Buffett’s Berkshire acquires a stake in an insurance company for $6.7 billion

Berkshire Hathaway Group, for its CEO, American billionaire Warren Buffett, bought about 26 million shares in Zurich-based Chubb for a stake worth $6.7 billion.

The property and casualty insurer became Berkshire’s ninth-largest company at the end of March

After the deal was announced, Chubb shares jumped nearly 7% in after-hours trading on Wall Street. Thus, the stock has risen about 12% since the beginning of the year until now.