Billionaire Warren Buffett’s company, Berkshire Hathaway, announced the acquisition of shares in the American insurer Chubb Ltd. They increased their stake in the project for about six months and now have 6.44% of the shares. It ranked ninth in terms of share in Berkshire’s investment portfolio.
Subscribe to RB.RU on Telegram
Buffett’s company accounts showed the acquisition, but no one knew what the expense was. Investors assumed it could be a large bank. A similar scheme was used four years ago when acquiring the assets of Chevron Corp. and Verizon Communications. CNBC writes about this.
As for Chubb Ltd., the corporation is engaged in property and casualty insurance. It was created in 2016. CEO Evan Greenberg is the son of Maurice Greenberg, former chairman and CEO of American International Group (AIG), a company that is one of the world’s leaders in personal and property insurance.
After the news of Berkshire’s purchase of the company’s shares, Chubb’s shares rose in price by 8.3% and in the last four months the insurer’s capitalization grew by 12% and reached almost 103 billion of dollars.
Previously, Elon Musk gave advice to Warren Buffett on investing in Tesla. He called it an obvious step.
Author:
Nikolai Tikhonov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
