0000950162-05-000113.txt : 20120703 0000950162-05-000113.hdr.sgml : 20120703 20050126111306 ACCESSION NUMBER: 0000950162-05-000113 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050126 DATE AS OF CHANGE: 20050126 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: XL CAPITAL LTD CENTRAL INDEX KEY: 0000875159 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 980191089 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: XL HOUSE STREET 2: ONE BERMUDIANA ROAD CITY: HAMILTON HM11 BERMUD STATE: D2 BUSINESS PHONE: 4412928515 MAIL ADDRESS: STREET 1: CAHILL GORDON & REINDEL(IMMANUEL KOHN) STREET 2: 80 PINE STREET CITY: NEW YORKI STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: EXEL LTD DATE OF NAME CHANGE: 19950720 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PRIMUS GUARANTY LTD CENTRAL INDEX KEY: 0001170593 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-80079 FILM NUMBER: 05548902 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 SC 13G 1 primusxlcap13g-011905.txt SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 Primus Guaranty, Ltd. -------------------------------------------------------------------------------- (Name of Issuer) Common Shares, par value $0.08 per share -------------------------------------------------------------------------------- (Title of Class of Securities) G72457107 -------------------------------------------------------------------------------- (CUSIP Number) October 5, 2004 -------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: / / Rule 13d-1(b) / / Rule 13d-1(c) /X/ Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). SCHEDULE 13G -2- CUSIP No. G72457107 -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). XL Capital Ltd -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) / / (b) / / -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Bermuda -------------------------------------------------------------------------------- 5. Sole Voting Power 0 ----------------------------------------------------- Number of 6. Shared Voting Power Shares Beneficially 15,320,174 (see Item 4) ----------------------------------------------------- Owned by Each 7. Sole Dispositive Power Reporting Person With: 0 ----------------------------------------------------- 8. Shared Dispositive Power 15,320,174 (see Item 4) -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 15,320,174 -------------------------------------------------------------------------------- 10. Check box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) / / -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 34.7% -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) CO SCHEDULE 13G -3- CUSIP No. G72457107 -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). XL Insurance (Bermuda) Ltd -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) / / (b) / / -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Bermuda -------------------------------------------------------------------------------- 5. Sole Voting Power 0 ----------------------------------------------------- Number of 6. Shared Voting Power Shares Beneficially 14,901,481 (see Item 4) ----------------------------------------------------- Owned by Each 7. Sole Dispositive Power Reporting Person With: 0 ----------------------------------------------------- 8. Shared Dispositive Power 14,901,481 (see Item 4) -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 14,901,481 -------------------------------------------------------------------------------- 10. Check box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) / / -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 33.7% -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) CO SCHEDULE 13G -4- CUSIP No. G72457107 -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). XL Capital Principal Partners I, L.L.C. -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) / / (b) / / -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware -------------------------------------------------------------------------------- 5. Sole Voting Power 0 ----------------------------------------------------- Number of 6. Shared Voting Power Shares Beneficially 418,693 (see Item 4) ----------------------------------------------------- Owned by Each 7. Sole Dispositive Power Reporting Person With: 0 ----------------------------------------------------- 8. Shared Dispositive Power 418,693 (see Item 4) -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 418,693 -------------------------------------------------------------------------------- 10. Check box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) / / -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 1.0% -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) OO (Limited Liability Company) SCHEDULE 13G -5- Item 1(a). Name of Issuer: Primus Guaranty, Ltd. (the "Issuer") Item 1(b). Address of Issuer's Principal Executive Offices: Clarendon House, 2 Church Street Hamilton HM 11, Bermuda Item 2(a). Name of Person Filing: This statement is filed jointly by each of the following persons pursuant to Rule 13d-1(k) promulgated by the Securities and Exchange Commission (the "SEC") under Section 13 of the Act: (i) XL Capital Ltd; (ii) XL Insurance (Bermuda) Ltd; and (iii) XL Capital Principal Partners I, L.L.C. (collectively the "Reporting Persons") XL Insurance (Bermuda) Ltd is the record owner of 13,486,735 shares of the Issuer's Common Shares and of warrants to purchase 1,414,746 Common Shares exercisable until March 14, 2007. XL Insurance (Bermuda) Ltd, a Bermuda corporation, is a wholly owned subsidiary of XL Capital Ltd. XL Capital Principal Partners I, L.L.C. is the record owner of 418,693 shares of the Issuer's Common Shares, par value $0.08 per share (the "Common Shares"). XL Capital Partners Corporation, a Cayman Islands corporation, a wholly owned subsidiary of XL Capital Ltd, is the General Partner of XL Capital Partners I, LP and XL Principal Partners I, LP, which are the Managing Members of XL Capital Principal Partners I, L.L.C. Item 2(b). Address of Principal Business Office: The Address of the Principal Business Office of each Reporting Person is: XL House One Bermudiana Road Hamilton HM 11, Bermuda Item 2(c). Citizenship: (i) XL Capital Ltd -- Bermuda (ii) XL Insurance (Bermuda) Ltd -- Bermuda (iii) XL Capital Principal Partners I, L.L.C. -- Delaware Item 2(d). Title of Class of Securities: Issuer's Common Shares, par value $0.08 per share. Item 2(e). CUSIP Number: SCHEDULE 13G -6- G72457107 Item 3. Not applicable. Item 4. Ownership: (a) Amount beneficially owned by each Reporting Person: (i) XL Capital Ltd 15,320,174* (ii) XL Insurance (Bermuda) Ltd 14,901,481* (iii) XL Capital Principal Partners I, L.L.C. 418,693* *As of October 5, 2004, the completion date of the Issuer's initial public offering, and as of the date hereof, the amount beneficially owned by XL Capital Ltd includes 13,486,735 Common Shares owned by XL Insurance (Bermuda) Ltd, 418,693 Common Shares owned by XL Capital Principal Partners I, L.L.C. and warrants to purchase 1,414,746 Common Shares held by XL Insurance (Bermuda) Ltd. Such warrants are exercisable until March 14, 2007. (b) Percent of class: (i) XL Capital Ltd 34.7%** (ii) XL Insurance (Bermuda) Ltd 33.7%** (iii) XL Capital Principal Partners I, L.L.C. 1.0%** **These figures are calculated based on 42,787,843 Common Shares issued and outstanding as of November 8, 2004, as reported in the Issuer's Form 10-Q for the period ended September 30, 2004, increased in the case of XL Insurance (Bermuda) Ltd and XL Capital Ltd, by warrants to purchase 1,414,746 Common Shares held by XL Insurance (Bermuda) Ltd. (c) XL Capital Ltd Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 15,320,174 (iii) sole power to dispose or to direct the disposition of: 0 (iv) shared power to dispose or to direct the disposition of: 15,320,174 XL Insurance (Bermuda) Ltd Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 14,901,481 (iii) sole power to dispose or to direct the disposition of: 0 SCHEDULE 13G -7- (iv) shared power to dispose or to direct the disposition of: 14,901,481 XL Capital Principal Partners I, L.L.C. Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 418,693 (iii) sole power to dispose or to direct the disposition of: 0 (iv) shared power to dispose or to direct the disposition of: 418,693 Item 5. Ownership of Five Percent or Less of a Class: Not Applicable Item 6. Ownership of More than Five Percent on Behalf of Another Person: Not Applicable Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person: Not Applicable Item 8. Identification and Classification of Members of the Group: See Exhibit A hereto. Item 9. Notice of Dissolution of Group: Not Applicable Item 10. Certifications: Not Applicable SCHEDULE 13G -8- SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: January 26, 2005 XL CAPITAL LTD By: /s/ Fiona E. Luck ----------------------------------------- Name: Fiona E. Luck Title: Executive Vice Prfesident, Global Head of Corporate Services and Assistant Secretary XL INSURANCE (BERMUDA) LTD By: /s/ Christopher Coelho ----------------------------------------- Name: Christopher Coelho Title: Senior Vice President & Chief Financial Officer XL CAPITAL PRINCIPAL PARTNERS I, L.L.C. By: XL CAPITAL PARTNERS CORPORATION(1) By: /s/ Fiona E. Luck ----------------------------------------- Name: Fiona E. Luck Title: Director ---------- 1 XL Capital Partners Corporation, a Cayman Islands corporation, is the General Partner of XL Capital Partners I, LP and XL Principal Partners I, LP, which are the Managing Members of XL Capital Principal Partners I, L.L.C. EXHIBIT A Joint Filing Agreement In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to the Common Shares, par value $0.08 per share, of Primus Guaranty, Ltd., a Bermuda company, and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filings. In evidence thereof, the undersigned, being duly authorized, hereby execute this Agreement as of the date noted below. Dated: January 26, 2005 XL CAPITAL LTD By: /s/ Fiona E. Luck ----------------------------------------- Name: Fiona E. Luck Title: Executive Vice Prfesident, Global Head of Corporate Services and Assistant Secretary XL INSURANCE (BERMUDA) LTD By: /s/ Christopher Coelho ----------------------------------------- Name: Christopher Coelho Title: Senior Vice President & Chief Financial Officer XL CAPITAL PRINCIPAL PARTNERS I, L.L.C. By: XL CAPITAL PARTNERS CORPORATION(1) By: /s/ Fiona E. Luck ----------------------------------------- Name: Fiona E. Luck Title: Director ---------- 1 XL Capital Partners Corporation, a Cayman Islands corporation, is the General Partner of XL Capital Partners I, LP and XL Principal Partners I, LP, which are the Managing Members of XL Capital Principal Partners I, L.L.C.