Chubb Limited (NASDAQ: CB) witnessed a notable surge in its stock value on Wednesday, spurred by revelations of a significant investment by a prominent entity. The stock appreciated 8.31% in after-hours trading to close at $274.00 after finishing at $252.97 steadily during the regular session.

Berkshire Hathaway Reveals Large Holding In Chubb

Berkshire Hathaway, the well-known company run by Warren Buffett, revealed a large investment in Chubb (CB), bringing an investment project that had been hidden since last year to a close. The information surfaced in a Securities and Exchange Commission (SEC) filing, exposing Berkshire's purchase of over 26 million Chubb shares in the first quarter at a price of roughly $6.7 billion. In previous filings, Berkshire Hathaway has requested "confidential treatment" from the SEC in an effort to carefully protect this stance from public scrutiny.

Chubb Faces Implications Of Bridge Collapse

In a separate development of significance, Chubb, a notable insurer of Baltimore's Francis Scott Key Bridge, recently entered into an agreement to disburse $350 million to the state of Maryland, marking a pivotal development in the aftermath of the bridge's collapse in March.

The impending authorization of this payment, expected in the ensuing weeks as confirmed by a spokesperson for WTW, the broker overseeing the bridge's insurance policy, signifies the initial step in what analysts project to be a series of substantial payouts stemming from the catastrophic incident.

With estimates suggesting potential insurer liabilities amounting to as much as $4 billion, this incident stands poised to register as a record loss within the realm of shipping insurance. The catastrophic incident, which claimed six lives, happened after the famous bridge and a container ship flying the Singaporean flag collided.

Due of the incident's seriousness, the FBI opened a criminal investigation and one of the busiest ports in the country had to close. According to reports, Chubb, Maryland, and the families of the deceased are prepared to take legal action against the ship's owner and other involved parties in an effort to lessen the financial impact of the accident.