<PAGE>

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION



                             WASHINGTON, D.C. 20549

                           --------------------------
                                    FORM 10-Q
                           --------------------------


           [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended September 28, 1996
                                               ------------------ 
            
                                       OR

          [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

             For the transition period form _________ to __________

                         ------------------------------
                         Commission file number 0-27394
                         ------------------------------


                     GE Global Insurance Holding Corporation
             ----------------------------------------------------- 
             (Exact name of registrant as specified in its charter)

                    Delaware                            95-3435367
        (State or other jurisdiction of              (I.R.S. Employer
         incorporation or organization)              Identification No.)

        5200 Metcalf, Overland Park, Kansas               66201
      (Address of principal executive offices)          (Zip Code)

                                 (913) 676-5200
              (Registrant's telephone number, including area code)

                           --------------------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [x] No [ ]

At October 31,  1996,  1,000  shares of common  stock with a par value of $5,000
were outstanding.

REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b)
OF FORM 10-Q AND IS THEREFORE FILING THIS FORM 10-Q WITH THE REDUCED  DISCLOSURE
FORMAT.

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                                                        TABLE OF CONTENTS


                                                                                                       Page
                                                                                                       ----    
<S>                                                                                                     <C>
    PART I - FINANCIAL INFORMATION.

     Item 1.              Financial Statements..........................................................1-4

     Item 2.              Management's Discussion and Analysis of Results of Operations.................5-6

     Exhibit 12.          Computation of Ratio of Earnings to Fixed Charges...............................7


    PART II - OTHER INFORMATION.

     Item 6.              Exhibits and Reports on Form 8-K................................................8

     Signatures.          ................................................................................9

     Index to Exhibits.   ...............................................................................10

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<CAPTION>

                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.


                     GE GLOBAL INSURANCE HOLDING CORPORATION
                                AND SUBSIDIARIES

       Condensed, Consolidated Statement of Current and Retained Earnings

                                   (Unaudited)

                                                        Three Months Ended                       Nine Months Ended
(In millions)                                  September 28,       September 30,          September 28,    September 30,
                                               -------------       -------------          -------------    -------------
                                                    1996                1995                   1996             1995
                                                    ----                ----                   ----             ----
<S>                                                <C>                 <C>                       <C>              <C>
Revenues
Net premiums written                               $   777              $  810                   $3,677           $2,492
                                                    ======              ======                   ======           ======

Net premiums earned                                 $1,075              $1,230                   $3,363           $2,666
Net investment income                                  206                 187                      620              478
Net realized gains on investments                       43                  42                      163              139
Other revenues                                          21                   9                       27               22
                                                    ------              ------                   ------           ------
Total revenues                                       1,345               1,468                    4,173            3,305
                                                    ------              ------                   ------           ------

Costs and Expenses
Claims, claim expenses and policy benefits             705                 966                    2,415            2,048
Acquisition costs                                      307                 264                      819              578
Other operating costs and expenses                     116                  79                      309              185
                                                    ------              ------                   ------           ------
Total costs and expenses                             1,128               1,309                    3,543            2,811
                                                    ------              ------                   ------           ------

Earnings before income taxes and
   minority interest                                   217                 159                      630              494

Provision for income taxes                              49                  16                      147               86
Minority interest in net earnings of
   consolidated subsidiaries                            22                  24                       67               71
                                                    ------              ------                   ------           ------

Net earnings                                           146                 119                      416              337
Dividends on preferred stock                            (2)                  -                       (6)               -
Retained earnings at beginning of period             3,009               2,555                    2,743            2,337
                                                    ------              ------                   ------           ------
Retained earnings at end of period                  $3,153              $2,674                   $3,153           $2,674
                                                    ======              ======                   ======           ======

</TABLE>


See Notes to Condensed, Consolidated Financial Statements.




                                       1

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<TABLE>
<CAPTION>

Item 1.  Financial Statements (Continued).

                     GE GLOBAL INSURANCE HOLDING CORPORATION
                                AND SUBSIDIARIES

             Condensed, Consolidated Statement of Financial Position


(In millions)                                                    September 28, 1996           December 31, 1995
                                                                 ------------------           -----------------
                                                                    (Unaudited)
<S>                                                                    <C>                         <C>
Assets
Investments:
  Fixed maturity securities available-for-sale, at fair value          $13,192                     $12,991
  Equity securities, at fair value                                       2,046                       1,822
  Other invested assets                                                    687                         581
                                                                       -------                     -------
Total investments                                                       15,925                      15,394

Cash                                                                       591                         455
Premiums receivable                                                      2,642                       3,298
Other receivables                                                        1,369                       1,507
Reinsurance recoverables                                                 2,459                       2,936
Deferred insurance acquisition costs                                       566                         474
Other assets                                                             1,517                       1,549
                                                                       -------                     -------
Total assets                                                           $25,069                     $25,613
                                                                       =======                     =======


Liabilities and equity
Claims and claim expenses                                              $11,308                     $11,842
Accumulated contract values                                              1,786                       1,809
Future policy benefits for life and health contracts                       787                         719
Unearned premiums                                                        1,610                       1,328
Other reinsurance balances                                               1,085                       1,901
Other liabilities                                                        2,298                       2,012
Short-term borrowings                                                        -                         600
Long-term borrowings                                                       556                           -
                                                                       -------                     -------
  Total liabilities                                                     19,430                      20,211
                                                                       -------                     -------

Minority interest in equity of consolidated  subsidiaries                1,205                       1,211
                                                                       -------                     -------

Common stock                                                                 5                           5
Preferred stock                                                            150                         150
Paid-in capital                                                            845                         845
Unrealized gains on investment securities                                  284                         436
Foreign currency translation adjustments                                    (3)                         12
Retained earnings                                                        3,153                       2,743
                                                                       -------                     -------
  Total stockholder's equity                                             4,434                       4,191
                                                                       -------                     -------
Total liabilities and equity                                           $25,069                     $25,613
                                                                       =======                     =======

</TABLE>


See Notes to Condensed, Consolidated Financial Statements.




                                       2

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<TABLE>
<CAPTION>
Item 1.  Financial Statements (Continued).


                     GE GLOBAL INSURANCE HOLDING CORPORATION
                                AND SUBSIDIARIES

                 Condensed, Consolidated Statement of Cash Flows

                                   (Unaudited)

                                                                               Nine Months Ended
(In millions)                                                   September 28, 1996           September 30, 1995
                                                                ------------------           ------------------
<S>                                                                     <C>                         <C>
Cash from operating activities                                          $  617                      $  747
                                                                        ------                      ------

Cash Flows From Investing Activities
Fixed maturity securities available-for-sale:
  Purchases                                                             (4,652)                     (3,723)
  Sales                                                                  3,649                       2,912
  Maturities                                                               428                         493
Equity securities:
  Purchases                                                               (973)                       (948)
  Sales                                                                    904                         813
Net purchases of short-term investments                                   (137)                        (85)
Business acquisitions, net of cash acquired                                  -                        (807)
Other investing activities                                                 134                         (18)
                                                                        ------                      ------
  Cash used for investing activities                                      (647)                     (1,363)
                                                                        ------                      ------

Cash Flows From Financing Activities
Change in contract deposits                                                388                          27
Net contract accumulation receipts/(payments)                                2                        (184)
Proceeds from short-term borrowings                                          -                         600
Principal payments on short-term borrowings                               (600)                          -
Proceeds from long-term borrowings                                         556                           -
Contribution to capital                                                      -                         300
Proceeds from issuance of preferred stock                                    -                         150
Dividends paid                                                              (6)                          -
                                                                        ------                      ------
  Cash from financing activities                                           340                         893
                                                                        ------                      ------

Effect of exchange rate changes on cash                                   (174)                        101
                                                                        ------                      ------
Increase in cash                                                           136                         378
Cash at beginning of period                                                455                         341
                                                                        ------                      ------
Cash at end of period                                                   $  591                      $  719
                                                                        ======                      ======

</TABLE>



See Notes to Condensed, Consolidated Financial Statements.




                                       3

<PAGE>

Item 1.  Financial Statements (Continued).


                     GE GLOBAL INSURANCE HOLDING CORPORATION
                                AND SUBSIDIARIES

              Notes to Condensed, Consolidated Financial Statements

                                   (Unaudited)


1.   The accompanying  condensed,  consolidated  quarterly financial  statements
     represent the adding together of GE Global  Insurance  Holding  Corporation
     and its wholly-owned subsidiary,  Employers Reinsurance Corporation and its
     consolidated  subsidiaries  (collectively  called "the  Corporation").  All
     significant  intercompany   transactions  have  been  eliminated.   Certain
     prior-period  data  have  been  reclassified  to  conform  to  the  current
     presentation.

2.   The condensed,  consolidated  quarterly financial statements are unaudited.
     These  statements  include all adjustments  (consisting of normal recurring
     accruals) considered necessary by management to present a fair statement of
     the results of operations,  financial  position and cash flows. The results
     reported in these condensed,  consolidated  quarterly financial  statements
     should not be regarded as  necessarily  indicative  of results  that may be
     expected for the entire year.


3.   A newly issued accounting standard was adopted in the first quarter of 1996
     and did not have a material effect on the financial  position or results of
     operations of the Corporation.  Statement of Financial Accounting Standards
     (SFAS) No. 121,  Accounting for the Impairment of Long-Lived Assets and for
     Long-Lived  Assets to be Disposed  Of,  requires  that  certain  long-lived
     assets be reviewed for  impairment  when events or  circumstances  indicate
     that the  carrying  amounts of the assets may not be  recoverable.  If such
     review  indicates  that the carrying  amount of an asset exceeds the sum of
     its expected future cash flows,  the asset's carrying value is written down
     to fair value.  Long-lived  assets to be  disposed  of are  reported at the
     lower of carrying amount or fair value less cost to sell.





                                       4

<PAGE>

Item 2.  Management's Discussion and Analysis of Results of Operations.


Overview

Net earnings for the first nine months of 1996 were $416 million,  a $79 million
increase  over the first nine months of 1995.  The  increase was  primarily  the
result of premium and investment  income from the 1995  acquisitions of Frankona
Ruckversicherungs-Aktien-Gesellschaft and certain assets representing a majority
of  the   reinsurance   business  of   Aachener   Ruckversicherungs-Gesellschaft
Aktiengesellschaft (the "Acquired Businesses").

The  Company's  two  primary   business   segments  are  property  and  casualty
insurance/reinsurance and life reinsurance.  The Company's business is conducted
throughout the world utilizing its headquarters, subsidiaries and various branch
locations.

Property and casualty  insurance/reinsurance  is the largest of the two business
segments and typically the underwriting performance of this business is measured
in terms of a combined  ratio.  The combined  ratio is the sum of the loss ratio
and the underwriting expense ratio. The combined ratio (calculated in accordance
with generally  accepted  accounting  principles)  for the property and casualty
insurance/reinsurance  operations was 102.0% for the nine months ended September
28,  1996  compared  to 106.1% for the  comparable  period in 1995.  The primary
reason for the  improvement in the combined ratio in 1996 is a general  decrease
in international incurred losses, both frequency and severity of claims.

The life reinsurance  segment typically  measures  performance based on revenues
and earnings before income taxes and minority  interest.  Revenues  include life
insurance premiums, net investment income, realized investment gains, and income
from certain  investment-related  products.  For the nine months ended September
28, 1996, the life reinsurance  segment  generated  revenues and earnings before
income  taxes  and  minority   interest  of  $646  million  and  $129   million,
respectively,  compared to $404 million and $116 million,  respectively, for the
same period in 1995. These increases are primarily  attributable to the Acquired
Businesses.


Operating Results

Net  premiums  written  increased  $1,185  million over the first nine months of
1995,  including  $1,294  million  related  to  the  Acquired  Businesses.   The
offsetting  $109  million  decrease is  primarily  the result of lower  domestic
property and casualty net premiums  written  associated  with the  Corporation's
termination of certain property and casualty reinsurance  contracts and a slight
decline in reinsurance rates.

Net premiums  earned  increased $697 million over the first nine months of 1995,
primarily  attributable  to $945  million  related to the  Acquired  Businesses,
offset  by the  impact of the  decreases  occurring  in  domestic  property  and
casualty net premiums  written.  The  significant  increase in 1996 net premiums
written is not  proportional  to the increase in net premiums  earned  because a
large  proportion of the direct  policies  reinsured by the Acquired  Businesses
renew on  January 1 of each year and will be earned  ratably  over the  calendar
year.

Net investment income increased $142 million over the first nine months of 1995,
with most of the increase attributable to the Acquired Businesses.




                                       5

<PAGE>

Item 2. Management's Discussion and Analysis of Results of Operations (cont'd).


Net  realized  gains on  investments  increased  $24 million over the first nine
months of 1995, largely because of the Acquired Businesses.

Claims, claim expenses and policy benefits increased $367 million over the first
nine months of 1995,  primarily  related to the Acquired  Businesses,  partially
offset by a slight decrease in domestic property and casualty reinsurance claims
and claim expenses.

Acquisition  costs increased $241 million over the first nine months of 1995, an
increase that was primarily  attributable to the Acquired  Businesses and was in
line with changes in net premiums earned.

Other  operating  costs and expenses  increased $124 million over the first nine
months of 1995, with most of the increase related to the Acquired Businesses.

Income tax expense  increased  $61  million  over the first nine months of 1995,
primarily related to the Acquired Businesses.





                                       6

<PAGE>

                           PART II - OTHER INFORMATION


     Item 6.  Exhibits and Reports on Form 8-K.

     a.      Exhibits.

             Exhibit 12.  Computation of ratio of earnings to fixed charges

             Exhibit 27.  Financial Data Schedule (filed electronically only)

     b.      Reports on Form 8-K.

             None.





                                       8

<PAGE>

                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                GE GLOBAL INSURANCE HOLDING CORPORATION
                                ---------------------------------------
                                            (Registrant)



Date:  November 12, 1996        By:            /s/ JAMES DORE
                                    --------------------------------------------
                                                   James Dore,
                                     Vice President and Chief Financial Officer
                                    (Principal Financial and Accounting Officer)





                                       9

<PAGE>

                     GE GLOBAL INSURANCE HOLDING CORPORATION
                                AND SUBSIDIARIES


                                Index to Exhibits



     Exhibit No.                                                            Page
     -----------                                                            ----


         12     Computation of ratio of earnings to fixed charges.............7

         27     Financial Data Schedule (filed electronically only)





                                       10