<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 27, 1997
                                               ------------------

                                       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 October 15,  1997,  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 1.              Legal Proceedings...............................................................8

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

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

     Index to Exhibits.  ................................................................................10
</TABLE>


<PAGE>
<TABLE>
<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 27, 1997   September 28, 1996     September 27, 1997  September 28, 1996
                                               ------------------   ------------------     ------------------  ------------------
<S>                                                    <C>                  <C>                    <C>                 <C>
Revenues
Net premiums earned                                  $  996               $1,075                 $3,554              $3,363
Net investment income                                   242                  206                    677                 620
Net realized gains on investments                        74                   43                    262                 163
Other revenues                                           49                   21                     84                  27
                                                     ------               ------                 ------              ------
Total revenues                                        1,361                1,345                  4,577               4,173
                                                     ------               ------                 ------              ------

Costs and Expenses
Claims, claim expenses and policy benefits              729                  705                  2,663               2,415
Insurance acquisition costs                             271                  307                    823                 819
Other operating costs and expenses                      123                  116                    360                 309
Minority interest in net earnings of
   consolidated subsidiaries                             20                   22                     62                  67
                                                     ------               ------                 ------              ------
Total costs and expenses                              1,143                1,150                  3,908               3,610
                                                     ------               ------                 ------              ------

Earnings before income taxes                            218                  195                    669                 563

Provision for income taxes                               51                   49                    189                 147
                                                     ------               ------                 ------              ------

Net earnings                                            167                  146                    480                 416
Dividends on preferred stock                             (2)                  (2)                    (6)                 (6)
Retained earnings at beginning of period              3,554                3,009                  3,245               2,743
                                                     ------               ------                 ------              ------
Retained earnings at end of period                   $3,719               $3,153                 $3,719              $3,153
                                                     ======               ======                 ======              ======
</TABLE>


See Notes to Condensed, Consolidated Financial Statements.


                                                             1


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


                                     GE GLOBAL INSURANCE HOLDING CORPORATION
                                                AND SUBSIDIARIES

                             Condensed, Consolidated Statement of Financial Position


(In millions)                                                       September 27, 1997          December 31, 1996
                                                                    ------------------          -----------------
                                                                       (Unaudited)
<S>                                                                         <C>                         <C>
Assets
Investments:
  Fixed maturity securities available-for-sale, at fair value            $14,176                     $13,572
  Equity securities, at fair value                                         2,854                       2,303
  Other invested assets                                                      813                         604
                                                                         -------                     -------
  Total investments                                                       17,843                      16,479

Cash                                                                         312                         377
Premiums receivable                                                        2,750                       2,645
Other receivables                                                          1,187                       1,220
Reinsurance recoverables                                                   2,357                       2,358
Deferred insurance acquisition costs                                         743                         495
Other assets                                                               1,731                       1,814
                                                                         -------                     -------

Total assets                                                             $26,923                     $25,388
                                                                         =======                     =======


Liabilities and equity
Claims and claim expenses                                                $11,173                     $10,869
Accumulated contract values                                                1,549                       1,643
Future policy benefits for life and health contracts                       1,432                         831
Unearned premiums                                                          1,180                       1,170
Other reinsurance balances                                                 1,496                       1,836
Other liabilities                                                          2,973                       2,517
Long-term borrowings                                                         556                         556
                                                                         -------                     -------
  Total liabilities                                                       20,359                      19,422
                                                                         -------                     -------

Minority interest in equity of consolidated  subsidiaries                  1,176                       1,206
                                                                         -------                     -------

Common stock                                                                   5                           5
Preferred stock                                                              150                         150
Paid-in capital                                                              845                         845
Unrealized gains on investment securities                                    734                         500
Foreign currency translation adjustments                                     (65)                         15
Retained earnings                                                          3,719                       3,245
                                                                         -------                     -------
  Total stockholder's equity                                               5,388                       4,760
                                                                         -------                     -------

Total liabilities and equity                                             $26,923                     $25,388
                                                                         =======                     =======
</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 27, 1997          September 28, 1996
                                                                    ------------------          ------------------

<S>                                                                         <C>                         <C>
Cash from operating activities                                           $   494                     $   617
                                                                         -------                     -------

Cash Flows From Investing Activities
Fixed maturity securities available-for-sale:
  Purchases                                                               (4,654)                     (4,652)
  Sales                                                                    3,556                       3,649
  Maturities                                                                 511                         428
Equity securities:
  Purchases                                                                 (940)                       (973)
  Sales                                                                      794                         904
Net purchases of short-term investments                                     (169)                       (137)
Other investing activities                                                   (57)                        134
                                                                         -------                     -------
  Cash used for investing activities                                        (959)                       (647)
                                                                         -------                     -------

Cash Flows From Financing Activities
Change in contract deposits                                                  505                         388
Net contract accumulation receipts (payments)                                 (1)                          2
Principal payments on short-term borrowings                                    -                        (600)
Proceeds from long-term borrowings                                             -                         556
Dividends paid                                                                (6)                         (6)
                                                                         -------                     -------
  Cash from financing activities                                             498                         340
                                                                         -------                     -------

Effect of exchange rate changes on cash                                      (98)                       (174)
                                                                         -------                     -------

Increase (decrease) in cash                                                  (65)                        136
Cash at beginning of period                                                  377                         455
                                                                         -------                     -------
Cash at end of period                                                    $   312                     $   591
                                                                         =======                     =======
</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.       The Corporation has adopted Statement of Financial Accounting Standards
         (SFAS) No. 125, Accounting  for  Transfers  and  Servicing of Financial
         Assets and Extinguishments of Liabilities. Among  other things, the new
         statement  distinguishes  transfers  of financial assets that are sales
         from transfers that are secured  borrowings, based  on the  control  of
         the transferred assets. SFAS No. 125 is effective for all  transfers of
         financial  assets  occurring  after  December 31, 1996. The adoption of
         this  statement did  not have an  effect on  the financial  position or
         results of operations of the Corporation.

4.       There are  no pending  legal proceedings  beyond the ordinary course of
         business  that could have a material  financial  effect on the Company,
         except  for  an   action  in  connection  with  a  dispute,  valued  at
         approximately  $50  million,  under  specific  retrocession  agreements
         relating to disability  insurance assumed  by the Company  from various
         insurers.  On  October 4, 1997, an arbitration  panel ruling was issued
         relieving  the  retrocessionaire,  St. Paul  Fire  and Marine Insurance
         Company, from certain  liabilities  under  the treaties.  As  a result,
         the  Company  has  determined   that   approximately  $38.5  million of
         previously recorded reinsurance recoverables are  not collectible.  The
         Company's reserves were adequate to absorb this loss.

                                        4


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


Overview

Net earnings for the first nine months of 1997 were $480 million,  a $64 million
increase over the first nine months of 1996,  reflecting  growth in underwriting
origination volume, including  investment-related life and financial reinsurance
products  classified  as other  revenues;  continued  growth  in the  investment
portfolios; and a higher level of net realized gains on investments.

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
strengthening of the U.S. dollar during 1997 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  (calculated in accordance  with  generally  accepted  accounting
principles) is the sum of the loss ratio and the underwriting expense ratio. For
the first nine months of 1997,  the P&C  combined  ratio was 105.0%  compared to
101.9%  for  the  same  period  in  1996.  The  higher  combined ratio primarily
reflects increased underwriting expenses and the  impact  of competitive  market
conditions.  Earnings  before  income  taxes  from  P&C operations increased $64
million in the first nine months of 1997,  primarily due  to an increase in both
net investment income and net realized gains on  investments,  partially  offset
by an increase 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  nine  months  of  1997,  the life
operations generated revenues and earnings before income taxes of $1,169 million
and $121  million,  respectively,  compared  to $646  million  and $79  million,
respectively, for the same period in 1996. The $523 million increase in revenues
primarily reflects three significant  quota share reinsurance  contracts entered
into in 1997.  The primary reasons  for  the $42  million increase  in  earnings
before  income  taxes  are  an  increase  in  both net investment income and net
realized gains on investments.


Operating Results

Net premiums  earned  increased $191 million or 6% over the first nine months of
1996,  primarily  attributable  to a  significant  increase in life net premiums
earned,  partially  offset by a decrease in property  and  casualty net premiums
earned and the impact of foreign currency translation.  The significant increase
in  life  net  premiums earned  principally reflects three  significant domestic
quota share reinsurance contracts entered into in 1997.


                                        5


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


Net investment  income increased $57 million or 9% over the first nine months of
1996,  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 $99 million or 61% over the first
nine  months  of  1996,  primarily  due  to  restructuring   certain  investment
portfolios and capitalizing on favorable market conditions that existed in 1997,
partially offset by the impact of foreign currency translation.

Other  revenues  increased  $57  million  over the  first  nine  months of 1996,
primarily   attributable   to  fees  generated  from   investment-related   life
reinsurance products and financial reinsurance transactions.

Claims,  claim expenses and policy  benefits  increased $248 million or 10% over
the  first  nine  months  of  1996, reflecting increased premium volume in 1997,
partially offset by the impact of foreign currency translation.

Insurance  acquisition  costs increased $4 million over the first nine months of
1996,  primarily related to the  corresponding  increase in net premiums earned,
partially offset by the impact of foreign currency translation.

Other operating  costs and expenses  increased $51 million or 17% over the first
nine months of 1996. The increase primarily  reflected costs associated with the
Company's  continued global expansion activities, partially offset by the impact
of foreign currency translation.

Provision  for income  taxes was $189  million for the first nine months of 1997
(an  effective  tax rate of 28.3%),  compared to $147 million for the first nine
months  of 1996 (an  effective  tax rate of  26.1%).  The  increase  in the 1997
effective  tax rate  as  compared  to  1996  resulted  primarily  from increased
taxes on foreign  earnings and  a change in  the relative levels of net realized
gains on investments.


                                        6


<PAGE>
                           PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

There are  no pending  legal proceedings  beyond the ordinary course of business
that could have a material financial effect on the Company, except for an action
in connection  with  a  dispute, valued  at  approximately  $50  million,  under
specific retrocession agreements relating to disability insurance assumed by the
Company from various insurers.  On October 4, 1997, an  arbitration panel ruling
was issued relieving  the retrocessionaire, St. Paul  Fire  and Marine Insurance
Company, from certain liabilities  under the treaties.  As a result, the Company
has  determined   that  approximately  $38.5  million  of  previously   recorded
reinsurance  recoverables are  not collectible.   The  Company's  reserves  were
adequate to absorb this loss.


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:  October 27, 1997    By:                /s/ ROBERT DELLINGER
                               -------------------------------------------------
                                                Robert 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