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

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

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

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): February 4, 2009</B>

<P style="font-size: 24pt" align="center"><B>PRIMUS GUARANTY,
LTD.<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Bermuda</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>001-32307</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>Not Required</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>

</TABLE>
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cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Clarendon House<BR>
2 Church
Street<BR>
Hamilton HM 11, Bermuda<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>&nbsp;</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>441-296-0519</B>
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cellpadding="0" width="30%" border="0">

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  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>Not
Applicable<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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 style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</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">o</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 style="font-size: 10pt" align="center">&nbsp;

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<P style="font-size: 10pt" align="left"><B>Item&nbsp;2.02. Results of
Operations and Financial Condition</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">On February&nbsp;4,
2009, Primus Guaranty, Ltd. (&#8220;Primus Guaranty&#8221;) issued a press
release announcing operating results for the quarter ended December&nbsp;31,
2008. A copy of the press release is furnished as Exhibit&nbsp;99.1 to this
Current Report. This exhibit shall not be deemed to be &#8220;filed&#8221; for
purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended,
and shall not be incorporated by reference in any filing under the Securities
Act of 1933, as amended.

<P style="font-size: 10pt; text-indent: 4%" align="left">Statements in the
press release referred to above that are not historical facts are
forward-looking and based on management&#8217;s projections, assumptions and
estimates; actual results may vary materially. Forward-looking statements are
subject to certain risks and uncertainties, which include but are not limited
to: fluctuations in the economic, credit, interest rate or foreign currency
environment in the United States and abroad; the level of activity within the
national and international credit and capital markets; the level of activity in
the leveraged buyout and private equity markets; competitive conditions and
pricing levels; changes in rating agency requirements or methodology;
counterparty limits and risks; legislative and regulatory developments;
technological developments; changes in tax laws; changes in national or
international political or economic conditions, including any terrorist
attacks, and uncertainties that have not been identified at this time. Further
factors concerning financial risks and results are contained in Primus
Guaranty&#8217;s Annual Report on Form 10-K and other reports filed with the
U.S. Securities and Exchange Commission. Such statements are made pursuant to
the &#8220;safe harbor&#8221; provisions of the U.S. Private Securities
Litigation Reform Act of 1995 and identify important risk factors that could
cause Primus Guaranty&#8217;s actual results to differ materially
from those
expressed in any projected, estimated or forward-looking statements relating to
Primus Guaranty.

<P style="font-size: 10pt; text-indent: 4%" align="left">Consequently, all of
the forward-looking statements made in the press release referred to above are
qualified by these cautionary statements, and there can be no assurance that
the actual results or developments anticipated by Primus Guaranty will be
realized or, even if substantially realized, that they will have the expected
consequences to, or effects on, Primus Guaranty or its business or operations.
Primus Guaranty assumes no obligation to update publicly any such
forward-looking statements.

<P style="font-size: 10pt" align="center">2

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

<P style="font-size: 10pt" align="left">(c)&nbsp;<U>Exhibits</U>.
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  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><u>Exhibit&nbsp;No.</u></DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><u>Description</u></TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release dated February&nbsp;4, 2009
issued by the Registrant</TD>
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<P style="font-size: 10pt" align="center"><U>Signature</U>

<P style="font-size: 10pt; text-indent: 4%" align="left">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 style="font-size: 10pt; margin-left: 48%" align="left">PRIMUS GUARANTY, LTD.

<P style="font-size: 10pt; margin-left: 48%" align="left">By: /s/ Richard
Claiden<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard Claiden<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Duly Authorized
Officer and Principal Financial Officer)

<P style="font-size: 10pt" align="left">Dated: February&nbsp;4, 2009

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

<P style="display: none; font-size: 10pt" align="center">4
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<P style="font-size: 10pt" align="center"><U>Index to Exhibits</U>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><u>Exhibit&nbsp;No.</u></DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><u>Description</u></TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release dated February&nbsp;4, 2009
issued by the Registrant</TD>
 </TR>
<!-- End Table Body -->

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<P style="font-size: 10pt" align="center">5

<P style="display: none; font-size: 10pt" align="center">5
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Filed by Bowne Pure Compliance
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): February 4, 2009
PRIMUS GUARANTY,
LTD.
(Exact name of registrant as
specified in its charter)
Bermuda
001-32307
Not Required
(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 2.02. Results of
Operations and Financial Condition
On February 4,
2009, Primus Guaranty, Ltd. ("Primus Guaranty") issued a press
release announcing operating results for the quarter ended December 31,
2008. A copy of the press release is furnished as Exhibit 99.1 to this
Current Report. This exhibit shall not be deemed to be "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
and shall not be incorporated by reference in any filing under the Securities
Act of 1933, as amended.
Statements in the
press release referred to above that are not historical facts are
forward-looking and based on management's projections, assumptions and
estimates; actual results may vary materially. Forward-looking statements are
subject to certain risks and uncertainties, which include but are not limited
to: fluctuations in the economic, credit, interest rate or foreign currency
environment in the United States and abroad; the level of activity within the
national and international credit and capital markets; the level of activity in
the leveraged buyout and private equity markets; competitive conditions and
pricing levels; changes in rating agency requirements or methodology;
counterparty limits and risks; legislative and regulatory developments;
technological developments; changes in tax laws; changes in national or
international political or economic conditions, including any terrorist
attacks, and uncertainties that have not been identified at this time. Further
factors concerning financial risks and results are contained in Primus
Guaranty's Annual Report on Form 10-K and other reports filed with the
U.S. Securities and Exchange Commission. Such statements are made pursuant to
the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995 and identify important risk factors that could
cause Primus Guaranty's actual results to differ materially
from those
expressed in any projected, estimated or forward-looking statements relating to
Primus Guaranty.
Consequently, all of
the forward-looking statements made in the press release referred to above are
qualified by these cautionary statements, and there can be no assurance that
the actual results or developments anticipated by Primus Guaranty will be
realized or, even if substantially realized, that they will have the expected
consequences to, or effects on, Primus Guaranty or its business or operations.
Primus Guaranty assumes no obligation to update publicly any such
forward-looking statements.
2
Item 9.01. Financial Statements
and Exhibits.
(c)
Exhibits
.
Exhibit No.
Description
99.1
Press Release dated February 4, 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)
Dated: February 4, 2009
4
Index to Exhibits
Exhibit No.
Description
99.1
Press Release dated February 4, 2009
issued by the Registrant
5