Primus Guaranty Announces That Director Jay Shidler Will Not Stand for

    Business Editors

    HAMILTON, Bermuda--(BUSINESS WIRE)--Jan. 28, 2005--Primus Guaranty, Ltd. (NYSE: PRS) has announced that Jay H. Shidler, a director of the company for the past seven years, has decided not to submit his name for re-election at the company's next annual shareholder meeting in May. Mr. Shidler was the founder of the company, and served as its Chairman from 1998-2002.
    "On behalf of the Board of Directors, I would like to thank Jay Shidler for his service to the company and his many valuable contributions," said Michael Esposito, Jr., Chairman, Board of Directors, Primus Guaranty, Ltd. Thomas Jasper, Chief Executive Officer, Primus Guaranty, Ltd., added, "Jay conceived the original business plan for our company and his support and guidance have been important to our success."
    "I am very proud of Primus' achievements to date, and have great personal confidence that it continues to have a bright future," said Mr. Shidler. "At this stage of Primus' development, I have decided it is appropriate to focus my energies more fully on my other business ventures and investments."
    Mr. Shidler is the founder and managing partner of The Shidler Group, a private firm investing in the start-up and early stage funding of companies in the finance, insurance, and real estate industries.

    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 portfolio of Primus Financial, and offers credit default swap portfolio management services to third parties.
    The company, which is traded on the New York Stock Exchange under the symbol PRS, has over $526 million in assets at September 30, 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.

    Safe Harbor Statement
    Some of the statements included in this press release, particularly those anticipating future financial performance, business prospects, growth and operating strategies and similar matters, are forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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CONTACT: Primus Guaranty, Ltd. Investor Relations: Christopher N. Gerosa, 212-697-1992 cgerosa@primusguaranty.com or Kennedy & Company Media: 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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