Billionaire #WarrenBuffett is shifting his investment focus after reducing his stakes in U.S. banks. He has sold $10.5 billion of #BerkshireHathaway 's shares in Bank of America and exited positions in #JPMorgan Chase and #WellsFargo . Now, Buffett is investing in Chubb, a leading global property and casualty insurance company, with $7.8 billion allocated as of June 30. The insurance sector is seeing improved profitability due to rising premiums and reduced claims costs, despite challenges like climate-related losses. #Chubb 's stock has risen 22% this year, with a recent quarterly net income of $2.32 billion, a 13.8% increase.