Where are you executing your query ?
1) If its a cobol code, you may easily populate your string to the host variable and use insert verb should work. I don't think there should be any problem because of apostrophe.
2) If you want to run the query in SPUFI, you may try using hex values for apostrophe.
eg: select "thomson||x'7D'||is good" from sysibm.sysdummy1 ;