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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of
earliest event reported): April&nbsp;1, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>PRIMUS GUARANTY, LTD.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

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    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="32%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>Bermuda</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>001-32307</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>98-0402357</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
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    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
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<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Clarendon House<BR>2 Church Street<BR>Hamilton HM 11, Bermuda<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>&nbsp;</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>441-296-0519</B>


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    <TD nowrap style="border-bottom: 1px solid #000000"><B>Not Applicable<BR></B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="left" style="font-size: 10pt"><B>Item&nbsp;8.01. Other Events.</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">&nbsp;On March&nbsp;30, 2009, Primus Guaranty, Ltd. (the &#147;Registrant&#148;) was notified by NYSE Regulation that the
Registrant&#146;s business plan and supplemental information (the &#147;Plan&#148;) setting forth the action the Registrant has taken
and proposes to take in order to bring the Registrant back into compliance with the continued listing standards of the
New York Stock Exchange (&#147;NYSE&#148;) had been accepted and accordingly the NYSE was continuing the listing of the
Registrant&#146;s common shares on the NYSE. NYSE Regulation advised, however, that failure to meet the financial and
operational goals described in the Plan would subject the Registrant&#146;s common shares to trading suspension at the time
the goals are not met. As previously disclosed on November&nbsp;10, 2008, the NYSE notified the Registrant that it was
&#147;below compliance&#148; because over a 30 trading-day period the Registrant&#146;s total market capitalization was less than $75
million and its most recently reported shareholders&#146; equity was less than $75&nbsp;million. The Registrant will need to
demonstrate, either during or following the 18&nbsp;month period of the Plan, that it has achieved these market
capitalization and shareholders&#146; equity thresholds. The Registrant acknowledged receipt of NYSE Regulation&#146;s
notification on April&nbsp;1, 2009. Additionally, NYSE Regulation notified the Registrant that it is no longer considered
below the $1.00 continued listing criterion because a calculation of the Registrant&#146;s average stock price for the 30
trading days ended February&nbsp;28, 2009 indicated that the Registrant&#146;s stock price was above $1.00 based on a 30
trading-day average. No assurance can be made, however, that the Registrant will continue to meet the NYSE listing
requirements.


<P align="left" style="font-size: 10pt; text-indent: 4%">On April&nbsp;3, 2009, the Registrant issued a press release commenting on certain aspects of the credit default swap
(&#147;CDS&#148;) portfolio of its subsidiary, Primus Financial Products, LLC (&#147;Primus Financial&#148;), reporting that one new credit
event was incurred by the single-name CDS portfolio of Primus Financial the during the quarter ended March&nbsp;31, 2009. The
Registrant also reported that Primus Financial did not have any exposure to any of the Big 3 U.S. automakers in its
single-name or tranche CDS portfolio. The foregoing description of such press release is qualified in its entirety by
reference to the Press Release dated April&nbsp;3, 2009, a copy of which is attached as Exhibit&nbsp;99.1 to this Current Report
on Form 8-K.


<P align="left" style="font-size: 10pt; text-indent: 4%">The Registrant also announced that it released 2008 passive foreign income statements on the Investor Relations &#150;
Tax Information page of its Web site, www.primusguaranty.com.

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<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>


<P align="left" style="font-size: 10pt">(c)&nbsp;<U>Exhibits</U>.

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    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated April&nbsp;3, 2009 issued by the Registrant.</TD>
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<P align="center" style="font-size: 10pt"><U>Signature</U>



<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.



<P align="left" style="margin-left:46%; font-size: 10pt">PRIMUS GUARANTY, LTD.



<P align="left" style="margin-left:46%; font-size: 10pt">By: <U> /S/ Richard Claiden</U><BR>
Richard Claiden<BR>
Chief Financial Officer<BR>
(Duly Authorized Officer and Principal
Financial Officer)


<P align="left" style="font-size: 10pt">Date: April&nbsp;3, 2009


<P align="center" style="font-size: 10pt">4

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<P align="center" style="font-size: 10pt"><U>Index to Exhibits</U>


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    <TD width="8%">&nbsp;</TD>
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    <TD width="87%">&nbsp;</TD>
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<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated April&nbsp;3, 2009 issued by the Registrant.</TD>
</TR>
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<P align="center" style="font-size: 10pt">&nbsp;

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{"company-data": {"conformed-name": "PRIMUS GUARANTY LTD", "cik": "0001170593", "assigned-sic": "6199", "irs-number": "000000000"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32307", "film-number": "09732922"}, "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"}}
Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported): April 1, 2009
PRIMUS GUARANTY, LTD.
(Exact name of registrant as specified in its charter)
Bermuda
001-32307
98-0402357
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
Clarendon House
2 Church Street
Hamilton HM 11, Bermuda
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
441-296-0519
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On March 30, 2009, Primus Guaranty, Ltd. (the "Registrant") was notified by NYSE Regulation that the
Registrant's business plan and supplemental information (the "Plan") setting forth the action the Registrant has taken
and proposes to take in order to bring the Registrant back into compliance with the continued listing standards of the
New York Stock Exchange ("NYSE") had been accepted and accordingly the NYSE was continuing the listing of the
Registrant's common shares on the NYSE. NYSE Regulation advised, however, that failure to meet the financial and
operational goals described in the Plan would subject the Registrant's common shares to trading suspension at the time
the goals are not met. As previously disclosed on November 10, 2008, the NYSE notified the Registrant that it was
"below compliance" because over a 30 trading-day period the Registrant's total market capitalization was less than $75
million and its most recently reported shareholders' equity was less than $75 million. The Registrant will need to
demonstrate, either during or following the 18 month period of the Plan, that it has achieved these market
capitalization and shareholders' equity thresholds. The Registrant acknowledged receipt of NYSE Regulation's
notification on April 1, 2009. Additionally, NYSE Regulation notified the Registrant that it is no longer considered
below the $1.00 continued listing criterion because a calculation of the Registrant's average stock price for the 30
trading days ended February 28, 2009 indicated that the Registrant's stock price was above $1.00 based on a 30
trading-day average. No assurance can be made, however, that the Registrant will continue to meet the NYSE listing
requirements.
On April 3, 2009, the Registrant issued a press release commenting on certain aspects of the credit default swap
("CDS") portfolio of its subsidiary, Primus Financial Products, LLC ("Primus Financial"), reporting that one new credit
event was incurred by the single-name CDS portfolio of Primus Financial the during the quarter ended March 31, 2009. The
Registrant also reported that Primus Financial did not have any exposure to any of the Big 3 U.S. automakers in its
single-name or tranche CDS portfolio. The foregoing description of such press release is qualified in its entirety by
reference to the Press Release dated April 3, 2009, a copy of which is attached as Exhibit 99.1 to this Current Report
on Form 8-K.
The Registrant also announced that it released 2008 passive foreign income statements on the Investor Relations –
Tax Information page of its Web site, www.primusguaranty.com.
2
Item 9.01. Financial Statements and Exhibits.
(c)
Exhibits
.
Exhibit No.
Description
99.1
Press Release dated April 3, 2009 issued by the Registrant.
3
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
PRIMUS GUARANTY, LTD.
By:
/S/ Richard Claiden
Richard Claiden
Chief Financial Officer
(Duly Authorized Officer and Principal
Financial Officer)
Date: April 3, 2009
4
Index to Exhibits
Exhibit No.
Description
99.1
Press Release dated April 3, 2009 issued by the Registrant.
5