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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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
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