Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
XL CAPITAL LTD
  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)
(Last)
(First)
(Middle)
XL HOUSE, ONE BERMUDIANA ROAD
3. Date of Earliest Transaction (Month/Day/Year)
05/24/2005
(Street)

HAMILTON, D0 HM 11
4. If Amendment, Date Original Filed(Month/Day/Year)
05/31/2005
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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 13,809,128 I See Footnote (1)
Common Shares 05/24/2005   S   9,800 D $ 14.005 13,799,328 I See Footnote (2)
Common Shares 05/25/2005   S   2,500 D $ 14 13,796,828 I See Footnote (3)
Common Shares 05/25/2005   S   2,600 D $ 14.08 13,794,228 I See Footnote (4)
Common Shares 05/25/2005   S   400 D $ 14.05 13,793,828 I See Footnote (5)
Common Shares 05/25/2005   S   2,000 D $ 14.04 13,791,828 I See Footnote (6)
Common Shares 05/25/2005   S   100 D $ 14.01 13,791,728 I See Footnote (7)
Common Shares 05/26/2005   S   22,500 D $ 14 13,769,228 I See Footnote (8)
Common Shares 05/26/2005   S   1,800 D $ 14.01 13,767,428 I See Footnote (9)
Commn Shares 05/26/2005   S   2,500 D $ 14.02 13,764,928 I See Footnote (10)
Common Shares 05/26/2005   S   1,700 D $ 14.03 13,763,228 I See Footnote (11)
Common Shares 05/26/2005   S   400 D $ 14.04 13,762,828 I See Footnote (12)
Common Shares 05/26/2005   S   500 D $ 14.05 13,762,328 I See Footnote (13)
Common Shares 05/26/2005   S   400 D $ 14.06 13,761,928 I See Footnote (14)
Common Shares 05/26/2005   S   200 D $ 14.07 13,761,728 I See Footnote (15)
Common Shares 05/27/2005   S   9,300 D $ 14 13,752,428 I See Footnote (16)
Common Shares 05/31/2005   S   500 D $ 14 13,751,928 I See Footnote (17)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

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 Underlying Securities
(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 of Derivative Security: 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

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
XL CAPITAL LTD
XL HOUSE
ONE BERMUDIANA ROAD
HAMILTON, D0 HM 11
    X    
XL Capital Principal Partners I, L.L.C.
XL HOUSE
ONE BERMUDIANA ROAD
HAMILTON, D0 HM 11
    X    
XL Insurance (Bermuda) Ltd
XL HOUSE
ONE BERMUDIANA ROAD
HAMILTON, D0 HM 11
    X    

Signatures

 Kirstin Romann Gould/Secretary   08/17/2005
**Signature of Reporting Person Date

 Christopher Greetham*   08/17/2005
**Signature of Reporting Person Date

 Kirstin Romann Gould/Secretary   08/17/2005
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(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) 322,393 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) 312,593 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(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) 310,093 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(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) 307,493 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) 307,093 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(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) 305,093 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(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) 304,993 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(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) 282,493 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) 280,693 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(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) 278,193 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(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) 276,493 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) 276,093 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(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) 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
(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) 275,193 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(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) 274,993 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(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) 265,693 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(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) 265,193 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
 
Remarks:
This amendment to Form 4 is being filed to correct the number of shares listed as owned by XL Capital Principal Partners I, L.L.C. ("XLCPP") in the footnotes to the original Form 4. The first footnote of the Form 4 should have listed 322,393 Common Shares, par value $.08 per share, directly owned by XLCPP, a subsidiary of XL Capital Ltd, not 322,993 Common Shares. As a result, the amount of shares listed as owned by XLCPP in each of the subsequent footnotes is 600 shares less than initially reported.

Christopher Greetham, a Director of XL Capital Partners Corporation, a Cayman Islands corporation, 
which is the General Partner for XL Capital Partners I, L.P., and XL 
Principal Partners I, L.P. which are the Managing Members of 
XL Capital Principal Partners I, L.L.C.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.