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The claim service was great … despite no actual insurance

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An Alpharetta man pleaded guilty to defrauding Phoenix Fund, a Charlotte, N.C.-based self-insured group of 573 employers, by pretending to reinsure them.

Thomas Reitz posed as an agent of Hannover Ruckversicherung, a German reinsurance firm, and collected about $24 million in premium payments from Phoenix Fund between 2003 and 2006. His scheme was uncovered during a routine investigation by North Carolina’s Department of Insurance.

The fraud went undetected for so long in part because Reitz was actually paying the claims, said North Carolina’s deputy insurance commissioner, Jeff Trendell.  

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