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November 15, 2002 at 07:00 PM
NU Online News Service, Nov. 15, 8:39 a.m. – Protective Life Corp., Birmingham, Ala., says previously announced problems with reinsurance payments have cost it about $4.8 million for the first nine months of the year.
Protective Life will be restating its 2002 earnings to correct the problem, and that should increase net income for the first three quarters to $147 million, the company says.
Protective Life said earlier this year that it believed it had paid several reinsurers about $95 million too much for reinsurance on certain life insurance policies since 1992, and that it would be “vigorously seeking recovery” of the overpayments.
So far, Protective Life has recovered about $19.5 million, and it hopes to recover a total of about $69.7 million, the company says.
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