From CNBC: 2024-05-15 16:25:45

Warren Buffett disclosed his latest stock pick, Chubb, during the Berkshire Hathaway Annual Shareholders Meeting. Berkshire Hathaway purchased nearly 26 million shares of Chubb for $6.7 billion, making it the conglomerate’s ninth largest holding. The CEO of Chubb, Evan Greenberg, is the son of Maurice Greenberg, former AIG CEO.

Chubb’s shares surged 7% in after-hours trading following news of Berkshire’s stake. Berkshire has been acquiring a mystery stock for three consecutive quarters, keeping it confidential. Speculation suggests it could be a bank stock, considering Berkshire’s increased investments in banks and finance holdings.

Berkshire’s request for confidential treatment is rare, last requested when purchasing Chevron and Verizon in 2020. Stay tuned for further updates on this developing story.

Read more: Warren Buffett’s Berkshire Hathaway reveals insurer Chubb as confidential stock it’s been buying