Earlier this year, Warren Buffett’s Berkshire Hathaway ($BRK.A) asked the SEC to keep one of its new positions a secret — a move that kept Wall Street and his hoards of disciples guessing. Now, we know. Berkshire unveiled a $6.7B stake in insurance titan ChubbCB

on Wednesday, representing a 6.1% ownership stake in the company at the close of Q1.

• Chubb is Buffett’s latest venture into the insurance sector, where Berkshire already holds significant influence through subsidiaries like GEICO, National Indemnity, and General Re.
• The global insurer, operating in 54 countries, replaced two imperiled insurance firms Buffett sold in Q4 — Markel GroupMKL
  and Globe LifeGL
  .

Pivot towards financials: In recent months, Buffett has been reducing his stakes in consumer giants such as AppleAAPL

and HPHPQ

while increasing investments in inflation-resistant financial firms. Berkshire has “doubled down” on names like Ally FinancialALLY

, American ExpressAXP

, and Bank of AmericaBAC

. With the addition of Chubb, Berkshire continues that theme by gaining greater exposure to the increasingly pricey (but necessary) insurance business. Following the news of Berkshire’s stake, Chubb’s stock surged over 6%.