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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IXu2JAcDjDgzIYXF9DebRqQCnpYzfCwo4UQo+12pQj1NH1AMI9OWOgfhxth8wk0D
 Y8roALt2WpmNWBdKlO8NNA==

<SEC-DOCUMENT>0000930413-10-006343.txt : 20101230
<SEC-HEADER>0000930413-10-006343.hdr.sgml : 20101230
<ACCEPTANCE-DATETIME>20101230165527
ACCESSION NUMBER:		0000930413-10-006343
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101230
FILED AS OF DATE:		20101230
DATE AS OF CHANGE:		20101230

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRIMUS GUARANTY LTD
		CENTRAL INDEX KEY:			0001170593
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
		IRS NUMBER:				000000000

	BUSINESS ADDRESS:	
		STREET 1:		C/O PRIMUS ASSET MANAGEMENT INC
		STREET 2:		360 MADISON AVE 23RD FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2126972227

	MAIL ADDRESS:	
		STREET 1:		C/O PRIMUS ASSET MANAGEMENT INC
		STREET 2:		360 MADISON AVE 23RD FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			XL GROUP PLC
		CENTRAL INDEX KEY:			0000875159
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32307
		FILM NUMBER:		101281680

	BUSINESS ADDRESS:	
		STREET 1:		NO. 1 HATCH STREET UPPER
		STREET 2:		4TH FLOOR
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			2
		BUSINESS PHONE:		353-1-405-2033

	MAIL ADDRESS:	
		STREET 1:		NO. 1 HATCH STREET UPPER
		STREET 2:		4TH FLOOR
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			2

	FORMER NAME:	
		FORMER CONFORMED NAME:	XL CAPITAL LTD
		DATE OF NAME CHANGE:	19990302

	FORMER NAME:	
		FORMER CONFORMED NAME:	EXEL LTD
		DATE OF NAME CHANGE:	19950720

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			XL Insurance (Bermuda) Ltd
		CENTRAL INDEX KEY:			0001303564
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32307
		FILM NUMBER:		101281681

	BUSINESS ADDRESS:	
		STREET 1:		XL HOUSE
		STREET 2:		ONE BERMUDIANA ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 11
		BUSINESS PHONE:		441-294-7296

	MAIL ADDRESS:	
		STREET 1:		XL HOUSE
		STREET 2:		ONE BERMUDIANA ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 11
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c63710_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-12-30</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0001170593</issuerCik>
        <issuerName>PRIMUS GUARANTY LTD</issuerName>
        <issuerTradingSymbol>PRS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000875159</rptOwnerCik>
            <rptOwnerName>XL GROUP PLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>NO. 1 HATCH STREET UPPER</rptOwnerStreet1>
            <rptOwnerStreet2>4TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>DUBLIN</rptOwnerCity>
            <rptOwnerState>L2</rptOwnerState>
            <rptOwnerZipCode>2</rptOwnerZipCode>
            <rptOwnerStateDescription>IRELAND</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001303564</rptOwnerCik>
            <rptOwnerName>XL Insurance (Bermuda) Ltd</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>XL HOUSE</rptOwnerStreet1>
            <rptOwnerStreet2>ONE BERMUDIANA ROAD</rptOwnerStreet2>
            <rptOwnerCity>HAMILTON</rptOwnerCity>
            <rptOwnerState>D0</rptOwnerState>
            <rptOwnerZipCode>HM 08</rptOwnerZipCode>
            <rptOwnerStateDescription>BERMUDA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2010-12-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>11266000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>4.58</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3635482</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The 3,635,482 common shares, par value $0.08 per share, are directly owned by XL Insurance (Bermuda) Ltd (&quot;XLIB&quot;), an
 indirect subsidiary of XL Group plc.  The 11,266,000 common shares disposed of were sold by XLIB to affiliates of EBF
 &amp; Associates,  L.P. on December 30, 2010.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Kirstin Gould, Secretary</signatureName>
        <signatureDate>2010-12-30</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Kirstin Gould, Secretary</signatureName>
        <signatureDate>2010-12-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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