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.
The Princess of Wales has admitted her children were “very sad” to miss the Royal Variety Performance in London, which she and the Prince of Wales attended.
Wednesday’s red carpet show at the Royal Albert Hall was headlined by the cast of Paddington The Musical.
After arriving and being presented with posies by nine-year-old twins Emelia and Olivia Edwards, the family of staff at a care home for entertainment industry workers, Kate asked if they were fans of Paddington Bear.
Image: The Princess of Wales meets Emelia and Olivia Edwards. Pic: PA
The princess, wearing a green velvet gown, then told the girls that her children were “very sad” not to attend the show and added she had to tell them children were not allowed to go.
“My kiddies were very sad, we’re going to have to keep it a big secret that I saw you guys,” she said.
“They were very sad not to be joining us.”
It is the sixth time William and Kate have attended the annual charity event.
When Olivia told the prince, wearing a tuxedo, her favourite singer was Billie Eilish, he replied she had good taste.
He said: “It’s very nice to see you both. You’re very smiley, you two.”
The royalswere also greeted on the red carpet by ITV board members and representatives from the Royal Variety Charity, of which the King is the royal patron.
Image: Pics: PA
The Paddington cast were set to take to the stage on Wednesday evening, while pop star Jessie J and Grammy award-winning singer Laufey were also expected to perform.
Image: Jessie J attends the Royal Variety Performance. Pic: PA
Image: Laufey at the event in London. Pic: PA
Held annually, the Royal Variety Performance was first staged in 1912 for King George V and Queen Mary in support of the charity, which helps those working in the entertainment industry.
Ahead of the show, its executive producer Giles Cooper said the charity was “thrilled” the prince and princess would “once again attend the Royal Variety Performance”.
Mr Cooper, also chairman of the charity, added: “This annual great British institution, viewed by a worldwide TV audience of over 150 million, continues to be a crucial fundraising event supporting people in all areas of performance, either on or off stage.
“In this pressurised world of working in the entertainment industry, our mental health initiative, started in 2024, has been a lifeline for many who are experiencing issues such as anxiety, depression or addiction.”
Image: Pics: PA
On Tuesday, the princess called on businesses to value “time and tenderness just as much as productivity and success” in her first speech since she was diagnosed with cancer at the start of 2024.
Speaking at the Future Workforce Summit, Kate told 80 business leaders: “Every one of you interacts with your own environment; a home, a family, a business, a workforce, a community.
“These are the ecosystems that you yourselves help to weave. Imagine a world where each of these environments were built on valuing time and tenderness just as much as productivity and success.
“As business leaders, you will face the daily challenge of finding the balance between profitability and having a positive impact. But the two are not, and should not be incompatible.”
Russia has accused the British government of “provocative statements” and an “escalation of militaristic hysteria” after the defence secretary warned a Kremlin spy ship was nearing the UK.
At a news conference in Downing Street on Wednesday, John Healey said the Yantar was on the edge of British waters north of Scotland, having entered wider UK waters over the last few weeks.
He said it was the second time this year the ship had been deployed off the UK coast and he claimed it was “designed for gathering intelligence and mapping our undersea cables”.
Image: Russian spy ship the Yantar. Pic: Ministry of Defence
Mr Healey said the ship had “directed lasers” at pilots of surveillance aircraft monitoring its activities – a Russian action he called “deeply dangerous”.
The defence secretary explained: “We deployed a Royal Navy frigate and RAF planes to monitor and track this vessel’s every move, during which the Yantar directed lasers at our pilots.”
He said his message to Moscow and President Vladimir Putin was “we see you, we know what you’re doing, and if the Yantar travels south this week, we are ready”.
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Mr Healey also stated the UK government has “military options ready” if the ship sails closer to British shores.
Russia’s response
Responding to Mr Healey’s comments, the Russian embassy to the UK said on social media it noted his “latest provocative statements” and insisted the ship was an “oceanographic research vessel… in international waters”.
The embassy said the British accusations “raise a smile” and Russia’s actions were “not aimed at undermining” the UK’s security.
It hit out at the UK government’s “Russophobic course and the escalation of militaristic hysteria”, which it warned creates “prerequisites for new dangerous situations”, as it urged London to “refrain from destructive steps”.
The defence secretary’s remarks come after a report from MPs warned the UK lacks a plan to defend itself from a military attack, despite the government promising to boost readiness with new arms factories.
At least 13 sites across the UK have been identified for new factories to make munitions and military explosives, with Mr Healey expecting the arms industry to break ground at the first plant next year.
The report, by the Commons Defence Committee, said the UK “lacks a plan for defending the homeland and overseas territories” as it urged the government to launch a “co-ordinated effort to communicate with the public on the level of threat we face”.
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Now the government has been cautioned it may need to be “more muscular” in standing up to Russia.
The chair of the Joint Committee on National Security Strategy, Matt Western, said Wednesday’s development “demonstrates once again that Russia presents a genuine and immediate threat to the UK’s security”.
He added that “the UK needed to be more muscular in tackling Russian aggression” and “there is more we can do”.
“More assertive retaliation may be required,” he concluded.
Mr Healey acknowledged the dangers facing the UK, saying the country was in a “new era of threat” that “demands a new era for defence”.
Giving more details on the vessel, he said it was “part of a Russian fleet designed to put and hold our undersea infrastructure and those of our allies at risk”.
He said the Yantar wasn’t just part of a naval operation but part of a Russian programme driven by Moscow’s Main Directorate of Deep-Sea Research, or GUGI, which is “designed to have capabilities which can undertake surveillance in peacetime and sabotage in conflict”.
“That is why we’ve been determined, whenever the Yantar comes into British wider waters, we track it, we deter it and we say to Putin we are ready, and we do that alongside allies,” he added.
Asked by Sky News’ political correspondent Rob Powell whether this was the first time that lasers had been used by a Russian vessel against pilots, Mr Healey replied: “This is the first time we’ve had this action from Yantar directed against the British RAF.
“We take it extremely seriously. I’ve changed the Navy’s rules of engagement so that we can follow more closely, monitor more closely, the activities of the Yantar when it’s in our wider waters. We have military options ready.”
Mr Healey added that the last time the Yantar was in UK waters, the British military surfaced a nuclear-powered attack submarine close to the ship “that they did not know was there”.
The German city of Karlsruhe is setting an example for sustainability in waste management by deploying a fleet of 18 Mercedes-Benz eEconic electric garbage trucks that are helping make the streets cleaner, quieter, and a lot less stinky.
Since the end of September, the city of Karlsruhe has been relying on Mercedes’ fully electric waste collection vehicles throughout, with none of the area-specific restrictions or limited rollout strategies for one or two trucks at a time that typically accompany stories like these. Instead, the city is using the Mercedes eEconics for the same stuff they’d use the diesel versions for: residual waste disposal, paper collection, and bulky waste collection.
Normal garbage duty, in other words. And, in such daily use, they do a great job. The trucks cover an average route distance of around 80 km (about 50 miles) on 112 kWh battery packs (usable capacity is ~97 kWh) which can be reliably completed in single-shift operation without intermediate charging — thanks, in part, to Mercedes’ efficient electric motors and regenerative braking that shines in the trucks’ typical stop-and-go duty cycles.
More than a single shift, in fact. The fleet managers report that after “a good 80 kilometers with around 60 stops on its daily route,” energy consumption was only around 35% of the battery capacity, meaning the charge level dropped from 100% to 65% and 64% respectively.
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At the same time, CO₂ emissions are significantly reduced: depending on the area of application, each eEconic can save between 150 and 170 tons of CO₂ per year. This results in a total potential annual saving of around 1,200 tons of CO₂ emissions.
The purchase of the electric vehicles was funded by the Federal Ministry of Transport (BMV) as part of the guideline on the promotion of light and heavy commercial vehicles with alternative, climate-friendly drives and the associated refueling and charging infrastructure (KsNI). The funding guideline was coordinated by NOW GmbH, and applications were approved by the Federal Office for Logistics and Mobility.
Electrek’s Take
Look, you know me. There is absolutely ZERO chance that I’ll be able to remain objective about anything that’s putting down more than four thousand lb-ft of torque. Make that thing quieter, cleaner, and generally better for me and my community, and there’s even less of a chance of me saying anything critical about it.
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