Primus Guaranty, Ltd. Shareholders Elect 3 Board Members; Paul S. Giordano, Executive Vice President of XL Capital, Joins Board

Business Wire, May 6, 2005

HAMILTON, Bermuda -- Primus Guaranty, Ltd. (NYSE:PRS) today announced the election of Paul S. Giordano to its board of directors at the company's annual shareholder meeting. Shareholders also re-elected current directors Robert R. Lusardi and John A. Ward, III. The board members will serve three year terms.

"We're very pleased that Paul has joined Primus' board of directors," said Thomas Jasper, Chief Executive Officer of Primus Guaranty. "He will be a great asset as we work to execute our strategy of growing our core business of selling credit protection, capturing additional opportunities in the asset management arena and pursuing new areas of growth that complement our core competencies."

Mr. Giordano is Executive Vice President of XL Capital, Ltd. and Chief Executive of Financial Products and Services, one of its three operating divisions. He joined the company in 1997 as Senior Vice President and General Counsel. Mr. Giordano was formerly in private practice in New York and London, where he focused on corporate law and financial institutions.

Mr. Giordano earned a B.A. from the University of Missouri and is a graduate of Oxford University and the Harvard Law School.

Following the election of the three directors, Primus Guaranty's board continues to total nine. Other board members include Michael P. Esposito, Chairman of the Board; Thomas W. Jasper, Frank P. Filipps, Duncan Goldie-Morrison, Thomas J. Hartlage and James K. Hunt.

About Primus Guaranty, Ltd.

Primus Guaranty, Ltd., through its principal operating subsidiary, Primus Financial Products, LLC, offers protection against the risk of default on investment grade credit obligations. Primus Financial assumes these risks through the sale of credit default swaps to dealers, banks and portfolio managers. As a swap counterparty, Primus Financial is rated Aaa by Moody's Investor Service, Inc. and AAA by Standard & Poor's Rating Services. Another subsidiary of Primus Guaranty, Primus Asset Management, Inc., manages the credit swap portfolio of Primus Financial, and offers credit default swap portfolio management services to third parties.