Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Gerosa Christopher N.
 2. Date of Event Requiring Statement (Month/Day/Year)
11/08/2010		 3. Issuer Name and Ticker or Trading Symbol
PRIMUS GUARANTY LTD [PRS]
(Last)
(First)
(Middle)
C/O PRIMUS ASSET MANAGEMENT, INC, 360 MADISON AVENUE, 23RD FLOOR		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CFO & Treasurer
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

NEW YORK, NY 10017		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Shares, par value $0.08 per share 32,602 (1)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Option to purchase common shares   (2) 10/04/2011 Common Shares, par value $0.08 per share 1,250 $ 13.5 D  
Option to purchase common shares   (3) 02/13/2013 Common Shares, par value $0.08 per share 6,200 $ 12.74 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Gerosa Christopher N.
C/O PRIMUS ASSET MANAGEMENT, INC
360 MADISON AVENUE, 23RD FLOOR
NEW YORK, NY 10017		       CFO & Treasurer  

Signatures

/s/ Christopher N. Gerosa 11/08/2010
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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).
(1) The reporting person is the beneficial owner of 32,602 restricted stock units ("RSUs"). Under the terms of the RSUs, the reporting person's right to receive 10,039 common shares, 6,986 common shares, 10,039 common shares and 5,539 common shares will vest on February 1, 2011, February 7, 2011, February 1, 2012 and February 1, 2013, respectively.
(2) All of the options are currently exercisable. The options became exercisable upon vesting, which occurred in equal one-quarter increments on October 4 of each of 2005, 2006, 2007 and 2008.
(3) All of the options are currently exercisable. The options became exercisable upon vesting, which occurred in equal one-quarter increments on February 1 of each of 2007, 2008, 2009 and 2010.

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