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Warren Buffett finally reveals the mysterious company in which he invested billions of dollars
The mystery is over: Warren Buffett’s Berkshire Hathaway revealed a large stake in insurance company Chubb, finally revealing the investment it has kept secret since last year.
Berkshire revealed it acquired nearly 26 million Chubb shares in a filing Wednesday with the Securities and Exchange Commission about the company’s first-quarter investments. This translates into a value of approximately US$6.7 billion.
Buffett’s company shielded the position from public knowledge while it was building the stake, requesting “confidential treatment” from the SEC in previous filings.
Chubb, an insurance company operating in 54 countries, made headlines in March after the company underwrote President Donald Trump’s nearly $92 million appeal bond in E. Jean Carroll’s defamation lawsuit.
Buffett, the CEO of Berkshire famous for his investment prowess, has accumulated a considerable number of followers of investors imitating the movements of your portfolio. Berkshire Hathaway’s stake in Chubb is no exception. Chubb shares jumped more than 8% in after-hours trading Wednesday.
Buffett’s bet on Chubb is familiar territory: iIInsurance companies Geico, National Indemnity and General Re are all subsidiaries of Berkshire Hathaway.
The investment in Chubb underscores Berkshire Hathaway’s investment strategy over the past few months. It apparently doubled down on financial companies like Ally Financial, American Express and Bank of America, while reducing its investments in consumer products.
In February, Berkshire announced that it sold 10 million Apple shares in the first three months of the year, although Apple remains Berkshire’s biggest investment. Berkshire also sold 80 million shares of printer company HP in the fourth quarter of 2023, reducing its holdings by 78%.
– CNN’s Nicole Goodkind contributed to this report.
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