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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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Helicopter carrying Hindu pilgrims crashes in India, killing seven people

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Helicopter carrying Hindu pilgrims crashes in India, killing seven people

A helicopter carrying Hindu pilgrims has crashed in India, killing seven people on board.

The accident happened within minutes of the helicopter taking off, officials said, on what should have been a 10-minute flight.

The helicopter was flying to Guptkashi, a prominent Hindu pilgrimage site in the Himalayas, from Kedarnath temple town in the northern Indian state of Uttarakhand.

It comes three days after an Air India flight crashed less than a minute after taking off from Ahmedabad airport in northwestern India, killing at least 270 people.

The helicopter, which was operated by private helicopter service Aryan Aviation, went down in a forested area several miles from the Kedarnath pilgrimage route at around 5.30am local time.

Officials said the crash was believed to have been caused by poor weather conditions.

Authorities say they have launched a search and rescue operation and are expected to review operational protocols for flights in the region.

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The dead include the pilot and pilgrims from the neighbouring state of Uttar Pradesh and western states of Maharashtra and Gujarat, according to officials. The bodies were badly burned in a fire that followed the crash, they said.

Smoke and debris at the crash site. Pic: Reuters
Image:
Smoke and debris at the site. Pic: Reuters

Tens of thousands of pilgrims visit Kedarnath, which is home to one of the four most sacred Hindu temple shrines, each summer. Many use helicopter services due to the difficult mountainous terrain.

Helicopter mishaps are not uncommon in the region, where sudden weather changes and high-altitude flying conditions can pose risks.

Earlier this month, a helicopter operating in the Kedarnath Valley made an emergency landing shortly after taking off on a highway due to a technical fault. The pilot was injured but all five passengers on board were unharmed.

In May, a helicopter crashed in Uttarkashi district, killing six people, including the pilot. One person survived.

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Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

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Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

Brazil scraps crypto tax exemption for small traders, enforces flat 17.5% rate across all gains, including self-custody and offshore holdings.

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Sports

Ohtani blasts two HRs to halt 10-game drought

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Ohtani blasts two HRs to halt 10-game drought

LOS ANGELES — Shohei Ohtani hit two homers in an 11-5 win over the San Francisco Giants on Saturday night, emphatically ending the three-time MVP’s longest homer drought since joining the Los Angeles Dodgers.

Ohtani led off the bottom of the first with his 24th homer, hammering Landen Roupp‘s fourth pitch 419 feet deep into the right-field bleachers with an exit velocity of 110.3 mph.

The slugger had been in a 10-game homer drought since June 2, going 10-for-40 in that stretch with no RBIs, although he still had an eight-game hitting streak during his power outage.

Ohtani led off the sixth with his 25th homer, sending Tristan Beck‘s breaking ball outside the strike zone into the bleachers in right. He also moved one homer behind the Yankees’ Aaron Judge and Seattle’s Cal Raleigh for the overall major league lead.

Dodgers fans brought him home with a standing ovation as Ohtani produced his third multihomer game of the season and the 22nd of his career.

Ohtani reached base four times and scored three runs in his first four at-bats, drawing two walks to go with his two homers.

Ohtani hadn’t played in 10 straight games without hitting a homer since 2023 in the final 10 games of his six-year tenure with the Los Angeles Angels.

Ohtani had slowed down a bit over the past two weeks after he was named the NL Player of the Month for May with a formidable performance, racking up 15 homers and 28 RBIs.

The Associated Press contributed to this report.

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