Primus Guaranty Announces Management Appointments

    Business Editors

    HAMILTON, Bermuda--(BUSINESS WIRE)--March 11, 2005--Primus Guaranty, Ltd. (NYSE:PRS) Chief Executive Officer Thomas Jasper, has announced today the appointment of Charles Truett to the newly-created position of Head of Portfolio Management. In his new capacity, Mr. Truett, previously Chief Risk Officer, will assume responsibility for the continued growth and quality of the credit swap portfolio of Primus Financial Products, LLC, the company's AAA/Aaa subsidiary. Mr. Truett will also continue to oversee credit swap portfolios managed for third parties by Primus Asset Management, Inc.
    Mr. Jasper also announced the appointment of Max Roberts as Chief Trading Officer. Mr. Roberts, previously the firm's Senior Trader, will manage the company's trading strategies, including the execution of credit swap transactions for Primus Financial Products, LLC. Finally, Hilmar Schaumann, who had served as the company's Chief Trading and Investment Officer, has decided to leave the company to pursue other opportunities.
    "This change in our management structure will help our company to continue to successfully execute our focused growth strategy. We appreciate Hilmar's contributions to the company and wish him well in his new endeavors", said Mr. Jasper.

    About Primus Guaranty

    Primus Guaranty, Ltd., through its principal operating subsidiary, Primus Financial Products, LLC, offers protection against the risk of default on investment grade credit obligations. Primus Financial assumes these risks through the sale of credit default swaps to dealers, banks and portfolio managers. As a swap counterparty, Primus Financial is rated Aaa by Moody's Investor Service, Inc. and AAA by Standard & Poor's Rating Services. Another subsidiary of Primus Guaranty, Primus Asset Management, Inc., manages the credit swap portfolios of Primus Financial and third parties.
    The company, which is traded on the New York Stock Exchange under the symbol PRS, has over $543 million in assets at December 31, 2004. Primus Guaranty is a Bermuda company, with the operations of its principal subsidiaries, Primus Financial Products and Primus Asset Management, headquartered in New York, New York.

--30--RC/ny*

CONTACT: Investor Relations: Primus Guaranty, Ltd. Christopher Gerosa, 212/697-1992 investorrelations@primusguaranty.com or Media: Kennedy & Company Susan Hartzell, 914/961-2436 ext. 15 susan@kennedycom.com

KEYWORD: INTERNATIONAL LATIN AMERICA INDUSTRY KEYWORD: BANKING MANAGEMENT CHANGES SOURCE: Primus Guaranty, Ltd.

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