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      <FONT STYLE="font-weight: normal; font-style: normal">As filed with the
      Securities and Exchange Commission on December 17, 2004</FONT>
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      Registration No.
      333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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      SECURITIES AND EXCHANGE COMMISSION
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      WASHINGTON, D.C. 20549
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      FORM S-8
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      REGISTRATION STATEMENT<BR> Under<BR> THE SECURITIES ACT OF 1933
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      PRIMUS GUARANTY, LTD.
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      <FONT STYLE="font-weight: normal; font-style: normal">(Exact name of
      Registrant as Specified in its Charter)</FONT>
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           ALIGN="center" VALIGN="bottom" COLSPAN="3">Bermuda</TD>
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            WIDTH="2"></TD>
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           STYLE="font-family: serif; font-size: 10pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt"
           ALIGN="center" VALIGN="bottom" COLSPAN="3">Not Required</TD>
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           ALIGN="center" VALIGN="top" COLSPAN="3">(State or Other Jurisdiction of<BR>
            Incorporation or Organization)</TD>
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            WIDTH="2"></TD>
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           ALIGN="center" VALIGN="top" COLSPAN="3">(IRS Employer Identification No.)</TD>
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      Clarendon House<BR> 2 Church Street<BR> Hamilton HM 11, Bermuda
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      <FONT STYLE="font-weight: normal; font-style: normal">(Address of
      Principal Executive Offices)</FONT>
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      PRIMUS GUARANTY, LTD.<BR> 2002 STOCK INCENTIVE PLAN<BR> 2004 STOCK
      INCENTIVE PLAN<BR> WRITTEN COMPENSATION AGREEMENTS<BR> WITH CERTAIN EMPLOYEES
    </P>
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      <FONT STYLE="font-weight: normal; font-style: normal">(Full Title of the
      Plan)</FONT>
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      Zachary Snow, Esq.<BR> Primus Asset Management, Inc.<BR> 360 Madison
      Avenue, 23rd Floor<BR> New York, New York 10017<BR> (212) 697-2227
    </P>
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      <FONT STYLE="font-weight: normal; font-style: normal">(Name, Address and
      Telephone Number of Agent for Service)</FONT>
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      Copy to:
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      Stephen P. Farrell, Esq.<BR> Morgan, Lewis &amp; Bockius LLP<BR> 101 Park
      Avenue<BR> New York, New York 10178<BR> (212) 309-6000<BR> Fax: (212) 309-6001
    </P>
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      CALCULATION OF REGISTRATION FEE
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      <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="713"
       BGCOLOR="#ffffff">
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           ALIGN="center" VALIGN="bottom" COLSPAN="3">Title of Each Class of<BR>
            Securities to be Registered</TD>
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            HEIGHT="1" WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 5pt"
           ALIGN="center" VALIGN="bottom" COLSPAN="3" WIDTH="163">Amount to be<BR>
            Registered</TD>
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            HEIGHT="1" WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 5pt"
           ALIGN="center" VALIGN="bottom" COLSPAN="3">Proposed<BR> Maximum<BR>
            Offering<BR> Price Per<BR> Share</TD>
          <TD STYLE="border-bottom: 1px solid #000000"><IMG SRC="spacer.gif"
            HEIGHT="1" WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 5pt"
           ALIGN="center" VALIGN="bottom" COLSPAN="3">Proposed<BR> Maximum<BR>
            Aggregate<BR> Offering Price</TD>
          <TD STYLE="border-bottom: 1px solid #000000"><IMG SRC="spacer.gif"
            HEIGHT="1" WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 5pt"
           ALIGN="center" VALIGN="bottom" COLSPAN="3">Amount of<BR>
            Registration<BR>Fee</TD>
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          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt"
           ALIGN="left" VALIGN="top" COLSPAN="3">Common shares, $0.08 par value, subject
            to options granted<BR>under the 2002 Stock Incentive Plan</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap" WIDTH="64"><FONT
            STYLE="background-color: #ffffff;">203,125</FONT><BR><FONT
            STYLE="background-color: #ffffff;">316,250</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap" WIDTH="53">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$<BR>$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">&nbsp;&nbsp;6.94</FONT><BR><FONT
            STYLE="background-color: #ffffff;">9.76</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap"><SUP>(1)</SUP><BR><SUP>(1)</SUP></TD>

          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$<BR>$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;1,409,688</FONT><BR><FONT
            STYLE="background-color: #ffffff;">3,086,600</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">&nbsp;</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
        </TR>
        <TR>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt"
           ALIGN="left" VALIGN="top" COLSPAN="3">Common shares, $0.08 par value, subject
            to restricted share units granted under the 2002 Stock Incentive Plan</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap" WIDTH="64"><FONT
            STYLE="background-color: #ffffff;">258,609</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap" WIDTH="53">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">14.44 </FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap"><SUP>(2)</SUP>&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">3,734,314</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">&nbsp;</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
        </TR>
        <TR>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt"
           ALIGN="left" VALIGN="top" COLSPAN="3">Common shares, $0.08 par value, subject
            to deferred shares granted under the 2004 Stock Incentive Plan</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap" WIDTH="64"><FONT
            STYLE="background-color: #ffffff;">9,372</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap" WIDTH="53">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">14.44</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap"><SUP>(2)</SUP>&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">135,332</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">&nbsp;</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
        </TR>
        <TR>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt"
           ALIGN="left" VALIGN="top" COLSPAN="3">Common shares, $0.08 par value, granted
            under the 2004 Stock Incentive Plan</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap" WIDTH="64"><FONT
            STYLE="background-color: #ffffff;">1,400</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap" WIDTH="53">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">13.50</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap"><SUP>(1)</SUP>&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">18,900</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">&nbsp;</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
        </TR>
        <TR>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt"
           ALIGN="left" VALIGN="top" COLSPAN="3">Common shares, $0.08 par value, subject
            to options granted under the 2004 Stock Incentive Plan</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap" WIDTH="64"><FONT
            STYLE="background-color: #ffffff;">234,063</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap" WIDTH="53">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">13.50</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap"><SUP>(1)</SUP>&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">3,159,851</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">&nbsp;</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
        </TR>
        <TR>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt"
           ALIGN="left" VALIGN="top" COLSPAN="3">Common shares, $0.08 par value, subject
            to performance shares granted under the 2004 Stock Incentive Plan</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap" WIDTH="64"><FONT
            STYLE="background-color: #ffffff;">351,095</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap" WIDTH="53">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">14.44</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap"><SUP>(2)</SUP>&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">5,069,812</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">&nbsp;</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
        </TR>
        <TR>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt"
           ALIGN="left" VALIGN="top" COLSPAN="3">Common shares, $0.08 par value, reserved
            for the future grant of options and other equity awards under the 2004 Stock
            Incentive Plan</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap" WIDTH="64"><FONT
            STYLE="background-color: #ffffff;">6,000,000</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap" WIDTH="53"><SUP>(3)</SUP>&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">14.44</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap"><SUP>(2)</SUP>&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">86,640,000</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">&nbsp;</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
        </TR>
        <TR>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt"
           ALIGN="left" VALIGN="top" COLSPAN="3">Common shares, $0.08 par value, subject
            to restricted share units granted under written compensation agreements</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap" WIDTH="64"><FONT
            STYLE="background-color: #ffffff;">456,739</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap" WIDTH="53">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">14.44</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap"><SUP>(2)</SUP>&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">6,595,312</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
          <TD STYLE="padding-top: 0pt "><IMG SRC="spacer.gif" HEIGHT="1"
            WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">&nbsp;</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px double #ffffff ; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
        </TR>
        <TR>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt"
           ALIGN="left" VALIGN="top" COLSPAN="3">Common shares, $0.08 par value, granted
            under written compensation agreements</TD>
          <TD STYLE="border-bottom: 1px solid #000000"><IMG SRC="spacer.gif"
            HEIGHT="1" WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap" WIDTH="64"><FONT
            STYLE="background-color: #ffffff;">761,040</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap" WIDTH="53">&nbsp;</TD>
          <TD STYLE="border-bottom: 1px solid #000000"><IMG SRC="spacer.gif"
            HEIGHT="1" WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">14.44</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap"><SUP>(2)</SUP>&nbsp;</TD>
          <TD STYLE="border-bottom: 1px solid #000000"><IMG SRC="spacer.gif"
            HEIGHT="1" WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">10,989,418</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
          <TD STYLE="border-bottom: 1px solid #000000"><IMG SRC="spacer.gif"
            HEIGHT="1" WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">&nbsp;</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
        </TR>
        <TR>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt"
           ALIGN="left" VALIGN="top" COLSPAN="3">Common shares TOTAL</TD>
          <TD STYLE="border-bottom: 1px solid #000000"><IMG SRC="spacer.gif"
            HEIGHT="1" WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap" WIDTH="64"><FONT
            STYLE="background-color: #ffffff;">8,591,693</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap" WIDTH="53">&nbsp;</TD>
          <TD STYLE="border-bottom: 1px solid #000000"><IMG SRC="spacer.gif"
            HEIGHT="1" WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">&nbsp;</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">&nbsp;</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
          <TD STYLE="border-bottom: 1px solid #000000"><IMG SRC="spacer.gif"
            HEIGHT="1" WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">120,839,227</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap">&nbsp;</TD>
          <TD STYLE="border-bottom: 1px solid #000000"><IMG SRC="spacer.gif"
            HEIGHT="1" WIDTH="2"></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1">$</TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt"
           ALIGN="right" VALIGN="top" COLSPAN="1" NOWRAP="nowrap"><FONT
            STYLE="background-color: #ffffff;">14,223</FONT></TD>
          <TD
           STYLE="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 1px solid #000000; padding-top: 0pt "
           ALIGN="left" VALIGN="top" NOWRAP="nowrap"><SUP>(4)</SUP>&nbsp;</TD>
        </TR>
        <TR>
          <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
        </TR>
      </TABLE> </DIV>
<!--0-->
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="713">
      <TR>
        <TD><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" HEIGHT="1"><IMG
          SRC="spacer.gif" HEIGHT="1" WIDTH="713"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="0"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="8" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="713">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="23"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="713"></TD>
      </TR>
      <TR>
        <TD ALIGN="right" VALIGN="top"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><SUP>(1)</SUP></TD>

        <TD ALIGN="left"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Calculated
          pursuant to paragraph (h) of Rule 457 (based upon the price at which
          outstanding options may be exercised). The foregoing calculation is solely for
          the purpose of determining the registration fee.</TD>
      </TR>
    </TABLE>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="713">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="23"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="713"></TD>
      </TR>
      <TR>
        <TD ALIGN="right" VALIGN="top"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><SUP>(2)</SUP></TD>

        <TD ALIGN="left"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Calculated
          pursuant to paragraphs (c) and (h) of Rule 457 (based upon the average of the
          reported high and low sales prices for the Registrant's common shares as
          reported on the New York Stock Exchange for December 10, 2004). The foregoing
          calculation is solely for the purpose of determining the registration fee.</TD>

      </TR>
    </TABLE>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="713">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="23"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="713"></TD>
      </TR>
      <TR>
        <TD ALIGN="right" VALIGN="top"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><SUP>(3)</SUP></TD>

        <TD ALIGN="left"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Any
          additional common shares which may become issuable pursuant to the 2004 Stock
          Incentive Plan shall be covered by this Registration Statement pursuant to Rule
          416(a).</TD>
      </TR>
    </TABLE>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="713">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="23"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="713"></TD>
      </TR>
      <TR>
        <TD ALIGN="right" VALIGN="top"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><SUP>(4)</SUP></TD>

        <TD ALIGN="left"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Calculated
          pursuant to Section 6(b) of the Securities Act of 1933 as follows: Proposed
          maximum aggregate offering price per share multiplied by 0.0001177.</TD>
      </TR>
    </TABLE> <BR> <HR WIDTH="760" STYLE="padding-left: 0pt;" ALIGN="left"> <BR>





<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">EXPLANATORY
NOTE</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This registration statement includes a form of prospectus
to be used by certain individuals, who may be deemed to be affiliates
of Primus Guaranty, Ltd., in connection with the resale of common
shares, which common shares are registered pursuant to this
registration statement.</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">PART I</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="50"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 38.04pt">Item
1.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 418pt"><u>Plan Information</u>.*</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="50"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 38.04pt">Item
2.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 418pt"><u>Registrant Information and Employee Plan
Annual Information</u>.*</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="50"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 38.04pt">*&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 418pt">Information
required by Part I to be contained in the Section 10(a) prospectus is
omitted from this Registration Statement in accordance with Rule 428
under the Securities Act of 1933, as amended, and the Introductory Note
to Part I of this Registration Statement on Form
S-8.</td>
</tr>
</table>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Prospectus</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:18pt;  width: 456pt; text-align: center; font-style: normal; line-height: 20pt; padding-top: 24pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">739,053 Shares</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:16pt;  width: 456pt; text-align: center; font-style: normal; line-height: 18pt; padding-top: 24pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">PRIMUS GUARANTY, LTD.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Common Shares</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="36"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="222"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="158"></td>
<td><img src="spacer.gif" height="1" width="222"></td>
<td><img src="spacer.gif" height="1" width="444"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:24pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Our principal business is
selling credit protection under which we assume the risk of default on
investment grade credit obligations. This prospectus relates to the
resale of our common shares by our executive officers and directors.
The common shares which may be sold have previously been acquired, or
will be acquired, by these individuals under written compensation
contracts or upon the exercise of options or other equity incentive
awards granted to them under our 2002 Stock Incentive Plan or our 2004
Stock Incentive Plan. The 2004 Stock Incentive Plan replaced the 2002
Stock Incentive Plan.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:12pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We will not receive any of the
proceeds from these sales. We will pay all expenses in connection with
this offering, other than commissions and discounts of underwriters,
brokers, dealers or agents.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:12pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Our common shares are listed
on the New York Stock Exchange (NYSE: PRS). On December 10, 2004, the
closing price of our common shares was $14.55 per share.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:12pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these securities
or determined if this prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:24pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
The date of this prospectus is December 17,
2004</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We have not, nor
has any individual named in this prospectus, authorized any person to
give any information or to make any representation other than those
contained in, or incorporated by reference into, this prospectus. This
prospectus does not constitute an offer to sell or solicitation of an
offer to buy.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We have filed a registration statement on Form S-8
in respect of the common shares offered by this prospectus with the
Securities and Exchange Commission under the Securities Act of 1933, as
amended. This prospectus does not contain all of the information
contained in the registration statement. You should read this entire
prospectus carefully as well as the registration statement for
additional information.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">WHERE YOU CAN FIND MORE
INFORMATION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We must file annual, quarterly and special reports,
proxy statements and other information with the SEC. You may read and
copy any documents we file at the SEC's public reference rooms in
Washington, D.C. Please call the SEC at 1-800-SEC-0330 for further
information on the public reference facility. Our SEC filings are also
available to the public from the SEC's web site at
http://www.sec.gov.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The SEC allows us to
"incorporate by reference" information into
this prospectus, which means that we can disclose important information
to you by referring you to another document filed separately with the
SEC. The information incorporated by reference is considered to be part
of this prospectus. Information in this prospectus may update documents
previously filed with the SEC, and later information that we file with
the SEC will automatically update this prospectus. We incorporate by
reference the documents listed below and any future filings made with
the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934, as amended, prior to the termination of the
offering:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 30pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">Our prospectus filed
pursuant to Rule 424(b) (File Number 333-114818) filed with the SEC on
September 30, 2004;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 30pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">Our Quarterly
Report on Form 10-Q for the fiscal period ended September 30, 2004
filed with the SEC on November 9, 2004;
and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 30pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">Our Form 8-A (File Number
001-32307) filed with the SEC on September 24, 2004, including any
amendments or reports filed for the purpose of updating the description
of our common shares that is incorporated by reference therein.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">You may request a copy of these filings, at no cost, by writing or
telephoning us at the following address:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Primus
Guaranty, Ltd.<br> 360 Madison Avenue, 23rd Floor<br> New York, New
York 10017<br> Attention: Secretary<br> (212) 697-2227</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="222"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="158"></td>
<td><img src="spacer.gif" height="1" width="222"></td>
<td><img src="spacer.gif" height="1" width="444"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Information on our website
is not part of this prospectus.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">OUR BUSINESS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Our principal
business is selling credit protection under which we assume the risk of
default on investment grade credit obligations. The protection we sell
takes the form of a credit default swap, or credit swap. In exchange
for a fixed quarterly premium we agree, upon a default or other credit
event (e.g., bankruptcy, moratorium or repudiation) affecting a
designated issuer, which we refer to as a Reference Entity, to pay our
customer, which we refer to as a counterparty, an agreed amount. We pay
this agreed amount, which we call a notional amount, upon our
counterparty's delivery to us of the Reference Entity's
debt obligation. Credit swaps are an efficient and standardized
mechanism to reduce credit risk exposure arising from the ownership of
financial obligations such as bonds, loans and receivables. The primary
purchasers of credit swaps are commercial and investment banks as well
as credit portfolio managers, insurance companies and other financial
institutions.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">PROCEEDS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We will not receive any of the
proceeds from the sale of the common shares by the individuals named
herein.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">SELLING SHAREHOLDERS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following
table identifies our executive officers and directors, any of whom may
use this prospectus to sell our common shares. We do not know whether
the individuals listed below will sell any or all of their common
shares covered by this prospectus. Assuming all such common shares are
sold by them, none of the individuals would own one percent (1%)
or more of our common shares.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 602px; padding-top: 12px" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr>
<!--col #: 1 / width: 364 / data-type: text-->
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="364"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<!--col #: 2 / width: 108 / data-type: financial--><td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="108"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<!--col #: 3 / width: 108 / data-type: financial--><td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="108"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="left" valign="bottom" colspan="3">Executive
Officers and Directors</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Number of<br>Shares
Owned<sup>(1)</sup></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 0pt" align="center" valign="bottom" colspan="3">Number of Shares<br>Covered By
This<br>Prospectus</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Thomas W. Jasper<br>Chief
Executive Officer and
Director</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">758,200</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap"><sup>(2)</sup>&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">599,689</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap"><sup>(3)</sup>&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Richard
Claiden<br>Chief Financial
Officer</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">89,692</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap"><sup>(4)</sup>&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">35,471</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap"><sup>(5)</sup>&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Zachary
Snow<br>General
Counsel</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">174,262</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap"><sup>(6)</sup>&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">96,083</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap"><sup>(7)</sup>&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Frank
P.
Filipps<br>Director</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,562</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap"><sup>(8)</sup>&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,562</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Duncan
E.
Goldie-Morrison<br>Director</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,562</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap"><sup>(8)</sup>&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,562</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">James
K.
Hunt<br>Director</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,562</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap"><sup>(8)</sup>&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,562</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">Jay
H.
Shidler<br>Director</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,482,484</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap"><sup>(9)</sup>&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,562</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt" align="left" valign="bottom" colspan="3">John
A.
Ward<br>Director</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,562</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap"><sup>(8)</sup>&nbsp;</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-top: 0pt" align="right" valign="bottom" colspan="1">&nbsp;</td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal;  font-style: normal;  border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="background-color: #ffffff;">1,562</font></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;     border-bottom: 3px double #ffffff; padding-top: 0pt " align="left" valign="bottom" nowrap="nowrap">&nbsp;</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">We
may supplement this table to reflect additional awards made under the
2004 Stock Incentive Plan to the named individuals or to others.</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">(1)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">Based on ownership as of November 30, 2004.
Includes common shares issuable to the named individuals upon exercise
of currently outstanding options and other equity awards under the 2002
Stock Incentive Plan and the 2004 Stock Incentive Plan, whether or not
presently exercisable, and common shares issued to them under written
compensation agreements.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">(2)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">This amount
includes (i) 495,415 common shares, of which 125,000 common shares are
indirectly owned by Mr.  Jasper as Trustee for the Thomas W.
Jasper 2004 GRAT; (ii) 72,785 restricted share units, of which 42,399
units are vested; and (iii) 190,000 options to purchase common shares,
of which 61,875 options are vested.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">(3)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">This
amount does not include (i) 30,386 restricted share units subject to
vesting and (ii) 128,125 options to purchase common shares subject to
vesting. We will supplement this prospectus as necessary as these
restricted share units and options vest.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">(4)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">This amount includes (i) 52,192 restricted share
units, of which 26,096 units are vested and (ii) 37,500 options to
purchase common shares, of which 9,375 options are vested.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">(5)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">This amount does not include (i) 26,096 restricted
share units subject to vesting and (ii) 28,125 options to purchase
common shares subject to vesting. We will supplement this prospectus as
necessary as these restricted share units and options vest.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">(6)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">This amount includes (i) 75,000 common shares, of
which 50,000 are vested; (ii) 30,512 restricted share units, of which
17,958 units are vested; and (iii) 68,750 options to purchase common
shares, of which 28,125 options are vested.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">(7)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">This amount does not include (i) 25,000 common shares
subject to vesting; (ii) 12,554 restricted share units subject to
vesting; and (iii) 40,625 options to purchase common shares subject to
</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">
vesting. We will supplement this prospectus as
necessary as these restricted common shares, restricted share units and
options vest.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">(8)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">This amount includes 1,562
fully vested deferred common shares issued to each of our non-employee
directors on October 5, 2004.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">(9)</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">This amount
includes (i) 971,171 common shares directly beneficially owned by
Primus Capital Advisors, LLC, of which Mr. Shidler is Manager; (ii)
509,751 common shares directly beneficially owned by E.Capital
Technologies, LLC, of which Mr. Shidler is Managing Member; and (iii)
1,562 fully vested deferred common shares issued to each of our
non-employee directors on October 5, 2004.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">PLAN OF DISTRIBUTION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The common
shares covered by this prospectus will be sold, if at all, by the
individuals named above or donees, pledgees or others on their behalf,
and not by us. The common shares may be sold from time to time as
follows:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 30pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">on the New York Stock
Exchange, in the over-the-counter market, on an inter-dealer quotation
system or on another national securities exchange (any of which may
involve crosses and block
transactions);</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 30pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">to purchasers
directly;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 30pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">in ordinary brokerage
transactions in which the broker solicits
purchasers;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 30pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">through underwriters,
dealers and agents who may receive compensation in the form of
underwriting discounts, concessions or commissions from a seller and/or
the purchasers of the common shares for whom they may act as
agent;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 30pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">through the writing of options
on the common shares;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 30pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">through the
granting of a security interest in any common share as collateral for
any loan or obligation, including such grants to brokers or dealers who
may from time to time effect distributions of the common shares or
other interests in the common
shares;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 30pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">through purchases by a broker
or dealer as principal and resale by such broker or dealer for its own
account pursuant to this
prospectus;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 30pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">through block trades in
which the broker or dealer so engaged will attempt to sell the common
shares as agent or as riskless principal but may position and resell a
portion of the block as principal to facilitate the
transaction;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 30pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">through exchange
distributions in accordance with the rules of the applicable
exchange;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 30pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">in any combination of one or
more of these methods; or</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 30pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">in any other
lawful manner.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">These sales may be made at prices related to the
then current market price or otherwise at prices and on terms then
prevailing, or in privately negotiated transactions. In effecting
sales, a broker or dealer engaged by an individual using this
prospectus to sell common shares may arrange for other brokers or
dealers to participate in the sale. In addition, any common shares
covered by this prospectus which qualify for sale pursuant to Section
4(1)  of the Securities Act or Rules  144 or 701(g) under
the Securities Act may be sold thereunder rather than by this
prospectus.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In connection with distributions of the common
shares or otherwise, persons using this prospectus to sell common
shares may enter into hedging transactions with broker-dealers. In
connection with hedging a transaction, a broker-dealer may engage in
short sales of common shares registered hereunder in the course of
hedging the positions it assumes with the seller. The seller may also
sell common shares short and deliver the common shares to close out the
short positions. The seller may also enter into an option or other
transaction with a broker-dealer which requires the delivery to the
broker-dealer of common shares we have registered, which the
broker-dealer may resell by this prospectus.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">A seller may pay a
broker-dealer or an agent compensation in the form of commissions,
discounts or concessions. The broker-dealer and any other participating
broker-dealer may be deemed to be
"underwriters" within the meaning of the
Securities Act in connection with such sales and any such commission,
discount or concession may be deemed to be underwriting discounts or
commissions under the Securities Act.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We may be required to file
a supplemented prospectus in connection with any activities involving a
seller which may be deemed to be an
"underwriting." In that case, a supplement to
this prospectus would contain (1) information as to whether an
underwriter selected by a seller, or any other broker-dealer, is acting
as principal or agent for the seller, (2) the compensation to be
received by an </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
underwriter selected by a seller or any
broker-dealer, for acting as principal or agent for a seller and (3)
the compensation to be received by any other broker-dealer, in the
event the compensation of such other broker-dealers is in excess of
usual and customary commissions. Any broker or dealer participating in
any distribution of the common shares may be required to deliver a copy
of this prospectus, including any prospectus supplement, to any
individual who purchases any common shares from or through such a
broker-dealer.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We have advised the people identified in this
prospectus as potential sellers of common shares that during any period
when they may be engaged in a distribution of the common shares offered
by this prospectus, they are required to comply with Regulation M
promulgated under the Securities Exchange Act. With certain exceptions,
Regulation M precludes any seller, any affiliated purchaser and any
broker-dealer or other individual who participates in such a
distribution from bidding for or purchasing, or attempting to induce
any individual to bid for or purchase any security, that is the subject
of the distribution until the entire distribution is complete.
Regulation M also prohibits any bids or purchases made in order to
stabilize the price of a security in connection with the distribution
of that security. All of these factors may affect the marketability of
our common shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The people identified in this prospectus as
potential sellers of common shares offer to sell all, some or none of
the common shares covered by this prospectus. Because it is possible
that a significant number of common shares could be sold simultaneously
by means of this prospectus, such sales, or the possibility thereof,
may have an adverse effect on the market price of our common
shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">7</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INDEMNIFICATION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Under Bermuda law
we may and under our Bye-laws, we will indemnify our directors,
officers, the resident representative of the company, any other person
appointed to a committee of the board of directors and certain other
persons (and their respective heirs, executors or administrators) to
the full extent permitted by law against all actions, costs, charges,
liabilities, loss, damage or expense incurred or suffered by such
person by reason of any act done, concurred in or omitted in the
discharge of his/her duties; provided that such indemnification shall
not extend to any matter involving any fraud or dishonesty on the part
of such director, officer or other person. Under our Bye-laws, the
company and each of our shareholders agree to waive any claim or right
of action, other than those involving fraud or dishonesty, against any
of our officers, directors or resident representative arising out of
any action taken by such persons, or the failure to take any action, in
the performance of his or her duties with or for us.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We have
entered into indemnification agreements with our directors and officers
under which we have agreed to indemnify any director or officer made,
or threatened to be made, a party to any action or proceeding
(including an action by or in the right of Primus Guaranty, Ltd.),
whether civil or criminal, by reason of the fact that any of them is or
was a director or officer of our company, or was serving at our request
as a director or officer of another corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise in any
capacity, against any judgments, fines, amounts paid in settlement and
reasonable expenses which they incur. We also maintain liability
insurance covering our directors and officers.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">VALIDITY OF
COMMON SHARES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The validity of the common shares which may be
offered hereunder has been passed upon by Conyers Dill &amp; Pearman,
Hamilton, Bermuda.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">EXPERTS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The annual consolidated
financial statements and schedule of Primus Guaranty, Ltd. incorporated
by reference to our prospectus filed pursuant to Rule 424(b) in this
prospectus have been audited by Ernst &amp; Young LLP, independent
registered public accounting firm, as indicated in their report with
respect thereto, and are included herein in reliance upon the authority
of this firm as experts in accounting and
auditing.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">8</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">PART
II</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Incorporation of Documents by
Reference</u>.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following documents, previously filed by the
Registrant with the Securities and Exchange Commission, are
incorporated by reference into this Registration Statement:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(a)&nbsp;&nbsp;&nbsp;&nbsp;Our prospectus filed pursuant to Rule 424(b) (File Number
333-114818) filed with the SEC on September 30, 2004;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b)&nbsp;&nbsp;&nbsp;&nbsp;Our Quarterly Report on Form 10-Q for the fiscal period
ended September 30, 2004, filed with the SEC on November 9, 2004;
and</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(c)&nbsp;&nbsp;&nbsp;&nbsp;Our Form 8-A (File Number 001-32307) filed with the
SEC on September 24, 2004, including any amendments or reports filed
for the purpose of updating the description of our common shares that
is incorporated by reference therein.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">All reports and other
documents subsequently filed by the Registrant pursuant to Section
13(a), 13(c), 14 or 15(d) of the Securities Exchange Act, prior to the
filing of a post-effective amendment which indicates that all
securities offered have been sold or which deregisters all securities
then remaining unsold shall be deemed to be incorporated by reference
in this Registration Statement and to be a part hereof from the date of
filing of such documents.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Any statement contained herein or in a
document all or a portion of which is incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent
that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference
herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Description of Securities</u>.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Not
Applicable.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Item 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interests of Named Experts
and Counsel</u>.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Not Applicable.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Item
6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification of Directors and Officers</u>.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Under Bermuda law we may and under our Bye-laws, we will indemnify
our directors, officers, the resident representative of the company,
any other person appointed to a committee of the board of directors and
certain other persons (and their respective heirs, executors or
administrators) to the full extent permitted by law against all
actions, costs, charges, liabilities, loss, damage or expense incurred
or suffered by such person by reason of any act done, concurred in or
omitted in the discharge of his/her duties; provided that such
indemnification shall not extend to any matter involving any fraud or
dishonesty on the part of such director, officer or other person. Under
our Bye-laws, the company and each of our shareholders agree to waive
any claim or right of action, other than those involving fraud or
dishonesty, against any of our officers, directors or resident
representative arising out of any action taken by such persons, or the
failure to take any action, in the performance of his or her duties
with or for us.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We have entered into indemnification agreements
with our directors and officers under which we have agreed to indemnify
any director or officer made, or threatened to be made, a party to any
action or proceeding (including an action by or in the right of Primus
Guaranty, Ltd.), whether civil or criminal, by reason of the fact that
any of them is or was a director or officer of our company, or was
serving at our request as a director or officer of another corporation,
partnership, joint venture, trust, employee benefit plan or other
enterprise in any capacity, against any judgments, fines, amounts paid
in settlement and reasonable expenses which they incur. We also
maintain liability insurance covering our directors and officers.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">II-1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Item 7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exemption from
Registration Claimed</u>.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The outstanding securities to be
resold under this registration statement were sold by Primus Guaranty,
Ltd. in transactions that were exempt from the registration
requirements of the Securities Act either (i) pursuant to Section 4(2)
of the Securities Act, or Regulation D promulgated thereunder, or (ii)
with respect to issuances to officers or directors, Rule 701,
promulgated under Section 3(b) of the Securities Act, as transactions
by an issuer not involving a public offering or transactions pursuant
to compensatory benefit plans and contracts relating to compensation as
provided under Rule 701. The recipients of securities in each of these
transactions represented their intentions to acquire the securities for
investment only and not with a view to or for sale in connection with
any distribution thereof and appropriate legends were affixed to the
instruments representing such securities issued in such transactions.
All recipients either received adequate information about us or had
adequate access, through their relationships with us, to such
information.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Item
8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibits</u>.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 602px; padding-top: 12px" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="491" bgcolor="#ffffff">
<tr>
<!--col #: 1 / width: 48 / data-type: text-->
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<!--col #: 2 / width: 428 / data-type: text--><td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="428"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="top" colspan="3"><u>Exhibit</u></td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="top" colspan="3"><u>Description</u></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="top" colspan="3">4.1</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="top" colspan="3">Memorandum
of Association of Primus Guaranty, Ltd. (filed as an Exhibit to the
Registrant's Registration Statement on Form S-1, dated September
29, 2004, and incorporated by reference
herein).</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="top" colspan="3">4.2</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="top" colspan="3">Bye-Laws of Primus Guaranty,
Ltd. (filed as an Exhibit to the Registrant's Registration
Statement on Form S-1, dated September 29, 2004, and incorporated by
reference herein).</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="top" colspan="3">5.1</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="top" colspan="3">Opinion of Conyers
Dill &amp;
Pearman.*</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="top" colspan="3">23.1</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="top" colspan="3">Consent of Ernst &amp; Young
LLP.*</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="top" colspan="3">23.2</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="top" colspan="3">Consent of Conyers Dill &amp;
Pearman (included in Exhibit
5.1).*</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="top" colspan="3">24</td>
<td style="padding-top: 0pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt" align="left" valign="top" colspan="3">Powers of Attorney (included on
page II-4 of this Registration
Statement).<br>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Item
9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Undertakings</u>.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(a)&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
Registrant hereby undertakes:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(1)&nbsp;&nbsp;&nbsp;&nbsp;To file,
during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 60pt; background-color: #ffffff">(i)&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section
10(a)(3) of the Securities Act;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:40pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(ii)&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth
in this Registration Statement; and</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:40pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(iii)&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with
respect to the plan of distribution not previously disclosed in this
Registration Statement or any material change to such information in
this Registration Statement;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<u>provided</u>,
<u>however</u>, that paragraphs (a)(1)(i) and (a)(1)(ii) shall not
apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed
with or furnished to the Commission by the Registrant pursuant to
Section 13 or Section 15(d) of the Exchange Act that are incorporated
by reference in this Registration Statement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(2)&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any
liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial <font style="font-weight: normal; font-style: italic">bona fide</font> offering
thereof.</p>
<table cellpadding="0" cellspacing="0" border="0" width="60">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="60"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">
* Filed herewith.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">II-2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(3)&nbsp;&nbsp;&nbsp;&nbsp;To remove from
registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of
the offering.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b)&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby
undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant's annual report
pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the Registration Statement shall be deemed
to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be
deemed to be the initial <font style="font-weight: normal; font-style: italic">bona fide</font> offering thereof.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(c)&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under
the Securities Act may be permitted to directors, officers and
controlling persons of the Registrant pursuant to the foregoing
provisions, or otherwise, the Registrant has been advised that in the
opinion of the Commission such indemnification is against public policy
as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid
by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such
issue.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">II-3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">SIGNATURES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly
caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in Hamilton, Bermuda, on
December 17, 2004.</p>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt" valign="top" align="left" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt" valign="top" align="left">PRIMUS GUARANTY, LTD.</td>
</tr>
</table>
</div>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="348"></td>
<td><img src="spacer.gif" height="1" width="32"></td>
<td><img src="spacer.gif" height="1" width="222"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 264pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 24pt">By:&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 168pt"><u>/s/ Thomas W. Jasper</u>
<br>
Thomas W. Jasper<br> Chief Executive Officer</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Each person whose
signature appears below constitutes and appoints each of Thomas W.
Jasper and Richard Claiden, his true and lawful attorney-in-fact and
agent, with full power of substitution and resubstitution, for him and
in his name, place and stead, in any and all capacities, to sign any
and all amendments (including post-effective amendments) to this
Registration Statement and any and all other documents and instruments
incidental thereto, and to file the same, with all exhibits thereto,
and all documents in connection therewith, with the Securities and
Exchange Commission and any other regulatory authority, granting unto
said attorney-in-fact and agent full power and authority to do and
perform each and every act and thing requisite and necessary to be
done, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorney-in-fact
and agent, or his substitute, may lawfully do or cause to be done by
virtue hereof.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed below by the
following individuals in the capacities and on the date or dates
indicated.</p>
<table cellpadding="0" cellspacing="0" border="0" width="593">
<tr>
<td><img src="spacer.gif" height="1" width="218"></td>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="234"></td>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="109"></td>
</tr>
<tr>
<td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center">Signature</td>
<td></td>
<td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center">Title</td>
<td></td>
<td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center">Date</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/
Thomas W. Jasper</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Chief
Executive Officer<br> (Principal Executive
Officer)</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">December 17, 2004</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Thomas W. Jasper</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/
Richard Claiden</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Chief
Financial Officer<br> (Principal Financial and<br> Accounting
Officer)</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">December 17, 2004</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Richard Claiden</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/
Michael P. Esposito, Jr.</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Director and Chairman of the
Board</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">December 17, 2004</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Michael P. Esposito,
Jr.</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/ Frank
P. Filipps</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Director</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">December 17,
2004</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Frank P.
Filipps</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/ Duncan E.
Goldie-Morrison</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Director</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">December 17,
2004</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Duncan E.
Goldie-Morrison</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/ Thomas J.
Hartlage</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Director</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">December 17,
2004</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Thomas J.
Hartlage</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/ James K. Hunt</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Director</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">December 17,
2004</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">James K.
Hunt</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/ Robert R.
Lusardi</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Director</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">December 17,
2004</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Robert R.
Lusardi</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/ Jay H. Shidler</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Director</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">December 17,
2004</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Jay H.
Shidler</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/ John A. Ward, III</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Director</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">December 17,
2004</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">John
A. Ward, III</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">II-4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">INDEX
TO EXHIBITS</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px; width: 602px; padding-top: 12px" align="center">
<table cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr>
<!--col #: 1 / width: 48 / data-type: text-->
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<!--col #: 2 / width: 539 / data-type: text--><td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="539"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 12pt" align="left" valign="bottom" colspan="3">Exhibit</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal; border-bottom: 1px solid #000000 ;padding-top: 12pt" align="left" valign="bottom" colspan="3">Description</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt" align="left" valign="top" colspan="3">4.1</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Memorandum
of Association of Primus Guaranty, Ltd. (filed as an Exhibit to the
Registrant's Registration Statement on Form S-1, dated September
29, 2004, and incorporated by reference
herein).</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt" align="left" valign="top" colspan="3">4.2</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Bye-Laws
of Primus Guaranty, Ltd. (filed as an Exhibit to the Registrant's
Registration Statement on Form S-1, dated September 29, 2004, and
incorporated by reference
herein).</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt" align="left" valign="top" colspan="3">5.1</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Opinion
of Conyers Dill &amp;
Pearman.*</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt" align="left" valign="top" colspan="3">23.1</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Consent
of Ernst &amp; Young LLP.*</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt" align="left" valign="top" colspan="3">23.2</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Consent of Conyers
Dill &amp; Pearman (included in Exhibit
5.1).*</td>
</tr>
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt" align="left" valign="top" colspan="3">24</td>
<td style="padding-top: 12pt "><img src="spacer.gif" height="1" width="2"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt" align="left" valign="top" colspan="3">Powers
of Attorney (included on page II-4 of this Registration
Statement).<br>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">*</td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">Filed
herewith.</td>
</tr>
</table>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "file001.htm", "description": "FORM S-8", "secsgml_size_bytes": 174386}]
{"company-data": {"conformed-name": "PRIMUS GUARANTY LTD", "cik": "0001170593", "assigned-sic": "6199", "irs-number": "000000000"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-121427", "film-number": "041212283"}, "business-address": {"street1": "C/O PRIMUS ASSET MANAGEMENT INC", "street2": "360 MADISON AVE 23RD FL", "city": "NEW YORK", "state": "NY", "zip": "10017", "phone": "2126972227"}, "mail-address": {"street1": "C/O PRIMUS ASSET MANAGEMENT INC", "street2": "360 MADISON AVE 23RD FL", "city": "NEW YORK", "state": "NY", "zip": "10017"}}
As filed with the
      Securities and Exchange Commission on December 17, 2004
Registration No.
      333-
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
PRIMUS GUARANTY, LTD.
(Exact name of
      Registrant as Specified in its Charter)
Bermuda
Not Required
(State or Other Jurisdiction of
Incorporation or Organization)
(IRS Employer Identification No.)
Clarendon House
2 Church Street
Hamilton HM 11, Bermuda
(Address of
      Principal Executive Offices)
PRIMUS GUARANTY, LTD.
2002 STOCK INCENTIVE PLAN
2004 STOCK
      INCENTIVE PLAN
WRITTEN COMPENSATION AGREEMENTS
WITH CERTAIN EMPLOYEES
(Full Title of the
      Plan)
Zachary Snow, Esq.
Primus Asset Management, Inc.
360 Madison
      Avenue, 23rd Floor
New York, New York 10017
(212) 697-2227
(Name, Address and
      Telephone Number of Agent for Service)
Copy to:
Stephen P. Farrell, Esq.
Morgan, Lewis & Bockius LLP
101 Park
      Avenue
New York, New York 10178
(212) 309-6000
Fax: (212) 309-6001
CALCULATION OF REGISTRATION FEE
Title of Each Class of
Securities to be Registered
Amount to be
Registered
Proposed
Maximum
Offering
Price Per
Share
Proposed
Maximum
Aggregate
Offering Price
Amount of
Registration
Fee
Common shares, $0.08 par value, subject
            to options granted
under the 2002 Stock Incentive Plan
203,125
316,250
$
$
6.94
9.76
(1)
(1)
$
$
1,409,688
3,086,600
Common shares, $0.08 par value, subject
            to restricted share units granted under the 2002 Stock Incentive Plan
258,609
$
14.44
(2)
$
3,734,314
Common shares, $0.08 par value, subject
            to deferred shares granted under the 2004 Stock Incentive Plan
9,372
$
14.44
(2)
$
135,332
Common shares, $0.08 par value, granted
            under the 2004 Stock Incentive Plan
1,400
$
13.50
(1)
$
18,900
Common shares, $0.08 par value, subject
            to options granted under the 2004 Stock Incentive Plan
234,063
$
13.50
(1)
$
3,159,851
Common shares, $0.08 par value, subject
            to performance shares granted under the 2004 Stock Incentive Plan
351,095
$
14.44
(2)
$
5,069,812
Common shares, $0.08 par value, reserved
            for the future grant of options and other equity awards under the 2004 Stock
            Incentive Plan
6,000,000
(3)
$
14.44
(2)
$
86,640,000
Common shares, $0.08 par value, subject
            to restricted share units granted under written compensation agreements
456,739
$
14.44
(2)
$
6,595,312
Common shares, $0.08 par value, granted
            under written compensation agreements
761,040
$
14.44
(2)
$
10,989,418
Common shares TOTAL
8,591,693
$
120,839,227
$
14,223
(4)
(1)
Calculated
          pursuant to paragraph (h) of Rule 457 (based upon the price at which
          outstanding options may be exercised). The foregoing calculation is solely for
          the purpose of determining the registration fee.
(2)
Calculated
          pursuant to paragraphs (c) and (h) of Rule 457 (based upon the average of the
          reported high and low sales prices for the Registrant's common shares as
          reported on the New York Stock Exchange for December 10, 2004). The foregoing
          calculation is solely for the purpose of determining the registration fee.
(3)
Any
          additional common shares which may become issuable pursuant to the 2004 Stock
          Incentive Plan shall be covered by this Registration Statement pursuant to Rule
          416(a).
(4)
Calculated
          pursuant to Section 6(b) of the Securities Act of 1933 as follows: Proposed
          maximum aggregate offering price per share multiplied by 0.0001177.
EXPLANATORY
NOTE
This registration statement includes a form of prospectus
to be used by certain individuals, who may be deemed to be affiliates
of Primus Guaranty, Ltd., in connection with the resale of common
shares, which common shares are registered pursuant to this
registration statement.
PART I
INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS
Item
1.
Plan Information
.*
Item
2.
Registrant Information and Employee Plan
Annual Information
.*
*
Information
required by Part I to be contained in the Section 10(a) prospectus is
omitted from this Registration Statement in accordance with Rule 428
under the Securities Act of 1933, as amended, and the Introductory Note
to Part I of this Registration Statement on Form
S-8.
Prospectus
739,053 Shares
PRIMUS GUARANTY, LTD.
Common Shares
Our principal business is
selling credit protection under which we assume the risk of default on
investment grade credit obligations. This prospectus relates to the
resale of our common shares by our executive officers and directors.
The common shares which may be sold have previously been acquired, or
will be acquired, by these individuals under written compensation
contracts or upon the exercise of options or other equity incentive
awards granted to them under our 2002 Stock Incentive Plan or our 2004
Stock Incentive Plan. The 2004 Stock Incentive Plan replaced the 2002
Stock Incentive Plan.
We will not receive any of the
proceeds from these sales. We will pay all expenses in connection with
this offering, other than commissions and discounts of underwriters,
brokers, dealers or agents.
Our common shares are listed
on the New York Stock Exchange (NYSE: PRS). On December 10, 2004, the
closing price of our common shares was $14.55 per share.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these securities
or determined if this prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
The date of this prospectus is December 17,
2004
We have not, nor
has any individual named in this prospectus, authorized any person to
give any information or to make any representation other than those
contained in, or incorporated by reference into, this prospectus. This
prospectus does not constitute an offer to sell or solicitation of an
offer to buy.
We have filed a registration statement on Form S-8
in respect of the common shares offered by this prospectus with the
Securities and Exchange Commission under the Securities Act of 1933, as
amended. This prospectus does not contain all of the information
contained in the registration statement. You should read this entire
prospectus carefully as well as the registration statement for
additional information.
WHERE YOU CAN FIND MORE
INFORMATION
We must file annual, quarterly and special reports,
proxy statements and other information with the SEC. You may read and
copy any documents we file at the SEC's public reference rooms in
Washington, D.C. Please call the SEC at 1-800-SEC-0330 for further
information on the public reference facility. Our SEC filings are also
available to the public from the SEC's web site at
http://www.sec.gov.
The SEC allows us to
"incorporate by reference" information into
this prospectus, which means that we can disclose important information
to you by referring you to another document filed separately with the
SEC. The information incorporated by reference is considered to be part
of this prospectus. Information in this prospectus may update documents
previously filed with the SEC, and later information that we file with
the SEC will automatically update this prospectus. We incorporate by
reference the documents listed below and any future filings made with
the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934, as amended, prior to the termination of the
offering:
•
Our prospectus filed
pursuant to Rule 424(b) (File Number 333-114818) filed with the SEC on
September 30, 2004;
•
Our Quarterly
Report on Form 10-Q for the fiscal period ended September 30, 2004
filed with the SEC on November 9, 2004;
and
•
Our Form 8-A (File Number
001-32307) filed with the SEC on September 24, 2004, including any
amendments or reports filed for the purpose of updating the description
of our common shares that is incorporated by reference therein.
You may request a copy of these filings, at no cost, by writing or
telephoning us at the following address:
Primus
Guaranty, Ltd.
360 Madison Avenue, 23rd Floor
New York, New
York 10017
Attention: Secretary
(212) 697-2227
Information on our website
is not part of this prospectus.
2
OUR BUSINESS
Our principal
business is selling credit protection under which we assume the risk of
default on investment grade credit obligations. The protection we sell
takes the form of a credit default swap, or credit swap. In exchange
for a fixed quarterly premium we agree, upon a default or other credit
event (e.g., bankruptcy, moratorium or repudiation) affecting a
designated issuer, which we refer to as a Reference Entity, to pay our
customer, which we refer to as a counterparty, an agreed amount. We pay
this agreed amount, which we call a notional amount, upon our
counterparty's delivery to us of the Reference Entity's
debt obligation. Credit swaps are an efficient and standardized
mechanism to reduce credit risk exposure arising from the ownership of
financial obligations such as bonds, loans and receivables. The primary
purchasers of credit swaps are commercial and investment banks as well
as credit portfolio managers, insurance companies and other financial
institutions.
PROCEEDS
We will not receive any of the
proceeds from the sale of the common shares by the individuals named
herein.
3
SELLING SHAREHOLDERS
The following
table identifies our executive officers and directors, any of whom may
use this prospectus to sell our common shares. We do not know whether
the individuals listed below will sell any or all of their common
shares covered by this prospectus. Assuming all such common shares are
sold by them, none of the individuals would own one percent (1%)
or more of our common shares.
Executive
Officers and Directors
Number of
Shares
Owned
(1)
Number of Shares
Covered By
This
Prospectus
Thomas W. Jasper
Chief
Executive Officer and
Director
758,200
(2)
599,689
(3)
Richard
Claiden
Chief Financial
Officer
89,692
(4)
35,471
(5)
Zachary
Snow
General
Counsel
174,262
(6)
96,083
(7)
Frank
P.
Filipps
Director
1,562
(8)
1,562
Duncan
E.
Goldie-Morrison
Director
1,562
(8)
1,562
James
K.
Hunt
Director
1,562
(8)
1,562
Jay
H.
Shidler
Director
1,482,484
(9)
1,562
John
A.
Ward
Director
1,562
(8)
1,562
We
may supplement this table to reflect additional awards made under the
2004 Stock Incentive Plan to the named individuals or to others.
(1)
Based on ownership as of November 30, 2004.
Includes common shares issuable to the named individuals upon exercise
of currently outstanding options and other equity awards under the 2002
Stock Incentive Plan and the 2004 Stock Incentive Plan, whether or not
presently exercisable, and common shares issued to them under written
compensation agreements.
(2)
This amount
includes (i) 495,415 common shares, of which 125,000 common shares are
indirectly owned by Mr.  Jasper as Trustee for the Thomas W.
Jasper 2004 GRAT; (ii) 72,785 restricted share units, of which 42,399
units are vested; and (iii) 190,000 options to purchase common shares,
of which 61,875 options are vested.
(3)
This
amount does not include (i) 30,386 restricted share units subject to
vesting and (ii) 128,125 options to purchase common shares subject to
vesting. We will supplement this prospectus as necessary as these
restricted share units and options vest.
(4)
This amount includes (i) 52,192 restricted share
units, of which 26,096 units are vested and (ii) 37,500 options to
purchase common shares, of which 9,375 options are vested.
(5)
This amount does not include (i) 26,096 restricted
share units subject to vesting and (ii) 28,125 options to purchase
common shares subject to vesting. We will supplement this prospectus as
necessary as these restricted share units and options vest.
(6)
This amount includes (i) 75,000 common shares, of
which 50,000 are vested; (ii) 30,512 restricted share units, of which
17,958 units are vested; and (iii) 68,750 options to purchase common
shares, of which 28,125 options are vested.
(7)
This amount does not include (i) 25,000 common shares
subject to vesting; (ii) 12,554 restricted share units subject to
vesting; and (iii) 40,625 options to purchase common shares subject to
4
vesting. We will supplement this prospectus as
necessary as these restricted common shares, restricted share units and
options vest.
(8)
This amount includes 1,562
fully vested deferred common shares issued to each of our non-employee
directors on October 5, 2004.
(9)
This amount
includes (i) 971,171 common shares directly beneficially owned by
Primus Capital Advisors, LLC, of which Mr. Shidler is Manager; (ii)
509,751 common shares directly beneficially owned by E.Capital
Technologies, LLC, of which Mr. Shidler is Managing Member; and (iii)
1,562 fully vested deferred common shares issued to each of our
non-employee directors on October 5, 2004.
5
PLAN OF DISTRIBUTION
The common
shares covered by this prospectus will be sold, if at all, by the
individuals named above or donees, pledgees or others on their behalf,
and not by us. The common shares may be sold from time to time as
follows:
•
on the New York Stock
Exchange, in the over-the-counter market, on an inter-dealer quotation
system or on another national securities exchange (any of which may
involve crosses and block
transactions);
•
to purchasers
directly;
•
in ordinary brokerage
transactions in which the broker solicits
purchasers;
•
through underwriters,
dealers and agents who may receive compensation in the form of
underwriting discounts, concessions or commissions from a seller and/or
the purchasers of the common shares for whom they may act as
agent;
•
through the writing of options
on the common shares;
•
through the
granting of a security interest in any common share as collateral for
any loan or obligation, including such grants to brokers or dealers who
may from time to time effect distributions of the common shares or
other interests in the common
shares;
•
through purchases by a broker
or dealer as principal and resale by such broker or dealer for its own
account pursuant to this
prospectus;
•
through block trades in
which the broker or dealer so engaged will attempt to sell the common
shares as agent or as riskless principal but may position and resell a
portion of the block as principal to facilitate the
transaction;
•
through exchange
distributions in accordance with the rules of the applicable
exchange;
•
in any combination of one or
more of these methods; or
•
in any other
lawful manner.
These sales may be made at prices related to the
then current market price or otherwise at prices and on terms then
prevailing, or in privately negotiated transactions. In effecting
sales, a broker or dealer engaged by an individual using this
prospectus to sell common shares may arrange for other brokers or
dealers to participate in the sale. In addition, any common shares
covered by this prospectus which qualify for sale pursuant to Section
4(1)  of the Securities Act or Rules  144 or 701(g) under
the Securities Act may be sold thereunder rather than by this
prospectus.
In connection with distributions of the common
shares or otherwise, persons using this prospectus to sell common
shares may enter into hedging transactions with broker-dealers. In
connection with hedging a transaction, a broker-dealer may engage in
short sales of common shares registered hereunder in the course of
hedging the positions it assumes with the seller. The seller may also
sell common shares short and deliver the common shares to close out the
short positions. The seller may also enter into an option or other
transaction with a broker-dealer which requires the delivery to the
broker-dealer of common shares we have registered, which the
broker-dealer may resell by this prospectus.
A seller may pay a
broker-dealer or an agent compensation in the form of commissions,
discounts or concessions. The broker-dealer and any other participating
broker-dealer may be deemed to be
"underwriters" within the meaning of the
Securities Act in connection with such sales and any such commission,
discount or concession may be deemed to be underwriting discounts or
commissions under the Securities Act.
We may be required to file
a supplemented prospectus in connection with any activities involving a
seller which may be deemed to be an
"underwriting." In that case, a supplement to
this prospectus would contain (1) information as to whether an
underwriter selected by a seller, or any other broker-dealer, is acting
as principal or agent for the seller, (2) the compensation to be
received by an
6
underwriter selected by a seller or any
broker-dealer, for acting as principal or agent for a seller and (3)
the compensation to be received by any other broker-dealer, in the
event the compensation of such other broker-dealers is in excess of
usual and customary commissions. Any broker or dealer participating in
any distribution of the common shares may be required to deliver a copy
of this prospectus, including any prospectus supplement, to any
individual who purchases any common shares from or through such a
broker-dealer.
We have advised the people identified in this
prospectus as potential sellers of common shares that during any period
when they may be engaged in a distribution of the common shares offered
by this prospectus, they are required to comply with Regulation M
promulgated under the Securities Exchange Act. With certain exceptions,
Regulation M precludes any seller, any affiliated purchaser and any
broker-dealer or other individual who participates in such a
distribution from bidding for or purchasing, or attempting to induce
any individual to bid for or purchase any security, that is the subject
of the distribution until the entire distribution is complete.
Regulation M also prohibits any bids or purchases made in order to
stabilize the price of a security in connection with the distribution
of that security. All of these factors may affect the marketability of
our common shares.
The people identified in this prospectus as
potential sellers of common shares offer to sell all, some or none of
the common shares covered by this prospectus. Because it is possible
that a significant number of common shares could be sold simultaneously
by means of this prospectus, such sales, or the possibility thereof,
may have an adverse effect on the market price of our common
shares.
7
INDEMNIFICATION
Under Bermuda law
we may and under our Bye-laws, we will indemnify our directors,
officers, the resident representative of the company, any other person
appointed to a committee of the board of directors and certain other
persons (and their respective heirs, executors or administrators) to
the full extent permitted by law against all actions, costs, charges,
liabilities, loss, damage or expense incurred or suffered by such
person by reason of any act done, concurred in or omitted in the
discharge of his/her duties; provided that such indemnification shall
not extend to any matter involving any fraud or dishonesty on the part
of such director, officer or other person. Under our Bye-laws, the
company and each of our shareholders agree to waive any claim or right
of action, other than those involving fraud or dishonesty, against any
of our officers, directors or resident representative arising out of
any action taken by such persons, or the failure to take any action, in
the performance of his or her duties with or for us.
We have
entered into indemnification agreements with our directors and officers
under which we have agreed to indemnify any director or officer made,
or threatened to be made, a party to any action or proceeding
(including an action by or in the right of Primus Guaranty, Ltd.),
whether civil or criminal, by reason of the fact that any of them is or
was a director or officer of our company, or was serving at our request
as a director or officer of another corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise in any
capacity, against any judgments, fines, amounts paid in settlement and
reasonable expenses which they incur. We also maintain liability
insurance covering our directors and officers.
VALIDITY OF
COMMON SHARES
The validity of the common shares which may be
offered hereunder has been passed upon by Conyers Dill & Pearman,
Hamilton, Bermuda.
EXPERTS
The annual consolidated
financial statements and schedule of Primus Guaranty, Ltd. incorporated
by reference to our prospectus filed pursuant to Rule 424(b) in this
prospectus have been audited by Ernst & Young LLP, independent
registered public accounting firm, as indicated in their report with
respect thereto, and are included herein in reliance upon the authority
of this firm as experts in accounting and
auditing.
8
PART
II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by
Reference
.
The following documents, previously filed by the
Registrant with the Securities and Exchange Commission, are
incorporated by reference into this Registration Statement:
(a)    Our prospectus filed pursuant to Rule 424(b) (File Number
333-114818) filed with the SEC on September 30, 2004;
(b)    Our Quarterly Report on Form 10-Q for the fiscal period
ended September 30, 2004, filed with the SEC on November 9, 2004;
and
(c)    Our Form 8-A (File Number 001-32307) filed with the
SEC on September 24, 2004, including any amendments or reports filed
for the purpose of updating the description of our common shares that
is incorporated by reference therein.
All reports and other
documents subsequently filed by the Registrant pursuant to Section
13(a), 13(c), 14 or 15(d) of the Securities Exchange Act, prior to the
filing of a post-effective amendment which indicates that all
securities offered have been sold or which deregisters all securities
then remaining unsold shall be deemed to be incorporated by reference
in this Registration Statement and to be a part hereof from the date of
filing of such documents.
Any statement contained herein or in a
document all or a portion of which is incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent
that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference
herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.
Item 4.
Description of Securities
.
Not
Applicable.
Item 5.
Interests of Named Experts
and Counsel
.
Not Applicable.
Item
6.
Indemnification of Directors and Officers
.
Under Bermuda law we may and under our Bye-laws, we will indemnify
our directors, officers, the resident representative of the company,
any other person appointed to a committee of the board of directors and
certain other persons (and their respective heirs, executors or
administrators) to the full extent permitted by law against all
actions, costs, charges, liabilities, loss, damage or expense incurred
or suffered by such person by reason of any act done, concurred in or
omitted in the discharge of his/her duties; provided that such
indemnification shall not extend to any matter involving any fraud or
dishonesty on the part of such director, officer or other person. Under
our Bye-laws, the company and each of our shareholders agree to waive
any claim or right of action, other than those involving fraud or
dishonesty, against any of our officers, directors or resident
representative arising out of any action taken by such persons, or the
failure to take any action, in the performance of his or her duties
with or for us.
We have entered into indemnification agreements
with our directors and officers under which we have agreed to indemnify
any director or officer made, or threatened to be made, a party to any
action or proceeding (including an action by or in the right of Primus
Guaranty, Ltd.), whether civil or criminal, by reason of the fact that
any of them is or was a director or officer of our company, or was
serving at our request as a director or officer of another corporation,
partnership, joint venture, trust, employee benefit plan or other
enterprise in any capacity, against any judgments, fines, amounts paid
in settlement and reasonable expenses which they incur. We also
maintain liability insurance covering our directors and officers.
II-1
Item 7.
Exemption from
Registration Claimed
.
The outstanding securities to be
resold under this registration statement were sold by Primus Guaranty,
Ltd. in transactions that were exempt from the registration
requirements of the Securities Act either (i) pursuant to Section 4(2)
of the Securities Act, or Regulation D promulgated thereunder, or (ii)
with respect to issuances to officers or directors, Rule 701,
promulgated under Section 3(b) of the Securities Act, as transactions
by an issuer not involving a public offering or transactions pursuant
to compensatory benefit plans and contracts relating to compensation as
provided under Rule 701. The recipients of securities in each of these
transactions represented their intentions to acquire the securities for
investment only and not with a view to or for sale in connection with
any distribution thereof and appropriate legends were affixed to the
instruments representing such securities issued in such transactions.
All recipients either received adequate information about us or had
adequate access, through their relationships with us, to such
information.
Item
8.
Exhibits
.
Exhibit
Description
4.1
Memorandum
of Association of Primus Guaranty, Ltd. (filed as an Exhibit to the
Registrant's Registration Statement on Form S-1, dated September
29, 2004, and incorporated by reference
herein).
4.2
Bye-Laws of Primus Guaranty,
Ltd. (filed as an Exhibit to the Registrant's Registration
Statement on Form S-1, dated September 29, 2004, and incorporated by
reference herein).
5.1
Opinion of Conyers
Dill &
Pearman.*
23.1
Consent of Ernst & Young
LLP.*
23.2
Consent of Conyers Dill &
Pearman (included in Exhibit
5.1).*
24
Powers of Attorney (included on
page II-4 of this Registration
Statement).
Item
9.
Undertakings
.
(a)    The undersigned
Registrant hereby undertakes:
(1)    To file,
during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i)    To include any prospectus required by Section
10(a)(3) of the Securities Act;
(ii)    To
reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth
in this Registration Statement; and
(iii)    To include any material information with
respect to the plan of distribution not previously disclosed in this
Registration Statement or any material change to such information in
this Registration Statement;
provided
,
however
, that paragraphs (a)(1)(i) and (a)(1)(ii) shall not
apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed
with or furnished to the Commission by the Registrant pursuant to
Section 13 or Section 15(d) of the Exchange Act that are incorporated
by reference in this Registration Statement.
(2)    That, for the purpose of determining any
liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial
bona fide
offering
thereof.
* Filed herewith.
II-2
(3)    To remove from
registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of
the offering.
(b)    The undersigned Registrant hereby
undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant's annual report
pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the Registration Statement shall be deemed
to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be
deemed to be the initial
bona fide
offering thereof.
(c)    Insofar as indemnification for liabilities arising under
the Securities Act may be permitted to directors, officers and
controlling persons of the Registrant pursuant to the foregoing
provisions, or otherwise, the Registrant has been advised that in the
opinion of the Commission such indemnification is against public policy
as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid
by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such
issue.
II-3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly
caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in Hamilton, Bermuda, on
December 17, 2004.
PRIMUS GUARANTY, LTD.
By:
/s/ Thomas W. Jasper
Thomas W. Jasper
Chief Executive Officer
Each person whose
signature appears below constitutes and appoints each of Thomas W.
Jasper and Richard Claiden, his true and lawful attorney-in-fact and
agent, with full power of substitution and resubstitution, for him and
in his name, place and stead, in any and all capacities, to sign any
and all amendments (including post-effective amendments) to this
Registration Statement and any and all other documents and instruments
incidental thereto, and to file the same, with all exhibits thereto,
and all documents in connection therewith, with the Securities and
Exchange Commission and any other regulatory authority, granting unto
said attorney-in-fact and agent full power and authority to do and
perform each and every act and thing requisite and necessary to be
done, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorney-in-fact
and agent, or his substitute, may lawfully do or cause to be done by
virtue hereof.
Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed below by the
following individuals in the capacities and on the date or dates
indicated.
Signature
Title
Date
/s/
Thomas W. Jasper
Chief
Executive Officer
(Principal Executive
Officer)
December 17, 2004
Thomas W. Jasper
/s/
Richard Claiden
Chief
Financial Officer
(Principal Financial and
Accounting
Officer)
December 17, 2004
Richard Claiden
/s/
Michael P. Esposito, Jr.
Director and Chairman of the
Board
December 17, 2004
Michael P. Esposito,
Jr.
/s/ Frank
P. Filipps
Director
December 17,
2004
Frank P.
Filipps
/s/ Duncan E.
Goldie-Morrison
Director
December 17,
2004
Duncan E.
Goldie-Morrison
/s/ Thomas J.
Hartlage
Director
December 17,
2004
Thomas J.
Hartlage
/s/ James K. Hunt
Director
December 17,
2004
James K.
Hunt
/s/ Robert R.
Lusardi
Director
December 17,
2004
Robert R.
Lusardi
/s/ Jay H. Shidler
Director
December 17,
2004
Jay H.
Shidler
/s/ John A. Ward, III
Director
December 17,
2004
John
A. Ward, III
II-4
INDEX
TO EXHIBITS
Exhibit
Description
4.1
Memorandum
of Association of Primus Guaranty, Ltd. (filed as an Exhibit to the
Registrant's Registration Statement on Form S-1, dated September
29, 2004, and incorporated by reference
herein).
4.2
Bye-Laws
of Primus Guaranty, Ltd. (filed as an Exhibit to the Registrant's
Registration Statement on Form S-1, dated September 29, 2004, and
incorporated by reference
herein).
5.1
Opinion
of Conyers Dill &
Pearman.*
23.1
Consent
of Ernst & Young LLP.*
23.2
Consent of Conyers
Dill & Pearman (included in Exhibit
5.1).*
24
Powers
of Attorney (included on page II-4 of this Registration
Statement).
*
Filed
herewith.