The suspense is over. Warren Buffet’s Berkshire Hathaway has finally revealed that it has been holding a major stake in the insurance company Chubb since last year. The company revealed that it has been holding nearly 26 million shares of Chubb in a Wednesday Securities and Exchange Commission filing of the company’s first-quarter investments.
Buffett’s company had shielded the position from public knowledge as it was building the stake, requesting “confidential treatment” from the SEC in previous filings.
Chubb, an insurance business that operates 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.
Buffet’s bet on Chubb pretty much underscores Berkshire Hathaway’s investment strategy over the past several months. The company has seemingly doubled down on financial companies like Ally Financial, American Express, and Bank of America while trimming its investments in consummate products.
In February, Berkshire disclosed that it sold off 10 million shares of Apple in the first three months of the year, though Apple remains Berkshire’s largest investment. Berkshire also sold 80 million shares of printer company HP in the fourth quarter of 2023, reducing its holdings by 78%.
