Warren Buffet’s Berkshire Hathaway has revealed a US$6.7 billion stake in insurance giant Chubb Ltd (NYSE:CB).
Having been buying into the New York-listed insurer since last year, Berkshire’s 6.4% stake was unveiled in regulatory filings on Wednesday.
Berkshire had been allowed to keep the position confidential by regulators, with the news leading Chubb shares to spike early on Thursday.
The move from Berkshire further toward financial services comes as its cash pile has grown through trimming down stakes in the likes of Apple Inc (NASDAQ:AAPL, ETR:APC).
As of the first quarter, Berkshire’s cash position sat at a record US$189 billion.
Berkshire has previously shown interest in the financial services sector under Buffet, including through stakes in Mastercard Inc (NYSE:MA) and Bank of America Corp (NYSE:BAC).
Buffet, who is 93, has also appeared to be preparing Berkshire for when he has left, with news of the Chubb stake coming after he said chair Greg Abel would have final say on investments earlier this month.