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 overfinancial reporting, or caused such internal control over financialreporting to be designed under our supervision, to provide reasonableassurance regarding the reliability of financial reporting and in thepreparation of financial statements for external purposes in accordancewith generally accepted accounting principles;

c)    Evaluated the effectiveness of theregistrant's disclosure controls and procedures, and presented inthis report our conclusions about the effectiveness of the disclosurecontrols and procedures, as of the end of the period covered by thisreport based on such evaluation; and

d)    Disclosed inthis report any change in the registrant's internal control overfinancial reporting that occurred during the registrant's mostrecent fiscal quarter (the registrant’s fourth fiscal quarter inthe case of an annual report) that has materially affected, or isreasonably likely to materially affect, the registrant's internalcontrol over financial reporting; and

5.    Theregistrant's other certifying officer and I have disclosed, basedon our most recent evaluation of internal control over financialreporting, to the registrant's auditors and the audit committeeof the registrant'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: November 8,2006

|  | By:    /s/ Thomas W.Jasper                 |
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|  | Name:Thomas W. JasperTitle: Chief ExecutiveOfficer |
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