Chubb CEO defends underwriting Trump’s bond in Carroll case: ‘We don’t take sides’
The top executive of the major insurance company Chubb defended underwriting former President Trump’s appeal bond in E. Jean Carroll’s defamation lawsuit Wednesday.
“When Chubb provides an appeal bond it has nothing to do with the underlying merits or with favoring any of the parties in the case,” Evan Greenberg, Chubb’s chair and CEO, wrote in a letter to customers who inquired about the decision.
“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,” he continued. “We are supporting and are part of the justice system plumbing included in this case.”
In 2018, Trump appointed Greenberg to the Advisory Committee for Trade Policy and Negotiations, a volunteer group that advises the U.S. trade representative. Greenberg also served on the group during the Biden administration until March 2023, the company said.
Trump signed paperwork last week for one of Chubb’s divisions to underwrite his $91.63 million bond as Trump appeals the recent civil verdict against him for defaming Carroll, an advice columnist, by denying her sexual assault claims.
“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,” Greenberg wrote. “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 was first reported by CNBC.
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Though the terms were not made public in court filings, Greenberg signaled that Trump’s bond is fully collateralized. It remains unclear what assets Trump put down.
“Importantly, in the bonding process, Chubb protects its own assets by requiring that a bond be fully collateralized,” Greenberg wrote in the letter. “If the bond is called, then Chubb takes the collateral which is intended to make us whole. We hardly support or subsidize defendants or take ‘one for the team.’”
The federal judge who oversaw the recent trial approved Trump’s bond Tuesday after Carroll’s lawyers signed off on it.
The bond enables Trump to continue seeking a new trial and appeal while preventing efforts to enforce the eight-figure judgment in the meantime.
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