<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV style="font-size: 10pt">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<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  18, 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>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<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: 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>
</TR>
</TABLE>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<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>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>441-296-0519</B>


<TABLE border="0" width="30%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="100%">&nbsp;</TD>
</TR>
<TR>
    <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>


<P>
<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

</DIV>

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

<P align="center" style="font-size: 10pt; display: none">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">On November&nbsp;18, 2008, Primus Guaranty, Ltd. (the &#147;Registrant&#148;) was notified by the New York Stock Exchange (the
&#147;NYSE&#148;) that it was below the NYSE&#146;s continued listing standard relating to average minimum share price because the
average closing price of its shares of common stock was less than $1.00 over a 30 consecutive trading-day period. As
of November&nbsp;14, 2008, the average closing price of the Registrant&#146;s common stock over the last 30 consecutive trading
days was $0.81 and the closing price of the Registrant&#146;s common stock on November&nbsp;14, 2008 was $0.60. The NYSE
currently makes available an indicator, &#147;.BC,&#148; on the Registrant&#146;s trading symbol indicating that the Registrant is
below the NYSE&#146;s quantitative continued listing standards.


<P align="left" style="font-size: 10pt; text-indent: 4%">Under applicable rules and regulations of the NYSE, the Registrant must (i)&nbsp;notify NYSE Regulation, Inc. within 10
business days of receipt of the notification of its intent to cure this deficiency; and (ii)&nbsp;bring its share price back
above $1.00 within six months following receipt of the notification. The Registrant intends to provide NYSE
Regulation, Inc. with the requisite acknowledgement and to take such actions as may be necessary or appropriate in
order to bring it into compliance with the continued listing standards. Should the Registrant fail to meet this
standard at the expiration of the six-month period, however, the NYSE will commence suspension and delisting
procedures.


<P align="left" style="font-size: 10pt; text-indent: 4%">This notice is in addition to the NYSE&#146;s prior notice to the Registrant that it is below the continued listing
standard relating to average market capitalization and shareholders&#146; equity because over a 30 trading-day period the
Registrant&#146;s total market capitalization was less than $75&nbsp;million and its most recently reported shareholders&#146; equity
was less than $75&nbsp;million. The prior notice was the subject of a current report on Form 8-K filed by the Registrant on
November&nbsp;10, 2008.


<P align="left" style="font-size: 10pt; text-indent: 4%">The Registrant&#146;s 7% senior notes due 2036, listed on the NYSE under symbol &#147;PRD,&#148; are not affected by this event.


<P align="left" style="font-size: 10pt; text-indent: 4%">As required under NYSE rules, the Registrant issued a press release on November&nbsp;21, 2008, announcing that it had
received the notice of non-compliance. The foregoing description is qualified in its entirety by reference thereto, the
full text of which is attached to this current report on Form 8-K as Exhibit&nbsp;99.1 and is incorporated by reference
herein.


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




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

<P align="center" style="font-size: 10pt; display: none">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">





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



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exhibits</U>.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Press Release dated November&nbsp;21, 2008 issued by the Registrant</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">3




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

<P align="center" style="font-size: 10pt; display: none">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">





<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><B>/</B>S/Richard Claiden&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<BR>
Financial Officer)<BR>


<P align="left" style="font-size: 10pt">Dated: November&nbsp;21, 2008


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




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

<P align="center" style="font-size: 10pt; display: none">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">





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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Press Release dated November&nbsp;21, 2008 issued by the Registrant</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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



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




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

<P align="center" style="font-size: 10pt; display: none">5
</DIV>

</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "c77647e8vk.htm", "description": "FORM 8-K", "secsgml_size_bytes": 11506}]
{"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": "081208371"}, "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"}}
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  18, 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 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On November 18, 2008, Primus Guaranty, Ltd. (the "Registrant") was notified by the New York Stock Exchange (the
"NYSE") that it was below the NYSE's continued listing standard relating to average minimum share price because the
average closing price of its shares of common stock was less than $1.00 over a 30 consecutive trading-day period. As
of November 14, 2008, the average closing price of the Registrant's common stock over the last 30 consecutive trading
days was $0.81 and the closing price of the Registrant's common stock on November 14, 2008 was $0.60. The NYSE
currently makes available an indicator, ".BC," on the Registrant's trading symbol indicating that the Registrant is
below the NYSE's quantitative continued listing standards.
Under applicable rules and regulations of the NYSE, the Registrant must (i) notify NYSE Regulation, Inc. within 10
business days of receipt of the notification of its intent to cure this deficiency; and (ii) bring its share price back
above $1.00 within six months following receipt of the notification. The Registrant intends to provide NYSE
Regulation, Inc. with the requisite acknowledgement and to take such actions as may be necessary or appropriate in
order to bring it into compliance with the continued listing standards. Should the Registrant fail to meet this
standard at the expiration of the six-month period, however, the NYSE will commence suspension and delisting
procedures.
This notice is in addition to the NYSE's prior notice to the Registrant that it is below the continued listing
standard relating to average market capitalization and shareholders' equity 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 prior notice was the subject of a current report on Form 8-K filed by the Registrant on
November 10, 2008.
The Registrant's 7% senior notes due 2036, listed on the NYSE under symbol "PRD," are not affected by this event.
As required under NYSE rules, the Registrant issued a press release on November 21, 2008, announcing that it had
received the notice of non-compliance. The foregoing description is qualified in its entirety by reference thereto, the
full text of which is attached to this current report on Form 8-K as Exhibit 99.1 and is incorporated by reference
herein.
2
Item 9.01. Financial Statements and Exhibits.
(c)
Exhibits
.
Exhibit No.
Description
99.1
Press Release dated November 21, 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 21, 2008
4
Index to Exhibits
Exhibit No.
Description
99.1
Press Release dated November 21, 2008 issued by the Registrant
5