Former President Donald Trump posted a $175 million bond in the New York civil fraud case Monday, after a state appeals court decided last week to reduce the amount required from $454 million.
The bond protects Trump’s assets from seizure by New York Attorney Letitia James while he appeals Judge Arthur Engoran’s decision finding him liable for fraud.
Trump obtained the bond from Knight Specialty Insurance Company, whose Chairman Don Hankey said negotiations included accepting a combination of cash and investment-grade bonds from Trump as collateral. Trump ultimately posted all cash for the appeal bond, Hankey said.
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"It's a big bond for us to underwrite. But, you know, Donald Trump came up with all cash. So at the end, it was an easy decision and with almost no risk," said Hankey.
Trump’s lawyers previously told the court that Trump did not have the cash to secure a bond for the full amount of the judgment, adding that nearly 30 insurance companies declined to underwrite a bond for the former president.
According to Hankey, Knight Specialty contacted Trump’s representatives to offer assistance before bond to $175 million.
"We would do it for everybody; but, I saw a need here and I'm happy to do it," he said.
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Hankey says he and his family members have donated to Trump in the past. He’s not spoken with the former president but he’d welcome a conversation.
"I respect the fact that he has had to step back from business and donate his time to running the country, and I'm sure his net worth has taken a big drop in the last, you know, 4 or 5 years with everything he's been doing for the country," Hankey said. "I'd like to thank him for that."
Last month, insurance company Chubb posted a near $92 million appeal bond for Trump in the federal defamation case involving E. Jean Carroll.
After investor concern, Chubb’s CEO Evan Greenberg was forced to defend issuing the bond in a March 13th letter to investors.
"We don’t take sides," Greenberg wrote.
"I fully realize how polarizing and emotional this case and the defendant [Donald Trump] 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."
Hankey also worries about criticism.
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"I wish the politics weren't involved with this," he said. "I think I'm doing the right thing."
