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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.

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US

Donald Trump awarded FIFA peace prize at World Cup draw

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Donald Trump awarded FIFA peace prize at World Cup draw

US President Donald Trump has been awarded FIFA’s new peace prize at the draw for next year’s World Cup.

FIFA President Gianni Infantino presented Mr Trump with a large golden trophy – formed of hands holding the earth – and a gold medal, which he wore around his neck.

The certificate, which Mr Infantino handed over at Washington DC’s Kennedy Center on Friday, recognises the US president for his actions to “promote peace and unity around the world”.

World football’s governing body, which announced the annual award last month, said it would be given to “individuals who have taken exceptional and extraordinary actions for peace”.

World Cup draw latest: Home nations and Republic of Ireland await fate

Mr Trump said it was “truly one of the greatest honours of my life”.

He said: “We saved millions and millions of lives. The Congo is an example – over 10 million people killed. It was heading for another 10 million very quickly.”

US President Donald Trump. Pics: Reuters
Image:
US President Donald Trump. Pics: Reuters

He also pointed to India and Pakistan, saying, “so many wars that we were able to end, in some cases a little before they started”.

Ahead of the draw, Mr Trump told reporters he did not care about the prize, but noted that he had “settled eight wars” in nearly 11 months in office.

The United States, along with Canada and Mexico, will host the tournament in 2026.

Mr Infantino, who has built up a strong relationship with the US president, backed him for the Nobel Peace Prize earlier this year.

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“This is what we want from a leader – a leader that cares about the people,” Mr Infantino said of Mr Trump.

The FIFA leader said to Mr Trump, “this is your prize, this is your peace prize”.

US President Donald Trump and FIFA President Gianni Infantino. Pic: Reuters
Image:
US President Donald Trump and FIFA President Gianni Infantino. Pic: Reuters

Mr Trump thanked his family, including his wife, first lady Melania Trump, and praised the leaders of the other two host nations – Canadian Prime Minister Mark Carney and Mexican President Claudia Sheinbaum – in his brief remarks.

Mr Infantino has often spoken about football as a unifier for the world, but the prize is a departure from the federation’s traditional focus on sport.

FIFA has described the prize as one that rewards “individuals who have taken exceptional and extraordinary actions for peace, and by doing so have united people across the world”.

The award comes during a week where Mr Trump’s administration has been under scrutiny for lethal strikes on alleged drug boats in the Caribbean and as Mr Trump hardens his rhetoric against immigrants.

The Nobel Peace Prize this year was eventually awarded to Venezuelan opposition leader Maria Corina Machado, who said shortly after receiving the prize that she was dedicating it in part to Mr Trump for “his decisive support of our cause”.

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Technology

Amazon had a very big week that could shape where its stagnant stock goes next

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Amazon had a very big week that could shape where its stagnant stock goes next

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Environment

Podcast: Tesla texting and driving, Trump kills mpg, Aptera update, and more

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Podcast: Tesla texting and driving, Trump kills mpg, Aptera update, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Tesla allowing texting and driving on FSD v14, Trump killing CAFE’s MPG standard, an Aptera update, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:

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