Table of Contents

CertificationPursuant to Section 302

EXHIBIT 31.1

I, ThomasW. Jasper, Chief Executive Officer of Primus Guaranty, Ltd. certifythat:

1.    I have reviewed this Quarterly Report on Form 10-Qof Primus Guaranty, Ltd.;

2.    Based on my knowledge, thisreport does not contain any untrue statement of a material fact or omitto state a material fact necessary to make the statements made, inlight of the circumstances under which such statements were made, notmisleading with respect to the period covered by thisreport;

3.    Based on my knowledge, the financial statements,and other financial information included in this report, fairly presentin all material respects the financial condition, results of operationsand cash flows of the registrant as of, and for, the periods presentedin this report;

4.    The registrant's other certifyingofficer and I are responsible for establishing and maintainingdisclosure controls and procedures (as defined in Exchange Act Rules13a-15(e) and 15d-15(e)) and internal control over financial reporting(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for theregistrant and have:

a)    Designed such disclosurecontrols and procedures, or caused such disclosure controls andprocedures to be designed under our supervision, to ensure thatmaterial information relating to the registrant, including itsconsolidated subsidiaries, is made known to us by others within thoseentities, particularly during the period in which this report is beingprepared;

b)    Designed such internal control over financial reporting, orcaused such internal control over financial reporting to be designedunder our supervision, to provide reasonable assurance regarding thereliability of financial reporting and in the preparation of financialstatements for external purposes in accordance with generally acceptedaccounting principles;

c)    Evaluated theeffectiveness of the registrant's disclosure controls andprocedures, and presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of the endof the period covered by this report based on such evaluation;and

d)    Disclosed in this report any change in theregistrant's internal control over financial reporting thatoccurred during the registrant's most recent fiscal quarter (theregistrant’s fourth fiscal quarter in the case of an annualreport) that has materially affected, or is reasonably likely tomaterially affect, the registrant's internal control overfinancial reporting; and

5.    The registrant's othercertifying officer and I have disclosed, based on our most recentevaluation of internal control over financial reporting, to theregistrant's auditors and the audit committee of theregistrant's board of directors (or persons performing theequivalent functions):

a)    All significantdeficiencies and material weaknesses in the design or operation ofinternal control over financial reporting which are reasonably likelyto adversely affect the registrant's ability to record, process,summarize, and report financial information;and

b)    Any fraud, whether or not material, thatinvolves management or other employees who have a significant role inthe registrant's internal control over financialreporting.

Date: August 9,2006

|  | By:    /s/ Thomas W.Jasper                 |
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|  | Name: Thomas W. Jasper Title: ChiefExecutive Officer |
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