GENERAL RE CORPORATION
                            Financial Centre
                             P.O. Box 10350
                       Stamford, CT  06904-2350



November 14, 1996



Securities and Exchange Commission
450 Fifth Street, NW
Washington, D.C.  20549

Gentlemen/Ladies:

Pursuant to the requirements of the Securities Exchange 
Act of 1934, we are transmitting herewith the attached 
Form 10-Q.





                                  	Very truly yours,



                                  	Elizabeth A. Monrad














 

                                UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C.  20549

                                  Form 10-Q

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

For the quarterly period ended		September 30, 1996	

Commission file number      		 	1-8026		


                          GENERAL RE CORPORATION
 		
         (Exact name of registrant as specified in its charter)

      	           DELAWARE               	     	06-1026471	        
     	(State or other jurisdiction of 	     	(I.R.S. Employer
      	incorporation or organization)      		Identification No.)

    	Financial Centre, P.O. Box 10350
	    Stamford, Connecticut                         		06904-2350	
    	(Address of principal executive offices)	      	(Zip Code)

    	Registrant's telephone number, with area code		(203) 328-5000	

	                                   	None	
             (Former name, former address and former fiscal year,
                      if changed since last report)

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   *  	No		

Indicate the number of shares outstanding of each of the
issuer's classes of  common stock, as of the latest 
practicable 
date.

	Class	                          		Outstanding at September 30, 1996	

	Common Stock, $.50 par value	 		  78,323,425 Shares		

 



                          GENERAL RE CORPORATION

                                 INDEX



	PART I.  FINANCIAL INFORMATION


                                                              		PAGE NO.
Item 1.	Financial Statements

		Consolidated Statements of Income
		Three and nine months ended September 30, 1996 and 1995	         3

		Consolidated Balance Sheets
		September 30, 1996 and December 31, 1995	                        4

		Consolidated Statements of Common Stockholders' Equity 
		Nine months ended September 30, 1996 and 1995	                   5

		Consolidated Statements of Cash Flows 
		Nine months ended September 30, 1996 and 1995	                   6

		Notes to Consolidated Interim Financial Statements              	7

  Item 2.	Management's Discussion and Analysis of
        		Financial Condition and Results of Operations	           9


			PART II.  OTHER INFORMATION	


 Item 1.	Legal Proceedings	18

 Item 6.	Exhibits and Reports on Form 8-K	

		(a)   Exhibit 11 - Statement Re: Computation of Per Share 
        Earnings 	                                               18	

		(b)	 Reports on Form 8-K	                                      19


                                     2	
<TABLE>

                             GENERAL RE CORPORATION
                       Consolidated Statements of Income
                      (in millions, except per share data)
<CAPTION>
	                                                   (Unaudited)	            
                                    	Three Months Ended  	  Nine Months Ended
                                       	September 30,        	September 30,

<S>                                    <C>         <C>        <C>       <C>
                                        	1996	     1995	      1996     	1995
Premiums and other revenues

Net premiums written
	Property/casualty		                  $1,390	     $1,460	    	$4,179	 	$4,055
	Life/health		                           275	        235	        785		    456   
Total net premiums written	           $1,665	     $1,695	    	$4,964	 	$4,511

Net premiums earned
	Property/casualty		                  $1,378     	$1,427    		$4,096 		$3,727
	Life/health		                           276	        233		       775	     448   
Total net premiums earned             	1,654      	1,660	     	4,871  		4,175

Net investment income	                   302	        269	       	875    		717
Other revenues	                           80	         83	       	226	    	224
Net realized gains (losses)
   on investments	                       (14)	        (8)	        66 		    24
	   
	Total revenues	                       2,022	      2,004	    	 6,038		  5,140

Expenses

Claims and claim expenses             	1,002      	1,035     		2,915	  	2,696
Life/health benefits	                    212	        169	       	575	    	317
Acquisition costs	                       345        	376     		1,089    		946
Other operating costs and expenses	      185      	  148		       514 		   402

	Total expenses	                       1,744	      1,728	     	5,093	  	4,361
 
Income before income taxes and 
  minority interest	                     278	        276	       	945	    	779
Income tax expense	                       75	         67	        236 		   161

	Income before minority interest	        203	        209	       	709	    	618

Minority interest                        	19	         10	    	    64		     22   

	NET INCOME	                            $184       	$199	       $645	   	$596
	

Share Data

Net income per common share	            $2.31     	$2.39      	$8.00   	$7.17

Dividends per common share	             $0.51     	$0.49	     	$1.53  		$1.47

Average shares outstanding	              78.4	      82.2	       79.7    	82.0


</TABLE>
	See notes to the consolidated interim financial statements.
3
<TABLE>

                            GENERAL RE CORPORATION
                          Consolidated Balance Sheets
                        (in millions, except share data)
<CAPTION>
                                           	(Unaudited)
<S>                                              <C>                <C>
Assets	                                     Sept. 30, 1996     	Dec. 31, 1995	
Investments:
  Fixed maturities:
    Available-for-sale (cost: $15,175
     in 1996; $14,342 in 1995)	                   $15,690	          $15,225
    Trading (cost: $3,577 in 1996; 
     $2,316 in 1995)	                               3,582            	2,317
  Preferred stocks, at fair value 
   (cost: $424 in 1996; $453 in 1995)	                429              	472
Common stocks, at fair value (cost: $2,061 
  in 1996; $1,910 in 1995)	                         3,721            	3,234
  Short-term investments, at amortized cost 
   which approximates fair value	                   1,632            	1,449
  Other invested assets	                              721          	    797
      Total investments	                           25,775           	23,494

Cash		                                                373              	258
Accrued investment income	                            391              	390
Accounts receivable	                                2,562            	2,368 
Funds held by reinsured companies	                    447              	497 
Reinsurance recoverable	                            2,908            	2,794 
Deferred acquisition costs	                           439              	434  
Securities purchased under agreements to resell       	15               	66 
Trading account assets	                             2,954            	2,434  
Other assets	                                       1,479	            1,528  
      Total assets	                               $37,343          	$34,263  

Liabilities
Claims and claim expenses	                        $14,768          	$14,252
Policy benefits for life/health contracts	            737              	580
Unearned premiums	                                  2,002            	1,913
Other reinsurance balances	                         3,040            	3,056
Notes payable and commercial paper	                   304              	155
Income taxes	                                         683              	634
Securities sold under agreements to repurchase	     3,074            	1,263
Securities sold but not yet purchased	                258              	614
Trading account liabilities                        	3,272            	2,627
Other liabilities	                                  1,560            	1,357
Minority interest	                                  1,155	            1,224
    Total liabilities                             	30,853           	27,675

Cumulative convertible preferred stock 
  (shares issued: 1,713,890 in 1996 and 
   1,724,037 in 1995; no par value)	                  147	             147 
Loan to employee savings and stock ownership plan	   (146)	           (146)
		                                                      1	               1 
Common stockholders' equity
Common stock (102,827,344 shares issued 
  in 1996 and 1995; par value $.50)	                   51              	51 
Paid-in capital	                                      657             	635 
Unrealized appreciation of investments, 
  net of deferred income taxes                     	1,464           	1,468
Currency translation adjustments, net of 
deferred income taxes	                                (63)	            (11)
Retained earnings	                                  6,503	           5,986 
Less common stock in treasury, at cost 
  (shares held: 24,503,919 in 1996 
   and 20,714,069 in 1995)	                        (2,123)         	(1,542)
     Total common stockholders' equity	             6,489	           6,587 
   Total liabilities, cumulative convertible 
    preferred stock and common stockholders' 
    equity	                                       $37,343         	$34,263 
</TABLE>
            	See notes to the consolidated interim financial statements.
	                                        4

<TABLE>
                            GENERAL RE CORPORATION
            Consolidated Statements of Common Stockholders' Equity
                                 (in millions)
<CAPTION>
                                                   					(Unaudited) 	   
					                                                Nine Months Ended
                                                  					September 30,
<S><C><C>	
                                                    	1996	       	1995
Common stock:
	Beginning of period	      	                         $51          	$51
	Change for the period                             		 	-	           	-
		End of period		                                     51           	51

Paid-in capital:
	Beginning of period		                               635	          604
	Stock issued under stock option
  and other incentive arrangements		                  18	           21
	Other			                                              4		           5
		End of period	                                    	657          	630

Unrealized appreciation of investments,
  	net of deferred income taxes:
	Beginning of period	                             	1,468	          421
	Change for the period		                             (17)       	1,180
	Applicable income taxes		                           	13	         (438)
		End of period	                                  	1,464	        1,163

Currency translation adjustments, 
	net of deferred income taxes:
	Beginning of period		                               (11)	        	(20)
	Change for the period	                             	(52)	          12
		End of period	                                    	(63)          	(8)
			
Retained earnings:
	Beginning of period	                             	5,986	        5,330     
	Net income		645	596       
	Dividends paid on common stock		                   (121)	        (121) 	
	Dividends paid on preferred stock, 
  net of income taxes		                               (8)	          (8)
	Other		                                              	1	           	2
		End of period	                                  	6,503	        5,799		

Common stock in treasury:
	Beginning of period		                            (1,542)      	(1,527)	
	Cost of shares acquired during period		            (590)          	-
	Issued under stock option and other 
   incentive arrangements		                           	9	          	20
		End of period	                                 	(2,123)	      (1,507)
	
	Total common stockholders' equity	              	$6,489	       $6,128

</TABLE>
          See notes to the consolidated interim financial statements. 



<TABLE>
                            GENERAL RE CORPORATION
                     Consolidated Statements of Cash Flows
                                 (in millions)
<CAPTION>		     
                                                        	(Unaudited)  	      
                                                   			Nine months ended
                                                     			September 30,	
<S><C><C>
                                                     	1996	         1995
Cash flows from operating activities 
	Net income	                                          $645	         $596
	Adjustments to reconcile net income to 
  net cash provided by operating activities:		
		Change in claim and claim expense liabilities	       516	        1,446	 
		Change in policy benefits for life/health 
    contracts	                                         157         	107
		Change in reinsurance recoverable	                  (114)       	(230)
		Change in unearned premiums	                         144	         378
		Amortization of acquisition costs	                 1,089	         946
		Acquisition costs deferred	                       (1,066)	     (1,060)
		Trading account activities		
			Change in trading account securities	            (1,796)	     (1,608)
			Securities purchased under agreements to resell	     51	         622	
			Securities sold under agreements to repurchase	   1,811	         415
			Change in  other trading balances	                   58	         597
		Other changes in assets and liabilities	             (81)	     (1,036)
		Net realized gains on investments               	    (66)	        (24)
Net cash from operating activities	                  1,348	       1,149

Cash flows from investing activities
	Fixed maturities: available-for-sale	
		Purchases	                                        (6,948)	     (4,644)
		Calls and maturities	                                657	         473
		Sales	                                             5,128     	  3,377	
	Equity securities:
		Purchases		                                         (842)       	(626)		
		Sales		                                              812	         559		
	Net purchases of short-term investments	              112	        (263)	
	Net sales (purchases) of other invested assets	       175	        (120)
	Net cash used in investing activities	               (906)	     (1,244) 	

Cash flows from financing activities
	Commercial paper (repayment) borrowing, net	          150	         (31)	
	Change in contract deposits	                          213	         105
	Cash dividends paid to common stockholders 	         (121)	       (121)
	Acquisition of treasury stock	                       (596)        	 - 
	Other		                                                27          140
Net cash used in financing activities	                (327)	         93

Change in cash	                                        115	          (2)

Cash, beginning of period	                             258	         242

Cash, end of period                                	  $373        	$240 
</TABLE>
See notes to the consolidated interim financial statements. 

6


GENERAL RE CORPORATION 

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1.	General - The interim financial statements have 
been prepared on the basis of generally accepted 
accounting principles and, in the opinion of management, 
reflect all adjustments (consisting of normal, recurring 
accruals) necessary for a fair presentation of results for 
such periods.  The results of operations for any interim 
period are not necessarily indicative of results for the full 
year.  These financial statements should be read in 
conjunction with the financial statements and related 
notes in the Corporation's 1995 Annual Report filed on 
Form 10-K.  Certain reclassifications have been made to 
1995 balances to conform to the 1996 presentation.  The 
operating results of the Corporation's international 
reinsurance operations are reported on a quarter lag.  

2.	Cologne Re - The comparable 1995 year-to-date 
amounts include only two quarters of income and cash 
flows for Cologne Re and GR-CK, since the formation 
of GR-CK did not occur until December 28, 1994 and the 
Corporation reports the results of its international 
operations on a one quarter lag.  The minority interest 
included in the Corporation's statement of income and 
balance sheet relates to the economic interest of Cologne 
Re not owned by GR-CK and the Class A shares of 
GR-CK, which are not owned by the Corporation.  

3.	Income Taxes - The Corporation's effective 
income tax rate differs from current statutory rates 
principally due to tax-exempt interest income and 
dividends received deductions.  The Corporation paid 
income taxes of $174 million and $160 million in the 
nine months ended September 30, 1996 and 1995, 
respectively.

4.	Reinsurance Ceded - The Corporation utilizes 
reinsurance to reduce its exposure to large losses.  The
income statement amounts for premiums written, premiums
earned, claims and claim expenses incurred and life/health 
benefits are reported net of reinsurance.  Direct, assumed, 
ceded and net amounts for the nine months ended 
September 30, 1996 and 1995 were as follows 
(in millions):
<TABLE>
	<CAPTION>
            Property/Casualty  	 	Life/Health		      Claims and	   Life/Health
           	Written	   Earned	   Written	  Earned	  Claim Expenses	  Benefits
<S><C><C><C><C><C><C>
	1996
	Direct     	$365	     $325       	-        	 -        	$230	           -  	  
	Assumed	   4,471	    4,409	    $873	      $863	       3,215	        $651 	  
	Ceded      	(657)	    (638)	    (88)	      (88)	       (530)	        (76)	
	Net	      $4,179	   $4,096	    $785	      $775      	$2,915        	$575

	1995
	Direct     	$298	     $263      	-         	-         	$145          	-   
	Assumed   	4,569    	4,266    	$508      	$500       	3,167       	$370
	Ceded	      (812)	    (802)	    (52)      	(52)       	(616)       	(53)   
	Net 	     $4,055	   $3,727    	$456      	$448      	$2,696       	$317 
</TABLE>
5. 	Allowance for Doubtful Accounts - The 
Corporation establishes an allowance for uncollectible 
reinsurance recoverables and other doubtful receivables.  
The allowance was approximately $124 million and $135 
million at September 30, 1996 and December 31, 1995, 
respectively.  

7


GENERAL RE CORPORATION 

NOTES TO CONSOLIDATED INTERIM FINANCIAL
STATEMENTS (continued)


6.	Per Common Share Data - Income per common 
share is based on net income less preferred dividends 
divided by the weighted average common shares 
outstanding during the period.  The weighted average
number of common shares outstanding was 78,423,243 
and 79,706,910 for the three and nine months ended 
September 30, 1996, and 82,180,498 and 
82,032,784 for the three and nine months ended 
September 30, 1995, respectively.

7.	New Accounting Standards - In October 1995, the
Financial Accounting Standards Board ("FASB") issued 
Statement of Financial Accounting Standards No. 123, 
Accounting for Stock-Based Compensation.  The 
Statement establishes financial accounting and reporting 
standards for stock-based employee compensation plans 
and is effective in 1996.  The Statement defines a 
fair-value based method of accounting for stock option 
plans whereby compensation cost is measured at the grant 
date based on the value of the award and is recognized 
over the service period.  Under the new Statement, 
companies may continue to measure compensation cost 
of stock-based plans using the current accounting 
prescribed by Accounting Principles Board Opinion 
No. 25, Accounting for Stock Issued to Employees. 
Companies electing to remain with the accounting in 
Opinion No. 25 must make pro forma disclosures of net 
income and earnings per share as if the fair-value based 
method of accounting defined in the Statement were 
applied.  

	The Corporation has elected to continue its current 
method of accounting for stock-based compensation plans.
The fair-value based disclosures, which are only required in
full-year financial statements, will be included in the 
Corporation's 1996 Annual Report on Form 10-K.

	In March 1995, the FASB issued Statement No. 
121, Accounting for the Impairment of Long-Lived Assets 
and for Long-Lived Assets to be Disposed Of.  The 
Statement established accounting standards for impairment
of long-lived assets, certain identifiable intangibles and 
goodwill.  The Statement requires that long-lived assets 
and intangibles be reviewed for impairment using an 
estimate of future undiscounted cash flows compared to 
the carrying amount of the assets.  The Statement was 
effective January 1, 1996 and had no effect on the results 
from operations, financial position or cash flows of the 
Corporation in the first nine months of 1996.

8.	Acquisitions and Dispositions - On July 1, 1996 
the Corporation reached a definitive agreement to acquire 
all of the outstanding shares of National Re Corporation 
("National Re").  At the closing on October 3, 1996, 
pursuant to the merger agreement, each shareholder of 
National Re common stock received, depending upon the 
shareholder's election, either $53 in cash or .37262 shares 
of the Corporation's common stock for each National Re 
share.  Approximately 35 percent of National Re 
shareholders elected to receive cash, and the remaining 
65 percent received shares of the Corporation's common 
stock.  Upon closing of the transaction, the Corporation 
issued approximately 4,024,000 shares of common stock 
as a result of these elections and paid cash consideration 
of approximately $308 million.
						
	On July 1, 1996, ACE Limited finalized the 
acquisition of Tempest Reinsurance Company Limited 
("Tempest").  The Corporation received $216 million in 
cash in exchange for its 20.7 percent interest in Tempest, 
its sponsor stock options, and early termination of its 
underwriting services agreement with Tempest.
	
8
              	MANAGEMENT'S DISCUSSION AND 
ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 

Consolidated
 
Income from operations, excluding after-tax realized 
gains and losses, was $2.73 per share in the third quarter 
of 1996, an increase of 12.3 percent from the $2.43 per 
share earned in the comparable period in 1995.  Net 
income for the third quarter of 1996 included after-tax 
realized losses of $.42 per share, compared with a loss of 
$.04 per share in the third quarter of 1995.  In the third 
quarter of 1996, the improved results, excluding after-tax 
realized gains and losses, were primarily due to an increase 
in United States property/casualty underwriting profits 
and growth in investment income in both the United States 
and international operations.
 
For the first nine months of 1996, net income was $8.00 
per share, compared with $7.17 per share for the same 
period in 1995.  Included in net income were after-tax 
realized gains of $.04 per share in the first nine months of 
1996, compared to $.22 per share in 1995.  Due to the 
reporting of international operations on a quarter lag, the 
results for the first nine months of 1996 include nine 
months of income for Cologne Re and the related joint-
venture company GR-CK, compared to only six months 
of income for the same period in 1995.

Consolidated net premiums written for the third quarter 
of 1996 were $1,665 million, a decrease of 1.8 percent 
from $1,695 million in 1995. Consolidated net premiums 
written for the first nine months of 1996 were $4,964 
million, compared with $4,511 million in 1995.  United 
States property/casualty premiums written in the third 
quarter  of both 1996 and 1995 was $824 million.  
Premium volume was adversely affected by the non-
renewal of a large quota share treaty contract in 1996 
and a competitive pricing environment.  These effects 
were partially offset by a new quota share contract 
written during the quarter which represented 
approximately 6.0 percent of the United States net 
premiums written in the third quarter of 1996. Excluding 
the impact of the non-renewed contract, total United 
States property/casualty premiums grew 12.7 percent. 
The international property/casualty subsidiaries' net 
premiums written were $566 million in the third quarter 
of 1996, compared to $636 million for the same period in 
1995.  Net premiums written for the life/health segment, 
which consists of Cologne Re's United States and 
international life/health operations, were $275 million in 
the third quarter of 1996, an increase of $40 million from 
the comparable amount in 1995.  This increase was 
primarily due to growth in the United States' individual 
life and group health portfolios and growth in France, 
Spain and Australia.  

Consolidated pretax net investment income was $302 
million in the third quarter of 1996, compared with $269 
million in 1995.  Net investment income for the United 
States property/casualty operations of $183 million in the 
third quarter of 1996 increased by $4 million as compared 
to $179 million in the third quarter of 1995.  Net investment income 
for the international property/casualty operations was $96 
million in the third quarter of 1996, compared with $72 
million in the third quarter of 1995.  Net investment 
income for the life/health operations was $17 million in 
third quarter of 1996 as compared to $13 million in the 
third quarter of 1995.  The financial services segment's 
net investment income was $6 million and $5 million in 
the third quarter of 1996 and 1995, respectively.

For the nine months ended September 30, after-tax 
investment gains of  $3 million and $18 million were 
realized in 1996 and 1995, respectively.  For the third 
quarter of 1996, realized losses after-tax and minority 
interest on investments were $33 million, compared to 
a loss of $4 million in the third quarter of 1995.  After-tax realized
losses for the third quarter of 1996 included $12 million from
S&P futures contracts that were used to hedge a portion of the common
equity portfolio.   

9
               MANAGEMENT'S DISCUSSION AND ANALYSIS 
       OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)


The consolidated effective tax rate was 26.9 percent for 
the third quarter of 1996, compared with 24.2 percent in 
the third quarter of 1995.  The consolidated effective tax 
rate for the first nine months of 1996 was 24.9 percent, 
compared to 20.6 percent in 1995.  The increase in the 
consolidated effective tax rate was the result of an increase 
in the proportion of the Corporation's income earned by 
its international subsidiaries in higher tax rate jurisdictions.
 
The Corporation's net cash flow from consolidated 
operations was $1,348 million in the first nine months of 
1996, compared to $1,149 million in the same period in 
1995.  Cash flows from operations for the United States 
property/casualty operations were $664 million and $850 
million in the first nine months of 1996 and 1995, 
respectively.  The financial services operations had 
net cash flows from operations of $103 million in the 
first nine months of 1996, compared to $10 million in 
the first nine months of 1995. The international 
property/casualty and life/health operations had cash 
flow from operating activities of $581 million for the first 
nine months of 1996, compared with $289 million in 1995.

At September 30, 1996, total consolidated assets were 
$37,343 million, compared with $34,263 million at 
December 31, 1995.  The growth in total assets was 
due to increases of $265 million in the United States 
property/casualty operations, $660 million in the 
international property/casualty and life/health operations 
and $2,155 million in the financial services segment. The 
increase in the United States property/casualty assets was 
primarily the result of operating cash flow, partially offset 
by the repurchases of the Corporation's common 
stock. The growth in the assets of the international 
property/casualty and life/health operations was also due 
to operating cash flow. The increase in the financial 
services assets primarily relates to the purchase of 
investment securities to hedge open swap positions.

During the first nine months of 1996, total invested  
assets increased by $2,281 million to $25,775 million. 
The growth in invested assets was due to increases of 
$276 million in the United States property/casualty 
operations, $473 million in the international 
property/casualty and life/health operations and 
$1,532 million in the financial services segment.

The consolidated gross liability for claims and claim 
expenses for property/casualty operations was $14,768 
million at September 30, 1996, an increase of $516 
million over the year-end 1995 liability.  The asset for 
reinsurance recoverable on unpaid claims was $2,567 
million at September 30, 1996, compared to $2,514 
million at December 31, 1995.  At September 30, 1996, 
the gross liability for claims and claim expenses and the 
related asset for reinsurance recoverables include $1,881 
million and $601 million, respectively, for environmental 
and latent injury claims.  These amounts include provisions 
for both reported and incurred but not reported claims.  

Common stockholders' equity at September 30, 1996 was 
$6,489 million, a decrease of 1.5 percent from the $6,587 
million at December 31, 1995. The change in common 
stockholders' equity during the first nine months of 1996 
was principally the result of net income of $645 million 
offset by common share repurchases of $590


10
 MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

million, an increase in unrealized foreign currency 
translation losses of $52 million and common and 
preferred stock dividends of $129 million.  On a per 
share basis, common stockholders' equity increased 
from $80.22 at December 31, 1995 to $82.85 at 
September 30, 1996. 
  
Dividends paid to common stockholders were $121 million
for the first nine months of 1996 and 1995.  The 
Corporation repurchased 290,100 and 4,045,400 shares 
of common stock during the third quarter and first nine 
months of 1996 for aggregate consideration of $43 million 
and $590 million, respectively.  On June 12, 1996, the 
Corporation's Board of Directors approved a new 
repurchase program for $500 million.  In addition to 
specific repurchase programs, the Corporation has 
standing authority to repurchase shares in anticipation 
of share issuances under various compensation plans.  
Since the inception of the repurchase program in 1987, 
the Corporation has repurchased 26,189,900 common 
shares for total consideration of $2,189 million.

During the second quarter of 1995, Cologne Re completed
a rights offering that raised DM 437 million ($317 million 
at the June 30, 1995 exchange rate), which increased its 
capital under United States generally accepted accounting 
principles by 62.9 percent over the amount reported at 
December 31, 1994.  In connection with Cologne Re's 
rights offering, GR-CK subscribed for its pro rata share, 
approximately DM 297 million ($215 million at the June 
30, 1995 exchange rate), of the offering.  In addition, the 
Corporation has purchased through September 30, 1996 
an additional 80,523 ordinary and 73,796 preference 
shares of Cologne Re for aggregate consideration of 
$84 million.  These purchases maintained GR-CK's 66.3 
percent ownership interest of Cologne Re and, in addition, 
gave the Corporation a direct interest of 8.3 percent in 
Cologne Re, bringing the Corporation's total consolidated 
interest to 74.6 percent at September 30, 1996.  The 
Corporation's financial statements include the additional 
percentage ownership in Cologne Re.

At September 30, 1996, the Corporation had $150 million 
of senior debt outstanding which matures in September 
2009.  This debt is rated AAA by Standard and Poor's 
Corporation and Aa1 by Moody's Investors Services.  
At September 30, 1996, $150 million of short-term 
commercial paper was outstanding.  Commercial paper 
offered by the Corporation is rated A1+ by Standard & 
Poor's Corporation and Prime 1 by Moody's Investors 
Service.

On July 31, 1996, the Corporation increased its credit 
facility to $1.2 billion, of which $800 million is committed  
for five years and $400 million for 364 days.  The lines of 
credit are extended by a group of 24 banks and provide the
Corporation with support for its commercial paper 
program and enhance the Corporation's financial flexibility. 
The Corporation has not borrowed against its credit 
facilities to date.

United States Property/Casualty
(in millions)		Third Quarter     		Year-to-date	
	1996	1995	1996	1995

Income before income taxes and 
  realized gains                       	$188	      $176     	$546     	$530
Net premiums written	                    824	       824	    2,203	    2,213
Net underwriting gain (loss)	              6	        (4)	      20	       (3)
Net investment income	                   183	       179	      523	      534
Combined underwriting ratio	            99.2%     	99.1%	    99.1%    	99.1%
Operating cash flow                    	$314      	$390     	$664     	$850
11
MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF 
OPERATIONS (continued)

Pretax income for the United States property/casualty 
operations, excluding realized gains/losses, increased 6.9 
percent in the third quarter of 1996, as compared to the 
same quarter of 1995, and increased 3.0 percent for the 
first nine months of 1996.  The $16 million increase in 
pretax income excluding realized gains/losses for the first 
nine months was due to the improved underwriting results 
on traditional treaty business. In the third quarter of 
1996, the GAAP combined underwriting ratio for the 
United States property/casualty operations was 99.2 
percent, compared with 100.5 percent for the third 
quarter of 1995.  The GAAP combined ratio for the first 
nine months of 1996 was 99.1 percent, compared with 
100.1 percent for the first nine months of 1995 and 99.6 
percent for the full-year 1995.

Net premiums written for the United States 
property/casualty operations were $824 million in the 
third quarter of 1996 and $2,203 million in the first 
nine months of 1996, representing a decline of 0.5 
percent for the first nine months from the comparable 
1995 amounts. Net premiums written were adversely 
affected by a large quota share treaty contract that was 
not renewed in 1996, partially offset by a new quota 
share contract written during the third quarter of 1996.  
Adjusting for the non-renewal of the treaty contract, 
United States property/casualty net premiums grew by 
12.7 percent in the quarter and 7.7 percent for the first 
nine months of 1996.  Net premiums written by General 
Reinsurance Corporation, excluding the non-renewal of 
the quota share contract and the new quota share contract, 
increased by 6.1 percent year-to-date. This increases 
reflects a lower rate of growth in the United States 
property/casualty operations than experienced in the 
prior three years.  The reduced growth rate results from 
an increasingly competitive environment in both 
the primary insurance and reinsurance markets, where 
there are fewer attractive, new business opportunities 
that would meet the Corporation's underwriting standards.  

For the General Star companies, which write primary and 
excess specialty insurance, net premiums written increased 
by 37.6 percent and 23.4 percent for the quarter and year-
to-date.  For the Genesis operations, which provide direct 
excess insurance, net premiums written increased by 10.4 
percent and 11.7 percent for the third quarter and first 
nine months of 1996, respectively, compared to the same 
period in 1995.  

Pretax investment income for the United States 
property/casualty operations increased 2.2 percent 
compared to the third quarter of 1995 but declined 
1.9 percent year-to-date.  On an after-tax basis, net 
investment income increased 4.7 percent from $148 million
to $155 million during the quarter.  The overall annualized
pretax yield on the United States property/casualty invested 
asset portfolio was 5.5 percent in the first nine months of 1996, 
compared with 5.9 percent in the same period in 1995.  The 
annualized pretax and after-tax yield in the first nine months 
of 1996 on the segment's fixed maturity portfolio was 6.6 percent and 
5.7 percent, respectively, compared with 7.6 percent and 
6.3 percent, in the same period in 1995.

During the first nine months of 1996, the Corporation 
had approximately $368 million of calls and maturities 
on grandfathered tax-exempt bonds.  These bonds had 
an average yield of approximately 8.0 percent and the 
proceeds from the calls were reinvested at an average 
yield of approximately 5.2 percent.  In addition, based 
on the Corporation's current investment portfolio and 
the current yield curve, the Corporation presently 
anticipates


12
MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF 
OPERATIONS (continued)

additional calls and maturities during 1996 of 
approximately $136 million of grandfathered tax-exempt 
bonds with an average yield of approximately 7.9 percent, 
which will adversely affect average portfolio yields and 
investment income.					

The gross liability for claims and claim expenses for the 
United States property/casualty operations was $9,695 
million at September 30, 1996, an increase of $339 million,
or 3.6 percent, over the year-end 1995 liability.  The 
asset for reinsurance recoverable on unpaid claims was 
$2,027 million at September 30, 1996, compared to 
$1,971 million at December 31, 1995.  At September 
30, 1996, total assets of the United States property/casualty
operations were $17,685 million, compared with $17,420 
million at December 31, 1995.


International Property/Casualty
(in millions)                    		Third Quarter	           		Year-to-date		
                                 	1996     	1995	       1996	         1995
Income before income taxes, 
  minority interest and
    realized gains  	              $73	     $59	         $232       	$121
Net premiums written              	566	     636	        1,976	      1,842
Net underwriting loss	             (12)    	(10)	         (41)	       (34)
Net investment income	               96	     72	          291	        144
Combined underwriting ratio	     101.9%	   101.8%      	102.0%	     101.7%
Operating cash flow	               $185	     $97	        $581      		$289


The international property/casualty operations' income 
before income taxes, minority interest and realized gains 
increased 24.1 percent for the third quarter of 1996, 
compared with the third quarter of 1995 and 91.7 percent 
for the first nine months of 1996 compared with the first 
nine months of 1995. For the third quarter of 1996, 
income for the international property/casualty operations 
increased as compared to 1995's third quarter due to  
increased investment income related to the growth in the 
segment's investment portfolio.  This segment's year-
to-date figures are not comparable to 1995, since 1995 
amounts include only two quarters of Cologne Re's 
results due to the quarter reporting lag.

International net premiums written were $566 million in 
the third quarter of 1996, compared with $636 million 
in the third quarter of 1995, a decline of 11.0 percent.  
A significant portion of this decrease, approximately 7 
percent, can be attributed to foreign exchange effects.  
In addition, treaty volume in the international 
property/casualty segment, which is written mostly on a 
proportional basis, declined in the third quarter of 1996 
as compared to 1995, reflecting an increasingly competitive 
environment in Europe.

Pretax investment income for the international 
property/casualty operations was $96 million for the third 
quarter of 1996, compared with $72 million in the same 
period of 1995.  The increase in investment income is due 
to greater investment income from Cologne Re and GR-CK, 
as well as growth in the wholly owned subsidiaries' 
investment portfolio.  The international property/casualty 
segment's net investment income for the first nine 

1


MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF 
OPERATIONS (continued)


months of 1996 increased by $147 million.  This growth is 
primarily due to the inclusion of nine months of investment 
income for Cologne Re and GR-CK in 1996 compared to 
only six months in 1995.  The overall annualized pretax 
yield on the invested asset portfolio was 5.9 percent in the 
first nine months of 1996.

At September 30, 1996, total assets of the international 
property/casualty and life/health operations were $12,092 
million, compared with $11,432 million at December 31, 
1995.  The gross liability for claims and 
claim expenses was $5,072 million at September 30, 1996 
compared with $4,896 million at December 31, 1995.  
The asset for reinsurance recoverable on unpaid claims 
was $540 million at September 30, 1996, compared to 
$544 million at December 31, 1995.  


Life/Health
(in millions)		                     Third Quarter	           		Year-to-date		
                                	1996       	1995         	1996	       1995
Income before income taxes, 
  minority interest and
    realized gains	               $12	        $16	         $40         	$31
Net premiums written	             275	        235	         785	         456
Net underwriting income	           (1)	         5           	5	           6
Net investment income	             17         	13	          44	          26

This segment includes the United States and international 
life/health operations of Cologne Re.  Similar to Cologne 
Re's property/casualty business, this segment's year-to-
date figures for 1995 include only two quarters of results 
due to the quarter reporting lag.  Pretax income for the 
third quarter of $12 million, decreased 21.2 percent from 
the $16 million in the comparable quarter of 1995, 
principally due to a decline in underwriting results from a 
few large mortality losses, partially offset by an increase in 
investment income. Life/health premiums written were 
$275 million for the third quarter of 1996, compared with 
$235 million in the third quarter of 1995.  The increase was
due to growth in the United States' individual life and 
group health portfolios and growth in business written in 
France, Spain and Australia.

The liability for policy benefits for life/health contracts was 
$737 million at September 30, 1996, compared with $580 
million at December 31, 1995.  The asset for reinsurance 
recoverable on unpaid losses was $231 million at 
September 30, 1996, compared to $201 million at 
December 31, 1995.  Cologne Re manages its invested 
assets and total assets on an aggregate basis for the 
life/health and property/casualty business and does not 
presently disaggregate these accounts by segment.  The 
invested asset and total asset disclosures in the international
property/casualty segment include all of Cologne Re's 
invested assets.     






			
								14
MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF 
OPERATIONS (continued)


Financial Services
(in millions)		                        Third Quarter	         		Year-to-date		
                                 	1996	      1995	         1996	        1995
Income before income taxes, 
  minority interest and
  realized gains                 	$24        	$38	         $74	         $81
Total revenues (excluding 
  realized gains)	                 60	         74	         185         	188
Net investment income	              6	          5	          17	          14

Financial services operations include the Corporation's 
derivative products, investment management, insurance 
brokerage and management, reinsurance brokerage, 
underwriting services and real estate management 
subsidiaries.  In August 1995, the Corporation acquired 
all of the outstanding stock of New England Asset 
Management, which provides investment management 
services primarily for insurance companies.

In the third quarter of 1996, the financial services segment 
had total revenues of $60 million, down 18.1 percent 
from $74 million in the third quarter of 1995.  For the first 
nine months, total revenues declined from $188 million in 
1995 to $185 million in 1996, an decrease of 1.4 percent.  
The decline in revenue in the third quarter and first nine 
months was principally attributable to GRFP, which had 
lower trading revenues during the period.

At September 30, 1996, total assets of the financial 
services operations were $7,566 million, compared with 
$5,411 million at December 31, 1995.  GRFP's market 
exposures arising from derivative products are managed 
through the purchase and sale of government securities, 
futures and forward contracts or offsetting derivatives 
transactions.  The amount and nature of the financial 
services segment's assets and liabilities are significantly 
affected by the risk management strategies utilized by 
GRFP to reduce market, currency rate, and interest rate 
risk.  The purchase of government securities financed 
through collateralized repurchase agreements and the sale 
of government securities, whose proceeds are invested in 
reverse repurchase agreements, may cause short-term 
fluctuations in GRFP's assets and liabilities.  The use of 
these transactions to offset GRFP's market exposures 
will increase or decrease the amount of GRFP's trading 
account assets or liabilities. While these risk management 
strategies may have a significant impact on the amount of 
assets and liabilities, they generally do not have a material 
effect on the Corporation's results from operations or 
common stockholders' equity. 

During the first nine months of 1996, total invested assets 
of the financial services operations increased $1,532 
million to $4,010 million.  Securities purchased under 
agreements to resell, which represent short-term liquid 
investment of excess funds, decreased $51 million in the 
first nine months of 1996 to $15 million.  Securities 
sold under agreements to repurchase, which are short-term 
borrowings of funds, increased $1,811 million in the 
first nine months of 1996 to $3,074 million.  Securities 
sold, but not yet purchased, which decreased by $356 
million during 1996, represent obligations of the 
Corporation to deliver the specified security at the 
contracted price, thereby creating a liability to purchase 
the security in the market at prevailing prices.  Accordingly, 
the Corporation's ultimate obligation to satisfy the sale 
of securities sold, but not yet purchased may exceed the 
amount recognized in the balance sheet.  The Corporation 
controls this risk and other market risks associated 
with its derivative products operations through, among 
other techniques, strict market position limits, marking 
the trading portfolio to market on a daily basis, ongoing 
monitoring and analysis of its market exposures, and 
periodically stress testing the portfolio.

15


MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF 
OPERATIONS (continued)

Safe Harbor Disclosure

In connection with the "safe harbor" provisions of the 
Private Securities Litigation Reform Act of 1995 (the 
"Act"), the Corporation sets forth below cautionary statements
identifying important factors that could cause the Corporation's 
actual results to differ materially from those which might be projected, 
forecast, or estimated in the Corporation's forward-looking 
statements, as defined in the Act, made by or on behalf of the 
Corporation in press releases, written statements or documents filed
with the Securities and Exchange Commission, or in its communications and 
discussions with shareholders and analysts in the normal course of business
via meetings, phone calls and conference calls.  Such statements may 
Include, but are not limited to, projections of premium 
revenue, investment income, other revenue, losses, 
expenses, earnings (including earnings per share), cash 
flows, plans for future operations, common shareholders' 
equity, financing needs, capital plans, dividends, plans 
relating to products or services of the Corporation, and 
estimates concerning the effects of litigation or other 
disputes, as well as assumptions for any of the foregoing. 

Forward-looking statements are inherently subject to risks 
and uncertainties.  The Corporation cautions that 
factors which may cause the Corporation's results to 
differ materially from such forward-looking statements 
include, but are not limited to, the following: 

1) 	Changes in the level of competition in the United 
States and international reinsurance or primary insurance 
markets that adversely impact the volume or profitability 
of the Corporation's property/casualty or life/health 
businesses.  These changes include, but are not limited to, 
the intensification of price competition, the entry of new 
competitors, existing competitors exiting the market, and 
the development of new products by new and existing 
competitors; 

2) 	Changes in the demand for reinsurance, including 
changes in ceding companies' retentions, and changes 
in the demand for excess and surplus lines insurance 
coverages in the United States;

3) 	The ability of the Corporation to execute its 
growth strategies in its property/casualty, life/health and 
financial services operations; 

4)	The ability of the Corporation to both retain a significant portion of
National Reinsurance Corporation's book of business and realize certain 
synergies in connection with its acquisition of National Re Corporation;

5)	Catastrophe losses in the Corporation's United 
States or International property/casualty businesses;

6)	Adverse development on property/casualty claim 
and claim expense liabilities related to business written 
in prior years, including, but not limited to, evolving case 
law and its effect on environmental and other latent injury 
claims, changing government regulations, newly identified 
toxins, newly reported claims, new theories of liability, or 
new insurance and reinsurance contract interpretations;  

7)	Changes in inflation that affect the profitability of 
the Corporation's current property/casualty and life/health 
businesses or the adequacy of its property/casualty claim 
and claim expense liabilities and life/health policy benefit 
liabilities related to prior years' business; 

8)	Changes in the Corporation's property/casualty and life/health businesses'
retrocessional arrangements;


16
MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF 
OPERATIONS (continued)

9)	Lower than estimated retrocessional or reinsurance 
recoveries on unpaid losses, including, but not limited to, 
losses due to a decline in the creditworthiness of the 
Corporation's retrocessionaires or reinsurers; 

10)	Increases in interest rates, which cause a reduction 
in the market value of the Corporation's interest rate 
sensitive investments, including, but not limited to, its 
fixed income investment portfolio, and its common 
shareholders' equity;

11)	Decreases in interest rates causing a reduction of 
income earned on new cash flow from operations and 
the reinvestment of the proceeds from sales, calls or 
maturities of existing investments;

12)	Declines in the value of the Corporation's common 
equity investments; 

13)	Changes in mortality or morbidity levels that 
affect the Corporation's life/health business;

14)	Changes in the demand for the Corporation's 
financial services operations' products, including 
derivatives offered by General Re Financial Products 
("GRFP"); 

15)	Credit losses on the Corporation's investment 
portfolio. Credit and market losses on GRFP's portfolio 
of derivatives and other transactions; 

16)	Adverse results in litigation matters, including, 
but not limited to, litigation related to environmental, 
asbestos and other potential mass tort claims; and

17)	Gains or losses related to foreign currency 
exchange rate fluctuations. 


In addition to the factors outlined above that are directly 
related to the Corporation's businesses, the Corporation 
is also subject to general business risks, including, but not 
limited to, adverse state, federal or foreign legislation 
and regulation, adverse publicity or news coverage, 
changes in general economic factors, and the loss of key 
employees. 













17
OTHER INFORMATION


Item 1. Legal Proceedings

In May 1996, a criminal trial commenced against United 
States Aviation Underwriters, Inc. ("USAU"), a subsidiary 
of the Corporation, and John V. Brennan, former Chairman
and Chief Executive Officer of USAU, in the  United 
States District Court for the Eastern District of New 
York. The criminal indictment alleged mail fraud in 
connection with the allocation of insurance claims 
between two companies, arising out of the 1987 crash 
of a domestic flight. On July 1, 1996, Mr. 
Brennan and USAU were found guilty.  The Corporation 
plans to file motions seeking to overturn the verdict and 
also plans to file an appeal of the convictions with the 
United States Circuit Court of Appeals.  It is not possible 
to estimate the liability to the Corporation if the verdict 
is not overturned on appeal, but the effect of 
such an event is not expected to be material to the financial
position, results of operations or cash flows of the 
Corporation.

Item 6. Exhibits and Reports on Form 8-K

(a)	Exhibit 11 - Statement Re: Computation of Per 
Share Earnings     

							
		Three Months Ended	Nine Months Ended
	September 30,	September 30, 
Earnings Per Share of Common Stock
(in millions, except share data)	1996	1995	1996	1995 
						    	
Net income (applicable to
 common stock) (1)	$181	$196	$637	$588
 		
Average number of common shares		
  outstanding	78,423,243	82,180,498	79,706,910		82,032,784	 

Net income per share (2)	$2.31	$2.39	$8.00		$7.17	 


(1)	After deduction of preferred stock dividends of 
$3 million and $8 million for the three and nine months 
ended September 30, 1996 and 1995. 

(2)	Fully diluted earnings per share are not reported 
because the effect of potentially dilutive securities was not 
significant.








								18
					OTHER INFORMATION (continued)

(b)	Reports on Form 8-K 
	
	A report on Form 8-K dated July 1, 1996 was 
filed regarding the Corporation's agreement to purchase 
all of the outstanding shares of National Re Corporation.  
The report contains unaudited pro forma consolidated 
statements of income for the year ended December 31, 
1995 and quarter ended March 31, 1996 and an unaudited 
pro forma consolidated balance sheet at March 31, 1996.

	A report on Form 8-K dated October 3, 1996 was 
also filed.  The report filed by the Corporation announced 
the completion of the merger with National Re.  

	A report on Form 8-K dated November 6, 1996 
was filed in connection with the "safe harbor" provisions 
of the Private Securities Litigation Reform Act of 1995.  
The report contains risk factors which may cause the 
Corporation's results to differ materially from the forward-
looking statements made by the Corporation.



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.

	GENERAL RE CORPORATION
	(Registrant)

Date:         November 14,  1996    	JOSEPH P. BRANDON	
	Joseph P. Brandon
	Vice President and Chief Financial Officer
	(Principal Financial Officer)


Date:         November 14, 1996     	ELIZABETH A. MONRAD	
	Elizabeth A. Monrad	
	Vice President and Treasurer
				(Principal Accounting Officer)











						19