Warren Buffett Finally Reveals the Mysterious Company He’s Invested Billions of Dollars in

(CNN) — Mystery solved: Warren Buffett’s Berkshire Hathaway has revealed a large stake in insurance company Chubb, finally revealing an investment it has kept secret since last year.

Berkshire said it bought nearly 26 million Chubb shares on Wednesday in a filing with the Securities and Exchange Commission to report the company’s first-quarter investments. This equates to a cost of approximately $6.7 billion.

Buffett’s company hid this position from the public when creating the stock, requesting “confidential treatment” from the SEC in previous filings.

Chubb, an insurance company with operations in 54 countries, made headlines in March after the company upheld President Donald Trump’s nearly $92 million appeal bond in E. Jean Carroll’s defamation lawsuit.

Buffett, the Berkshire chief executive known for his investing prowess, has amassed a significant following that mimics his portfolio’s moves. Berkshire Hathaway’s stake in Chubb is no exception. Chubb shares were up more than 8% in after-hours trading Wednesday.

Buffett’s bet on Chubb is familiar territory: Insurance companies Geico, National Indemnity and General Re are subsidiaries of Berkshire Hathaway.

The Chubb investment underscores Berkshire Hathaway’s investment strategy over the past few months. He appears to have doubled down on his bets on financial services companies such as Ally Financial, American Express and Bank of America while cutting back on investments in consumer goods.

In February, Berkshire said it sold 10 million Apple shares in the first three months of the year, although Apple remains Berkshire’s largest investment. Berkshire also sold 80 million shares of printer company HP in the fourth quarter of 2023, reducing its holdings by 78%.

CNN’s Nicole Goodkind contributed to this report.