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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): November 5, 2008</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>
    <TD width="33%">&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>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>
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    <TD width="49%">&nbsp;</TD>
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    <TD width="49%">&nbsp;</TD>
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    <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>
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    <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="center" style="font-size: 10pt"><B>Item&nbsp;2.02. Results of Operations and Financial Condition</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">On November&nbsp;5, 2008, Primus Guaranty, Ltd. (&#147;Primus Guaranty&#148;) issued a press release announcing operating results
for the quarter ended September&nbsp;30, 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 &#147;filed&#148; 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 align="left" style="font-size: 10pt; text-indent: 4%">Statements in the press release referred to above that are not historical facts are forward-looking and based on
management&#146;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 our
Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. Such statements are
made pursuant to the &#147;safe harbor&#148; provisions of the Private Securities Litigation Reform Act of 1995 and identify
important risk factors that could cause our actual results to differ materially from those expressed in any projected,
estimated or forward-looking statements relating to Primus Guaranty.


<P align="left" style="font-size: 10pt; text-indent: 4%">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.

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<P align="center" style="font-size: 10pt">&nbsp;

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<P align="center" 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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    <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 November&nbsp;5, 2008 issued by the Registrant</TD>
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<P align="center" style="font-size: 10pt">&nbsp;

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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<BR>
Financial Officer)


<P align="left" style="font-size: 10pt">Dated: November&nbsp;5, 2008


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<P align="center" style="font-size: 10pt">&nbsp;

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


<DIV align="center">
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<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 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>
</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 align="left" valign="top">Press Release dated November&nbsp;5, 2008 issued by the Registrant</TD>
</TR>
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<P align="center" style="font-size: 10pt">&nbsp;

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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): November 5, 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 2.02. Results of Operations and Financial Condition
On November 5, 2008, Primus Guaranty, Ltd. ("Primus Guaranty") issued a press release announcing operating results
for the quarter ended September 30, 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 our
Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. Such statements are
made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and identify
important risk factors that could cause our 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 November 5, 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: November 5, 2008
4
Index to Exhibits
Exhibit No.
Description
99.1
Press Release dated November 5, 2008 issued by the Registrant
5