-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RluoI37EI1EmlV45Foq1/tqaECtK3Q2bmmxUKaPd92YSeaY2OYs143p005pnwZeK
 bzcJ6QkHQAdV9/ErCnT8rQ==

<SEC-DOCUMENT>0001181431-10-051577.txt : 20101020
<SEC-HEADER>0001181431-10-051577.hdr.sgml : 20101020
<ACCEPTANCE-DATETIME>20101020183842
ACCESSION NUMBER:		0001181431-10-051577
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101019
FILED AS OF DATE:		20101020
DATE AS OF CHANGE:		20101020

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Jasper Thomas W
		CENTRAL INDEX KEY:			0001300154

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32307
		FILM NUMBER:		101133650

	MAIL ADDRESS:	
		STREET 1:		C/O PRIMUS ASSET MANAGEMENT, INC.
		STREET 2:		360 MADISON AVENUE, 23RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRIMUS GUARANTY LTD
		CENTRAL INDEX KEY:			0001170593
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
		IRS NUMBER:				000000000

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd288958.xml
<DESCRIPTION>SALE ON 10/18/2010
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-10-19</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001170593</issuerCik>
        <issuerName>PRIMUS GUARANTY LTD</issuerName>
        <issuerTradingSymbol>PRS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001300154</rptOwnerCik>
            <rptOwnerName>Jasper Thomas W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PRIMUS ASSET MANAGEMENT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>360 MADISON AVENUE, 23RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares, $0.08 par value per share</value>
            </securityTitle>
            <transactionDate>
                <value>2010-10-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>8174</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>4.85</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>736573</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <remarks>These sales are made pursuant to a pre-arranged sales plan entered into by Thomas W. Jasper with UBS Financial Services Inc. on May 19, 2010 pursuant to Rule 10b5-1A of the Securities Exchange Act of 1934. Pursuant to the plan, Mr. Jasper will sell a portion of his Primus Guaranty, Ltd. common shares during a six-month period beginning in May 2010 if certain price thresholds are met. Mr. Jasper is utilizing Rule 10b5-1A in order to make planned sales over a period of time.</remarks>

    <ownerSignature>
        <signatureName>Vincent B. Tritto, Attorney-in-fact</signatureName>
        <signatureDate>2010-10-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----