Greenberg writes to Chubb customers about Trump bond
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Chubb Ltd. Chairman and CEO Evan Greenberg Wednesday wrote to the insurer’s customers to explain the company’s decision to issue a surety bond for Donald Trump guaranteeing the $83.3 million verdict in the defamation case brought by writer E. Jean Carroll against the former president.
The letter was issued after Chubb came under scrutiny following the disclosure last week that it had provided the means to allow Mr. Trump to meet a deadline to post a bond while he appealed the judgment. Ms. Carroll sought damages from Mr. Trump after he accused her of lying when she said he raped her in the mid-1990s.
Mr. Greenberg said he had been made aware of customers’ concerns over Chubb providing the bond to Mr. Trump.
“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,” he wrote.
He said the bond would ensure that Ms. Carroll would be paid if Mr. Trump’s appeal is unsuccessful.
“When Chubb issues an appeal bond, it isn’t making judgments about the claims, even when the claims involve alleged reprehensible conduct. We, like you, leave judgments to the courts and our bond serves the important purpose of facilitating the legal process,” he said.
He also indicated that the bond was fully collateralized.
“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,’” Mr. Greenberg said.
Mr. Greenberg was appointed to the Advisory Committee for Trade Policy and Negotiations when Mr. Trump was president but later appeared critical of him.
In a letter to shareholders in 2019, he said the United States’ “brand of nationalism, as articulated by our leadership” had damaged the country’s credibility on the world stage.
