Evan Greenberg, President and CEO of Chubb Ltd., arrives at the morning session of the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, USA, on Wednesday, July 10, 2019.
Patrick T. Fallon | Bloomberg | Getty Images
The CEO of the Chubb The insurance company on Wednesday defended providing $91.6 million bail for former President Donald Trump in a civil lawsuit in which he was accused of defaming writer E. Jean Carroll after she accused him of rape had accused.
Chubb CEO Evan Greenberg wrote in a letter to investors, clients and brokers who had raised concerns about the bond that the decision to give Trump the bond had “nothing to do with the underlying merits” of the appeal. or with the preference of one of the parties in the case.”
“If Chubb issues an appeal bond, it will not enter judgment on the claims, even if the claims allegedly involve reprehensible conduct,” Greenberg wrote in the letter, which was obtained by CNBC.
“As a guarantor, we don’t take sides,” he said. “It would be wrong for us to do that and we do not support the defendant in any way. “We support and are part of the justice system affected in this case.”
Chubb has been under fire since last week, when Trump announced he had received the company’s appeal bond.
If Trump loses his appeal against the libel ruling, Carroll can demand payment from Chubb. But in the meantime, Carroll cannot collect the damages she was awarded in the case.
“I fully understand how polarizing and emotional this case and the defendant are, and how easy it would be for Chubb to simply say no,” Greenberg wrote in the letter.
“However, we support the rule of law and our role within it. We felt this was the right thing to do and frankly put our personal feelings aside.”
Greenberg was appointed to the Advisory Committee on Trade Policy and Negotiations by then-President Trump in October 2018. He served on this committee under President Joe Biden until March 2023.
In his letter Wednesday, the CEO said Chubb protected itself by ensuring that Trump’s bond, like all other bonds issued by the company, was “fully collateralized.”
“If the bond is called, Chubb will assume the security that will restore us to health,” Greenberg wrote. “We hardly support or subsidize defendants or take ‘one for the team’.” “
However, the letter did not say what collateral was used to protect the bond, whose collateral was used, and what, if anything, Trump paid Chubb to obtain the bond.
This is breaking news. Please check back for updates.
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2024-03-13 17:50:19
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