SEC FORM 4

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^*

TRANSAMERICA LIFE INSURANCE CO

(Last)

(First)

(Middle)

C/O AEGON USA INVESTMENT MANAGEMENT LLC

4333 EDGEWOOD ROAD N.E.

(Street)

CEDAR RAPIDS

52499-5335

(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)
10/05/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares, par value $.08 per share	10/05/2004		C		5,791,505	A	⁽¹⁾	5,791,505⁽²⁾	D
Common Shares, par value $.08 per share	10/05/2004		S		208,920	D	$13.5⁽³⁾	5,582,585⁽²⁾	D
Common Shares, par value $.08 per share	10/05/2004		J⁽⁴⁾		1,562	A	⁽⁴⁾	5,584,147⁽²⁾	D⁽⁵⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Series A Conv. Voting Pref. Shares, par value $.01 per share	⁽²⁾⁽⁶⁾	10/05/2004		C			1,200,000	09/29/2004	⁽⁷⁾	Common Shares, par value $.08 per share	5,791,505	$25	0	D

Explanation of Responses:

1. Reflects conversion of Series A Convertible Voting Preferred Shares, par value $.01 per share.

2. Reflects a one for eight reverse share split, effected October 5, 2004.

3. The reported price of $13.50 per share does not reflect an underwriting discount of $.945 per share.

4. Includes 1,562 common shares, par value $.08 per share, issued to Thomas Hartlage, as a non-employee director of Primus Guaranty, Ltd., on October 5, 2004. Mr. Hartlage ceded beneficial ownership of such shares to Transamerica Life Insurance Company.

5. Includes 5,582,585 Common Shares, par value $.08 per share, directly beneficially owned by Transamerica Life Insurance Company and 1,562 Common Shares, par value $.08 per share, ceded by Mr. Hartlage to Transamerica Life Insurance Company as described in response (4).

6. Each Series A Convertible Voting Preferred Share, par value $.01 per share, was converted into Common Shares, par value $.08 per share, by multiplying such Series A Convertible Voting Preferred Share by $25.00 and then dividing such number by $5.18.

7. Not applicable.

	/s/ Transamerica Life Insurance Co.	10/07/2004
	** 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).
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