PRIMUS A Bermuda Company. News Financial Reporting Proxy Statements Quarterly Earnings SEC Stock Tax Contacts PRIMUS News NOTICE OF FIRST AND FINAL DISTRIBUTION TO SHAREHOLDERS January 9, 2020 Notice is given that Primus Guaranty, Ltd. (In Members’ Voluntary Liquidation) (“the Company”), hereby declares a first and final distribution to the shareholders of the Company, effective on 24 December 2019. This proposed first and final distribution is at the rate of US$0.149 or 14.9 cents per share amounting to a total distribution of US$3,177,602.03 less bank charges. In light of the recent change in Bermuda legislation regarding Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) laws, service providers are now required to obtain due diligence information and documentation. Therefore, all shareholders are required to complete the information in the information questionnaire and send it back to the Liquidator at CBCBMRestructuring@deloitte.com. For shareholders who own more than 10% of total shares (or 2,132,619 shares) in the Company, you are required to submit additional documents to the Liquidator. Please refer to the information questionnaire for more information. Kindly be advised that the offer expiration date is March 10, 2020 at 6:00PM (ADT) / 5:00 PM (EST). Note: Any unclaimed distributions to shareholders who holds shares through the Depository Trust Company will be transferred back to the Liquidator after the expiration date of March 10, 2020. Should you have any further queries on the above, please do not hesitate to contact us at CBCBMRestructuring@deloitte.com. Rachelle Frisby Power of attorney for Mark W.R. Smith, Liquidator of Primus Guaranty, Ltd. Shareholder Update December 3, 2019 Since the last update on 4 October 2019, the Liquidators’ team have completed the following items highlighted in previous updates: Consolidate funds from various bank accounts into one bank account; Make payments to service providers including liquidation expenses; With reference to item no. (ii) in the previous update - to assess whether a distribution from the Company to shareholders is a return of capital or dividend; Deloitte’s tax team will need to complete an Earnings &; Profits ('E&P') analysis from inception to date. It is important to determine the E&P for several reasons: If there is E&P, distributions to the U.S. shareholders from Primus Guaranty Ltd (PGL) could be treated as a dividend (thus taxable to the shareholders) If there is comfort that there is no E&P at the PGL level, then the distributions could be treated as a return of capital (not taxable). The E&P analysis would provide comfort to the shareholders and the entity on the correct treatment of distributions for corporate/individual tax returns. The Liquidators received a cost estimate for an E&P analysis of approximately $35,000 to $50,000, and a time frame of approximately 1-1.5 months to complete. As such, the Liquidator would like to invite all shareholders to vote for or against completion of the E&P analysis. If 50% or more of the total of all votes received agree to complete the E&P analysis, the Liquidators will proceed to instruct Deloitte’s tax team to carry out the analysis and will provide an update to all shareholders in due course. If an E&P analysis is not carried out, the shareholders of PGL will be responsible for determining the treatment of distributions on their tax returns, the liquidators will not be responsible for any tax implications raised by state and/or federal tax regulators on any audits performed on the shareholder. We should be grateful if you could submit your vote in writing to CBCBMrestructuring@ deloitte.com within the next 14 days. Shareholder Update October 4, 2019 The Liquidators’ team are in the process of: Consolidate funds from various bank accounts into one bank account; Coordinating with tax advisers on the tax impact of any distributions to shareholders (mainly comprised of U.S. residents) from the Company registered in Bermuda; Making payments to service providers including liquidation expenses; Preparing statutory documents for a first and final distribution and a final general meeting of the Company. The liquidators’ team is targeting to complete processes (i) to (iii) above before 30 November 2019. Note that the Liquidators have not received a response from investors on the claim against the Foreign Exchange Anti-Trust Settlement, as mentioned in the Shareholder Update of 2 April 2019. Shareholder Update April 2, 2019 The Liquidator’s team have been coordinating with the tax advisers, in order to file the tax return for period ended 31 December 2018. The PFIC statements are now publicly available. Creditors will recall that PFP has a claim against the Foreign Exchange Anti-Trust Settlement (the “FX Settlement” or “Settlement”) and we were advised that PFP’s claim remains under review by the claim administrator. On further investigation by the Liquidator’s team and based on the discussion with the claim administrator, the burden of proof to provide information on the claim falls on PFP. The Liquidator’s team has performed a review of the documentation and discussed the position with former directors of PFP on the quality and quantum of the documents to substantiate the claim. Giving due regard to the time it would takes to process the claim and the likely recovery to be received from the Settlement, the Liquidator is of the opinion that the cost of pursuing such a claim would outweigh any benefit to the investors. Accordingly, the Liquidator has formed the view to not continue pursuing this claim and proceed to a first and final dividend distribution to the investors. Should any investors wish to compel or fund the Liquidator to continue the pursuance of the Settlement, we should be grateful if you could put this in writing to CBCBMrestructuring@ deloitte.com within the next 30 days. In line with previous publications, there will be a first and final Liquidatior’s distribution of more than 10 cents per share to be declared. The exact quantum of the total distribution will be disclosed directly to shareholders in early course. Shareholder Update June 22, 2018 Since the update on 16 May 2018, the Liquidator has been cooperating with Citibank New York (“Citibank” or the “Bank”) who holds the cash accounts for Primus Asset Management, Inc. (“PAM”) and Primus Financial Products, LLC (“PFP”). Citibank is currently carrying out customer due diligence reviews (or CDD/Know Your Client (or KYC) processes) over certain of the PGL subsidiaries’ cash accounts. Based on its review, Citibank has required the Liquidator to provide KYC information and details regarding the Primus organization and certain of its underlying members and investors. Cooperation with the Bank is of paramount importance for the Liquidator to ensure continued access to and control of the PGL subsidiaries’ cash accounts for the ultimate benefit of PGL and its members and investors. Certain KYC/CDD information will have to be obtained from certain members/investors directly, and so the Liquidator will be reaching out to certain investors/members for such information. Once CDD/KYC requirements have been completely addressed by the Liquidator to the satisfaction of Citibank, the Liquidator’s team will move to coordinate with service providers in Delaware to close Primus Asset Management, Inc. (“PAM”) by voluntary winding up under Delaware law, subject to obtaining final tax clearance from local/state and federal tax authorities. Unfortunately, the Liquidator is unable to determine an estimated timeline at this stage regarding the distribution of the 10-cents per share interim dividend (which has been mentioned in the previous update) until Citibank is satisfied that its CDD/KYC requirements for PGL are completed and have been fully complied with. Regarding the status of Primus Financial Products, LLC’s (“PFP”) claim from the Foreign Exchange Anti-Trust Settlement (the “FX Settlement” or “Settlement”), based on an update in the FX Settlement website1, a Final Approval Hearing was held at 4:00 p.m. on May 23, 2018 at the United States District Court for the Southern District of New York. The Court ordered class counsel to submit additional data with respect to class participation in the settlements and other additional information by July 11, 2018. In the meantime, the Liquidator continues to follow up the status of PFP’s claim with the Claims Administrator. As of to date, we were advised that PFP’s claim remains under review. The Liquidator has been advised that once the claim is reviewed, the Liquidator will be alerted for any deficiencies and will be afforded thirty (30) days to provide any further data to validate the claim. The Claims Administrator advised that it may take a significant amount of time to fully process all claim forms. If PFP’s claim has been found to be in good standing, however, the Liquidator will then receive a Claim Assessment Notification (CAN) which will outline the calculation and quantum of PFP’s entitlement to the FX Settlement. The Claims Administrator had not provided the Liquidator any timeframe as to when the claims review will be concluded and when PFP’s CAN will be released. The Liquidator will provide further updates as soon as news are received and as soon as other matters unfold in the FX Settlement. More information about the Settlement is at www.fxantitrustsettlement.com. Shareholder Update May 16, 2018 16 May 2018 -- Hamilton, Bermuda -- Since the last update released on 5 January 2018, the sale of the remaining CLO note in Primus Asset Management, Inc. (PAM) has been finalized, and the proceeds of sale were received on 26 April 2018. The Liquidator has been coordinating with service providers in Delaware to close PAM by voluntary winding up under Delaware law. Subject to obtaining final tax clearance for PAM, the Liquidator estimates that the timeframe to complete the liquidation of PAM from commencement to dissolution will approximately take one month. The PGL liquidation will thereafter receive PAM funds in the form of a final dividend and will then make an interim distribution to PGL shareholders. Whilst the Liquidator does not anticipate to receive any claims by creditors against PAM, a creditor claim may impede the timing of the distribution of PAM funds to PGL, and eventually, of the interim distribution to PGL shareholders. Based on funds held on PAM, the Liquidator is initially considering an interim dividend to be distributed at 10 cents per share. On 9 March 2018, the Liquidator submitted the Claim Form of Primus Financial Products (PFP) (“Claim Form”) to the Settlement Administrator (the “Administrator”) of the Foreign Exchange Anti-Trust Settlement (the the “FX Settlement”). The Claim Form presented two (2) options in claiming under the Settlement, i.e., Option 1 (Estimated Claim option) and Option 2 (Documented Claim option). Under Option 1, the Administrator will estimate eligible transaction volume based on data submitted by Settling Defendants; Option 1 further applies to over-the-counter foreign exchange (“OTC FX”) transactions with any of the Settling Defendants. Under Option 2, data must be submitted by claimants to claim eligible transactions using an Administrator-approved electronic data template; thereafter, the Administrator will estimate the claimant’s eligible transaction volume using the data received. Option 2 applies to exchange-traded transactions (such as futures/options). As PFP transacted OTC FX periodically with one of the Settling Defendants from 2009 based on an inquiry with a former officer in PFP, the Claim Form was submitted under Option 1. As Option 1 provides for the Administrator to estimate PFP’s eligible transaction volume based on data by the Settling Defendants, the amount of PFP’s claim is unknown/uncertain at this time. (See also further below regarding Claims Assessment Notifications.) Given the huge volume of FX transacted each day relative to the amount of OTC FX transactions PFP undertook with one Settling Defendant, PFP’s entitlement to the Settlement, if any, may not be significant. The Fairness Hearing on the Settlement remains as originally scheduled on 23 May 2018 in which the District Court of the Southern District of New York will decide whether to approve the Settlement, to approve the plan of distribution and requests for fees and litigation costs in connection with the Settlement. The Liquidator is unable to provide an estimated timeline for the conclusion on this matter as some variables remain uncertain, including the time for the Court to hand down its decision after the Fairness Hearing, whether or not that decision will be appealed, and any appeals put forward against the decision made by the Administrator on any of the claims. Because of its adjustments to the original deadlines, the Administrator has moved the dissemination of Claim Assessment Notifications (“CAN”)1 to respective Claimants to 31 May 2018. Once available, the Liquidator will review the decision of the Claims Administrator and may take appropriate action under the circumstances. We will revert to shareholders with a further update once the Court has handed down its decision after the Fairness Hearing and as soon as the Administrator’s position regarding PFP’s claim on the Settlement becomes clear. 1 The CAN will contain PFP eligible participation amount and the basis for the Administrator’s calculations of the same. More information about the Settlement is at www.fxantitrustsettlement.com. PRIMUS TAX INFORMATION (PFIC) IS NOW AVAILABLE April 12, 2018 Primus Guaranty, Ltd. has posted the 2017 PFIC tax statement to its web site. The statement can be found under the 'Tax' tab. Download PDF Liquidators Update January 5, 2018 Since the last update released on 1 November 2017, the Liquidator has been working persistently with the CLO purchaser to finalise the sale of the remaining CLO note, which currently resides in Primus Asset Management Inc. (“PAM”). In the early and towards the middle stages of the closing process, there was reluctance from the CLO purchaser to disclose certain confidential information which were necessary for the completion and execution of the sale agreement; some of which relates to due diligence (or KYC) documentation required under Bermuda law and other specific matters relating to the CLO note. After several meetings and discussions with the CLO purchaser and the CLO trustee, all parties (i.e., the CLO purchaser, the CLO trustee and transfer agent, and PAM) have now reached agreement in principle to push the sale forward and are ready to finalise and execute the necessary paperwork to effect the transfer of the note. The aim of all parties is to bring the CLO sale and purchase matter to a close within the next two weeks. Once the sale of the CLO is closed and sale proceeds are received, PGL (sole shareholder) will commence the voluntary winding up of PAM pursuant to Delaware law. Subject to confirmation with a Delaware solicitor/practitioner, the Liquidator initially estimates that the timeframe to complete the liquidation of PAM from commencement to dissolution will approximately take two months; this is mainly due to statutory notice requirements required under Delaware law. Once the voluntary winding up of PAM is completed, the Liquidator intends to make an interim distribution to PGL shareholders based on the funds received from the PAM liquidation in April 2018. Whilst the Liquidator does not anticipate to receive any claims by creditors against PAM, a creditor claim may impede the timing of the distribution of PAM funds to PGL, and subsequently, of the interim distribution to PGL shareholders. On 20 November 2017, the Liquidator received Notice regarding the Foreign Exchange Antitrust Litigation Case No. 13-cv-7789-LGS (the “Action”), whose proceedings are currently being heard in the US District Court for the Southern District of New York (the “Court”). The Action is a class action lawsuit brought by the Class Plaintiffs against the Defendants who have allegedly conspired to fix prices in the FX market in violation of Sections 1 and 3 of the Sherman Antitrust Act, 15 U.S.C. §§1, 3, and have allegedly manipulated the FX market in violation of the Commodity Exchange Act, 7 U.S.C. §§1, et seq. through a number of different means for FX instruments trades between 1 January 2003 and 15 December 2015. It is alleged that, as a result of this conduct, members of the Settlement Classes paid supra-competitive prices for FX transactions. The Settling Defendants (which consist of 15 banks and financial institutions) have agreed to pay a total of $2,310,275,000 (the “Settlement”), which the Claims Administrator anticipates will be no less than $1,894,425,500 after Court-approved costs, fees and expenses. According to the Notice, Primus Financial Products, LLC (“PFP”) may be a member of one of the Settlement Classes. In order to be eligible to participate in the Settlement, however, a valid claim form must be filed and accepted by the Claims Administrator on or before March 22, 2018. Thereafter, the Court will hold a Fairness Hearing on 23 May 2018 to decide whether or not to approve the Settlements and Plan of Distribution; accordingly, there may be appeals afterwards which can potentially take some time to conclude. As the claims submission process has just begun, the Claims Administrator is unable to advise on the likelihood of any appeals until the Fairness Hearing has concluded. In the interim between 22 March and 23 May, the Claims Administrator will begin disseminating Claim Assessment Notifications to respective Claimants, which will contain PFP’s eligible participation amount and the basis for the Claims Administrator’s calculations of the same.1 The Liquidator will, of course, review the decision of the Claims Administrator and may take appropriate action under the circumstances. Whilst the Liquidator is working to submit PFP’s formal settlement claim on the matter by deadline date, he is also assessing any potential costs that may be incurred mainly in gathering FX trading data from Primus’ source systems and in gathering source documentation in support of PFPs claim which may be required from him by the Claims Administrator. The Liquidator will provide further updates on the Settlement claim to PGL shareholders as soon as more information becomes available from the Claims Administrator. More information about the Settlement is at: www.fxantitrustsettlement.com Liquidators Update November 1, 2017 The Liquidator is still in the process of closing the sale of the CLO note. (See PDF below providing brief background on the sale of the CLO). Whilst the Liquidator has performed the requisite onboarding process on the CLO purchaser, the Liquidator had to comply with the purchasers extensive onboarding process, which attributed to the delay in moving the sale forward. The Liquidator will continue to work with the purchaser to progress the sale further and eventually close the same hopefully within this month. The remaining company inventory in the storage facility in New York, on the other hand, has been deemed to have nominal value and that it would cost the Company more to sell the items than the value that may be recovered from them. The Liquidator is working to have the inventory items securely discarded. Books and records of the Company retrieved onsite, however, will need to be maintained for a specified period pursuant to Bermuda law. The Liquidator estimates that the revised timeline for closing the CLO purchase will likely be on or before the end of November. The Liquidator estimates that he will be in a position to call for the final meeting of shareholders between December this year and early January next year, and to make the final distribution to shareholders by the middle of January after statutory requirements, subsequent to the final meeting, are met. Download PDF Liquidators Update July 28, 2017 The Liquidator confirms that the second and final distribution from the CDS Class Action Settlement has been received last 21 July 2017, which totaled to about $17,000. Regarding the sale of the CLO note, the Liquidator has since found another interested purchaser and is now finalizing the documents for the sale and transfer of the CLO note investment to the purchaser of the note security. As the CLO note is a US restricted subordinated note and as the transfer would also involve the CLO trustee, the Liquidator estimates that it may take about 3 weeks to be able to fully close the sale and finalise the transfer. The Liquidator is also arranging to dispose of inventory (mostly office-related) remaining at a storage facility in New York. Once the transfer is complete and the inventory has been sorted out, the Liquidator will then immediately move to dissolve the two Primus subsidiaries at the same time in the states of Delaware and New York, and then call for a final general meeting for Primus Guaranty Ltd., which the Liquidator anticipates will be held in October. Based on the above, the Liquidator estimates that the final distribution to shareholders will likely be made sometime between the end of October and early November. [Note: The Liquidator’s latest unaudited financials for 2016 can be found in the Financial Reporting section. As they are unaudited, the financials may not conform with GAAP requirements.] Download PDF Liquidators Update May 18, 2017 Contingent upon the following, the Liquidator estimates that the issuance of a final distribution and the dissolution of Primus Guaranty, Ltd. (PGL) will be by end of September. Currently, matters pending in PGL’s liquidation are as follows— (a) Regarding the CDS Antitrust Settlement matter, the award payments of $106,798.10 and $124,893.46 have been received since the 9 January press release. The Settlement’s website indicates, however, that the possibility of a second payout may occur in the second quarter of 2017, which the Liquidator reckons could be by end of June. (b) The Liquidator and his team are still working to dispose of Primus Asset Management’s (PAM) position on its CLO investment. Unfortunately, after several exchanges of correspondence, the entity who initially had indicated interest in purchasing the investment did not come through with a formal offer. Since that time, the Liquidator and his team have been coordinating with the manager of the CLO to find another qualified institutional buyer (QIB) and/or to explore the possibility if the CLO would itself be willing to purchase PAM’s position. The Liquidator is aiming to have the CLO investment disposed of by the time the second payout from the CDS Settlement is released, which is anticipated to be by the end of June as mentioned. (c) Should the above materialize, the Liquidator could thereafter commence the dissolution of PGL’s subs (i.e., PAM and Primus Financial Products LLP) in July in the States of New York and Delaware, wherein each will entail final tax reporting with the IRS. Subject to both of the States’ statutory processes and timelines re the entities’ dissolution, the Liquidator estimates a final distribution to shareholders by end of September. PRIMUS TAX INFORMATION (PFIC) IS NOW AVAILABLE ON ITS WEB SITE April 11, 2017 Primus Guaranty, Ltd. has posted the 2016 PFIC tax statement to its web site. The statement can be found under the 'Tax' tab. Download PDF Update January 9th 2017 January 9, 2017 The Liquidator of Primus Guaranty, Ltd. (the “Company”) has received notice dated December 29, 2016 from the Administrator of the Credit Default Swaps (CDS) Antitrust Settlement (the “Settlement”) that the Company’s subsidiaries, Primus Financial Products LLC and PFP Eagle LLC (the “Subsidiaries”), have been awarded pro rata payments from the Settlement in the amounts of $106,798.10 and $124,893.46, respectively, pursuant to the Plan of Distribution In Re Credit Default Swaps Antitrust Litigation Settlements (Case No. 13-MD-2476-DLC) which was approved by the United States District Court for the Southern District of New York on April 18, 2016. Whilst the Administrator disclosed that payments were made to all eligible Class Members on December 28, 2016, the funds are yet to be received as of the date of this press release. The payments are approximately 10.21% of each of Primus Financial Products LLC and PFP Eagle LLC’s claims. Based on information from the Settlement’s website at www.cdsantitrustsettlement.com, the total amount for this distribution was $1.48-billion and that a portion of the funds was set aside as a reserve to cover Class Member appeals in the challenge process; the amount of the reserve was $120-million plus interest earned on the Settlement funds. The notice disclosed that the Subsidiaries will be entitled to a payment from such reserve, which will likely be made in the second quarter of 2017, if funds are available after all remaining appeals are resolved. If the entire $120-million will be distributed, the Liquidator anticipates that the second and final distribution to the Subsidiaries will be no more than approximately $18,000 in total. The Liquidator will continue to coordinate with the Administrator of the Settlement regarding the impending receipt of the award payments as well as its prospects of a second and final distribution. Update September 19th 2016 September 19, 2016 The following are the liquidator’s updates which relate to the two (2) outstanding asset matters since the previous press release. The matter regarding the return of the Patent to the parties who appear to have title to the Patent, has since been completed and resolved. Regarding the possible sale of the investment in CLO notes with a face value of $1.096 million (the “CLO investment”) in Primus Asset Management (“PAM”), we have since been in pursuit of an investment buyer interested in purchasing the investment from PAM. We await advice from the potential buyer regarding a firm offer to purchase the CLO investment. Additionally, it has been brought to the attention of the liquidator that Primus Financial Products, LLP (“PFP”), one of the Company’s subsidiaries, may be eligible as a claimant to a Class Action CDS Anti-Trust Settlement (the “Settlement”) which has an aggregate amount of $1.86 billion. We have worked with a former officer of the Company to submit a claim against the Settlement. The administrator of the Settlement informed that it is not clear yet how much PFP may be entitled to in the Settlement and when a decision on the claim will likely be made by the Federal District Court for the Southern District of New York. Whilst the above matters are being resolved, the liquidator is working to assign both the Settlement claim and the CLO investment from PFP and PAM (the “US entities”), respectively, to their parent, PGL, and then have the US entities liquidated and dissolved. We aim to complete the above assignment of assets by the end of October 2016. Update May 11th 2016 May 11, 2016 The Liquidators of Primus Guaranty, Ltd. (the “Company”) notifies shareholders that two (2) outstanding asset matters remain in relation to one of its subsidiaries, Primus Asset Management, Inc. (“PAM”) – (1) the possible sale of its investment in CLO notes with a face value of $1.096 million, and (2) the possible disposal of a Patent which was originally made out to those within the former Primus Corporate (the “Patent”), amongst other parties. The Liquidators have been coordinating with Deutsche Bank National Trust Company, the trustees of the CLO notes, to assist in finding potential Qualified Investment Buyers of the CLO notes. The Patent certificate was issued by the United States Patent Office for the design of a trading platform/system, which was originally intended to be operated and managed by PAM but such a system was never developed/materialised. As neither the Company nor PAM appears to have title to such Patent, the Liquidators have reached out to the original parties of the Patent and await their decision/confirmation to have the Patent returned. The Liquidators anticipate that these asset matters will be completely resolved by end of June 2016. PRIMUS TAX INFORMATION (PFIC) IS NOW AVAILABLE ON ITS WEB SITE March 31, 2016 Primus Guaranty, Ltd. has posted the 2015 PFIC tax statement to its web site. The statement can be found under the 'Tax' tab. Download PDF PRIMUS TAX INFORMATION (PFIC) IS NOW AVAILABLE ON ITS WEB SITE March 24, 2015 Primus Guaranty, Ltd. has posted the 2014 PFIC tax statement to its web site. The statement can be found under the 'Tax' tab. Download PDF PRIMUS GUARANTY, LTD. CONVENES SPECIAL GENERAL MEETING OF SHAREHOLDERS TO CONSIDER MEMBERS’ VOLUNTARY LIQUIDATION October 27, 2014 October 27, 2014 Hamilton, Bermuda – October 27, 2014 – Primus Guaranty, Ltd. (the “Company”) (OTC PINK:PRSG) today announced that its Board of Directors is convening a Special General Meeting of Shareholders for the purpose of seeking shareholder approval to wind up the Company by way of a members’ voluntary liquidation under the Companies Act 1981 of Bermuda. The Special General Meeting will be held on November 20, 2014 at 4:00 P.M., Eastern Time/5:00 P.M., Atlantic Time, at Deloitte, Ltd., Corner House, 20 Parliament Street, Hamilton HM 12, Bermuda. A copy of the Notice of Special General Meeting of Shareholders and the related Proxy Statement are available in the Investor Relations section of the Company’s Web site at www.primusguaranty.com as well as at www.envisionreports.com/prsg. These proxy materials are first being sent or given to shareholders of the Company on or about October 27, 2014. The record date for the Special General Meeting is October 22, 2014. Upon commencement of the voluntary liquidation, if approved by the shareholders, the Company’s stock transfer books, known under the Companies Act as the Register of Members, will be frozen, and the Company’s transfer agent will not record or recognize any subsequent assignments or transfers of the Company’s common shares, par value $0.08 per share (“Common Shares”) made by registered shareholders. Securities brokers, however, may continue to make a market for the Common Shares held in street name, and the Common Shares may continue to be traded in the over-the-counter market on an electronic bulletin board established for unlisted securities such as the OTC Markets Pink Sheets or the OTC Bulletin Board. There can be no assurance, however, that such trading will continue on the OTC Markets Pink Sheets, the OTC Bulletin Board, or otherwise. In addition, the market liquidity of the Common Shares may be reduced and, as a result, investors may find it more difficult to dispose of, or obtain accurate quotations for the price of, the Common Shares, if they are able to trade the Common Shares at all. The Company has adopted a Plan of Liquidation for U.S. Federal Income Tax Purposes and has, to date, made three partial liquidating distributions pursuant to such Plan aggregating $10.70 per Common Share. During the voluntary liquidation the Company may pay one or more additional distributions, including, at the completion of the voluntary liquidation, a final distribution to shareholders. However, the Company is unable to predict the amount or timing of any subsequent partial or final liquidating distribution, which will depend upon the expenses incurred by the Company, the timing of the resolution of matters for which the Company has established reserves, the amount to be paid in satisfaction of contingencies, and the Company’s ability to convert any remaining non-cash assets into cash, among other things. Download PDF PRIMUS GUARANTY, LTD. DECLARES DISTRIBUTION OF $1.45 PER COMMON SHARE September 29, 2014 September 29, 2014 Hamilton, Bermuda – September 29, 2014 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (OTC PINK:PRSG) today announced that its Board of Directors has declared a distribution of $1.45 per common share, payable October 21, 2014 to shareholders of record at the close of business on October 13, 2014. The distribution is being made pursuant to the Company’s Plan of Liquidation for U.S. Federal Income Tax Purposes (the “Plan of Tax Liquidation”) which was adopted in 2013 as the Company continues to implement its strategy of, among other things, seeking to return capital to shareholders. The Company believes that this distribution will be treated as a return of capital to a shareholder, to the extent of the shareholder's tax basis in its common shares, and thereafter as a capital gain, for U.S. federal income tax purposes. The Company urges all shareholders to consult their own tax advisors concerning their particular circumstances and the U.S. federal tax treatment of this distribution. By adopting the Plan of Tax Liquidation, the Company has taken no action to commence the winding up and/or liquidation of the Company under its Bye-Laws, the Bermuda Companies Act 1981, or any other Bermuda law. The Company believes that it is a “passive foreign investment company”, or PFIC, for U.S. federal income tax purposes, and consequently also urges shareholders to consult their tax advisors concerning their particular circumstances regarding their further acquisition, ownership, or disposition of the Company’s common shares. Further information regarding the Company’s PFIC status is available on the Investor Relations page of the Company’s Web site at www.primusguaranty.com. The Company notes that shareholders resident in the United States who own 1 percent or more of the Company’s common shares may have additional tax reporting to the U.S. Internal Revenue Service and accordingly such persons should consult their own tax advisors. The Company also notes that, as the distribution represents greater than 25 percent of the value of the Company’s common shares at the close of trading on September 29, 2014, investors are cautioned to check with their financial advisor or other market professional as to the announcement by the Financial Industry Regulatory Authority (FINRA) as to the ex-distribution date to be established by FINRA for this distribution. Download PDF PRIMUS GUARANTY, LTD, REPORTS SECOND QUARTER 2014 RESULTS July 30, 2014 July 30, 2014 Hamilton, Bermuda – July 30, 2014 – Primus Guaranty, Ltd. (“the Company”) (OTC PINK:PRSG) today announced its financial results for the second quarter ended June 30, 2014. § GAAP net income available to common shares for the second quarter 2014 was $2.3 million, or $0.11 per diluted share, compared with GAAP net income available to common shares of $16.4 million, or $0.65 per diluted share, for the second quarter 2013. § GAAP book value per common share was $1.82 at June 30, 2014, compared with GAAP book value per common share of $8.89 at December 31, 2013. The June 30, 2014 GAAP book value per common share reflects the $7.25 distribution per common share that was paid to shareholders in the second quarter 2014. § At June 30, 2014, the notional principal of Primus Financial Products, LLC’s consolidated credit swap portfolio totaled $300 million, compared with $3.3 billion at December 31, 2013. Additional Information A copy of this press release and a letter dated July 31, 2014 to the shareholders from Richard Claiden, Chief Executive Officer, are available in the Investor Relations section of the Company’s Web site at www.primusguaranty.com. About Primus Guaranty Primus Guaranty, Ltd. is a Bermuda company with offices in New York. Through its subsidiary, Primus Financial Products, LLC, the Company provides protection against the risk of default on primarily investment grade corporate reference entities. Its common shares trade on the OTC Pink Tier of the OTC market. Investors can find market information for the Company on www.otcmarkets.com. Download PDF PRIMUS GUARANTY, LTD. DECLARES DISTRIBUTION OF $7.25 PER COMMON SHARE June 06, 2014 June 06, 2014 Hamilton, Bermuda – June 6, 2014 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (OTC PINK:PRSG) today announced that its Board of Directors has declared a distribution of $7.25 per common share, payable June 26, 2014 to shareholders of record at the close of business on June 17, 2014. The aggregate distribution will total approximately $158 million based on 21,786,187 common shares outstanding on June 5, 2014. The distribution is being made pursuant to the Company’s Plan of Liquidation for U.S. Federal Income Tax Purposes (the “Plan of Tax Liquidation”) which was adopted in 2013 as the Company continues to implement its strategy of, among other things, seeking to return capital to shareholders. The Company believes that this distribution will be treated as a return of capital to a shareholder, to the extent of the shareholder's tax basis in its common shares, and thereafter as a capital gain, for U.S. federal income tax purposes. The Company urges all shareholders to consult their own tax advisors concerning their particular circumstances and the U.S. federal tax treatment of this distribution. By adopting the Plan of Tax Liquidation, the Company has taken no action to commence the winding up and/or liquidation of the Company under its Bye-Laws, the Bermuda Companies Act 1981, or any other Bermuda law. The Company believes that it is a “passive foreign investment company”, or PFIC, for U.S. federal income tax purposes, and consequently also urges shareholders to consult their tax advisors concerning their particular circumstances regarding their further acquisition, ownership, or disposition of the Company’s common shares. Further information regarding the Company’s PFIC status is available on the Investor Relations page of the Company’s Web site at www.primusguaranty.com. The Company notes that shareholders resident in the United States who own 1 percent or more of the Company’s common shares may have additional tax reporting to the U.S. Internal Revenue Service and accordingly such persons should consult their own tax advisors. The Company also notes that, as the distribution represents greater than 25 percent of the value of the Company’s common shares at the close of trading on June 5, 2014, investors are cautioned to check with their financial advisor or other market professional as to the announcement by the Financial Industry Regulatory Authority (FINRA) as to the ex-distribution date to be established by FINRA for this distribution. Download PDF PRIMUS GUARANTY, LTD. REPORTS FIRST QUARTER 2014 RESULTS May 12, 2014 May 12, 2014 Hamilton, Bermuda – May 12, 2014 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (OTC PINK:PRSG) today announced its financial results for the first quarter ended March 31, 2014. § GAAP net income available to common shares for the first quarter 2014 was $1.9 million, or $0.09 per diluted share, compared with GAAP net income available to common shares of $18.9 million, or $0.72 per diluted share, for the first quarter 2013. § Economic Results for the first quarter 2014 were $2.2 million, or $0.10 per diluted share, compared with Economic Results of $3.0 million, or $0.12 per diluted share, for the first quarter 2013. § GAAP book value per common share was $8.97 at March 31, 2014, compared with GAAP book value per common share of $8.89 at December 31, 2013. Economic Results book value per common share was $8.92 at March 31, 2014, compared with Economic Results book value per common share of $8.82 at December 31, 2013. § At March 31, 2014, the notional principal of Primus Financial Products, LLC (“Primus Financial”)’s consolidated credit swap portfolio totaled $3.0 billion, compared with $3.3 billion at December 31, 2013. Additional Information A copy of this press release, the Company’s financial supplement and the full year 2013 audited consolidated financial statements are available in the Investor Relations section of the Company’s Web site at www.primusguaranty.com. Also available on the Web site is a letter dated May 12, 2014 to the shareholders from Richard Claiden, Chief Executive Officer. Download PDF PRIMUS GUARANTY, LTD. REPORTS FOURTH QUARTER AND FULL YEAR 2013 RESULTS February 18, 2014 February 18, 2014 Hamilton, Bermuda – February 18, 2014 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (OTC PINK:PRSG) today announced its financial results for the fourth quarter and full year ended December 31, 2013. GAAP net income available to common shares for the fourth quarter 2013 was $4.8 million, or $0.22 per diluted share, compared with GAAP net income available to common shares of $59.5 million, or $2.23 per diluted share, for the fourth quarter 2012. GAAP net income available to common shares for the full year 2013 was $52.2 million, or $2.17 per diluted share, compared with a GAAP net income available to common shares of $432.4 million, or $14.41 per diluted share, for the full year 2012. GAAP net income from continuing operations for the full year 2013 primarily was attributable to net credit swap revenue of $54.6 million, which included unrealized gains in the fair value of Primus Financial Products, LLC (“Primus Financial”)’s consolidated credit swap portfolio of $39.5 million. GAAP net income from continuing operations for the full year 2012 primarily was attributable to net credit swap revenue of $439.0 million, which included unrealized gains in the fair value of Primus Financial’s consolidated credit swap portfolio of $415.0 million. Economic Results for the fourth quarter 2013 were $2.6 million, or $0.12 per diluted share. Economic Results for the full year 2013 were $12.8 million, or $0.53 per diluted share. The primary difference between GAAP net income and Economic Results is that changes in the fair value of Primus Financial’s consolidated credit swap portfolio are not included in Economic Results. Economic Results for the fourth quarter of 2012 were $6.3 million, or $0.25 per diluted share. Economic Results for the full year 2012 were $24.4 million, or $0.93 per diluted share. GAAP book value per common share was $8.89 at December 31, 2013, compared with GAAP book value per common share of $8.83 at December 31, 2012. Economic Results book value per common share was $8.82 at December 31, 2013, compared with Economic Results book value per common share of $10.19 at December 31, 2012. The December 31, 2013 GAAP and Economic Results book value per common share reflect the $2.00 distribution per common share that was paid in the fourth quarter 2013. At December 31, 2013, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $3.3 billion, compared with $4.1 billion at December 31, 2012. Additional Information A copy of this press release, the Company’s financial supplement and details on Primus Financial’s credit swap portfolio as of December 31, 2013, are available in the Investor Relations section of the Company’s Web site at www.primusguaranty.com. Also available on the Web site is a letter dated February 18, 2014 to the shareholders from Richard Claiden, Chief Executive Officer, and, on the Tax Information page of the Investor Relations section, the PFIC annual information statement for the tax year ended December 31, 2013 and an estimate of the Company’s 2014 PFIC income. Download PDF PRIMUS GUARANTY, LTD. REPORTS THIRD QUARTER 2013 RESULTS AND DECLARES DISTRIBUTION OF $2.00 PER COMMON SHARE November 08, 2013 November 08, 2013 Hamilton, Bermuda – November 8, 2013 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (OTC PINK:PRSG) today announced its financial results for the third quarter ended September 30, 2013. § GAAP net income available to common shares for the third quarter 2013 was $12.2 million, or $0.53 per diluted share, compared with GAAP net income available to common shares of $108.2 million, or $3.84 per diluted share, for the third quarter 2012. GAAP net income available to common shares for the third quarter 2013 substantially resulted from a net unrealized mark-to-market gain of $9.2 million on Primus Financial Products, LLC (“Primus Financial”)’s credit swap portfolio. § Economic Results for the third quarter 2013 were $3.0 million, or $0.13 per diluted share, compared with Economic Results of $3.5 million, or $0.12 per diluted share, for the third quarter 2012. The primary difference between GAAP net income and Economic Results is that changes in the fair value of Primus Financial’s credit swap portfolio are not included in Economic Results. § GAAP book value per common share was $10.67 at September 30, 2013, compared with GAAP book value per common share of $8.83 at December 31, 2012. § Economic Results book value per common share was $10.69 at September 30, 2013, compared with Economic Results book value per common share of $10.19 at December 31, 2012. Primus Financial’s remaining single name credit swaps matured in the third quarter of 2013. § At September 30, 2013, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $3.3 billion, compared with $4.1 billion at December 31, 2012. Plan of Tax Liquidation, Distribution Authorization and PFIC Matters The Company’s Board of Directors has adopted a Plan of Liquidation for U.S. Federal Income Tax Purposes (the “Plan of Tax Liquidation”) as the Company continues to implement its strategy of, among other things, seeking to return capital to shareholders. Under the Plan of Tax Liquidation, the Board of Directors has declared a distribution of $2.00 per common share, payable December 11, 2013 to shareholders of record at the close of business on November 13, 2013. The aggregate distribution will total approximately $43.6 million based on 21,786,406 common shares outstanding on November 7, 2013. The Company believes that this distribution will be treated as a return of capital to a shareholder, to the extent of the shareholder’s tax basis in its shares, and thereafter as a capital gain, for U.S. federal tax purposes. By adopting the Plan of Tax Liquidation, the Company has taken no action to commence the winding up and/or liquidation of the Company under its Bye-Laws, the Bermuda Companies Act 1981, or any other Bermuda law. The Company believes that it is a “passive foreign investment company”, or PFIC, for U.S federal income tax purposes, and urges all shareholders to consult their own tax advisors concerning their particular circumstances and the U.S. federal tax treatment of this distribution as well as their further acquisition, ownership, or disposition of the Company’s common shares. Further information regarding the Company’s PFIC status is available on the Investor Relations page of the Company’s Web site at www.primusguaranty.com. The Company notes also that shareholders resident in the United States who own 1 percent or more of the Company’s common shares may have additional tax reporting to the U.S. Internal Revenue Service and accordingly such persons should consult their own tax advisors. Given the reduction in the number of common shares outstanding and the projected maturities of Primus Financial’s credit swaps in 2013 and particularly 2014, the Company anticipates an increase in PFIC income per common share. Download PDF PRIMUS GUARANTY, LTD. REPORTS SECOND QUARTER 2013 RESULTS July 31, 2013 July 31, 2013 Hamilton, Bermuda – July 31, 2013 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (OTC PINK:PRSG) today announced its financial results for the second quarter ended June 30, 2013. GAAP net income available to common shares for the second quarter 2013 was $16.4 million, or $0.65 per diluted share, compared with GAAP net income available to common shares of $1.6 million, or $0.05 per diluted share, for the second quarter 2012. GAAP net income available to common shares for the second quarter 2013 substantially resulted from a net unrealized mark-to-market gain of $12.3 million on Primus Financial Products, LLC (“Primus Financial”)’s credit swap portfolio. Economic Results for the second quarter 2013 were $4.1 million, or $0.16 per diluted share, compared with Economic Results of $9.2 million, or $0.29 per diluted share, for the second quarter 2012. The primary difference between GAAP net income and Economic Results is that changes in the fair value of Primus Financial’s credit swap portfolio are not included in Economic Results. GAAP book value per common share was $10.10 at June 30, 2013, compared with GAAP book value per common share of $8.83 at December 31, 2012. Economic Results book value per common share was $10.48 at June 30, 2013, compared with Economic Results book value per common share of $10.19 at December 31, 2012. At June 30, 2013, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $3.4 billion, compared with $4.1 billion at December 31, 2012. During the second quarter of 2013, Primus Guaranty purchased 2 million of its common shares at a total cost of approximately $19 million and Primus Financial redeemed the remaining $77.4 million of its preferred securities at par. On July 30, 2013, the Company’s Board of Directors authorized an increase in the amount available for the purchase of the Company’s common shares to $25 million. Purchases will be made at management’s discretion. Additional Information A copy of this press release, the Company’s financial supplement, summary details of Primus Financial’s consolidated credit swap portfolio as of June 30, 2013, and a letter dated July 31, 2013 to the shareholders from Richard Claiden, Chief Executive Officer, are available in the Investor Relations section of the Company’s Web site at www.primusguaranty.com. Also available on the Web site are the results of the Company’s 2013 Annual General Meeting of Shareholders held on July 30, 2013. Economic Results In managing its business and assessing its profitability from a strategic and financial planning perspective, the Company believes it is appropriate to consider both its U.S. GAAP net income (loss) available to common shares as well as certain non-GAAP financial measures called “Economic Results”. We define Economic Results as GAAP net income (loss) available to common shares, adjusted as follows: Unrealized gains (losses) on credit swaps sold by Primus Financial are excluded from GAAP net income (loss) available to common shares; Realized gains from early termination of credit swaps sold by Primus Financial are excluded from GAAP net income (loss) available to common shares; Realized gains from early termination of credit swaps sold by Primus Financial are amortized over the period that would have been the remaining life of the credit swap. The amortized gain is included in Economic Results; and A net adjustment in provision for credit default swaps on asset-backed securities (“CDS on ABS”) credit events, upon termination or principal write-down of credit swaps, is included in Economic Results. The Company believes that quarterly fluctuations in the fair market value of Primus Financial’s consolidated credit swap portfolio have little or no effect on the Company's business operations and that Economic Results provides a useful, alternative view of the Company’s economic performance. Download PDF PRIMUS GUARANTY, LTD. REPORTS FIRST QUARTER 2013 RESULTS May 06, 2013 May 06, 2013 Hamilton, Bermuda – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (OTC PINK:PRSG) today announced its financial results for the first quarter ended March 31, 2013. GAAP net income available to common shares for the first quarter 2013 was $18.9 million, or $0.72 per diluted share, compared with GAAP net income available to common shares of $263.0 million, or $7.72 per diluted share, for the first quarter 2012. GAAP net income available to common shares for the first quarter 2013 substantially resulted from a net unrealized mark-to-market gain of $16.0 million on Primus Financial Products, LLC (“Primus Financial”)’s credit swap portfolio. Economic Results for the first quarter 2013 were $3.0 million, or $0.12 per diluted share, compared with Economic Results of $5.5 million, or $0.26 per diluted share, for the first quarter 2012. The primary difference between GAAP net income and Economic Results is that changes in the fair value of Primus Financial’s credit swap portfolio are not included in Economic Results. GAAP book value per common share was $9.50 at March 31, 2013, compared with GAAP book value per common share of $8.83 at December 31, 2012. Economic Results book value per common share was $10.29 at March 31, 2013, compared with Economic Results book value per common share of $10.19 at December 31, 2012. At March 31, 2013, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $3.5 billion, compared with $4.1 billion at December 31, 2012. During the first quarter of 2013, Primus Financial redeemed the remaining $57.7 million (face value) of its Subordinated Deferrable Interest Notes at par. Additional Information A copy of this press release, the Company’s financial supplement and the 2012 Audited Financial Statements are available in the Investor Relations section of the Company’s Web site at www.primusguaranty.com. Also available on the Web site is a letter dated May 6, 2013 to the shareholders from Richard Claiden, Chief Executive Officer. Download PDF PRIMUS TAX INFORMATION (PFIC) IS NOW AVAILABLE ON ITS WEB SITE March 15, 2013 March 15, 2013 Primus Guaranty, Ltd. has posted the 2012 PFIC tax statement to its Investor Relations section of its web site. The statement can be found under "Featured Reports" on the right-hand side of the Investor Relations webpage or under "Tax Information". Return to News PRIMUS GUARANTY, LTD. REPORTS FOURTH QUARTER AND FULL YEAR 2012 RESULTS February 14, 2013 February 14, 2013 Hamilton, Bermuda – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (OTC PINK:PRSG) today announced its financial results for the fourth quarter and full year ended December 31, 2012. GAAP net income available to common shares for the fourth quarter 2012 was $59.5 million, or $2.23 per diluted share, compared with GAAP net income available to common shares of $100.5 million, or $2.84 per diluted share, for the fourth quarter 2011. GAAP net income available to common shares for the full year 2012 was $432.4 million, or $14.41 per diluted share, compared with a GAAP net loss available to common shares of $(36.8) million, or $(1.00) per diluted share, for the full year 2011. GAAP net income from continuing operations for the full year 2012 primarily was attributable to net credit swap revenue of $439.0 million, which included unrealized gains in the fair value of Primus Financial Products, LLC (“Primus Financial”)’s credit swap portfolio of $415.0 million. GAAP net loss from continuing operations for the full year 2011 primarily was attributable to net credit swap revenue of $(39.0) million, which included unrealized losses in the fair value of Primus Financial’s credit swap portfolio of $(64.8) million. Economic Results for the fourth quarter 2012 were $6.3 million, or $0.25 per diluted share. Economic Results for the full year 2012 were $24.4 million, or $0.93 per diluted share. The primary difference between GAAP net income and Economic Results is that changes in the fair value of Primus Financial’s credit swap portfolio are not included in Economic Results. Economic Results for the fourth quarter 2011 were $12.4 million, or $0.35 per diluted share. Economic Results for the full year 2011 were $36.8 million, or $1.00 per diluted share. GAAP book value per common share was $8.83 at December 31, 2012, compared with GAAP book value per common share of $(4.18) at December 31, 2011. Economic Results book value per common share was $10.19 at December 31, 2012, compared with Economic Results book value per common share of $8.60 at December 31, 2011. At December 31, 2012, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $4.1 billion, compared with $8.1 billion at December 31, 2011. Buyback Update In the fourth quarter of 2012, Primus Guaranty purchased approximately 1.3 million of its common shares for an aggregate cost of approximately $10.5 million. During the fourth quarter of 2012, Primus Financial purchased $19.1 million (face value) of its Subordinated Deferrable Interest Notes at a cost of approximately $17.8 million. Subsequent Event During the first quarter of 2013, Primus Financial redeemed the remaining $57.7 million (face value) of its Subordinated Deferrable Interest Notes at par. Additional Information A copy of this press release, the Company’s financial supplement, and details on Primus Financial’s credit swap portfolio as of December 31, 2012, are available in the Investor Relations section of the Company’s Web site at www.primusguaranty.com. Also available on the Web site is a letter dated February 14, 2013 to the shareholders from Richard Claiden, Chief Executive Officer, and separately, a communication with certain important U.S. tax considerations for shareholders and investors. Download PDF PRIMUS GUARANTY, LTD. REPORTS THIRD QUARTER 2012 RESULTS November 02, 2012 November 02, 2012 Hamilton, Bermuda – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (OTC PINK:PRSG) today announced its financial results for the third quarter ended September 30, 2012. GAAP net income available to common shares for the third quarter 2012 was $108.2 million, or $3.84 per diluted share, compared with a GAAP net loss available to common shares of $283.1 million, or $7.76 per diluted share, for the third quarter 2011. Economic Results for the third quarter 2012 were $3.5 million, or $0.12 per diluted share, compared with Economic Results of $10.2 million, or $0.28 per diluted share, for the third quarter 2011. The primary difference between GAAP net income and Economic Results is that changes in the fair value of Primus Financial Products, LLC (“Primus Financial”)’s credit swap portfolio are not included in Economic Results. Economic Results book value per common share was $9.85 at September 30, 2012, compared with Economic Results book value per common share of $8.60 at December 31, 2011. At September 30, 2012, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $5.8 billion. Primus Guaranty redeemed the remaining $81.9 million (face value) of its 7% Senior Notes due 2036 at par on September 27, 2012. This resulted in an accelerated write-off of debt issuance costs of $2.3 million, which was recorded under “Interest expense” in the third quarter 2012. Primus Guaranty purchased approximately 1.3 million of its common shares for an aggregate cost of approximately $9.6 million in the third quarter 2012. Additional Information A copy of this press release, the financial supplement and a letter dated November 2, 2012 to the shareholders from Richard Claiden, Chief Executive Officer, are available in the Investor Relations section of the Company’s Web site at www.primusguaranty.com. Economic Results In managing its business and assessing its profitability from a strategic and financial planning perspective, the Company believes it is appropriate to consider both its U.S. GAAP net income (loss) available to common shares as well as certain non-GAAP financial measures called “Economic Results”. We define Economic Results as GAAP net income (loss) available to common shares, adjusted as follows: Unrealized gains (losses) on credit swaps sold by Primus Financial are excluded from GAAP net income (loss) available to common shares; Realized gains from early termination of credit swaps sold by Primus Financial are excluded from GAAP net income (loss) available to common shares; Realized gains from early termination of credit swaps sold by Primus Financial are amortized over the period that would have been the remaining life of the credit swap. The amortized gain is included in Economic Results; A provision for credit default swaps on asset-backed securities (“CDS on ABS”) credit events is included in Economic Results; and A reduction in provision for CDS on ABS credit events, upon termination or principal write-down of credit swaps, is included in Economic Results. The Company believes that quarterly fluctuations in the fair market value of Primus Financial’s consolidated credit swap portfolio have little or no effect on the Company's business operations and that Economic Results provides a useful, alternative view of the Company’s economic performance. Download PDF PRIMUS GUARANTY ANNOUNCES MANDATORY REDEMPTION August 24, 2012 August 24, 2012 Download PDF PRIMUS GUARANTY, LTD. REPORTS SECOND QUARTER 2012 RESULTS July 31, 2012 July 31, 2012 Hamilton, Bermuda – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (OTC PINK:PRSG) today announced its financial results for the second quarter ended June 30, 2012. GAAP net income available to common shares for the second quarter 2012 was $1.6 million, or $0.05 per diluted share, compared with GAAP net income available to common shares of $61.1 million, or $1.62 per diluted share, for the second quarter 2011. Economic Results for the second quarter 2012 were $9.2 million, or $0.29 per diluted share, compared with Economic Results of $5.4 million, or $0.14 per diluted share, for the second quarter 2011. The primary difference between GAAP net income and Economic Results is that changes in the fair value of Primus Financial Products, LLC (“Primus Financial”)’s credit swap portfolio are not included in Economic Results. Economic Results book value per common share was $9.61 at June 30, 2012, compared with Economic Results book value per common share of $8.60 at December 31, 2011. At June 30, 2012, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $7.4 billion. Buyback Authorization and Update On July 26, 2012, the Company’s Board of Directors authorized an additional expenditure of up to $25 million for the purchase of the Company’s common shares and/or 7% Senior Notes due 2036. Purchases will be made at management’s discretion. In the second quarter of 2012, Primus Guaranty purchased approximately 4.8 million of its common shares for an aggregate cost of approximately $34 million. Primus Guaranty also purchased $4 million (face value) of its 7% Senior Notes due 2036 at a cost of approximately $3.5 million. During the second quarter of 2012, Primus Financial purchased $5.4 million (face value) of its Subordinated Deferrable Interest Notes at a cost of approximately $4.6 million. Download PDF PRIMUS GUARANTY, LTD. REPORTS FIRST QUARTER 2012 RESULTS May 08, 2012 May 08, 2012 Hamilton, Bermuda – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (OTC PINK:PRSG) today announced its financial results for the first quarter ended March 31, 2012. GAAP net income available to common shares for the first quarter 2012 was $263.0 million, or $7.72 per diluted share, compared with GAAP net income available to common shares of $84.7 million, or $2.21 per diluted share, for the first quarter 2011. GAAP net income available to common shares for the first quarter 2012 substantially resulted from a net unrealized mark-to-market gain of $259.6 million on Primus Financial Products, LLC (“Primus Financial”)’s credit swap portfolio. Economic Results for the first quarter 2012 were $5.5 million, or $0.26 per diluted share, compared with Economic Results of $8.7 million, or $0.23 per diluted share, for the first quarter 2011. The primary difference between GAAP net income and Economic Results is that changes in the fair value of Primus Financial’s credit swap portfolio are not included in Economic Results. Economic Results book value per common share was $8.98 at March 31, 2012, compared with Economic Results book value per common share of $8.60 at December 31, 2011. At March 31, 2012, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $7.8 billion. Buyback Authorization and Update On May 1, 2012, the Company’s Board of Directors has authorized an additional expenditure of up to $50 million for the purchase of the Company’s common shares and/or 7% Senior Notes. Purchases will be made at management’s discretion. In the first quarter of 2012, Primus Guaranty purchased approximately 1.4 million of its common shares for an aggregate cost of approximately $8.4 million. Primus Guaranty also purchased $735 thousand (face value) of its 7% Senior Notes due 2036 at a cost of approximately $576 thousand. During the first quarter of 2012, Primus Financial purchased an aggregate of $12.2 million (face value) of its preferred securities at a cost of approximately $8.5 million. Primus Financial also purchased $1 million (face value) of its Subordinated Deferrable Interest Notes at a cost of $800 thousand. Download PDF PRIMUS GUARANTY, LTD. REPORTS FOURTH QUARTER AND FULL YEAR 2011 RESULTS EAR 2011 RESULTS February 16, 2012 February 16, 2012 Hamilton, Bermuda – February 16, 2012 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (OTC PINK:PRSG) today announced its financial results for the fourth quarter and full year ended December 31, 2011. § GAAP net income available to common shares for the fourth quarter 2011 was $100.5 million, or $2.84 per diluted share, compared with GAAP net income available to common shares of $128.3 million, or $3.30 per diluted share, for the fourth quarter 2010. GAAP net income available to common shares for the fourth quarter 2011 substantially resulted from a net unrealized mark-to-market gain of $88.3 million on Primus Financial Products, LLC (“Primus Financial”)’s credit swap portfolio. § GAAP net loss available to common shares for the full year 2011 was $(36.8) million, or $(1.00) per diluted share, compared with GAAP net income available to common shares of $255.5 million, or $6.33 per diluted share, for the full year 2010. GAAP net loss from continuing operations for the full year 2011 primarily was attributable to net credit swap revenue of $(39.0) million, which included unrealized losses in the fair value of Primus Financial’s credit swap portfolio of $(64.8) million. GAAP net income from continuing operations for the full year 2010 primarily was attributable to net credit swap revenue of $267.8 million, which included unrealized gains in the fair value of Primus Financial’s credit swap portfolio of $296.5 million. § Economic Results for the fourth quarter 2011 were $12.4 million, or $0.35 per diluted share. Economic Results for the full year 2011 were $36.8 million, or $1.00 per diluted share. The primary difference between GAAP net income and Economic Results is that changes in the fair value of Primus Financial’s credit swap portfolio are not included in Economic Results. Economic Results for the fourth quarter 2010 were $(4.8) million, or $(0.12) per diluted share. Economic Results for the full year 2010 were $(40.8) million, or $(1.01) per diluted share. § Economic Results book value per common share was $8.60 at December 31, 2011, compared with Economic Results book value per common share of $7.31 at December 31, 2010. § At December 31, 2011, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $8.1 billion. Other Information Effective December 27, 2011, Primus Guaranty’s counterparty exercised its right to terminate the $75 million notional principal interest rate swap. Earnings A copy of this press release, the financial supplement and details on Primus Financial Products, LLC’s credit swap portfolio as of December 31, 2011, are available in the Investor Relations section of the Company’s Web site at www.primusguaranty.com. Also available on the Web site is a letter dated February 16, 2012 to the shareholders from Richard Claiden, Chief Executive Officer. Download PDF PRIMUS GUARANTY, LTD. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2011 EARNINGS RELEASE DATE February 09, 2012 February 09, 2012 Hamilton, Bermuda – February 9, 2012 – Primus Guaranty, Ltd. (OTC PINK:PRSG) announced that its fourth quarter and full year 2011 earnings are scheduled for release prior to the market opening on Thursday, February 16, 2012. A copy of the earnings press release and the financial supplement will be available in the Investor Relations section of the company’s Web site, located at www.primusguaranty.com. Download PDF PRIMUS GUARANTY, LTD. ANNOUNCES NEW TICKER SYMBOLS December 20, 2011 December 20, 2011 Hamilton, Bermuda – December 20, 2011 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) today announced that, effective at the opening of trading, the Company’s common shares (“Shares”) will trade in the OTC Pink market under the ticker symbol PRSG and the Company’s 7% Senior Notes due 2036 (ISIN BMG724571150, CUSIP G72457115) (“Notes”) will trade over-thecounter with pricing information available under the TRACE bond symbol PRS.AD. Investors can find Real-Time Level 2 quotes and market information for the Company’s Shares on www.otcmarkets.com and pricing (expressed as percentage of the Notes’ $25 face value) and other information with respect to the Notes under the Market Data tab on www.finra.org/investors. Download PDF PRIMUS COMMENTS ON PMI CDS EXPOSURE November 30, 2011 November 30, 2011 Hamilton, Bermuda – November 30, 2011 – Primus Guaranty, Ltd. (the “Company”) (NYSE:PRS) today commented on certain aspects of the credit default swap (“CDS”) portfolio of Primus Financial Products, LLC (“Primus Financial”) related to the credit event announced on November 28, 2011 by International Swaps and Derivatives Association, Inc. Americas Determinations Committee involving The PMI Group, Inc. (“PMI”). Primus Financial had sold CDS protection on PMI in several of its bespoke tranche portfolios, which are not subject to first loss due to existing subordination levels. Primus Financial will not have to make cash settlement payments on its bespoke tranche transactions as a direct result of the PMI credit event. Download PDF Primus Guaranty, Ltd. Announces Intent to Voluntarily De-List and De-Register Its Common Shares and Senior Notes November 29, 2011 November 29, 2011 Hamilton, Bermuda – November 29, 2011 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS) today announced that its Board of Directors has approved the voluntary de-listing of its common shares (NYSE:PRS) (“Shares”), its Preferred Share Purchase Rights (“Rights”) and its 7% senior notes due 2036 (NYSE:PRD) (“Notes”) from the New York Stock Exchange and the voluntary de-registration of its Shares, Rights and Notes under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company expects to file its Annual Report on Form 10-K for the year ending December 31, 2011 in the first quarter of 2012 and thereafter cease filing reports with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s Board of Directors authorized the de-listing and de-registration of the Company’s Shares, Rights and Notes after concluding that the consequences of remaining an SEC-reporting company, including the costs associated with regulatory compliance, outweighed the current benefits of public company status to the Company and its securityholders. The Company’s Board of Directors believes that the expense reductions inherent in de-listing and de-registering its Shares, Rights and Notes will benefit the Company and its securityholders, and further the Company’s previously announced strategy of reducing its operating expenses. In deciding to voluntarily de-list and de-register the Shares, Rights and Notes, the Company’s Board of Directors considered several factors, including the following: the Company’s strategic plan of amortizing the credit swap portfolio of Primus Financial Products, LLC, containing expenses, and seeking to return capital to shareholders; the lack of an anticipated need to raise additional capital in the short term; the Company’s current and anticipated future operations, staffing, and compensation philosophy for employees; the significant costs, both direct and indirect, associated with the preparation and filing of Primus Guaranty’s periodic reports with the SEC and complying with the U.S. Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and other U.S. federal securities laws; and the potential impact of the de-registration and de-listing on Primus Guaranty’s shareholders and noteholders, creditors, and other key constituencies. The Company anticipates that following de-listing, its Shares, Rights and Notes will be quoted in the OTC Pink market, a centralized electronic quotation service for over-the-counter securities, so long as market makers demonstrate an interest in trading in the Company’s Shares, Rights and Notes. The Company can provide no assurance that trading in its Shares, Rights or Notes will continue in the OTC Pink or in any other forum. The Company will continue to prepare and present to shareholders audited annual financial statements in accordance with generally accepted auditing standards, as required by the Company’s Bye-Laws and the Companies Act, 1981 of Bermuda. The Company also intends to continue to produce unaudited quarterly interim condensed financial statements. The audited annual and unaudited interim quarterly financial statements, press releases and other information of interest to investors will continue to be available on its Web site at www.primusguaranty.com and are expected to be posted on the OTC Markets’ OTC Disclosure and News Service portal. The Company reserves the right to delay or withdraw its filings with the SEC for any reason prior to their effectiveness. Download PDF PRIMUS GUARANTY, LTD. REPORTS THIRD QUARTER 2011 GAAP NET LOSS AVAILABLE TO COMMON SHARES OF $283.1 MILLION AND ECONOMIC RESULTS OF $10.2 MILLION November 08, 2011 November 08, 2011 Hamilton, Bermuda – November 8, 2011 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS) today announced its financial results for the third quarter ended September 30, 2011. GAAP net loss available to common shares for the third quarter 2011 was $283.1 million, or $7.76 per diluted share, compared with GAAP net income available to common shares of $229.0 million, or $5.72 per diluted share, for the third quarter 2010. GAAP net loss available to common shares for the third quarter 2011 was substantially due to a net unrealized mark-to-market loss of $293.3 million on Primus Financial Products, LLC (“Primus Financial”)’s consolidated credit swap portfolio. Economic Results for the third quarter 2011 were $10.2 million, or $0.28 per diluted share, compared with an Economic Results loss of $2.0 million, or $0.05 per diluted share, for the third quarter 2010. Economic Results for the third quarter 2011 primarily comprised premium revenue of $9.9 million, interest income of $2.4 million, and gains on retirement of debt of $2.1 million, partly offset by net operating costs of $3.1 million and financing costs of $2.1 million. Economic Results book value per common share was $8.20 at September 30, 2011, compared with Economic Results book value per common share of $7.31 at December 31, 2010. At September 30, 2011, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $8.5 billion. Download PDF PRIMUS GUARANTY, LTD. ANNOUNCES THIRD QUARTER 2011 EARNINGS RELEASE DATE November 01, 2011 November 01, 2011 Hamilton, Bermuda – November 1, 2011 – Primus Guaranty, Ltd. (NYSE:PRS) announced that its third quarter 2011 earnings are scheduled for release prior to the market opening on Tuesday, November 8, 2011. A copy of the earnings press release and financial supplement will be available in the Investor Relations section of the company’s Web site, located at www.primusguaranty.com. Download PDF PRIMUS GUARANTY ANNOUNCES INCREASE IN SECURITIES BUYBACK AUTHORIZATION October 28, 2011 October 28, 2011 Hamilton, Bermuda, October 28, 2011 – Primus Guaranty, Ltd. (the “Company”) (NYSE:PRS) announced today that its Board of Directors has approved an increase of $25 million in its buyback authorization to repurchase outstanding common shares and 7% Senior Notes due 2036 (“Senior Notes”) from time to time in the open market or in privately negotiated transactions at prices and upon terms approved by management. The authorization does not obligate the Company to acquire any specific number of common shares or Senior Notes in any period, and may be modified, suspended or discontinued at any time without notice. Download PDF PRIMUS GUARANTY, LTD. REPORTS SECOND QUARTER 2011 GAAP NET INCOME AVAILABLE TO COMMON SHARES OF $61.1 MILLION AND ECONOMIC RESULTS OF $5.4 MILLION August 09, 2011 August 09, 2011 Hamilton, Bermuda – August 9, 2011 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS) today announced its financial results for the second quarter ended June 30, 2011. GAAP net income available to common shares for the second quarter 2011 was $61.1 million, or $1.62 per diluted share, compared with a GAAP net loss available to common shares of $188.4 million, or $4.84 per diluted share, for the second quarter 2010. GAAP net income available to common shares for the second quarter 2011 was driven by a net unrealized mark-to-market gain of $57.5 million on Primus Financial Products, LLC (“Primus Financial”)’s consolidated credit swap portfolio. Economic Results for the second quarter 2011 were $5.4 million, or $0.14 per diluted share, compared with an Economic Results of $6.8 million, or $0.18 per diluted share, for the second quarter 2010. Economic Results for the second quarter 2011 were primarily a result of premium revenue of $10.2 million, offset by net credit mitigation costs of $4.7 million and net operating costs of $3.3 million. Economic Results book value per common share was $7.76 at June 30, 2011, compared with Economic Results book value per common share of $7.31 at December 31, 2010. At June 30, 2011, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $9.3 billion. Download PDF PRIMUS POSTS CREDIT SWAP PORTFOLIO DETAILS TO ITS WEB SITE June 24, 2011 June 24, 2011 Hamilton, Bermuda - June 24, 2011 – Primus Guaranty, Ltd. (the “Company”) (NYSE:PRS) today announced that details on Primus Financial Products, LLC’s credit swap portfolio, as of June 21, 2011, are now available to the public on the Company’s Web site at www.primusguaranty.com. Return to News PRIMUS GUARANTY, LTD. REPORTS FIRST QUARTER 2011 GAAP NET INCOME AVAILABLE TO COMMON SHARES OF $84.7 MILLION AND ECONOMIC RESULTS OF $8.7 MILLION May 12, 2011 May 12, 2011 Hamilton, Bermuda – May 12, 2011 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS) today announced its financial results for the first quarter ended March 31, 2011. § GAAP net income available to common shares for the first quarter 2011 was $84.7 million, or $2.21 per diluted share, compared with GAAP net income available to common shares of $86.5 million, or $2.15 per diluted share, for the first quarter 2010. GAAP net income available to common shares for the first quarter 2011 was driven by a net unrealized mark-to-market gain of $82.7 million on Primus Financial Products, LLC (“Primus Financial”)’s consolidated credit swap portfolio. § Economic Results for the first quarter 2011 were $8.7 million, or $0.23 per diluted share, compared with an Economic Results loss of $40.9 million, or $1.01 per diluted share, for the first quarter 2010. Economic Results for the first quarter 2011 was primarily a result of premium revenue of $11.2 million, gains on retirement of debt of $2.8 million, offset by net operating costs of $4.3 million. § Economic Results book value per common share was $7.53 at March 31, 2011, compared with Economic Results book value per common share of $7.31 at December 31, 2010. § At March 31, 2011, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $9.6 billion. Download PDF PRIMUS GUARANTY, LTD. REPORTS FOURTH QUARTER AND FULL YEAR 2010 FINANCIAL RESULTS February 24, 2011 February 24, 2011 Download PDF PRIMUS COMPLETES SALE OF CYPRESSTREE TO CIFC December 01, 2010 December 01, 2010 Hamilton, Bermuda and New York, NY – December 1, 2010 – Primus Guaranty, Ltd. (NYSE:PRS) today announced it has completed the sale of CypressTree Investment Management, LLC (CypressTree), its third-party asset management subsidiary, to Commercial Industrial Finance Corp. (CIFC). Terms of the transaction were not disclosed. “The completion of this transaction enables us to further sharpen our focus on our key goal: preserving the value of our credit protection business in amortization,” said Richard Claiden, Primus Guaranty’s chief executive officer. “At the same time, it ensures our CLO investors will continue to be well served by the top-notch professionals at CIFC.” Peter Gleysteen, CIFC’s chief executive officer, stated, “Effective immediately, CypressTree’s activities will be operationally integrated within CIFC’s existing investment model, which we believe will benefit all investors in these funds. CIFC has implemented a plan to ensure a smooth, seamless transition of the management of the CLOs and other funds and their underlying investments into CIFC’s platform.” CypressTree manages or subadvises approximately $2.6 billion of high yield and leveraged loan assets in seven collateralized loan obligations (CLOs) and two other funds. The collateral management contracts for the CLOs, as well as the two other funds, were included in the sale. Primus Guaranty’s credit protection business, which consists of Primus Financial Products’ $11.8 billion portfolio of credit default swaps, is not affected by the sale. Primus Financial Products will remain part of Primus Guaranty and will continue to be managed by Primus Financial portfolio managers. Berkshire Capital Securities LLC acted as advisor to Primus on the sale of the CLO business. CLO Investor Questions Investors in the Hewett’s Island and Primus CLOs with questions are encouraged to contact Ms. Nga Tran, CIFC’s Head of Institutional Relationships, at 212/624-1204 or ntran@cifc.com. About Primus Guaranty Primus Guaranty, Ltd. is a Bermuda company with offices in New York. Through its subsidiary, Primus Financial Products, LLC, the Company provides protection against the risk of default on primarily investment grade corporate and sovereign reference entities. About CIFC CIFC is a premier corporate credit asset management business, combining the best investment disciplines of banks and asset managers. Pro forma for this acquisition, CIFC will manage $6.2 billion of assets. CIFC is a proactive, fundamentals-based manager with best-in-class processes and controls, high transparency to investors and a proprietary credit technology platform. CIFC is based in New York and is an SEC registered investment adviser. CIFC is in the top decile of U.S. large bank loan managers by virtue of its highly consistent performance and uninterrupted compliance with the overcollateralization tests in all of its funds, which has enabled it to make distributions to equity investors at every payment date of every fund. CIFC is committed to responsible and even-handed stewardship on behalf of all investor classes of the funds it manages. Forward-Looking Statements Some of the statements included in this press release and other statements Primus Guaranty may make, particularly those anticipating future financial performance, business prospects, growth and operating strategies, market performance, valuations and similar matters, are forward-looking statements that involve a number of assumptions, risks and uncertainties, which change over time. Any such statements speak only as of the date they are made, and Primus Guaranty assumes no duty to, and does not undertake to, update any forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements, and future results could differ materially from historical performance. For a discussion of the factors that could affect the Company's actual results please refer to the risk factors identified from time to time in the Company's SEC reports, including, but not limited to, Primus Guaranty's Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission. Download PDF PRIMUS GUARANTY, LTD. REPORTS THIRD QUARTER 2010 FINANCIAL RESULTS November 11, 2010 November 11, 2010 Hamilton, Bermuda – November 11, 2010 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS) today announced its financial results for the third quarter ended September 30, 2010. § GAAP net income available to common shares for the third quarter 2010 was $229.0 million, or $5.72 per diluted share, compared with GAAP net income available to common shares of $461.5 million, or $11.14 per diluted share, for the third quarter 2009. GAAP net income available to common shares for the third quarter 2010 was primarily attributable to a net unrealized mark-to-market gain of $231.1 million on Primus Financial Products, LLC (“Primus Financial”)’s consolidated credit swap portfolio. § Economic Results for the third quarter 2010 were $(2.0) million, or $(0.05) per diluted share, and mainly comprise $14.2 million of premium income, $3.4 million of asset management fees, a $17.5 million termination payment by Primus Financial to Lehman Brothers Special Financing Inc. and $3.9 million of interest income. Economic Results for the third quarter 2009 were $(9.6) million, or $(0.23) per diluted share, and mainly comprise $21.9 million of premium income, $1.3 million of asset management fees, $21.5 million of net realized losses from credit mitigation activities within Primus Financial’s portfolio of credit swaps and $1.2 million of interest income. § Economic Results book value per common share was $7.61 at September 30, 2010, compared with $8.48 at December 31, 2009. The decline in Economic Results book value per share was primarily attributable to portfolio repositioning transaction and termination payments by Primus Financial in 2010. § At September 30, 2010, Primus Asset Management (“PAM”) managed $3.3 billion of third party assets. CypressTree Investment Management, LLC, a subsidiary of PAM (“CypressTree”), managed or sub-advised $2.8 billion of collateralized loan obligations (CLOs) at September 30, 2010. As announced on September 22, 2010, the Company has entered into a binding letter of intent to sell CypressTree to Commercial Industrial Finance Corp. § At September 30, 2010, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $11.8 billion. Buyback Authorization The Company’s Board of Directors has authorized an additional expenditure of up to $10 million of available cash for the purchase of the Company’s common shares and/or 7% Senior Notes. Purchases will be made at management’s discretion. Approximately $18.9 million is currently available under the buyback program, including the additional $10 million authorization. Consolidation of CLOs under Management Effective January 1, 2010, the Company adopted ASC Topic 810, Consolidation, which required it to consolidate the assets, liabilities, revenues and expenses of the CLOs under its management. Although these CLOs are consolidated, the assets of the CLOs are not available to the Company for general operations or in satisfaction of the Company’s debt obligations. The Company does not have any rights to or ownership of these assets. Similarly, the Company does not have any obligation to settle the liabilities of the CLOs. The Company has no contractual obligation to fund or provide other financial support to any CLO. As a result of the adoption of ASC Topic 810, Consolidation, the Company established an “appropriated retained earnings from CLO consolidation” account in the equity section of the condensed consolidated statement of financial condition as required under the standard. Download PDF PRIMUS COMMENTS ON AMBAC FINANCIAL EXPOSURE November 10, 2010 November 10, 2010 Hamilton, Bermuda – November 10, 2010 – Primus Guaranty, Ltd. (the “Company”) (NYSE:PRS) today commented on certain aspects of the credit default swap (“CDS”) portfolio of Primus Financial Products, LLC (“Primus Financial”) related to the credit event announced today by International Swaps and Derivatives Association, Inc. Americas Determinations Committee involving Ambac Financial Group, Inc. (“Ambac Financial”). Primus Financial had bought CDS protection that referenced Ambac Financial with a notional of $4 million in its single-name portfolio. Primus Financial also had sold CDS protection on Ambac Financial in several of its bespoke tranche portfolios. Primus Financial may be required to make a payment on one of the tranches as a result of deterioration of existing subordination levels. Based on current market-quoted recovery levels for Ambac Financial, Primus Financial’s net cash payments related to the Ambac Financial credit event are estimated to be approximately $2 million. Download PDF PRIMUS IMPLEMENTS PLANNED MANAGEMENT TRANSITION, WITH RICHARD CLAIDEN APPOINTED TO SUCCEED THOMAS JASPER AS CEO November 01, 2010 November 01, 2010 Hamilton, Bermuda – November 1, 2010 – Primus Guaranty, Ltd. (NYSE:PRS) announced today that Richard Claiden, who currently serves as its chief financial officer and chief operating officer, has been appointed chief executive officer, succeeding Thomas Jasper. In his new role, which is effective immediately, Mr. Claiden will also serve on Primus Guaranty’s board of directors. Christopher Gerosa, Primus’ treasurer, will assume Mr. Claiden’s responsibilities as chief financial officer. The management transition announced today by the Company is part of its current strategy to focus on the amortization of its credit protection business, reduce expenses and return capital to shareholders. Richard Claiden has been the Company’s Chief Financial Officer since October 2003, and additionally, Chief Operating Officer since January 2008. Prior to joining the Company, he was Managing Director from 2000 to 2003 and Head of Operational Risk from 2001 to 2003 at the investment banking division of JPMorgan Chase. From 1994 to 1999, he held numerous executive positions at the Canadian Imperial Bank of Commerce. Mr. Claiden holds a Bachelor of Science degree in Economics from London University and a Master of Arts in Accounting and Finance from Lancaster University. He is a fellow of the Institute of Chartered Accountants (U.K.). Christopher Gerosa has been the Corporate Treasurer of Primus since April 2007. Prior to his Treasurer role, he held the position of Corporate Controller and served as the Director of Investor Relations. Mr. Gerosa joined Primus in March of 2003 and was an integral part of taking the company public in September 2004. Before joining Primus, he worked in the product controller areas of Deutsche Bank and Goldman Sachs. Mr. Gerosa began his professional career at Arthur Andersen. He served as a U.S. Army Infantry Officer after receiving his B.B.A. from the University of Notre Dame. Mr. Jasper joined Primus in 1999 and was one of the founders of the Company. Over the past 11 years he led the Company’s corporate, business and financial strategies and key initiatives. Under his leadership, Primus launched the first credit derivatives product company (CDPC), an industry innovation that established a new operating company model to sell credit protection to counterparties. The Primus CDPC, Primus Financial Products, began operating in 2002 and at its peak was managing a $24 billion portfolio of primarily investment grade credit risk with 34 global bank and financial institution counterparties. Mr. Jasper was instrumental in arranging for Primus Guaranty’s initial public offering and listing on the New York Stock Exchange. To leverage its platform and expertise, Mr. Jasper also led Primus’ expansion into third-party credit asset management, growing organically and via acquisition. At its peak, Primus Asset Management was managing $3.7 billion in structured credit vehicles for third-parties. For his many contributions over the course of his career, Mr. Jasper was inducted into the RISK Hall of Fame and received Derivatives Week’s Lifetime Achievement Award. Mr. Jasper was also one of the founders and first co-chairmen of the International Swaps and Derivatives Association (ISDA), the pre-eminent industry association focusing on the derivatives markets. Upon leaving Primus and its board of directors today, Mr. Jasper intends to continue to be active in the financial services and credit markets through his involvement in several investment ventures, board positions and related activities. “I am grateful to our shareholders, counterparties, board of directors and employees for the tremendous support and commitment they have provided to Primus and to me,” said Mr. Jasper. “It’s now time for me to take on a new challenge, and I do so knowing that Richard is the right person to take Primus forward.” Michael Esposito, Chairman, Primus Guaranty, Ltd., said, “I and the Board thank Tom for his leadership and commitment in guiding Primus over the past decade. His contributions have been significant and I wish him well in his new endeavors. With Tom’s departure, the Board and I believe that Richard Claiden is the best person to guide Primus going forward. He has the experience and knowledge required to carry out our strategy to preserve the value of Primus Financial in amortization and return capital to shareholders. Tom has worked closely with the Board and Richard on the orderly transition we are announcing today,” Mr. Esposito said. Download PDF PRIMUS GUARANTY, LTD. ANNOUNCES THIRD QUARTER 2010 EARNINGS RELEASE DATE October 29, 2010 October 29, 2010 Hamilton, Bermuda – October 29, 2010 – Primus Guaranty, Ltd. (NYSE:PRS) announced that its third quarter 2010 earnings are scheduled for release prior to the market opening on Thursday, November 11, 2010. A copy of the earnings press release and financial supplement will be available in the Investor Relations section of the company’s Web site, located at www.primusguaranty.com. Primus will also publish on its Web site an overview of the third quarter and an update on its business strategy in lieu of holding a quarterly conference call. Download PDF PRIMUS TO SELL CYPRESSTREE SUBSIDIARY TO CIFC September 22, 2010 September 22, 2010 Hamilton, Bermuda – September 22, 2010 – Primus Guaranty, Ltd. (NYSE:PRS), today announced it has entered into a binding letter of intent to sell CypressTree Investment Management, LLC (CypressTree), its third-party asset management subsidiary, to Commercial Industrial Finance Corp. (CIFC). Terms of the transaction were not disclosed. CypressTree manages or subadvises approximately $2.8 billion of high yield and leveraged loan assets in eight collateralized loan obligations (CLOs). These CLOs include: Primus CLO I and II, and Hewett’s Island CLO I-R, II, III, IV, V and VI. The collateral management contracts for the eight CLOs will be included in the sale. A total rate of return swap and a collateralized swap obligation managed by CypressTree also will be included in the sale. CIFC is a top-performing credit asset management business that manages $3.6 billion in assets across seven CLOs. The firm’s team of 15 investment professionals averages 17 years of experience and is led by Peter Gleysteen, a pioneer of the U.S. corporate loan market. “The divestiture of CypressTree is part of our previously announced plan to focus on managing and preserving the value of our credit protection business in amortization,” said Thomas W. Jasper, Primus Guaranty’s chief executive officer. “While CLO management is no longer a core business for Primus, CIFC’s talent, experience and track record helps to ensure that our CLOs and CLO investors remain in the hands of one of the premier credit investment firms.” Peter Gleysteen, CIFC’s chief executive officer, stated, “We are pleased to add the CypressTree business to our existing platform. With this transaction, CIFC will have over $6 billion in assets under management, and we believe that the additional scale and our leading track record will be beneficial to all debt and equity investors in the CypressTree, Primus and CIFC CLOs.” Primus Guaranty’s credit protection business, which consists of Primus Financial Products’ $14 billion portfolio of credit default swaps, is not affected by the sale. Primus Financial Products will remain part of Primus Guaranty and will continue to be managed by Primus Financial portfolio managers. Berkshire Capital Securities LLC acted as advisor to Primus on the sale of the CLO business. CLO Investor Questions Investors in the Hewett’s Island and Primus CLOs with questions are encouraged to contact either Ms. Martha Hadeler of CypressTree at 617/371-9320 or mhadeler@cyptree.com, or Ms. Nga Tran, CIFC’s Head of Institutional Relationships, at 212/624-1204 or ntran@cifc.com. Download PDF PRIMUS GUARANTY, LTD. REPORTS SECOND QUARTER 2010 FINANCIAL RESULTS August 12, 2010 August 12, 2010 Hamilton, Bermuda – August 12, 2010 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS) today announced its financial results for the second quarter ended June 30, 2010. § GAAP net loss available to common shares for the second quarter 2010 was $188.4 million, or $4.84 per diluted share, compared with GAAP net income available to common shares of $596.9 million, or $14.46 per diluted share, for the second quarter 2009. GAAP net loss available to common shares for the second quarter 2010 was primarily attributable to a net unrealized mark-to-market loss of $194.8 million on Primus Financial Products, LLC (“Primus Financial”)’s consolidated credit swap portfolio. § Economic Results for the second quarter 2010 were $6.8 million, or $0.18 per diluted share, and include $15.3 million of premium income, $5.5 million of asset management fees, $10.1 million of net realized losses from credit mitigation activities within Primus Financial’s portfolio of credit swaps and $2.7 million of gains from retirement of long-term debt. Economic Results for the second quarter 2009 were $47.5 million, or $1.15 per diluted share, and include $22.2 million of premium income, $0.4 million of asset management fees and $33.2 million of gains from retirement of long-term debt. § Economic Results book value per common share was $7.55 at June 30, 2010, compared with Economic Results book value per common share of $7.30 at March 31, 2010 and $8.48 at December 31, 2009. § Primus Asset Management (“PAM”) managed Primus Financial, other structured credit vehicles and funds totaling $17.4 billion at June 30, 2010, including $3.3 billion of third-party assets. At June 30, 2010, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $14.1 billion. At June 30, 2009, PAM managed Primus Financial and other structured credit vehicles totaling $22.8 billion, including $1.5 billion of third-party assets. At June 30, 2009, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $21.3 billion. Buyback Authorization Today, the Company announces that its Board of Directors has authorized an additional expenditure of up to $5 million of available cash for the purchase of the Company’s common shares and/or 7% Senior Notes. Purchases will be made at management’s discretion. The total authorized capacity for buybacks of the Company’s common shares and/or 7% Senior Notes is $45 million, of which approximately $12.7 million is currently available under the buyback program, including the additional $5 million authorization. Strategy Update During the second quarter 2010, the Company retained Berkshire Capital Securities LLC, a leading investment bank in the asset management field, to advise on strategic alternatives for the Company’s asset management business. The Company expects this process to be completed by the end of 2010. Consolidation of CLOs under Management Effective January 1, 2010, the Company adopted ASC Topic 810, Consolidation, which required it to consolidate the assets, liabilities, revenues and expenses of the collateralized loan obligations (“CLOs”) under its management. Although these CLOs are consolidated, the assets of the CLOs are not available to the Company for general operations or in satisfaction of the Company’s debt obligations. The Company does not have any rights to or ownership of these assets. Similarly, the Company does not have any obligation to settle the liabilities of the CLOs. The Company has no contractual obligation to fund or provide other financial support to any CLO. As a result of the adoption of ASC Topic 810, Consolidation, the Company established an “appropriated retained earnings from CLO consolidation” account in the equity section of the condensed consolidated statement of financial condition as required under the standard. CypressTree Awards The Company granted equity awards to employees of CypressTree Investment Management, LLP who joined Primus in connection with its previously announced acquisition of CypressTree on July 9, 2009. The awards, which consist of a total 378,000 restricted share units of common shares of Primus Guaranty, were made to ten non-executive employees concurrently with the closing of the CypressTree acquisition. One-third of the awards vested on July 9, 2010 and the remaining awards will vest on each of the second and third anniversaries of the transaction closing date. Earnings A copy of this press release and the financial supplement, including additional credit swap portfolio and historical data, will be available in the Investor Relations section of the Company’s Web site at www.primusguaranty.com. Also available on the Web site is a letter to the shareholders from the Company’s Chief Executive Officer, which discusses the Company’s performance, key strategic developments and other issues. Economic Results In managing its business and assessing its growth and profitability from a strategic and financial planning perspective, the Company believes it is appropriate to consider both its U.S. GAAP net income (loss) available to common shares as well as certain non-GAAP financial measures called “Economic Results”. We define Economic Results as GAAP net income (loss) available to common shares (which reflects the deduction of net income (loss) attributable to non-parent interests) adjusted as follows: Unrealized gains (losses) on credit swaps sold by Primus Financial are excluded from GAAP net income (loss) available to common shares; Realized gains from early termination of credit swaps sold by Primus Financial are excluded from GAAP net income (loss) available to common shares; Realized gains from early termination of credit swaps sold by Primus Financial are amortized over the period that would have been the remaining life of the credit swap. The amortized gain is included in Economic Results; A provision for CDS on ABS credit events is included in Economic Results; and A reduction in provision for CDS on ABS credit events upon termination of credit swaps is included in Economic Results. Economic Results includes realized and unrealized gains and losses on credit swap transactions undertaken by the Primus Absolute Return Credit Fund. The Company believes that quarterly fluctuations in the fair market value of Primus Financial’s credit swap portfolio have little or no effect on the Company's business operations and that Economic Results provides a useful, alternative view of the Company’s economic performance. About Primus Guaranty Primus Guaranty, Ltd. is a Bermuda company with operations in New York, Boston and London. Through its subsidiaries, the company is a leading manager of corporate credit assets and provider of credit protection. Primus manages assets in structured credit funds and operating companies, across a range of asset classes – including investment grade, high yield and leveraged loans – using both cash and synthetic instruments. Safe Harbor Statement Some of the statements included in this press release and other statements Primus Guaranty may make, particularly those anticipating future financial performance, business prospects, growth and operating strategies, market performance, valuations and similar matters, are forward-looking statements that involve a number of assumptions, risks and uncertainties, which change over time. For those statements, Primus Guaranty claims the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Any such statements speak only as of the date they are made, and Primus Guaranty assumes no duty to, and does not undertake to, update any forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements, and future results could differ materially from historical performance. For a discussion of the factors that could affect the Company's actual results please refer to the risk factors identified from time to time in the Company's SEC reports, including, but not limited to, Primus Guaranty's Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission. Download PDF PRIMUS GUARANTY, LTD. ANNOUNCES SECOND QUARTER 2010 EARNINGS RELEASE DATE July 29, 2010 July 29, 2010 Hamilton, Bermuda – July 29, 2010 – Primus Guaranty, Ltd. (NYSE:PRS) announced that its second quarter 2010 earnings are scheduled for release prior to the market opening on Thursday, August 12, 2010. A copy of the earnings press release and financial supplement will be available in the Investor Relations section of the company’s Web site, located at www.primusguaranty.com. Primus will also publish on its Web site an overview of the second quarter and an update on its business strategy in lieu of holding a quarterly conference call. Return to News PRIMUS POSTS CREDIT SWAP PORTFOLIO TO ITS WEBSITE June 23, 2010 June 23, 2010 Hamilton, Bermuda - June 23, 2010 – Primus Guaranty, Ltd. (the “Company”) (NYSE:PRS) today announced that details on Primus Financial Products, LLC’s credit swap portfolio, as of June 21, 2010, is now available to the public on the Company’s Web site at www.primusguaranty.com. Download PDF PRIMUS GUARANTY, LTD. REPORTS FIRST QUARTER 2010 GAAP NET INCOME AVAILABLE TO COMMON SHARES OF $86.5 MILLION AND ECONOMIC RESULTS LOSS OF $40.9 MILLION May 13, 2010 May 13, 2010 Hamilton, Bermuda - May 13, 2010 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS) today announced its financial results for the first quarter ended March 31, 2010. § GAAP net income available to common shares for the first quarter 2010 was $86.5 million, or $2.15 per diluted share, compared with GAAP net income available to common shares of $106.8 million, or $2.61 per diluted share, for the first quarter 2009. GAAP net income available to common shares for the first quarter 2010 was driven by a net unrealized mark-to-market gain of $127.1 million on Primus Financial Products, LLC (“Primus Financial”)’s consolidated credit swap portfolio. § Economic Results for the first quarter 2010 was a loss of $40.9 million, or $1.01 per diluted share, compared with an Economic Results loss of $6.1 million, or $0.15 per diluted share, for the first quarter 2009. Economic Results for the first quarter 2010 was primarily a result of net realized losses within Primus Financial’s portfolio of credit swaps from credit mitigation activities of $19.2 million and a portfolio repositioning transaction payment of $35.0 million. Although these payments have an immediate negative impact on the Company’s quarterly Economic Results, management expects these risk reducing activities will help preserve the long-term value of Primus Financial’s consolidated credit swap portfolio for shareholders. § Economic Results book value per common share was $7.30 at March 31, 2010, compared with Economic Results book value per common share of $8.48 at December 31, 2009. § Primus Asset Management managed structured credit vehicles totaling $19.9 billion at March 31, 2010, including $3.5 billion of third-party assets. At March 31, 2010, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $16.4 billion. Other Matters – Consolidation of CLOs under management Effective January 1, 2010, the Company adopted ASC Topic 810, Consolidation, which required it to consolidate the assets, liabilities, revenues and expenses of the collateralized loan obligations (“CLOs”) under its management. Although these CLOs are consolidated, the assets of the CLOs are not available to the Company for general operations or in satisfaction of the Company’s debt obligations. The Company does not have any rights to or ownership of these assets. Similarly, the Company does not have any obligation to settle the liabilities of the CLOs. The Company has no contractual obligation to fund or provide other financial support to any CLO. As a result of the adoption of ASC Topic 810, Consolidation, the Company established an “appropriated retained earnings from CLO consolidation” account in the equity section of the condensed consolidated statement of financial condition as required under the standard. Earnings Conference Call Primus Guaranty will host a conference call on Thursday, May 13, 2010, at 11 a.m. Eastern Time to discuss its first quarter 2010 financial results. A copy of this press release and the financial supplement, including additional credit swap portfolio and historical data, will be available in the Investor Relations section of the Company’s Web site, located at www.primusguaranty.com, prior to the call. The conference call will be available via live or archived webcast at http://ir.primusguaranty.com/ or by dialing 866.770.7125 (domestic)/ 617.213.8066 (international), Passcode 82503893. A replay of the call will be available from Thursday, May 13, 2010, at 2 p.m. Eastern Time until Thursday, June 3, 2010, at 5 p.m. Eastern Time. To listen to the replay, dial 888.286.8010 (domestic) or 617.801.6888 (international), Passcode 48589447. Economic Results In managing its business and assessing its growth and profitability from a strategic and financial planning perspective, the Company believes it is appropriate to consider both its U.S. GAAP net income available to common shares as well as certain non-GAAP financial measures called "Economic Results". Economic Results evaluates what the Company’s GAAP net income available to common shares would have been if it excluded from GAAP net income available to common shares (1) the amounts of any unrealized gains and losses on Primus Financial’s consolidated portfolio of credit swaps sold and (2) any realized gains from terminations of credit swaps sold prior to maturity (although Primus Financial amortizes those gains over the remaining original lives of the terminated contracts, except for credit swaps undertaken to offset credit risk). Economic Results also includes provisions for credit events caused by downgrades below CCC/Caa2 (S&P/Moody's) on CDS on ABS. The Company believes that quarterly fluctuations in the fair market value of Primus Financial’s CDS portfolio have little or no effect on the Company's operations and that Economic Results provides a useful, alternative view of the Company’s economic performance. About Primus Guaranty Primus Guaranty, Ltd. is a Bermuda company with operations in New York, Boston and London. Through its subsidiaries, the company is a leading manager of corporate credit assets and provider of credit protection. Primus manages assets in structured credit funds and operating companies, across a range of asset classes – including investment grade, high yield and leveraged loans – using both cash and synthetic instruments. Safe Harbor Statement Some of the statements included in this press release and other statements Primus Guaranty may make, particularly those anticipating future financial performance, business prospects, growth and operating strategies, market performance, valuations and similar matters, are forward-looking statements that involve a number of assumptions, risks and uncertainties, which change over time. For those statements, Primus Guaranty claims the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Any such statements speak only as of the date they are made, and Primus Guaranty assumes no duty to, and does not undertake to, update any forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements, and future results could differ materially from historical performance. For a discussion of the factors that could affect the Company's actual results please refer to the risk factors identified from time to time in the Company's SEC reports, including, but not limited to, Primus Guaranty's Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission. Return to News PRIMUS SCHEDULES 1st QUARTER 2010 EARNINGS CONFERENCE CALLarter 2010 Earnings Conference Call April 29, 2010 April 29, 2010 Hamilton, Bermuda – April 29, 2010 – Primus Guaranty, Ltd. (NYSE:PRS) announced that it will host a conference call for investors on Thursday, May 13, 2010, at 11 a.m. Eastern Time to discuss its 1st quarter 2010 earnings, which are scheduled for release between 8:30 a.m. and 9:30 a.m. Eastern Time on Thursday, May 13, 2010. A copy of the earnings press release and financial supplement will be available in the Investor Relations section of the company’s Web site, located at www.primusguaranty.com. The conference call will be available via live or archived webcast at http://ir.primusguaranty.com by dialing 866.770.7125 (domestic) or 617.213.8066 (international), Passcode 82503893. A replay of the call will be available from Thursday, May 13, 2010, at 2 p.m. Eastern Time until Thursday, June 3, 2010 at 5 p.m. Eastern Time. To listen to the replay, dial 888.286.8010 (domestic) or 617.801.6888 (international), Passcode 48589447. Download PDF PRIMUS COMMENTS ON AMBAC, MONOLINE CDS EXPOSURE March 30, 2010 March 30, 2010 Hamilton, Bermuda - March 30, 2010 – Primus Guaranty, Ltd. (the “Company”) (NYSE:PRS) today commented on certain aspects of the credit default swap (“CDS”) portfolio of Primus Financial Products, LLC (“Primus Financial”) related to the credit event announced by International Swaps and Derivatives Association, Inc. Americas Determinations Committee involving Ambac Assurance Corporation that occurred on March 25, 2010. Primus Financial has no single name CDS notional exposure that references Ambac Assurance Corporation. Primus Financial does have CDS exposure to Ambac Assurance Corporation in two of its bespoke tranche portfolios, which are not subject to first loss due to existing subordination levels. The Company does not anticipate that Primus Financial will have to make cash settlement payments on its bespoke tranche transaction as a result of the Ambac Assurance Corporation credit event. Primus Financial has single name CDS and bespoke tranche exposure referencing Ambac Financial Group, Inc., the holding company. Ambac Financial Group, Inc. has not incurred a credit event. During the first quarter of 2010, Primus Financial reduced its single-name CDS exposure to Ambac Financial Group, Inc. by $70 million through credit mitigation transactions at a cost of $19.2 million. At March 31, 2010, the net notional amount of the single name exposure to Ambac Financial Group, Inc. is $11 million to current counterparties. The outstanding net notional amount of single name CDS exposure that Primus Financial has with current counterparties, at March 30, 2010, on four financial guaranty (monoline) companies, including Ambac Financial Group, Inc., totals approximately $243 million. Of this amount, $50 million notional exposure is scheduled to mature in June 2010. At year-end 2009, the outstanding net notional amount of single name CDS exposure that Primus Financial had with current counterparties on four financial guaranty (monoline) companies totaled approximately $329 million. Download PDF ROBERT LUSARDI JOINS PRIMUS GUARANTY AS SENIOR ADVISOR March 12, 2010 March 12, 2010 Hamilton, Bermuda - March 12, 2010 – Primus Guaranty, Ltd. (NYSE:PRS) today announced that Robert R. Lusardi, a long-time Primus Guaranty board member, has joined the Company as senior advisor to accelerate the development and launch of a new credit protection business. As previously discussed, Primus is seeking to create a rated, regulated credit-related risk insurer that would focus on selling credit-related protection to market participants in key segments of the insurance and structured credit markets. In his new position, Mr. Lusardi will work closely with Tom Jasper, the Company’s Chief Executive Officer, Douglas Renfield-Miller, a senior insurance industry executive who is also advising Primus, and the Company’s management team. Mr. Lusardi will remain on the board of directors of Primus Guaranty, which he has served on since March 2002. Mr. Lusardi was previously a senior executive with White Mountains Insurance Group, Ltd. from 2005 to 2010 and with XL Capital Ltd. from 1998 to 2005. From 1980 until 1998, he was at Lehman Brothers where he served as a managing director and headed the insurance and asset management investment banking practices. Mr. Lusardi is also a director of Symetra Financial Corporation, a life insurance entity, and Chairman of Pentelia Ltd. and Eolia Diamond Ltd., specialized investment funds. Download PDF Primus Completes Portfolio Repositioning Transaction That Further Reduces Its Bespoke Tranche Exposure February 12, 2010 February 12, 2010 Hamilton, Bermuda – February 12, 2010 – Primus Guaranty, Ltd. (NYSE:PRS) announced that its subsidiary, Primus Financial Products, LLC (“Primus Financial”), has completed a portfolio repositioning transaction with a significant counterparty. In the transaction, Primus Financial terminated $300 million notional principal of three bespoke tranche transactions and paid the counterparty a termination fee of $35 million, a significant discount to the market value of the these transactions. Since July 31, 2009, Primus Financial has completed four repositioning transactions, resulting in the termination of approximately $2.8 billion of single-name credit swaps and tranche transactions. In aggregate, Primus Financial has paid $66.5 million to terminate or amend credit swaps. Primus Financial has also contributed $126 million of capital to two subsidiaries in connection with the portfolio repositioning transactions, which has enabled Primus Financial to cap its exposure to an additional $2.9 billion of credit swaps. The objective of these portfolio repositioning transactions is to de-risk components of Primus Financial’s credit swap portfolio by actively managing certain industry concentrations and higher risk tranches with the objective of narrowing the range of possible negative outcomes and preserve the portfolio’s long-term value. No assurance can be given that these portfolio repositioning transactions, in aggregate, will achieve the desired risk reductions in Primus Financial’s portfolio. Download PDF Primus Guaranty Reports Fourth Quarter 2009 Financial Results February 03, 2010 February 03, 2010 Primus Guaranty Reports Fourth Quarter and Full Year 2009 Financial Results GAAP net income available to common shares for the fourth quarter 2009 was $295.0 million, or $7.21 per diluted share, and $1.5 billion, or $35.26 per diluted share, for the full year 2009 Economic Results for the fourth quarter 2009 was a loss of $35.5 million, or $0.87 per diluted share, and a loss of $3.7 million, or $0.09 per diluted share, for the full year 2009 Economic Results book value per common share was $8.48 at December 31, 2009, compared with $8.07 at December 31, 2008 Primus Asset Management managed structured credit vehicles totaling $21.2 billion at December 31, 2009, including $3.7 billion of third party assets The Company’s Board of Directors has authorized an additional expenditure of up to $15 million for the purchase of its common shares and/or 7% senior notes Hamilton, Bermuda – February 3, 2010 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS) today announced GAAP net income available to common shares of $295.0 million, or $7.21 per diluted share, for the fourth quarter of 2009, compared with a GAAP net loss available to common shares of $918.5 million, or $21.20 per diluted share, for the fourth quarter of 2008. For the year ended December 31, 2009, GAAP net income available to common shares was $1.5 billion, or $35.26 per diluted share, compared with a GAAP net loss available to common shares of $1.7 billion, or $38.37 per diluted share, for the year ended 2008. Download PDF Primus Announces Third Credit Mitigating Transaction November 05, 2009 November 05, 2009 Primus Guaranty, Ltd. (NYSE:PRS) announced that its subsidiary, Primus Financial Products, LLC (“Primus Financial”) has completed its third credit mitigation transaction. Primus Financial assigned a portfolio of credit swaps with its largest single counterparty, comprising notional principal of $2.65 billion of bespoke tranche transactions and approximately $250 million of single name credit swaps, to a newly formed subsidiary which is wholly owned by Primus Financial. Download PDF Primus Guaranty Reports Third Quarter 2009 Financial Results November 04, 2009 November 04, 2009 Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS) today announced GAAP net income available to common shares of $461.5 million, or $11.14 per diluted share, for the third quarter of 2009, compared with GAAP net loss available to common shares of $(390.2) million, or $(8.63) per diluted share, for the third quarter of 2008. Download PDF Primus Guaranty, Ltd. Schedules 3rd Quarter 2009 Earnings Conference Call October 22, 2009 October 22, 2009 Primus Guaranty, Ltd. (NYSE:PRS) announced that it will host a conference call for investors on Wednesday, November 4, 2009, at 11 a.m. Eastern Time to discuss its 3rd quarter 2009 earnings, which are scheduled for release between 7 a.m. and 9 a.m. Eastern Time on Wednesday, November 4, 2009. Download PDF Primus and Counterparty Terminate $1.3 Billion of Credit Swaps October 05, 2009 October 05, 2009 Primus Guaranty, Ltd. (NYSE:PRS) today announced that its subsidiary, Primus Financial Products, LLC (“Primus Financial”), has terminated $1.3 billion notional principal of credit swaps with a significant counterparty. These swaps represent the counterparty’s entire portfolio of credit swaps with Primus Financial. Primus Financial paid $6.5 million to the counterparty, a significant discount to the market value of the portfolio, to terminate these swaps. Included in this portfolio were a small number of reference entities which Primus Financial concluded had a high risk profile, including certain financial guarantors. Download PDF Primus Guaranty Reports Second Quarter 2009 Financial Results August 05, 2009 August 05, 2009 Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS) today announced GAAP net income available to common shares of $595.8 million, or $14.44 per diluted share, for the second quarter of 2009, compared with GAAP net income available to common shares of $262.6 million, or $5.78 per diluted share, for the second quarter of 2008. Download PDF Primus Announces Credit Mitigation Transaction July 30, 2009 July 30, 2009 Primus Guaranty, Ltd. (NYSE:PRS) today announced that its subsidiary, Primus Financial Products, LLC (“Primus Financial”), had entered into a transaction with a significant bank counterparty in respect of credit default swaps between Primus Financial and the counterparty with a total notional principal of $1.2 billion. Download PDF Primus Completes Transaction With Cypresstree Investment Management July 09, 2009 July 09, 2009 Primus Asset Management, Inc., a wholly owned subsidiary of Primus Guaranty, Ltd. (NYSE:PRS), today announced it has completed the acquisition of CypressTree Investment Management, LLP. Founded in 1995, CypressTree manages leveraged loans and high yield bonds in a variety of investment products, including collateralized loan obligations (CLOs), collateralized swap obligations (CSOs), off-shore funds and separately managed accounts. Its assets under management total approximately $2.4 billion. Download PDF Primus Agrees to Acquire Cypresstree Investment Management May 12, 2009 May 12, 2009 Primus Asset Management, Inc., a wholly owned subsidiary of Primus Guaranty, Ltd. (NYSE:PRS), today announced it had entered into a definitive agreement to acquire CypressTree Investment Management, LLP. Founded in 1995, CypressTree manages leveraged loans and high yield bonds in a variety of investment products, including collateralized loan obligations (CLOs), collateralized swap obligations (CSOs), off-shore funds and separately managed accounts. Its assets under management total approximately $2.4 billion. Download PDF Primus Guaranty Reports First Quarter 2009 Financial Results May 06, 2009 May 06, 2009 Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS), a provider of credit protection, announced today GAAP net income of $106.8 million, or $2.61 per diluted share, for the first quarter of 2009, compared with a GAAP net loss of $(670.1) million, or $(14.85) per diluted share, for the first quarter of 2008. Download PDF Primus Guaranty Announces Director Elections May 05, 2009 May 05, 2009 Primus Guaranty, Ltd. (NYSE:PRS) today announced that its shareholders re-elected Frank P. Filipps and Thomas J. Hartlage to its board of directors and that David Czerniecki was appointed to its board to fill a vacancy. The company’s board now has nine directors. Messrs. Filipps and Hartlage were elected as Class II directors with a term expiring in 2012 and Mr. Czerniecki was appointed as a Class I director with a term expiring in 2010. Mr. Czerniecki will serve on the board’s Finance and Investment Committee. Download PDF Primus Guaranty Comments on CDS on Asset-Backed Securities April 27, 2009 April 27, 2009 Primus Guaranty, Ltd. (NYSE:PRS) today announced that two asset-backed securities, referenced by credit default swaps (“CDS”) written by Primus Financial Products, LLC (“Primus Financial”), were downgraded below Caa2 by Moody’s Investors Service (“Moody’s”). The notional principal on these CDS with counterparties is $15 million. Under the terms of the ISDA master agreement governing CDS on asset-backed securities, a downgrade of the underlying security to CCC (Standard & Poor’s) or Caa2 (Moody’s), or below, is considered a credit event. Download PDF Primus Financial Repurchases $21.9 Million of Its Subordinated Notes April 15, 2009 April 15, 2009 Primus Guaranty, Ltd. (the “Company” or “Primus Guaranty”) (NYSE:PRS) today announced that its subsidiary, Primus Financial Products, LLC (“Primus Financial”), purchased $21.9 million principal amount of its $75 million subordinated notes due 2034 in a privately negotiated transaction following an inquiry to Primus Financial made by the holder of the notes. Download PDF Primus Comments on U.S. Automaker, IDEARC CDS Exposure April 03, 2009 April 03, 2009 Primus Guaranty, Ltd. (the "Company")(NYSE:PRS) today commented on certain aspects of the credit default swap ("CDS") portfolio of Primus Financial Products, LLC ("Primus Financial"). Download PDF United States Securities and Exchange Commission - Form 8-K February 11, 2009 February 11, 2009 Download PDF Primus Guaranty Reports Fourth Quarter 2008 Financial Results February 04, 2009 February 04, 2009 Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS), a provider of credit protection, announced today a GAAP net loss of $(918.5) million, or $(21.20) per diluted share, for the fourth quarter of 2008, compared with a GAAP net loss of $(403.9) million, or $(8.97) per diluted share, for the fourth quarter of 2007. For the year ended December 31, 2008, the GAAP net loss was $(1.7) billion, or $(38.37) per diluted share, compared with a GAAP net loss of $(563.5) million, or $(12.58) per diluted share, for the year ended 2007. Download PDF Primus Guaranty Comments on Tribune Co. CDS Exposure December 09, 2008 December 09, 2008 Following the filing yesterday by Tribune Co. (“Tribune”) of a petition under Chapter 11 of the U.S. Bankruptcy Code, Primus Guaranty, Ltd. (NYSE:PRS) provided the following information with regard to the credit default swaps portfolio of Primus Financial Products, LLC (“Primus Financial”). Download PDF Primus Guaranty Agrees to Block Trade November 25, 2008 November 25, 2008 Primus Guaranty, Ltd. (NYSE:PRS) (the “Company”) today announced that it agreed to purchase approximately 3.2 million shares of its common stock in a privately negotiated transaction, which is expected to settle on December 1, 2008. The Company agreed to pay $.70 per share for a total cost of approximately $2.2 million. Download PDF Primus Guaranty Receives Non-Compliance Notice from New York Stock Exchange November 21, 2008 November 21, 2008 Primus Guaranty, Ltd. (NYSE:PRS) (the “Company”) announced today that it has been notified by NYSE Regulation, Inc. that it is not in compliance with one of the continued listing standards of the New York Stock Exchange (the “NYSE”). The Company is considered below criteria established by the NYSE because the Company’s average closing price of its shares of common stock was less than $1.00 for 30 consecutive trading days. The NYSE currently makes available on its consolidated tape an indicator, “.BC,” on the Company’s trading symbol indicating that the Company is below the NYSE’s quantitative continued listing standards. Download PDF Primus Guaranty Reports Third Quarter 2008 Financial Results November 05, 2008 November 05, 2008 Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS), a provider of credit protection, announced today a GAAP net loss of $(390.2) million, or $(8.63) per diluted share, for the third quarter of 2008, compared with a GAAP net loss of $(128.4) million, or $(2.85) per diluted share, for the third quarter of 2007. For the nine months ended September 30, 2008, the GAAP net loss was $(797.7) million, or $(17.65) per diluted share, compared with a GAAP net loss of $(159.7) million, or $(3.57) per diluted share, for the same period in 2007. Download PDF Primus Guaranty Comments on CDS on Asset-Backed Securities October 15, 2008 October 15, 2008 Primus Guaranty, Ltd. (NYSE:PRS) today announced that two asset-backed securities, referenced by credit default swaps (“CDS”) written by Primus Financial Products, LLC (“Primus Financial”), were downgraded below Caa2 by Moody’s Investors Service (“Moody’s”). The notional principal on these CDS with current counterparties is $10 million. Under the terms of the ISDA master agreement governing CDS on asset-backed securities, a downgrade of the underlying security to CCC (Standard & Poor’s) or Caa2 (Moody’s), or below, is considered a credit event. Download PDF Primus Guaranty Comments on Icelandic Bank CDS Exposure October 09, 2008 October 09, 2008 Following the announcement by Iceland’s Financial Supervisory Authority to nationalize Kaupthing bank hf. (“Kaupthing Bank”), Primus Guaranty, Ltd. (NYSE:PRS) provided the following information with regards to the credit default swaps (“CDS”) portfolio of Primus Financial Products, LLC (“Primus Financial”). Download PDF Primus Guaranty Announces Bond Buyback Program for 7% Senior Notes October 08, 2008 October 08, 2008 Primus Guaranty, Ltd. (NYSE:PRS) announced today that its Board of Directors has authorized the use of up to $10 million of available cash to repurchase the company's 7% senior notes due 2036 (NYSE:PRD), from time to time in the open market or in privately negotiated transactions at prices and upon terms approved by management. Download PDF Moody's Rating Action on Primus Financial Products October 01, 2008 October 01, 2008 Moody's Investors Service announced today that it has (i) downgraded the counterparty rating of Primus Financial Products LLC ("Primus Financial"), and its Subordinated Deferrable Interest Notes, Series A and (ii) placed on review for possible downgrade Subordinated 2005 Deferrable Interest Notes, Series A-1, Subordinated 2005 Deferrable Interest Notes, Series B, and Perpetual NC-10 Floating Rate Cumulative Preferred Securities (Series I and Series II). Moody's also downgraded to Ba1, from Baa1, the senior unsecured and issuer ratings of Primus Guaranty, Ltd., and placed both ratings under review for further possible downgrade. Download PDF Primus Guaranty Comments on Standard and Poor's Ratings Announcement and Washington Mutual Exposure September 26, 2008 September 26, 2008 Primus Guaranty, Ltd. (NYSE:PRS) today commented on Standard & Poor's Rating Services (“S&P”) placement of Primus Financial Products, LLC (“Primus Financial”) on negative watch. Download PDF Primus Guaranty Comments on Lehman Brothers CDS Exposure September 15, 2008 September 15, 2008 Following the filing today by Lehman Brothers Holdings Inc. (“Lehman Brothers”) of a petition under Chapter 11 of the U.S. Bankruptcy Code, Primus Guaranty, Ltd. (NYSE:PRS) provided the following information with regards to the credit default swaps (“CDS”) portfolio of Primus Financial Products, LLC (“Primus Financial”). Download PDF Primus Guaranty Expects Minimal Impact from Fannie Mae and Freddie Mac CDS Exposure September 08, 2008 September 08, 2008 Following the announcements over the weekend relating to Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”), Primus Guaranty, Ltd. (NYSE:PRS) today provided the following information with regards to its credit default swap (“CDS”) exposure to Fannie Mae and Freddie Mac. Download PDF Primus Guaranty Ceo to Present at the Lehman Brothers 2008 Global Financial Services Conference September 03, 2008 September 03, 2008 Primus Guaranty, Ltd. (NYSE: PRS) has announced that Chief Executive Officer Thomas Jasper will make a presentation at the Lehman Brothers Global Financial Services Conference on Monday, September 8, 2008 at 4:45 p.m. ET. The conference is being held at the Hilton New York Hotel in New York City. Prior to Mr. Jasper’s remarks, a copy of the presentation will be available via Primus Guaranty’s Web site, http://ir.primusguaranty.com/. A live audio webcast of the presentation will be accessible via the company’s Web site, at http://ir.primusguaranty.com. A replay of the webcast will be available within 24 hours of Mr. Jasper’s presentation and will remain accessible through the company's Web site for ninety days. Download PDF Primus Guaranty Reports Second Quarter 2008 Financial Results August 06, 2008 August 06, 2008 Primus Guaranty, Ltd. (“Primus Guaranty” or “the company”) (NYSE:PRS), a leading provider of credit protection, announced today GAAP net income of $262.6 million, or $5.78 per diluted share, for the second quarter of 2008, compared with a GAAP net loss of $21.5 million, or $0.48 per diluted share, for the second quarter of 2007. For the six months ended June 30, 2008, the GAAP net loss was $407.5 million, or $9.02 per diluted share, compared with a GAAP net loss of $31.2 million, or $0.70 per diluted share, for the same period in 2007. Download PDF Primus Guaranty Elects James MacNaughton to Board of Directors July 31, 2008 July 31, 2008 Primus Guaranty, Ltd. (NYSE:PRS) today announced the election of James MacNaughton to its board of directors. Mr. MacNaughton was elected as a Class 1 director with a term expiring in 2010 and will serve on the board’s Audit and Finance and Investment Committees. His election fills a vacancy and brings the size of the board to 10 directors. Download PDF Vincent Tritto Joins Primus As General Counsel July 22, 2008 July 22, 2008 Primus Guaranty, Ltd. (NYSE: PRS) announced today that Vincent Tritto has joined the company as General Counsel, effective on Monday, July 21. He will serve on the company’s operating committee and report to Thomas Jasper, Primus Guaranty’s chief executive officer. Download PDF Primus Guaranty Reports First Quarter 2008 Financial Results May 06, 2008 May 06, 2008 Primus Guaranty, Ltd. (“Primus Guaranty” or “the company”) (NYSE: PRS), a leading provider of credit protection, announced today a GAAP net loss of $660.4 million, or negative $14.64 per diluted share for the first quarter of 2008, compared with a GAAP net loss of $9.7 million, or negative $0.22 per diluted share for the first quarter of 2007. The GAAP net loss in the first quarter of 2008 substantially reflects changes in the unrealized market value of the company’s credit swaps portfolio resulting from widening credit spreads. Download PDF Howard Yaruss, General Counsel, Resigns from Primus March 11, 2008 March 11, 2008 Primus Guaranty, Ltd. (NYSE: PRS) today announced that Howard Yaruss, General Counsel and member of its Operating Committee, will leave the company in mid-March. Download PDF © 2020 PRIMUS · Site Design: Ice Breaker Ltd 2020-03-25 13:49:58 +0000