EXHIBIT 5.1



                   [Dorsey & Whitney LLP Letterhead]



E. W. Blanch Holdings, Inc.
500 North Akard, Suite 4500
Dallas, Texas 75201

       Re: Post-Effective Amendment No. 1 to Registration Statement on Form S-8

Ladies and Gentlemen:

            We have acted as counsel to E. W. Blanch Holdings, Inc., a Delaware
corporation (the "Company"), in connection with the preparation for filing with
the Securities and Exchange Commission Post-Effective Amendment No. 1 to Form
S-8 relating to the registration of an additional 2,000,000 shares (the
"Shares") of common stock, par value $.01 per share, of the Company issuable
under the 1993 Stock Incentive Plan of E. W. Blanch Holdings, Inc. (the "Plan").

            We have examined such documents and have reviewed such questions of
law as we have considered necessary and appropriate for the purposes of our
opinions set forth below.

            In rendering our opinions set forth below, we have assumed the
authenticity of all documents submitted to us as originals, the genuineness of
all signatures and the conformity to authentic originals of all documents
submitted to us as copies. We have also assumed the legal capacity for all
purposes relevant hereto of all natural persons and, with respect to all parties
to agreements or instruments relevant hereto other than the Company, that such
parties had the requisite power and authority (corporate or otherwise) to
execute, deliver and perform such agreements or instruments, that such
agreements or instruments have been duly authorized by all requisite action
(corporate or otherwise), executed and delivered by such parties and that such
agreements or instruments are the valid, binding and enforceable obligations of
such parties. As to questions of fact material to our opinions, we have relied
upon certificates of officers of the Company and of public officials.

            Based on the foregoing, we are of the opinion that the Shares have
been duly authorized and, upon issuance, delivery and payment therefor in
accordance with the terms of the Plan, and any relevant agreements thereunder,
will be validly issued, fully paid and nonassessable.

            Our opinions expressed above are limited to the laws of the State of
Delaware.

            We hereby consent to the filing of this opinion as an exhibit to the
registration statement on Form S-8 of the Company relating to the Shares.

Dated: November 9, 1998                  Very truly yours,


GLT                                      /s/ Dorsey & Whitney LLP