General Electric Co., agreed to buy Kemper Reinsurance Co., part of Kemper Insurance Cos., to broaden its insurance business around the world.

Stamford, Connecticut-based GE Capital will pay an undisclosed sum for a business that generated $807 million in revenue last year and has about 300 employees. The purchase is expected to be completed by year-end.

Kemper Re sells property and casualty reinsurance, which insurers use to reduce their risks. It sells most of its coverage on a treaty basis, agreeing to assume set percentages of entire types of insurance risk. It wrote net premiums of almost $535 million in 1996, according to A.M. Best Co.

The new subsidiary will make GE Capital's GE Global Insurance Holding Corp. a stronger force in the broker-based reinsurance market, said Kaj Ahlmann, president of GE Global Insurance.

Kemper Re, which has subsidiaries in Bermuda, Belgium and the U.K. and branches in Australia, Canada and Singapore, will help GE Global Insurance expand internationally, he said.