Significant financial details regarding the billionaire investor Warren Buffet’s Berkshire Hathaway, which had been kept under wraps since last year, were made public on Wednesday.
According to CNBC, Berkshire Hathaway disclosed in its regulatory filings that it had purchased almost 26 million shares of Zurich, Switzerland-based Chubb, an insurance firm.
Warren Buffet’s company paid $6.7 billion for the stocks. It was the conglomerate’s ninth-largest holding. It was situated in Omaha.
Following the announcement of Berkshire Hathaway’s substantial investment, Chubb’s stock rose by almost 7% during extended trading.
Due to the company’s receipt of confidential treatment to protect the identity of one or more of its stock holdings, Berkshire withheld its investment information for two quarters in a row, according to thepublication.
The discussion of confidentiality did not even come up at the annual meeting of the company at its headquarters earlier in May.
The report citing the filings said that there were speculations that Berkshire had invested heavily in a bank as its cost basis for “banks, insurance, and finance” equity climbed by $1.4 billion in the first quarter after a surge of $3.59 billion in the second half in 2023.
