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Berkshire Hathaway’s $6.7 Billion Investment Propels Chubb Shares to New High
May 16, 2024 8:22 PM - Davit Kirakosyan(Last modified: May 17, 2024 2:15 AM)
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Warren Buffett's Berkshire Hathaway (NYSE:BRK-B) disclosed on Wednesday that it had acquired a $6.72 billion stake in Chubb (NYSE:CB), propelling the insurer's shares to a 52-week high intra-day today. The filing revealed that as of March 31, Berkshire owned 25.9 million shares in Chubb.
Berkshire began purchasing Chubb shares in the third quarter of 2023 and had received SEC permission to temporarily keep the acquisition confidential. Similar permissions were granted for Berkshire’s investments in Chevron, Exxon Mobil, IBM, and Verizon.
Chubb reported strong earnings in the first quarter of 2024, with gross premiums exceeding $14 billion and net income rising to $5.23 billion from $4.54 billion the previous year.
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