Warren Buffett speaks at the Berkshire Hathaway annual shareholder meeting in Omaha, Nebraska on May 4, 2024.
CNBC
Warren Buffett finally reveals his secret stock picks and insurance companies in new regulatory filings Chub.
his conglomerate berkshire hathaway bought about 26 million shares of Zurich-based Chubb in a deal valued at $6.7 billion. The property and casualty insurance company was Berkshire’s ninth largest holding at the end of March.
Chubb stock rose nearly 7% in after-hours trading on news of Berkshire’s acquisition. The stock price has increased about 12% since the beginning of the year.
Insurance company Ace Ltd. acquired the former Chubb Company in 2016 for $29.5 billion in cash and stock, and the combined company adopted the Chubb name. Chubb CEO Evan Greenberg is the son of Maurice Greenberg, former chairman and CEO of insurance giant American International Group.
Mr. Chubb has held the stock for the past year.
Omaha-based Berkshire has a large footprint in the insurance industry, from auto insurer Geico to reinsurance giant General Re, to numerous home and life insurance services. The conglomerate also acquired insurance company Allegany in 2022 for $11.6 billion.
Berkshire recently exited its position markel and globe life In the same industry.
mystery revealed
Berkshire has kept the acquisition secret for two consecutive quarters. Berkshire was granted confidentiality treatment to keep details of one or more of his stock holdings confidential.
The topic of this mysterious event did not come up at Berkshire’s annual meeting in Omaha earlier this month.
Many are wondering if the secret acquisition was in bank stocks, as the conglomerate’s “banking, insurance and finance” shareholding cost basis increased by $1.4 billion in the first quarter after increasing by $3.59 billion in the second half of last year. People were guessing. According to a separate Berkshire filing.
It is relatively unusual for Berkshire to request such treatment.The last time your purchase was kept confidential was at the time of purchase. chevron and verizon In 2020.
