Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

Warren Buffett’s Latest Gamble: $6.7 Billion Invested in Insurance Giant

Daniel Kim Views  

Reuters Yonhap News

Berkshire Hathaway, the American investment company led by Warren Buffett, has been secretly buying stocks of the casualty insurance company Chubb since the third quarter of last year. Berkshire kept Chubb’s acquisition a secret for more than two quarters.

According to data submitted to the U.S. government authorities, Berkshire Hathaway owned about 26 million shares of Chubb based in Zurich, Switzerland, as of the end of March this year. It has a market value of 6.7 billion U.S. dollars.

CNBC reported on the 15th that Chubb’s stock had become the ninth-largest item in the Berkshire Hathaway Inc. portfolio.

Chubb shares surged by about 7% in after-hours trading after news broke of Berkshire’s stake acquisition. It has risen by about 12% so far this year.

Chubb, the world’s largest listed casualty insurance company, was acquired by ACE Limited for $29.5 billion in 2016. The company’s name was inherited as Chubb.

Chubb’s CEO is Evan Greenberg, the son of Maurice Greenberg, the former chairman and CEO of AIG, an American insurance company.

Berkshire Hathaway kept its acquisition of Chubb confidential for more than two quarters, with authorities permitting it to keep one or more of its holdings undisclosed.

The secretly acquired stock was not mentioned at Berkshire’s annual meeting in Omaha earlier this month.

In a separate filing, Berkshire reported that its holdings in banking, insurance, and finance stocks increased by $3.59 billion in the second half of last year and $1.4 billion in the first quarter of this year. This led investors to speculate that Berkshire had purchased many bank stocks.

Meanwhile, Berkshire sold about 115 million shares of Apple Inc. in the first quarter.

As a result, Berkshire’s holdings in Apple Inc. decreased to around $135.4 billion, which accounts for about 40% of its total portfolio.

Most of the $20 billion worth of stocks that Berkshire sold in the first quarter were Apple Inc.’s.

Daniel Kim
content@viewusglobal.com

Comments0

300

Comments0

[BUSINESS] Latest Stories

  • Honda's NSX Returns: A 1,000-Horsepower Electric Rival to Lexus LFR
  • Honda’s S7 Electric SUV: A Major Player in the Race for EV Dominance
  • Lamborghini's First EV: A 2,000-Horsepower Beast Built for Speed and Emotion
  • Ford Revives Classic Design with the 2025 Bronco Heritage Edition
  • ID.EVERY1: Volkswagen's $21K Electric Vehicle Aims to Make Green Driving Accessible
  • Toyota’s bZ3X SUV Surges with 10,000 Pre-Orders: A New Era in EVs

You May Also Like

  • 1
    Food Addiction in Kids Tied to Low Self-Esteem and Poor School Performance

    LIFESTYLE 

  • 2
    Baby’s Here, But the Weight’s Still There? You’re Not Alone

    LIFESTYLE 

  • 3
    Inside the Pope’s Health Crisis: Antibiotic-Resistant Infection Fuels Global Concern

    LIFESTYLE 

  • 4
    Want to Lose Weight? Trick Your Brain with These Simple Diet Hacks!

    LIFESTYLE 

  • 5
    Turns Out, What You Eat at 40 Really Can Shape How You Feel at 70

    LIFESTYLE 

Popular Now

  • 1
    FDA Greenlights Sanofi's Qfitlia for Hemophilia—An Innovative Alternative to Daily Injections

    LIFESTYLE&nbsp

  • 2
    Prostate Cancer Screenings May Cut Death Risk in Half, Study Finds

    LIFESTYLE&nbsp

  • 3
    It’s Not Just Depression: Personality Disorders Linked to Highest Suicide Risk

    LIFESTYLE&nbsp

  • 4
    Faster Cancer Treatment? Merck Launch Set for Subcutaneous Keytruda Rollout

    LIFESTYLE&nbsp

  • 5
    Cutting Carbs? You Might Be Raising Your Risk of Colon Cancer

    LIFESTYLE&nbsp

Must-Reads

  • 1
    Food Addiction in Kids Tied to Low Self-Esteem and Poor School Performance

    LIFESTYLE 

  • 2
    Baby’s Here, But the Weight’s Still There? You’re Not Alone

    LIFESTYLE 

  • 3
    Inside the Pope’s Health Crisis: Antibiotic-Resistant Infection Fuels Global Concern

    LIFESTYLE 

  • 4
    Want to Lose Weight? Trick Your Brain with These Simple Diet Hacks!

    LIFESTYLE 

  • 5
    Turns Out, What You Eat at 40 Really Can Shape How You Feel at 70

    LIFESTYLE 

Popular Now

  • 1
    FDA Greenlights Sanofi's Qfitlia for Hemophilia—An Innovative Alternative to Daily Injections

    LIFESTYLE 

  • 2
    Prostate Cancer Screenings May Cut Death Risk in Half, Study Finds

    LIFESTYLE 

  • 3
    It’s Not Just Depression: Personality Disorders Linked to Highest Suicide Risk

    LIFESTYLE 

  • 4
    Faster Cancer Treatment? Merck Launch Set for Subcutaneous Keytruda Rollout

    LIFESTYLE 

  • 5
    Cutting Carbs? You Might Be Raising Your Risk of Colon Cancer

    LIFESTYLE