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Warren Buffett’s Berkshire Hathaway disclosed a new $7 billion stake in Chubb, a Swiss insurer, Josh Funk reported for the Associated Press (AP).
Following the announcement, Chubb shares jumped over 7% in after-hours trading to $271.82. I Photo: Chubb
Berkshire revealed in a quarterly SEC filing that it has been building this investment over the past nine months.
The conglomerate had received permission to keep the Chubb investment confidential during the acquisition period. By the end of March, Berkshire held nearly 26 million Chubb shares, amounting to a 6.4% stake in the company.
Following the announcement, Chubb shares jumped over 7% in after-hours trading to $271.82.
Many investors closely follow Berkshire’s portfolio due to Buffett’s long history of successful investments, leading to speculation that Berkshire might eventually acquire all of Chubb.
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