Insurance broker Aon abandons Trump organization

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THE BHARAT EXPRESS NEWS INSURANCE NEWS
THE BHARAT EXPRESS NEWS INSURANCE NEWS

Insurance broker Aon has ended its business relationship with the Trump organization, Insurance Journal has learned.

The Trump Organization is the Trump family’s hotel, luxury residence, and golf business, run by President Donald Trump’s sons Eric and Donald.

Details of the divorce from family business insurance broker Trump are not known, but it comes at a time when various lenders and businesses are distancing themselves from President Trump, who faces impeachment proceedings by the House representatives linked to his role in the riot on Capitol Hill last week. Protesters damaged federal property and halted legislative process on the certification of electoral college results, making Joe Biden the next president.

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Aon’s severance also comes shortly after the New York Times reported that prosecutors from Manhattan District Attorney’s Office Cyrus Vance Jr. interviewed Aon employees as well as employees of the Deutsche Bank in connection with an investigation into the trade relations of the Trump organization. .

In response to that report, Aon confirmed having received a subpoena, but would not comment on specific customer issues.

Aon also received a subpoena in 2019 from New York insurance regulators after Michael D. Cohen, former attorney for President Trump, alleged in testimony to Congress that the Trump organization had inflated the value of its assets to insurance companies.

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In a 2007 deposition, Donald Trump identified an Aon insurance broker named Pamela Newman as one of her company’s insurance contacts.

There is no indication that prosecutors or regulators believe Aon did anything wrong.

The New York Times also reported this week that the Trump corporation’s biggest lender, Deutsche Bank, would stop doing business with the outgoing president and his companies. In addition, the American Association of Professional Golfers this week withdrew its 2022 PGA Championship tournament from Trump National Golf Club.

A day after a crowd stormed the Capitol in support of President Trump, a number of insurance industry executives joined with others in the U.S. business community in condemning the actions. Among those who spoke were Evan G. Greenberg, President and CEO of Chubb; Bob Rusbuldt, President and CEO of Independent Insurance Agents & Brokers of America (Big “I”); David A. Sampson, CEO, American Property Casualty Insurance Association and Alan Schnitzer, CEO, The Travelers.

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Trump faces an impeachment charge for “inciting insurgency” for his remarks and actions related to the siege on Capitol Hill last week. He defended his words and denied any responsibility for the violence on Capitol Hill.

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