Berkshire Hathaway discloses minority $6.72bn stake in Chubb

Shares in US insurer Chubb soared to a record high this week on confirmation that Warren Buffett’s Berkshire Hathaway has built up a stake worth $6.72bn in the company.

The new stake was listed in a SEC regulatory filing posted by Berkshire Hathaway, closely monitored by investors watching where Buffett is putting his money.

Berkshire Hathaway holds 25.92 million shares in Chubb as at 31 March 2024, or 6.4% of Chubb’s outstanding share capital.

Neither Chubb nor Berkshire has commented on the regulatory disclosure.

Berkshire Hathaway first started buying shares in Chubb in the third quarter of last year, the document revealed. But this was kept confidential by regulators for trading reasons, with news of Buffett’s investments known to spike share prices.

Berkshire Hathaway, which owns Berkshire Hathaway Specialty Insurance and motor insurer Geico, divested shares in Apple and exited its stake in computer firm Hewlett Packard in the first quarter of 2024, increasing the company’s cash holdings to $189bn.