Warren Buffett’s Berkshire Hathaway on Wednesday revealed a new, $6.72 billion stake in the insurer Chubb, confirming months of speculation that it had made a big new investment.
Berkshire owned 25.92 million Chubb shares as of March 31, according to a regulatory filing detailing Berkshire’s US-listed holdings as of that date.
The disclosure sent Chubb’s share price to a record high in after-hours trading, rising 6.3% to $268.96.
Shares often rise when Berkshire reveals new holdings, reflecting what investors believe is Buffett’s seal of approval.
“Chubb is an attractive equity investment for Berkshire because it operates in a business Berkshire knows well: property-casualty insurance,” Cathy Seifert, a CFRA Research analyst who covers Berkshire, said in an email.
Seifert would not speculate whether Berkshire might buy all of Chubb, but said Chubb’s focus on commercial lines specialty coverage and high-end homeowners’ protection would be a “good fit” in Berkshire’s insurance and reinsurance portfolio.
Berkshire ended March with $189 billion of cash and equivalents.
At Berkshire’s annual meeting on May 4, Buffett said the cash stake could reach $200 billion by June, and that cash looked “quite attractive” relative to high-priced stocks and in light of “what’s going on in the world.” Chubb and Berkshire did not immediately respond to requests for comment.
Berkshire began buying Chubb in last year’s third quarter, and had obtained Securities and Exchange Commission permission to temporarily keep its purchases confidential.
Buffett occasionally requests such permission to keep investors from piggybacking on him before he’s done buying.
In recent years, Berkshire obtained similar SEC permission for its investment in Chevron and former investments in Exxon Mobil, IBM and Verizon.
The Chubb investment was revealed 10 days after Berkshire unexpectedly disclosed it had sold about 115 million Apple shares in the first quarter.
That reduced its holdings in the iPhone maker to $135.4 billion, or 40% of its $335.9 billion equity portfolio.
Apple accounted for most of the $20 billion in stock that Berkshire sold in the first quarter.
Berkshire also pared holdings of several other stocks, including Louisiana Pacific and Sirius XM, and exited its investment in computer maker HP. It bought just $2.7 billion of stocks in the quarter.
Wednesday’s filing does not identify which investments were made by Buffett or his portfolio managers Todd Combs and Ted Weschler.
Buffett, 93, has run Berkshire since 1965.
The conglomerate also owns dozens of businesses including the Geico car insurer, BNSF railroad, energy and industrial companies, and consumer brands such as Benjamin Moore, Dairy Queen, Duracell, Fruit of the Loom and See’s Candies.
Playwright Sir Tom Stoppard, who won an Oscar and a Golden Globe for Shakespeare In Love, has died at the age of 88.
A statement from United Agents said: “We are deeply saddened to announce that our beloved client and friend, Tom Stoppard, has died peacefully at home in Dorset, surrounded by his family.
“He will be remembered for his works, for their brilliance and humanity, and for his wit, his irreverence, his generosity of spirit and his profound love of the English language.
“It was an honour to work with Tom and to know him.”
King Charles said in a tribute: “My wife and I are deeply saddened to learn of the death of one of our greatest writers, Sir Tom Stoppard. A dear friend who wore his genius lightly, he could, and did, turn his pen to any subject, challenging, moving and inspiring his audiences, borne from his own personal history.
“We send our most heartfelt sympathy to his beloved family. Let us all take comfort in his immortal line: ‘Look on every exit as being an entrance somewhere else’.”
Sir Tom’s entertainment career spanned more than six decades, in which he won a host of Tony and Olivier awards, as well as the Golden Globe and Academy Award with Marc Norman for their 1998 screenplay Shakespeare In Love – starring fellow Oscar-winner Gwyneth Paltrow.
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Image: Sir Tom Stoppard in 1999. Pic: PA
His work, known to blend intellect, emotion and humour, often explored philosophical and political themes, challenging societal norms to remind audiences of the power of thought.
His other award-winning plays included Rosencrantz And Guildenstern Are Dead, The Real Thing and Travesties.
The playwright also wrote prolifically for TV, radio and film, including adapting Leo Tolstoy’s novel Anna Karenina for the 2012 film starring Keira Knightley and Jude Law, and TV series Parade’s End with Benedict Cumberbatch and Rebecca Hall – adapted from novels by Ford Madox Ford.
He received countless accolades and honours during his career, including being knighted by the late Queen for his services to literature in 1997.
Image: Queen Elizabeth II shakes Sir Tom’s hand before presenting him with the insignia of a Member of the Order of Merit in 2000. File pic: PA
Image: Sir Tom meets then Prince Charles in 2009. File pic: PA
He won the David Cohen Prize For Literature in 2017, following in the footsteps of laureates Harold Pinter, Hilary Mantel and Seamus Heaney.
Sir Tom released his semi-autobiographical work titled Leopoldstadt in 2020 – set in the Jewish quarter of early 20th century Vienna – which later won him an Olivier award for best new play and also scooped four Tony awards.
The West End play, which featured his son Ed Stoppard, also saw him honoured by PEN America, the literary and human rights organisation, which handed him the Mike Nichols Writing for Performance Award.
Image: Pic: Matt Humphrey/PA
From refugee to playwrighting sensation
Sir Tom was born Tomas Straussler in Czechoslovakia, but fled and changed his name amid the Nazi occupation, finding refuge in Britain in 1946.
He became a journalist in Bristol in 1954 before becoming a theatre critic and writing plays for radio and TV, including The Stand-Ins, later revised as The Real Inspector Hound, and Albert’s Bridge first broadcast by BBC Radio.
His career took off with hit play Rosencrantz And Guildenstern Are Dead, which premiered at the Edinburgh Fringe Festival in 1966, before it was produced for the National Theatre and on Broadway, winning four Tony awards in 1968 including best play.
Image: Sir Tom Stoppard and Dame Judi Dench at a photocall in London in 1999. File pic: PA
Sir Tom began advocating on behalf of Soviet and Eastern Bloc dissidents after writing Every Good Boy Deserves Favour, a play inspired by his friendship with Viktor Fainberg, who had been imprisoned in Czechoslovakia by the Soviets.
Much later, in 2002, his trilogy of plays set in 19th century Russia, The Coast Of Utopia, were staged at the National Theatre.
His most recent plays include Heroes, Rock ‘n’ Roll and The Hard Problem.
The death toll from a fire that tore through a Hong Kong apartment complex has risen.
Investigators are searching for bodies in the residential towers of Wang Fuk Court, where the blaze erupted on Wednesday.
Authorities say 146 bodies have now been found, rising from a previous reported total of 128.
Image: A girl places flowers in front of the fire-damaged residential blocks at Wang Fuk Court. Pic: Reuters
Shuk-yin Tsang, the head of the Hong Kong police casualty unit, said another 100 people remained unaccounted for, and 79 people were injured.
Flames spread through seven of the eight towers of the complex, and the fire was not fully extinguished until Friday.
Police said they had completed searches through four of the affected buildings.
But a city official said they expected the search process to take three to four weeks.
Image: People line up to offer flowers and prayers for the victims of the fire at Wang Fuk Court. Pic: AP
The burnt towers
Cheng Ka-chun, the police officer leading the search, said bodies had been found both in apartments and on the roofs.
He said: “It is so dark inside, and because of the low light, it is very difficult to do the work, especially in places away from the windows.”
Before the fire broke out, the towers had been undergoing renovations and were clad in bamboo scaffolding, draped with nylon netting, with windows covered by polystyrene panels.
Residents say they repeatedly warned about the potential flammability of the materials, but were told by the authorities that they faced “relatively low fire risks”.
Image: Smoke rises after a fire broke out at Wang Fuk Court. Pic: AP
Image: Firefighters work to extinguish the fire. Pic: AP
Now the authorities are investigating whether fire codes were violated amid growing public anger over the blaze.
Beijing has warned it will use a national security law to crack down on any “anti-China” protests that result.
Eyewitness: Hong Kong mourns those lost to fire
Grief was not lonely today in Hong Kong. Three days after the worst fire in the history of modern Hong Kong, it feels as though it has barely sunk in.
The weekend at least lent them time to pay tribute, and gave them some space to reflect.
People came in droves to lay flowers, so many a queuing system was needed.
Official books of condolences were also set up in multiple parts of the city.
Over 1,000 people turned out on Sunday to pay tribute to the victims of the fire, which was Hong Kong’s deadliest in more than 75 years.
Mourners queued for more than a kilometre to lay flowers, some with sticky notes attached addressed to the victims.
Image: People leave notes with well-wishes after the deadly fire. Pic: Reuters
Joey Yeung, whose grandmother’s apartment burned in the fire, asked for justice.
The 28-year-old said: “I can’t accept it. So today I came with my father and my family to lay flowers.
“I’m not asking to get anything back but at least give some justice to the families of the deceased – to those who are still alive.”
Another mourner, Lian Shuzheng, said: “This really serves as a wake-up call for everyone, especially with these super high-rise buildings.”
Image: People offer flowers for the victims. Pic: AP
Image: People offer flowers and pray for the victims. Pic: AP
‘Serious deficiencies’ in safety
An online petition demanding an independent probe into possible corruption and a review of construction oversight drew over 10,000 signatures before it was closed.
Another petition with similar demands attracted more than 2,700 signatures with its plea for “explicit accountability” from the government.
City officials have announced they were suspending 28 building projects undertaken by the contractor that was renovating Wang Fuk Court, the Prestige Construction & Engineering Company.
They said the fire had “exposed serious deficiencies” in the safety of the company’s sites, “including the extensive use of foam boards to block up windows during building repairs”.
Image: The burned towers and makeshift flower memorial. Pic: Reuters
The day after the fire broke out, two directors and an engineering consultant from a construction firm were arrested on suspicion of manslaughter.
Police said they also suspected the company’s leaders of gross negligence, without identifying the firm by name.
The three men were released on bail, but then rearrested by Hong Kong’s anti-corruption authorities, who made a further eight arrests.
The death toll following flooding and landslides in Indonesia and Thailand has risen to more than 600 – with nearby Sri Lanka also reporting more than 200 deaths after a cyclone.
Three people have also died in Malaysia, officials have said, due to the extreme weather in South Asia and Southeast Asia.
In total, Indonesianofficials said 442 people had died and Thaiauthorities reported 170 deaths in the southern part of the country, as of midday UK time on Sunday.
Image: People move a car damaged by floods in Songkhla province, Southern Thailand. Pic: AP
Image: Rescuers search for flood victims in Tanah Datar, West Sumatra, Indonesia. Pic: AP
Rescue efforts were ongoing throughout the day, with more than four million people affected – almost three million in Southern Thailand and 1.1 million in Western Indonesia – by the effects of a tropical storm formed in the Malacca Strait.
Indonesian relief and rescue teams have used helicopters to deliver aid to people they could not access because of blocked roads on the western island of Sumatra.
Image: Rescuers search for victims at the site of a landslide in Adiankoting, North Sumatra, Indonesia. Pic: AP
Many areas have been cut off, while damage to telecommunications infrastructure has hampered communications.
Officials said on Saturday that they had received reports of people looting supply lines as they grow desperate for relief in other areas.
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Hat Yai, the largest city in Thailand’s Songkhla province, received 335mm (13 inches) of rain on Friday last week, its highest single-day tally in 300 years.
After days of rain, meteorological authorities in Malaysia lifted tropical storm and continuous rain warnings there yesterday, forecasting clear skies for most of the country.
However, there are still about 18,700 people in evacuation centres, according to the country’s national disaster management agency.
Image: A road heavily damaged by a flash flood in Bireun, Aceh province, Indonesia. Pic: AP
Image: A soldier uses ropes to cross a river during a search operation in Tanah Datar, West Sumatra, Indonesia. Pic: AP
More than 200 dead in Sri Lanka
Across the Bay of Bengal, Sri Lanka’s disaster management centre said in a situation report on Sunday that 212 people had died as a result of Cyclone Ditwah.
Another 218 people have been recorded as missing across the South Asian country’s 25 districts, and more than half a million people have been affected nationwide.