ASX 200 LIVE: Australian shares to rise, S&P 500 resets record high on April CPI data

Warren Buffett’s Berkshire Hathaway unveiled a $US6.7 billion stake in insurer Chubb, ending months of suspense over its mystery position in a financial firm, previously kept concealed in regulatory filings. Berkshire disclosed the holding in a filing on Wednesday, reflecting its positions at the end of the first quarter.

” Chubb stock jumped in after-hours trading, adding as much as 9.9 per cent. Buffett’s Berkshire is deeply familiar with the insurance industry, owning a range of companies including Geico and National Indemnity. The billionaire investor has called Berkshire’s property-casualty insurance operation the “core” of the conglomerate, helping generate “float” that can then be reinvested. The conglomerate has also invested in other businesses in the insurance industry.

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