<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 March 28, 1998
                                                  -------------- 

                                       OR

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

                 For the transition period from ________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 April 30, 1998,  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.


<PAGE>
<TABLE>
<CAPTION>
                                     TABLE OF CONTENTS


                                                                                       Page
                                                                                       ----
<S>                                                                                    <C>    

PART I - FINANCIAL INFORMATION.

Item 1.             Financial Statements.................................................1

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

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
</TABLE>


<PAGE>
                                       PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

<TABLE>
<CAPTION>
                                   GE GLOBAL INSURANCE HOLDING CORPORATION
                                              AND SUBSIDIARIES            

                      Condensed, Consolidated Statement of Current and Retained Earnings

                                                (Unaudited)


                                                                                  Three months ended            
                                                                         ------------------------------------
(In millions)                                                            March 28, 1998        March 29, 1997
                                                                         --------------        --------------
<S>                                                                            <C>                  <C>    

Revenues
Net premiums written                                                         $1,444               $1,409    
                                                                             ======               ====== 

Net premiums earned                                                          $1,207               $1,344
Net investment income                                                           236                  224
Net realized gains on investments                                               124                   88
Other revenues                                                                   28                   13
                                                                             ------               ------
Total revenues                                                                1,595                1,669
                                                                             ------               ------

Costs and Expenses
Claims, claim expenses and policy benefits                                      848                1,055
Insurance acquisition costs                                                     308                  248
Other operating costs and expenses                                              127                  119
Minority interest in net earnings of
   consolidated subsidiaries                                                     21                   21
                                                                             ------               ------
Total costs and expenses                                                      1,304                1,443
                                                                             ------               ------

Earnings before income taxes                                                    291                  226
                                                                              

Provision for income taxes                                                       86                   68
                                                                             ------               ------

Net earnings                                                                    205                  158
Dividends on preferred stock                                                     (2)                  (2)
Retained earnings at beginning of period                                      3,660                3,245
                                                                             ------               ------
                                                                       
Retained earnings at end of period                                           $3,863               $3,401
                                                                             ======               ======      
</TABLE>


See Notes to Condensed, Consolidated Financial Statements.


                                                      1


<PAGE>
Item 1.  Financial Statements (Continued).

<TABLE>
<CAPTION>
                                   GE GLOBAL INSURANCE HOLDING CORPORATION
                                              AND SUBSIDIARIES

                           Condensed, Consolidated Statement of Financial Position


(In millions)                                                            March 28, 1998     December 31, 1997
                                                                         --------------     -----------------
                                                                          (Unaudited)
<S>                                                                            <C>                  <C>    

Assets
Investments:
   Fixed maturity securities available-for-sale, at fair value              $14,768              $14,816 
   Equity securities, at fair value                                           2,790                2,513
   Other invested assets                                                        711                1,014
                                                                            -------              -------
   Total investments                                                         18,269               18,343

Cash                                                                            340                  269
Premiums receivable                                                           2,313                2,279
Other receivables                                                             1,264                1,189 
Reinsurance recoverables                                                      3,030                2,791
Deferred insurance acquisition costs                                            941                  844
Other assets                                                                  2,084                1,817
                                                                            -------              -------

Total assets                                                                $28,241              $27,532
                                                                            =======              =======

Liabilities and equity
Claims and claim expenses                                                   $10,957              $10,961 
Accumulated contract values                                                   2,312                2,305
Future policy benefits for life and health contracts                          1,650                1,604
Unearned premiums                                                             1,599                1,244
Other reinsurance balances                                                    1,246                1,125
Other liabilities                                                             3,018                3,186
Long-term borrowings                                                            556                  556
                                                                            -------              -------
   Total liabilities                                                         21,338               20,981
                                                                            -------              -------

Minority interest in equity of consolidated subsidiaries                      1,176                1,177
                                                                            -------              -------


Common stock                                                                      5                    5
Preferred stock                                                                 150                  150 
Paid-in capital                                                                 845                  845
Accumulated non-owner changes in equity                                         864                  714
Retained earnings                                                             3,863                3,660
                                                                            -------              -------
   Total stockholder's equity                                                 5,727                5,374
                                                                            -------              -------

Total liabilities and equity                                                $28,241              $27,532
                                                                            =======              =======
</TABLE>


See Notes to Condensed, Consolidated Financial Statements.


                                                      2


<PAGE>
Item 1.  Financial Statements (Continued).

<TABLE>
<CAPTION>
                                   GE GLOBAL INSURANCE HOLDING CORPORATION
                                              AND SUBSIDIARIES

                               Condensed, Consolidated Statement of Cash Flows

                                                (Unaudited)


                                                                                  Three months ended            
                                                                         ------------------------------------
(In millions)                                                            March 28, 1998        March 29, 1997
                                                                         --------------        --------------
<S>                                                                            <C>                  <C>   

Cash from operating activities                                                $ 146              $   203
                                                                              -----              -------
 
Cash Flows From Investing Activities
Fixed maturity securities available-for-sale:
   Purchases                                                                   (900)              (1,361)
   Sales                                                                        766                1,135
   Maturities                                                                   145                  182
Equity securities:
   Purchases                                                                   (325)                (298)
   Sales                                                                        388                  286
Net (purchases) sales of short-term investments                                 307                 (345)
Cash paid for acquisitions and in force
   reinsurance transactions                                                    (143)                   -
Other investing activities                                                        2                  (21)
                                                                              -----              -------
   Cash from (used for) investing activities                                    240                 (422)
                                                                              -----              -------

Cash Flows From Financing Activities
Change in contract deposits                                                    (324)                  41
Net contract accumulation receipts (payments)                                    20                   (9)
Proceeds from short-term borrowings                                              51                    -
Dividends paid                                                                   (2)                  (2)
                                                                              -----              -------
   Cash from (used for) financing activities                                   (255)                  30
                                                                              -----              -------

Effect of exchange rate changes on cash                                         (60)                 (65)
                                                                              -----              -------

Increase (decrease) in cash                                                      71                 (254)
Cash at beginning of period                                                     269                  377
                                                                              -----              -------
Cash at end of period                                                         $ 340              $   123
                                                                              =====              =======
</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.       Statement  of  Financial   Accounting   Standards  No.  130,  Reporting
         Comprehensive Income, was adopted as of January 1, 1998. This statement
         requires  reporting  of changes  in share  owners'  equity  that do not
         result  directly from  transactions  with share owners.  An analysis of
         these changes follows:
         

                                                      Three months ended
                                               ---------------------------------
         (In millions)                         March 28, 1998     March 29, 1997
                                               --------------     --------------

         Net earnings                               $205               $ 158
         Unrealized gains on investment
            securities                               187                (143)
         Foreign currency translation
            adjustments                              (37)                (63)
                                                    ----               -----

         Total                                      $355               $ (48)
                                                    ====               ===== 


                                        4


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


Overview

Net earnings for the first three months of 1998 were $205 million, a $47 million
increase  over the first three months of 1997,  reflecting a higher level of net
realized  gains on  investments,  increased  investment  income due to continued
growth in the  investment  portfolios  and  growth in  underwriting  origination
volume,  including  investment-related  life and financial  reinsurance products
whose fee income is classified as other revenues.

The  Company's  two  primary   business   segments  are  property  and  casualty
insurance/reinsurance and life reinsurance. Business is conducted throughout the
world utilizing the Company's network of local offices.  As reflected below, the
continued  strengthening  of the U.S.  dollar  during 1998  impacted  individual
operating  line items,  however,  the  overall  impact on net  earnings  was not
significant.

Property  and  casualty  insurance/reinsurance  (P&C) is the  largest of the two
business segments.  Typically,  the underwriting  performance of P&C business is
measured in terms of a combined  ratio and earnings  before  income  taxes.  The
combined ratio is the sum of the loss ratio and the underwriting  expense ratio.
For the first three months of 1998, the P&C combined  ratio was 101.3%  compared
to 102.9%  for the same  period  in 1997.  The lower  combined  ratio  primarily
reflects a general  improvement in incurred loss development caused by a decline
in both the frequency and severity of claims.  Earnings before income taxes from
P&C  operations  increased  $52  million  in the  first  three  months  of 1998,
primarily  due to an  increase  in net  realized  gains on  investments  and the
decrease in the combined ratio.

The life reinsurance  segment typically  measures  performance based on revenues
and earnings before income taxes. Revenues include life insurance premiums,  net
investment income, net realized gains on investments and fee income from certain
investment-related  products.  For the  first  three  months  of 1998,  the life
operations  generated  revenues and earnings before income taxes of $359 million
and $37  million,  respectively,  compared  to  $429  million  and $24  million,
respectively,  for the same period in 1997. The $70 million decrease in revenues
primarily  reflects two significant  quota share  reinsurance  contracts entered
into in 1997 that did not recur in 1998. The primary reasons for the $13 million
increase  in earnings  before  income  taxes are an  increase in net  investment
income and in fees generated from  investment-related  life reinsurance products
and financial reinsurance transactions.


Operating Results

Net premiums written  increased $35 million or 2% over the first three months of
1997,  primarily  attributable to new P&C business  written  associated with the
acquisition  of the renewal  rights of business  from  Industrial  Risk Insurers
("IRI") and Coregis Insurance Company  ("Coregis").  This increase was partially
offset by two significant  life quota share  reinsurance  contracts  obtained in
1997 that did not recur in 1998 and the impact of foreign currency translation.

Net premiums earned decreased $137 million or 10% over the first three months of
1997,  primarily  attributable to two significant  life quota share  reinsurance
contracts  obtained in 1997 that did not recur in 1998 and the impact of foreign
currency  translation.  This decrease was  partially  offset by the new business
associated  with IRI and Coregis.  The decrease in net premiums  earned does not
coincide  with the  increase  in net  premiums  written  due to a change  in the
product  mix of P&C and life  business  and the  fundamental  difference  in the
earned premium recognition policies between P&C and life business.


                                        5


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


Net investment income increased $12 million or 5% over the first three months of
1997,  primarily   attributable  to  the  continued  growth  in  the  investment
portfolios, partially offset by the impact of foreign currency translation.

Net realized  gains on  investments  increased $36 million or 41% over the first
three  months  of  1997,  primarily  due  to  restructuring  certain  investment
portfolios and capitalizing on favorable market conditions that existed in 1998.

Other  revenues  increased  $15  million  over the first  three  months of 1997,
primarily   attributable   to  fees  generated  from   investment-related   life
reinsurance products and financial reinsurance transactions.

Claims,  claim expenses and policy  benefits  decreased $207 million or 20% over
the first  three  months of 1997  compared  to a 10%  decrease  in net  premiums
earned.  The decrease in claims,  claim expenses and policy benefits was greater
than the  decrease  in net  premiums  earned  primarily  due to a change  in the
product mix of business  related to the  decrease in life  reinsurance  business
which incorporated a high loss ratio and low commission ratio.

Insurance  acquisition  costs  increased $60 million or 24% over the first three
months of 1997 compared to a 10% decrease in net premiums  earned.  The increase
in the  insurance  acquisition  costs  compared to the  decrease in net premiums
earned  was  primarily  due  to  a  change  in  the  product  mix  of  business.
Specifically,  the 1997 period included a relatively  higher  proportion of life
reinsurance  business which  incorporated a low commission ratio and a high loss
ratio.

Other  operating  costs and  expenses  increased $8 million or 7% over the first
three months of 1997. The increase primarily reflects operating costs associated
with the  Company's  acquisition  of the  business  related to IRI and  Coregis,
partially offset by the impact of foreign currency translation.

Provision  for income  taxes was $86 million for the first three  months of 1998
(an  effective  tax rate of 29.6%),  compared to $68 million for the first three
months  of 1997 (an  effective  tax rate of  30.1%).  The  decrease  in the 1998
effective  tax rate  primarily  reflects  decreased  taxes on foreign  earnings,
substantially offset by a change in the relative levels of net realized gains on
investments subject to statutory rates.


                                        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:  May 12, 1998        By:              /s/ ROBERT J. DELLINGER             
                               -------------------------------------------------
                                              Robert J. Dellinger
                               Senior 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