Insolvent Life Insurer Sues Actuary in N.C. Federal Court for Fraud, Conspiracy

GREENSBORO, N.C. — A North Carolina life insurer sued in federal court an actuary it had retained to aid in its investments, accusing him of causing it to enter a fraudulent reinsurance arrangement that cost it more than $20 million in assets, rendering it insolvent.

In a June 30 complaint filed in the U.S. District Court for the Middle District of North Carolina, North Carolina Mutual Life Insurance Co. alleges Steven Fickes conspired with others to harm the insurer and its shareholders over several months.

The insurer alleges that as a direct result of Fickes’ intentional acts and failure …