Free Trial

Warren Buffett Finally Reveals What Mystery Company Got a $6.7 Billion Investment from Berkshire Hathaway

Warren Buffett's Berkshire Hathaway has been mysteriously investing millions of dollars into an anonymous company for two quarters — but now, thanks to a new filing with the U.S. Securities and Exchange Commission, the mystery has been solved.

A Wednesday filing revealed that Berkshire has purchased 26 million shares of insurance company, Chubb, an estimated $6.7 billion stake.

The Swiss insurance giant was acquired by Ace Limited for $29.5 billion in 2016, combining the two companies under the Chubb name.

Chubb had an exceptionally strong Q1 2024, with net income up 13.3% to $2.14 billion and core operating income up 20.3% to $2.22 billion.

Related: 'I'm Smarter Now...But Also Poorer': Warren Buffett Says Berkshire Hathaway Ditched Its Entire Stake in Paramount at a Big Loss

"We began the year with a simply excellent quarter," Chubb CEO Evan G. Greenberg said in an earnings release. "We produced double-digit premium revenue growth from across the globe with strong results in our commercial and consumer P&C and Asia life businesses."

The investment has been kept under wraps for two quarters after Berkshire Hathaway was granted special permission to do so, something that the company has done previously after purchasing stock in Chevron and Verizon in 2020.

This isn't Berkshire's first major investment in insurance — the conglomerate owns 100% of Geico, National Indemnity, and Gen Re.

Earlier this month, Berkshire Hathaway held its annual shareholder meeting in Omaha, Nebraska, where Buffett revealed that the company had offloaded its entire stake in Paramount at a loss.

Related: Warren Buffett Learned A Lot About His iPhone This Week

"I was 100% responsible for the Paramount decision," Buffett told attendees at the time. "It was 100% my decision, and we've sold it all, and we lost quite a bit of money. That happens in this business."

Presumably, thanks to Buffett's seal of approval, Chubb was up over 4.3% in a 24-hour period and over 32% in a one-year period as of Thursday morning.

→ President Reagan's Final Warning (From Behind the Markets) (Ad)

Should you invest $1,000 in Berkshire Hathaway right now?

Before you consider Berkshire Hathaway, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Berkshire Hathaway wasn't on the list.

While Berkshire Hathaway currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

10 Best Stocks to Own in 2024 Cover

Click the link below and we'll send you MarketBeat's list of the 10 best stocks to own in 2024 and why they should be in your portfolio.

Get This Free Report
Like this article? Share it with a colleague.

Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Berkshire Hathaway (BRK.A)
0.206 of 5 stars
0.21 / 5 stars
Berkshire Hathaway (BRK-A)
0 of 5 stars
0.00 / 5 stars
Berkshire Hathaway (BRK-B)
0 of 5 stars
0.00 / 5 stars
Compare These Stocks  Add These Stocks to My Watchlist 

Featured Articles and Offers

Recent Videos

Opportunities Arise as Stock Market Rotates from Big Tech
3 Top Market Leaders Splitting Their Stocks
How to Navigate Stock Downgrades

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines