Perseus Mining Shares Jump As Buyback Expanded to A$150 Million

The Doctors Company completed its $1.3 billion cash acquisition of ProAssurance, buying all outstanding shares for $25 each and making ProAssurance a wholly owned subsidiary. The combined insurer will have about $12 billion in assets and coverage for 200,000+ healthcare professionals. The deal follows seven straight years of rising malpractice premiums, with AM Best saying it should not change either firm’s A (Excellent) rating.

Prudential shares rose 4% to 963p after UBS said the insurer’s sell-off reflects a worst-case scenario tied to potential China-to-Hong Kong insurance flow risks. UBS estimated 17% of group new business profit comes from mainland Chinese customers and modeled an 11–18% valuation downside, but said it is already priced in. UBS reiterated a buy rating and 1,470p target. HSBC and Standard Chartered also gained.

Argus downgraded Prudential Financial (PRU) to Hold from Buy on June 9, citing ongoing challenges in Japan. Prudential said it will extend the suspension of new Japan sales by 180 days after a prior 90-day pause. Argus noted long-term above-average ROE and a ~5.4% dividend yield, and said it could upgrade with more clarity. In Q1 2026, PRU reported retail annuity sales over $3B, $1.4B in PRT deals, and after-tax adjusted operating income of ~$1.3B ($3.61/share).

FTSE 100 ended up 28 points at 10,360, helped by gains in RELX and LSEG. Prudential, Standard Chartered and HSBC fell on reports of Beijing curbs on capital flows, including tighter offshore account rules. Oil eased after an Israel–Lebanon ceasefire. In the US, Broadcom’s earnings drove Nasdaq lower; US jobless claims rose 225,000 and Challenger cutbacks hit 97,006.

The FTSE 100 rose 0.3% to 10,360.32 as oil weakness weighed on majors less than expected; Brent fell to $94.88/bbl. Asia-focused banks and insurers dropped after a report said mainland residents face tighter limits opening offshore accounts in Hong Kong. Prudential fell 7.2%, HSBC 2.2%, Standard Chartered 3.2%. Broadcom sank 14% despite record results.

Shares in HSBC, AIA, Standard Chartered and Prudential fell after reports that Hong Kong banks are tightening checks on mainland Chinese clients opening savings and investment accounts. The South China Morning Post said Bank of East Asia’s Shanghai branch paused such account openings, while HSBC said deposits into investment accounts must meet Hong Kong rules. Prudential dropped over 8%, AIA 6.8%, Standard Chartered up to 7%, HSBC over 5% by London morning.