Warren
Buffett
speaks
during
the
Berkshire
Hathaway
Annual
Shareholders
Meeting
in
Omaha,
Nebraska
on
May
4,
2024.
CNBC
Warren
Buffett
finally
revealed
his
secret
stock
pick
in
a
new
regulatory
filing,
and
it’s
insurer
Chubb.
His
conglomerate
Berkshire
Hathaway
has
bought
nearly
26
million
shares
of
Zurich-based
Chubb
for
a
stake
worth
$6.7
billion.
The
property
and
casualty
insurer
became
Berkshire’s
ninth
biggest
holding
at
the
end
of
March.
Shares
of
Chubb
jumped
nearly
7%
in
extended
trading
following
the
news
of
Berkshire’s
stake.
The
stock
has
gained
about
12%
year
to
date.
Insurer
Ace
Limited
acquired
the
original
Chubb
in
2016
for
$29.5 billion
in
cash
and
stock,
and
the
combined
company
adopted
the
Chubb
name.
Evan
Greenberg,
CEO
of
Chubb,
is
the
son
of
Maurice
Greenberg,
the
former
chairman
and
CEO
of
insurance
giant
American
International
Group.
Chubb
shares
over
the
past
year.
The
Omaha-based
Berkshire
has
a
large
footprint
in
the
insurance
industry,
from
auto
insurer
crown
jewel
Geico
to
reinsurance
giant
General
Re
and
a
slew
of
home
and
life
insurance
services.
The
conglomerate
also
acquired
insurance
company
Alleghany
for
$11.6
billion
in
2022.
Berkshire
recently
exited
positions
in
Markel
and
Globe
Life
in
the
same
industry.
Mystery
unveiled
Berkshire
has
been
keeping
this
purchase
secret
for
two
quarters
straight.
Berkshire
was
granted
confidential
treatment
to
keep
the
details
of
one
or
more
of
its
stock
holdings
confidential.
The
topic
of
this
mystery
holding
didn’t
come
up
at
the
Berkshire’s
annual
meeting
in
Omaha
earlier
this
month.
Many
had
speculated
that
the
secret
purchase
could
be
a
bank
stock
as
the
conglomerate’s
cost
basis
for
“banks,
insurance,
and
finance”
equity
holdings
jumped
by
$1.4
billion
in
the
first
quarter
after
an
increased
of
$3.59
billion
in
the
second
half
of
last
year,
according
to
separate
Berkshire filings.
It’s
relatively
rare
for
Berkshire
to
request
such
a
treatment.
The
last
time
it
kept
a
purchase
confidential
was
when
it
bought
Chevron
and
Verizon
in
2020.