Company defends $91.6 million bond for Trump: 'We don’t take sides'

13 March 2024

Editor's note: This article has been updated to the correct bond amount, from "almost $1 billion" to "almost $92 million".

Chubb, the insurance company that agreed to pay former President Donald Trump's almost $92 million bond in the second defamation case he lost to writer E. Jean Carroll, is publicly responding to the concerns of its supporters.

Politico's Josh Gerstein reports via X (formerly Twitter), "NEW: Insurance giant Chubb issues letter to customers defending $91.6 bond for Trump to facilitate his appeal in Carroll libel case. Company calls itself 'part of the justice system plumbing' & says bond 'fully collateralized' if verdict is upheld."

Gerstein also included Chubb Chief Executive Officer Evan Greenberg's statement, which reads, "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. 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."

Greenberg writes, "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."

CNBC reports, "If Trump loses his appeal of the defamation judgment, Carroll can demand payment from Chubb. But in the meantime, Carroll cannot collect on the $83.3 million in damages that a Manhattan federal court awarded her in the case in January."

The news outlet also notes that "CNBC has asked Chubb if Trump separately has sought from the company an appeal bond that could top $500 million against a judgment in the civil business fraud case he lost in Manhattan Supreme Court earlier this year."

According to CNBC's report, the insurance giant is named in that particular lawsuit brought by New York Attorney General Letitia James.

"The suit says that in 2010, a Chubb appraiser had visited Trump’s triplex apartment in Trump Tower in Manhattan as part of the process of underwriting a homeowner’s insurance policy," the news outlet reports.

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