SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
XL CAPITAL LTD

(Last) (First) (Middle)
XL HOUSE
ONE BERMUDIANA ROAD

(Street)
HAMILTON D0 HM 11

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
PRIMUS GUARANTY LTD [ PRS ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
05/24/2005
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Shares 05/24/2005 S 600 D $14.04 13,809,728 I See Footnote(1)
Common Shares 05/24/2005 S 9,800 D $14.005 13,799,928 I See Footnote(2)
Common Shares 05/25/2005 S 2,500 D $14 13,797,428 I See Footnote(3)
Common Shares 05/25/2005 S 2,600 D $14.08 13,794,828 I See Footnote(4)
Common Shares 05/25/2005 S 400 D $14.05 13,794,428 I See Footnote(5)
Common Shares 05/25/2005 S 2,000 D $14.04 13,792,428 I See Footnote(6)
Common Shares 05/25/2005 S 100 D $14.01 13,792,328 I See Footnote(7)
Common Shares 05/26/2005 S 22,500 D $14 13,769,828 I See Footnote(8)
Common Shares 05/26/2005 S 1,800 D $14.01 13,768,028 I See Footnote(9)
Commn Shares 05/26/2005 S 2,500 D $14.02 13,765,528 I See Footnote(10)
Common Shares 05/26/2005 S 1,700 D $14.03 13,763,828 I See Footnote(11)
Common Shares 05/26/2005 S 400 D $14.04 13,763,428 I See Footnote(12)
Common Shares 05/26/2005 S 500 D $14.05 13,762,928 I See Footnote(13)
Common Shares 05/26/2005 S 400 D $14.06 13,762,528 I See Footnote(14)
Common Shares 05/26/2005 S 200 D $14.07 13,762,328 I See Footnote(15)
Common Shares 05/27/2005 S 9,300 D $14 13,753,028 I See Footnote(16)
Common Shares 05/31/2005 S 500 D $14 13,752,528 I See Footnote(17)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
XL CAPITAL LTD

(Last) (First) (Middle)
XL HOUSE
ONE BERMUDIANA ROAD

(Street)
HAMILTON D0 HM 11

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
XL Capital Principal Partners I, L.L.C.

(Last) (First) (Middle)
XL HOUSE
ONE BERMUDIANA ROAD

(Street)
HAMILTON D0 HM 11

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
XL Insurance (Bermuda) Ltd

(Last) (First) (Middle)
XL HOUSE
ONE BERMUDIANA ROAD

(Street)
HAMILTON D0 HM 11

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 322,993 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
2. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 313,193 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
3. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 310,693 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
4. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 308,093 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
5. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 307,693 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
6. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 305,693 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
7. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 305,593 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
8. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 283,093 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
9. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 281,293 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
10. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 278,793 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
11. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 277,093 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
12. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 276,693 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
13. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 276,193 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
14. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 275,793 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
15. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 275,593 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
16. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 266,293 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
17. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 265,793 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
Remarks:
Kirstin Romann Gould 05/31/2005
XL Capital Principal Partners I, L.L.C. 05/31/2005
Kirstin Romann Gould 05/31/2005
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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