Insurance Broker Aon Drops Trump Organization

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

The Trump Organization is the hotel, luxury residence and golf course business of the Trump family that 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 various backers and businesses are distancing themselves from President Trump, who is facing impeachment proceedings by the House of Representatives related to his role in the riot at the Capitol last week. Protesters damaged the federal property and interrupted legislative proceedings on the certification of the Electoral College results making Joe Biden as the next president.

Aon’s severing of ties also comes not long after the New York Times reported that prosecutors from the office of Manhattan District Attorney Cyrus Vance Jr. have interviewed employees of Aon along with employees of Deutsche Bank as part of an investigation into business dealings of the Trump Organization.

In response to that report Aon confirmed it had received a subpoena but would not comment on specific client matters.

Aon also received a subpoena in 2019 from New York insurance regulators after Michael D. Cohen, President Trump’s former lawyer, alleged in testimony before Congress that the Trump Organization inflated the value of its assets to insurance companies.

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

There is no indication that prosecutors or regulators think Aon has done anything wrong.

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

A day after a mob stormed the Capitol in support of President Trump, a number of insurance industry leaders joined others in the U.S. business community in condemning the actions. Among those speaking out were Evan G. Greenberg, chairman and chief executive officer 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 an impeachment charge of “incitement of insurrection” for his remarks and actions related to the siege on the Capitol last week. He has defended his remarks and denied any responsibility for the violence at the Capitol.