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Berkshire Hathaway continues Marsh McLennan sell-off, holds Aon level

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Berkshire Hathaway reduced its shareholding in Marsh McLennan by 35% during the third quarter, as the Warren Buffet-led business continued to sell down across its portfolio, an analyst note from Morgan Stanley shows.

Berkshire sold 1.45 million Marsh McLennan shares during Q3, reducing its holding from 4.2 million shares to 2.74 million shares.

The move followed a sell-off of 1.1 million Marsh McLennan shares in the second quarter. The value of its Marsh McLennan stake now stands at $456mn, based on yesterday’s closing price of $166.42 on the London Stock Exchange.

Berkshire retained its stake in rival broker Aon at the same level during the quarter.

Analysts from Morgan Stanley noted that Berkshire “continued to keep capital on the sideline” during the quarter, as market valuations continue to rise.

It has been executing a programme of share repurchase, having bought $20.2mn of its own stock so far this year.

The company’s P&C operations fell to a $717mn underwriting loss during the quarter, due largely to a $1.7bn catastrophe claims bill stemming from Hurricane Ida and European flooding.

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