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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): December 9, 2008</B>

<P align="center">&nbsp;

<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>
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  <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>

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  <TD width="49%">&nbsp;</TD>
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  <TD width="49%">&nbsp;</TD>
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 <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>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number, including area code: <B>441-296-0519</B>
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  <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"><B>Item&nbsp;8.01. Other Events</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">On December&nbsp;9, 2008, Primus Guaranty, Ltd. issued a press
release announcing the impact of the filing by Tribune Co. of a petition under Chapter&nbsp;11 of the U.S. Bankruptcy
Code in relation to the credit default swaps portfolio of Primus Financial Products, LLC. The foregoing description is
qualified in its entirety by reference to the Press Release dated December&nbsp;9, 2008, a copy of which is attached as
Exhibit&nbsp;99.1 to this Current Report on Form 8-K.

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<P style="font-size: 10pt" align="center"><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 style="border-bottom: #000000 1px solid" nowrap align="left">Exhibit No.</TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap align="center">Description</TD>
 </TR>
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  <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 December&nbsp;9, 2008 issued by the Registrant</TD>
 </TR>
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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: 46%" align="left">PRIMUS GUARANTY, LTD.

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

<P style="font-size: 10pt" align="left">Dated: December&nbsp;10, 2008

<P style="font-size: 10pt" align="left"><BR>


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

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap align="left">Exhibit No.</TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap align="center">Description</TD>
 </TR>
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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 valign="top" align="left">Press Release dated December&nbsp;9, 2008 issued by the Registrant</TD>
 </TR>
<!-- End Table Body -->

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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): December 9, 2008
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 8.01. Other Events
On December 9, 2008, Primus Guaranty, Ltd. issued a press
release announcing the impact of the filing by Tribune Co. of a petition under Chapter 11 of the U.S. Bankruptcy
Code in relation to the credit default swaps portfolio of Primus Financial Products, LLC. The foregoing description is
qualified in its entirety by reference to the Press Release dated December 9, 2008, a copy of which is attached as
Exhibit 99.1 to this Current Report on Form 8-K.
2
Item 9.01. Financial Statements and Exhibits.
(c)
Exhibits
.
Exhibit No.
Description
99.1
Press Release dated December 9, 2008 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: December 10, 2008
4
Index to Exhibits
Exhibit No.
Description
99.1
Press Release dated December 9, 2008 issued by the Registrant
5