October 28, 2024
Contact: press@justice4survivors.com, (845) 521-4945
FOR IMMEDIATE RELEASE
Chubb Insurance CEO unloads $18 million in stock while CVA survivors die awaiting justice
NEW YORK, NY – As Chubb Insurance braces for an onslaught of multi billion-dollar abuse claims, top insiders, including CEO Evan Greenberg, are cashing in millions of dollars’ worth of stock, leaving survivors and advocates outraged. The timing of these transactions raise serious questions about Chubb’s commitment to long-overdue accountability and justice for survivors of childhood sexual abuse.
While survivors wait years for justice, Chubb insiders have collectively offloaded over $47 million in stock in the past year alone. Greenberg’s recent $18 million stock sale, reportedly made below market value, has no follow-up insider purchases, making this sell-off look less like business as usual and more like a red flag.
Today, the Coalition for Just and Compassionate Compensation (“CJCC”) – an independent alliance of survivors of child sex abuse, their representatives, and advocates seeking full restitution for survivors of child sex abuse – released the following statement, calling out this questionable insider activity:
“Chubb insiders know what others don’t — the insurance company is getting hit with billions of dollars in CVA claims, despite their best efforts to stand in the way of justice,” said David Catalfamo, Executive Director of the Coalition for Just and Compassionate Compensation. “That is why the C-suite is selling off stock and why the company is taking every possible legal action to avoid meeting its contractual responsibilities.”
“The highest-level executives at Chubb Insurance are cashing in stock while survivors of childhood sexual abuse have died waiting for this morally bankrupt company to pay out the claims they are owed.” said Stephen Jimenez, a survivor of childhood sexual abuse and longtime advocate, author, and journalist. “The timing of these sales raises significant ethical and legal questions and suggests that Chubb Insurance is fully aware of the mounting liabilities from CVA claims.”
As of June 2024, 30 U.S. states and territories revived previously expired child sex abuse claims with a window and/or age limit revival law, according to Child USA.
As CVA claims continue to climb nationwide, Chubb, a major insurer of high-risk institutions, faces unprecedented financial exposure. Instead of assuring stakeholders, insiders are taking a page from Big Tobacco’s cover-up playbook, sidelining public health and safety in favor of bottom-line gains.
The Coalition for Just and Compassionate Compensation has urged the New York State Department of Financial Services to launch a full investigation into insurance companies’ role in blocking CVA claims from reaching resolution. But thus far, DFS has sided with the insurance industry ignoring its own guidance.
With Chubb insiders holding a mere 0.5% of the company’s shares and dumping millions in stock, survivors and advocates can’t help but question whether Chubb’s leadership stands with them or merely shields itself.
###
The Coalition for Just and Compassionate Compensation (“CJCC”) is an independent alliance of survivors of child sex abuse, their representatives, and advocates seeking full restitution for survivors of child sex abuse. Among members of the coalition are author and journalist Stephen Jimenez, a survivor of childhood sexual abuse and longtime advocate who helped pass the Child Victims Act (CVA), and attorneys James Marsh, Founding Partner at Marsh Law Firm, Jeff Herman, Founder of Herman Law Firm, and Hillary Nappi, Partner at Hach Rose Schirripa & Cheverie, who represent thousands of sexual abuse survivors in litigation against public and private entities.