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Primus Guaranty Ltd (PRSG) SEC Filing 10-Q Quarterly report for the period ending Thursday, September 30, 2010

Primus Guaranty Ltd

CIK: 1170593 Ticker: PRSG
Exhibit 99.1
FOR IMMEDIATE RELEASE
PRIMUS GUARANTY, LTD. REPORTS
THIRD QUARTER 2010 FINANCIAL RESULTS
Hamilton, Bermuda — November 11, 2010
— Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS) today announced its financial results for the third quarter ended September 30, 2010.
    GAAP net income available to common shares for the third quarter 2010 was $229.0 million, or $5.72 per diluted share, compared with GAAP net income available to common shares of $461.5 million, or $11.14 per diluted share, for the third quarter 2009. GAAP net income available to common shares for the third quarter 2010 was primarily attributable to a net unrealized mark-to-market gain of $231.1 million on Primus Financial Products, LLC (“Primus Financial”)’s consolidated credit swap portfolio.
    Economic Results for the third quarter 2010 were $(2.0) million, or $(0.05) per diluted share, and mainly comprise $14.2 million of premium income, $3.4 million of asset management fees, a $17.5 million termination payment by Primus Financial to Lehman Brothers Special Financing Inc. and $3.9 million of interest income. Economic Results for the third quarter 2009 were $(9.6) million, or $(0.23) per diluted share, and mainly comprise $21.9 million of premium income, $1.3 million of asset management fees, $21.5 million of net realized losses from credit mitigation activities within Primus Financial’s portfolio of credit swaps and $1.2 million of interest income.
    Economic Results book value per common share was $7.61 at September 30, 2010, compared with $8.48 at December 31, 2009. The decline in Economic Results book value per share was primarily attributable to portfolio repositioning transaction and termination payments by Primus Financial in 2010.
    At September 30, 2010, Primus Asset Management (“PAM”) managed $3.3 billion of third party assets. CypressTree Investment Management, LLC, a subsidiary of PAM (“CypressTree”), managed or sub-advised $2.8 billion of collateralized loan obligations (CLOs) at September 30, 2010. As announced on September 22, 2010, the Company has entered into a binding letter of intent to sell CypressTree to Commercial Industrial Finance Corp.
    At September 30, 2010, the notional principal of Primus Financial’s consolidated credit swap portfolio totaled $11.8 billion.
Buyback Authorization
    The Company’s Board of Directors has authorized an additional expenditure of up to $10 million of available cash for the purchase of the Company’s common shares and/or 7% Senior Notes. Purchases will be made at management’s discretion. Approximately $18.9 million is currently available under the buyback program, including the additional $10 million authorization.

 

 


The following information was filed by Primus Guaranty Ltd (PRSG) on Friday, November 12, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: PRSG
CIK: 1170593
Form Type: 10-Q Quarterly Report
Accession Number: 0000950123-10-105060
Submitted to the SEC: Fri Nov 12 2010 5:16:35 PM EST
Accepted by the SEC: Fri Nov 12 2010
Period: Thursday, September 30, 2010
Industry: Security And Commodity Brokers Dealers Exchanges And Services

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