-----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,
 KwqmIJNiNA3ODyERUtKbSJhnoQSXszwHWWzopbvvATZMWYqVEmmkeozqFsRZ+20H
 v2UuRNrH5qPGmLVHi9IhRg==

<SEC-DOCUMENT>0001005477-04-003516.txt : 20040929
<SEC-HEADER>0001005477-04-003516.hdr.sgml : 20040929
<ACCEPTANCE-DATETIME>20040929210042
ACCESSION NUMBER:		0001005477-04-003516
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040929
FILED AS OF DATE:		20040929
DATE AS OF CHANGE:		20040929

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			RADIAN GROUP INC
		CENTRAL INDEX KEY:			0000890926
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32307
		FILM NUMBER:		041053934

	BUSINESS ADDRESS:	
		STREET 1:		1601 MARKET STREET
		STREET 2:		12TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2155646600

	MAIL ADDRESS:	
		STREET 1:		1601 MARKET ST
		STREET 2:		12TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER NAME:	
		FORMER CONFORMED NAME:	CMAC INVESTMENT CORP
		DATE OF NAME CHANGE:	19960126

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRIMUS GUARANTY LTD
		CENTRAL INDEX KEY:			0001170593
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		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>3
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2004-09-29</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000890926</rptOwnerCik>
            <rptOwnerName>RADIAN GROUP INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1601 MARKET STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PHILADELPHIA</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>19103</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares, par value $.01 per share</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8488479</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Series A Conv. Voting Pref. Shares, par value $.01 per share</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F5"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2004-09-29</value>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares, par value $.01 per share</value>
                    <footnoteId id="F1"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>30859435</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Par value shall become $.08 per share upon completion of the initial public
offering by Primus Guaranty, Ltd., reflecting a one for eight reverse share
split to be effected immediately prior to such offering.</footnote>
        <footnote id="F2">Includes 800,000 shares of Series A Convertible Voting Preferred Shares, par
value $.01 per share, that are convertible into 30,859,435 common shares, par
value $.01 per share.</footnote>
        <footnote id="F3">Upon completion of the initial public offering of Primus Guaranty, Ltd., Series
A Convertible Voting Preferred Shares will convert into common shares, par value
$.08 per share.</footnote>
        <footnote id="F4">Not Applicable.</footnote>
        <footnote id="F5">Each Series A Convertible Voting Preferred Share, par value $.01 per share, is converted by dividing $25.00 by $0.6481</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ RADIAN GROUP INC.</signatureName>
        <signatureDate>2004-09-29</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----