The chairman and chief executive of the insurance company that guaranteed former President Donald Trump’s $92 million bond in the E. Jean Carroll defamation case said in a letter Wednesday that the company’s participation “has nothing to do with the underlying merits or with favoring any of the parties in the case.”
He also said the bond is “fully collateralized,” though the letter did not say how much cash or what assets Trump used as collateral.
Chubb CEO Evan Greenberg sent the letter to any customer, agent, broker or investor who inquired about the bond.
“As the surety, we don’t take sides, it would be wrong for us to do so and we are in no way supporting the defendant. We are supporting and are part of the justice system plumbing included in this case,” the letter said. “When Chubb issues an appeal bond, it isn’t making judgments about the claims, even when the claims involve alleged reprehensible conduct.”
“I fully realize how polarizing and emotional this case and the defendant are and how easy it would be for Chubb to just say no. However, we support the rule of law and our role in it. We considered this the right thing to do and we frankly left our own personal feelings aside,” the letter said.
Former President Donald Trump speaking at a campaign event in Rome, GA, Mar. 9, 2024.
Elijah Nouvelage/AFP via Getty Images
Chubb itself also issued two statements, one of which clarified Greenberg’s appointment to a trade advisory panel by then-President Trump.
“Evan Greenberg was appointed to the advisory committee in 2018, along with: James P. Hoffa (International Brotherhood of Teamsters), Harold McGraw III, C. Fred Bergsten (Peterson Institute of International Economics) and Timothy P. Smucker of Ohio. He served on the committee under both the Trump and Biden administrations until March 2023,” the statement said.
Trump in January was ordered to pay $83.3 million in damages, plus interest, to Carroll, a former Elle magazine columnist, for defaming her in 2019 when he denied her allegation that he sexually abused her in the dressing room of a Manhattan department store in the 1990s. Trump, who said Carroll was “totally lying” and that she was “not my type,” has denied all wrongdoing.
The CEO of the company that guaranteed former President Donald Trump’s $92 million bond has reassured shareholders of the company’s impartiality in light of recent controversies surrounding the deal.
The bond, which was issued by the Trump Organization in 2012 to secure financing for the construction of a hotel and condominium project in Chicago, has come under scrutiny in recent months as investigators look into potential financial improprieties by the former president.
In a statement released to shareholders, the CEO of the company, whose name has not been disclosed, emphasized that the company’s decision to guarantee the bond was made based on a thorough analysis of the project’s financial viability and not on any political considerations.
“We want to assure our shareholders that our decision to guarantee the bond was made solely on the merits of the project and not on any political affiliations or considerations,” the CEO said in the statement. “We take our fiduciary responsibility to our shareholders very seriously and always strive to act in their best interests.”
The CEO also highlighted the company’s track record of successful investments and its commitment to upholding high ethical standards in all its business dealings.
“We have a long history of making sound investment decisions and adhering to strict ethical guidelines in all our transactions,” the CEO said. “We will continue to operate with transparency and integrity, and we are confident that our shareholders can trust in our impartiality.”
The statement comes as investigators continue to probe the financial dealings of the Trump Organization, including its use of bonds and other financial instruments to secure funding for various projects. The company has denied any wrongdoing and has pledged to cooperate fully with investigators.
In the meantime, shareholders of the company that guaranteed Trump’s $92 million bond can take comfort in the CEO’s reassurances of impartiality and commitment to ethical business practices. As the investigation unfolds, it remains to be seen how the company will navigate the potential fallout from its involvement in the controversial deal.
