Greenberg tells investors 'We're not taking Trump's side' over bond backlash

Greenberg tells investors ‘We’re not taking Trump’s side’ over bond backlash | Insurance Business America

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Greenberg tells investors ‘We’re not taking Trump’s side’ over bond backlash

Chubb boss offers explanation to shareholders over multimillion defamation bond

Insurance News

By
Matthew Sellers

In a detailed communication addressed to stakeholders, Evan Greenberg, CEO of Chubb, wrote to explain the company’s position and that there had been no special favors or support for the ex-president. Greenberg’s letter, directed at investors, customers, and brokers, emphasized the impartial role of Chubb in the legal process.

He stated, “As the surety, we don’t take sides,” highlighting the company’s commitment to neutrality and the broader justice system, rather than the case’s specifics or the individuals involved.

The provision of the huge appeal bond by Chubb to Trump, followed a civil ruling that found him liable for defaming Carroll after her rape accusation and has sparked considerable discussion. Greenberg sought to clarify that Chubb’s involvement does not equate to an endorsement of any party within the dispute, asserting, “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.”

In his letter, Greenberg acknowledged the divisive nature of the case and the defendant, Trump. Despite potential biases, he underscored Chubb’s adherence to the rule of law and its vital role within it, stating, “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.”

This development means that Carroll is temporarily barred from claiming the damages awarded to her until the appeal’s conclusion. To safeguard its interests, Chubb has ensured that Trump’s bond is “fully collateralized,” as Greenberg pointed out, “If the bond is called, then Chubb takes the collateral which is intended to make us whole,” thereby distancing the company from any perceived financial support or favoritism towards the defendant.

Greenberg served on the Advisory Committee for Trade Policy and Negotiations appointed by Trump in 2018 and continued under President Joe Biden until March 2023.

The defamation case is one of several legal challenges confronting Trump. He is also facing four indictments encompassing 91 criminal counts related to various allegations, including the mishandling of classified documents and attempts to influence the 2020 presidential election outcome.