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Insurance Broker Aon Drops Trump Organization

2021-01-13 03:08:53
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Insurance broker Aon has ended his business relationship with the Trump organization, Insurance Journal has learned.

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

Details of the insurance broker's divorce from the Trump family business are not known, but it comes at a time when several lenders and companies are distancing themselves from President Trump, who is facing impeachment lawsuits by the House of Representatives in connection with his role in the riot on the Capitol last week. Protesters damaged federal property and interrupted legislative procedures over the certification of Electoral College results, making Joe Biden the next president.

Aon's cut of ties also comes not long after the New York Times reported that prosecutors from Manhattan District Attorney Cyrus Vance Jr.Aon employees interviewed along with Deutsche Bank employees as part of an investigation into the Trump Organization's corporate transactions.

In response to that report, Aon confirmed that it had received a subpoena but declined to comment on specific customer issues.

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

In a 2007 statement, Donald Trump has identified an insurance broker from Aon named Pamela Newman as one of his company's insurance contacts.

There is no evidence that prosecutors or regulators believe that Aon has done anything wrong.

The New York Times also reported this week that the Trump company's largest lender, Deutsche Bank, will stop doing business with the outgoing president and his companies. Also this week, the Professional Golfers' Association of America pulled its 2022 PGA Championship tournament from the Trump National Golf Club.

A day after a gang stormed the Capitol in support of President Trump, a number of insurance industry leaders joined others in corporate America to condemn the actions. Among those who spoke up were Evan G. Greenberg, Chairman and CEO of Chubb; Bob Rusbuldt, president and chief executive officer of the Independent Insurance Agents & Brokers of America (Big "I"); David A. Sampson, CEO, American Property Casualty Insurance Association and Alan Schnitzer, CEO, The Travelers.

Trump is facing a charge of "inciting insurgency" for his comments and actions in connection with the siege of the Capitol last week. He defended his comments and denied any responsibility for the violence in the Capitol.

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