.7 102.6 107.9 118.0 218.7 163.9 127.3 97.8 90.0 74.7 176.4 97.9 FYHY 98.8 105.5 FYHY 91.8 93.9 2003 and prior years not restated 229.8 110.6 85.2 94.6

21. Retail Performance 30 June 2005 (£m)30 June 2004 (£m) UK Guernsey UKEurope Guernsey Gross Premiums Written 84.120.426.579.019.126.5 Operating Profit 21.11.31.710.30.30.2 81.6%90.6%97.6% Combined Ratio89.3% 93.4% 108.6% 21 9.9 Net Premiums Earned 77.722.464.120.19.2

22. UK & Europe: Rates 22

23. Business Areas Art and Private Clients High Value Household and Contents; Fine Art; Classic Cars; Specie  Updated Hiscox HVH wording awarded top Defaqto rating  Inscribe semi-automated underwriting system being rolled out  Good growth from direct; marketing responses going well  Competitive in London, opportunities in UK Regions and Europe  Acquired fine art renewal rights from Ascot Professions & Specialty Commercial Professional Indemnity; D&O; Employers’ Liability; Property  Good growth of emerging professions  Additional underwriting resource focussed on Specialty Commercial and Ireland  Launch of direct business focussed on small PI  Launch of automated underwriting of business up to £250k turnover  Continued competition for large traditional professions  Solicitors book reduced 23

24. Summary and Outlook 24

25. Developing balance by growing retail Retail - Hiscox Insurance Company 0 200 400 600 800 1000 1200 199319951997199920012003 Gross Written Premium Retail - Syndicate 33 London Market - Syndicate 33 25 199419961998200020022004

26. Expand Distribution Expand Closer to UK brokers via regional offices Create local presence in Europe and Guernsey Open direct channels via internet and telephone Create local presence in USA and regional business development for Global Markets 26

27.  Capitalise in London Market on opportunities post Katrina  Grow retail through distribution initiatives –UK Retail locations –UK Partnerships & Direct –Europe & Guernsey –USA underwriting & marketing  Market will become more disciplined  Profit outlook remains strong 27 Outlook

28. Questions and Answers 28

29. Appendix 29

30. Hiscox Business Mix:2004 Controlled GWP 100% = £1,051m London Market Insurance Energy Marine Terrorism E&O and D&O Art & Private Clients Fine Art Jewellery Specie Home & Contents Speciality Kidnap & Ransom Personal Accident Bloodstock US SME Commercial ATMT Aerospace Technology Media Telecommunications 17% 33% 9% 10% 6% 25% London MarketRetail Syndicate 33 Syndicate 33, Hiscox Insurance Company & Hiscox Guernsey Reinsurance & Major Property Major Property Marine RI Non-Marine RI Whole Account RI Professions & Speciality Commercial Traditional PI Emerging PI UK SME Commercial 30

31. Management Structure RAMP London Market Speciality ATMT Art & Private Clients PI & Speciality Commercial Regional TMT Executive Household Hiscox Guernsey Hiscox Investment Management Hiscox plc Hiscox Global Markets Hiscox UK & Europe Other activities Hiscox USA Art Regional TMT Small ticket terrorism Currently under development; will initially be part of Global Markets 31

32. 48 Syndicate 33 Capacity & Hiscox plc Ownership 32 0 100 200 300 400 500 600 700 800 900 20002001200220032004 CapacityHiscox plc OwnershipQQS £ m 2005 360 191 (53%) 360 191 (53%) 504 201 277 (55%) 547 (65%) 842 551 (65%) 847 775 550 (71%) 2006 estimate 775 550 (71%)

33. Geographical & Currency Split 33 CAD USD EUR GBP 11.9% 43.5% 42.8% 1.8% 2005 Geographical Split2005 Currency Split USA 39.2% EU Europe (exc. UK) 11.4% 31.4% UK 3.4% Canada 1.5% Australia 2.0% Asia (exc. Japan & China) 1.0% China & Japan 1.4% Central & South America 4.4% Other 0.3% Israel 0.4% Middle East (exc. Israel) 1.0% Africa 1.2% Caribbean 1.4% Non-EU Europe & Russia

34. Loss Ratios as a % of Syndicate Premiums 34 GILRNILR YOA20022003200420052002200320042005 6 mths1.4%2.7%5.1%7.0%8.0%4.9%7.6%10.6% 12 mths13.7%11.6%29.6%20.0%14.2%30.8% 18 mths19.8%20.3%42.5%23.8%24.4%43.9% 24 mths27.9%29.8%37.0%35.5% 30 mths31.3%35.9%40.4%43.1% 36 mths37.0%45.7% Syndicate 33 incurred losses as a percentage of signed premium

35. Realistic Disaster Scenarios 35 Syndicate 33 – potential losses shown as a percentage of 2005 capacity 28.1 8.1 31.8 7.7 22.0 10.1 24.4 11.3 24.4 5.1 Gross Loss Net Loss 11.3 34.3

36. Group Reinsurance Security 36 AAA 1% AA 36% A 49% Other 14% 2005 Programme A 51% AAA AA 38% 11% Receivables at 30/06/05 of £222m

37. Reinsurance 37 35.3% 27.3% 26.0% 17.3% 13.7% Reinsurance as a % of GWP (ex. QQS) Reinsurance Receivables as a % of Total Assets 18.2% 26.9% 15.4% 11.8% % % 11.0% 10.6% 15.4% HALF YEAR TO 30 TH JUNE

38. Glossary of Terms 38 Annual VentureThe system used for running a Lloyd’s syndicate under which each “year of account” is treated separately. Members own capacity on a syndicate for a “year of account” and the results are declared when the year is closed by the RITC mechanism, usually after 3 years. Claims ratioNet claims incurred, including IBNR, as a percentage of net earned premiums. Combined ratioThe total of the claims and expenses ratios. Equalisation provision This a provision made to cover future catastrophe losses and is calculated in accordance with a set sector formula, which has the effect of smoothing the profit cycle. Expenses ratioExpenses as a percentage of net earned premiums. Funds at Lloyd’sThe amount of assets, which can be cash, investments or letters of credit, that a syndicate member has to deposit with Lloyd’s to support their share of the capacity on a syndicate. The minimum amount is 40% of the capacity owned by the member. Gross written premiumPremiums contracted for before any deductions. Group controlled The total gross written premium controlled by the group including the 29% of the syndicate capacity not owned by Hiscox in 2005 (35% in 2004). IBNRIncurred but not reported. An estimate made at the end of each accounting period to cover the expected cost of losses that have occurred but have not yet been reported to the insurer or reinsurer. Incurred loss ratio Paid and outstanding losses as a percentage of premiums. Gross incurred loss ratio is before deducting any reinsurance and net is after deducting reinsurance. gross written premium

39. Glossary of Terms 39 Long-tailA term used to describe an insurance risk that has the potential for claims development or new claims to be reported a number of years after expiry of the term of the policy. Member or NameThe companies or individuals who own the capacity of a syndicate and who belong to the membership of the Society of Lloyd’s. Net premiums earnedPremiums received after the cost of reinsurance and adjustment for unearned premium. Unearned premium covers the future period of risk of an insurance policy. Net premiums writtenPremiums contracted for after deduction of reinsurance. Open year A Year of Account of a syndicate which has not been closed by Reinsurance To Close (RITC). RITC usually occurs at the end of the third year. A Year of Account can be left open beyond the third year if the extent of the future liability cannot be accurately quantified. Qualifying quota shareThese are quota share reinsurance policies, which Lloyd’s allow in certain circumstances, that enable a syndicate to write gross premium in excess of its capacity. Reinsurance to close – RITCThe reinsurance to close comprises a premium payable by the closing year to the members on the next open year of account and a contract which transfers the liability for all claims in respect of the closing year to the next open year. Run-off accountAt Lloyd’s, a year of account which is kept open after the date on which it would normally have been closed. SubrogationThe right of the underwriter to “stand in the shoes of the insured” and take over the Insured's rights, following payment of a claim, to recover the payment of an incurred loss from a third party responsible for the loss. It is limited to the amount of loss paid by the insurance policy. Syndicate CapacityAlso referred to as the ‘stamp’. The maximum amount of business that a syndicate in Lloyd’s can write per year, aggregated from all its members. reinsurance