Warren Buffett finally reveals the mysterious company in which he has invested billions of dollars


Scott Morgan/Reuters

Berkshire Hathaway Chairman Warren Buffett is seen at the annual Berkshire shareholder shopping day in Omaha, Nebraska on May 3, 2019.



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The mystery is out: Warren Buffett's Berkshire Hathaway revealed a major stake in insurance company Chubb, finally revealing the investment it had kept secret for the past year.

Berkshire disclosed it had acquired about 26 million shares of Chubb in a Wednesday Securities and Exchange Commission filing of the company's first-quarter investment. This translates to a value of approximately $6.7 billion.

Buffett's company had shielded the position from public knowledge when it built the stake, requesting “confidential treatment” from the SEC in a previous filing.

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 suit.

Berkshire CEO Buffett, known for his investing skills, has amassed a large following of investors who copy his portfolio. Berkshire Hathaway's stake in Chubb is no exception. Chubb's stock jumped more than 8% in afternoon trading on Wednesday.

Buffett's bet on Chubb is familiar territory: IIInsurance companies Geico, National Indemnity, and General Re are all subsidiaries of Berkshire Hathaway.

The investment in Chubb highlights Berkshire Hathaway's investment strategy over the past several months. This appears to have doubled down on financial companies like Ally Financial, American Express and Bank of America, reducing their investments in consumer products.

In February, Berkshire revealed that it sold 10 million shares of Apple in the first three months of the year, although Apple remains Berkshire's largest investment. Berkshire also sold 80 million shares of printer company HP in the fourth quarter of 2023, reducing its stake by 78%.

—CNN's Nicole Goodkind contributed reporting.

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