• Sun. Apr 21st, 2024

Knight Specialty Insurance: Underwriting Donald Trump’s Bond Deal in New York and its Connection to Axos Bank.

BySamantha Nguyen

Apr 2, 2024
Revealing how the firm behind Trump’s $175 million bond deal came together

Knight Specialty Insurance Chairman and majority shareholder, Don Hankey, recently spoke with CNN about the company’s role in underwriting former President Donald Trump’s $175 million bond in New York. Hankey revealed that the transaction came together quickly and that Trump provided all cash as collateral.

Hankey, who has supported Trump’s campaigns in the past, reached out to the Trump Organization when the former president encountered difficulties putting together a $464 million bond. After the New York appeals court lowered the bond amount to $175 million, Trump’s team approached Knight Specialty once again. Initially planning to use a mix of investment-grade bonds and cash as collateral, Trump ultimately decided to provide all cash.

Knight Specialty Insurance is known for offering subprime auto loans to individuals with weaker credit scores. While Hankey confirmed that both he and his family have donated to Trump’s campaigns, he has not heard from the president directly. However, Eric Trump reached out to thank him for his recent business dealings with Knight Specialty Insurance.

This isn’t the first time Hankey and Trump’s businesses have been connected, as Axos Bank, another California lender where he is a leading shareholder, loaned Trump $100 million to refinance the mortgage on Trump Tower in 2022. At the time of this loan transaction, Hankey was unaware of it due to it being handled by other executives within his company.

Overall, Knight Specialty Insurance played a significant role in supporting Donald Trump during his time as president by providing collateral for a bond deal worth $175 million in New York City.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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