The company that saved Donald Trump with a $175 million bank fraud bond is playing an insurance game that has experts questioning whether New York will ever see the money.
There’s the wealthy former president whose potentially doomed properties in question are all over the United States and were once owned by New York City entities, until those shell companiesThen there’s his rescuer, KSIC, which is run out of a nondescript corporate white box of a building in Los Angeles, California, but is officially based inside a two-story gray house in Wilmington, Delaware.
That surplus isn’t just breathing room allowing CEOs to sleep at night. It’s also what state insurance regulators look at when deciding whether or not an insurance company can keep operating legally. If the breathing room gets too tight, regulators will pull an insurer’s license for running the risk of being insolvent.
One insurance regulator, who spoke to The Daily Beast on condition of anonymity, questioned whether the company that rescued Trump is playing a shell game with its parent company—knowing full well that no New York or Delaware insurance regulator would be any the wiser. That total, which amounts to nearly a third of a billion dollars, isn’t some nebulous risk the company might very well avoid entirely. As Gober explained, that figure represents the “rock bottom” estimate of the claims the insurance company has promised to pay—valued at the concrete present dollar value. Trying to push that risk off to a big name firm would be no different than taking out a regular insurance policy.
Of course, there’s also the fact that the companies are all based in a tropical paradise roughly the size of Martha’s Vineyard in Massachusetts.
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