Edgar Filing: XL CAPITAL LTD

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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3235-0287

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January 31, 2005

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

XL CAPITAL LTD

2. Issuer Name and Ticker or Trading Symbol
PRIMUS GUARANTY LTD [PRS]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

XL HOUSE, ONE BERMUDIANA ROAD

3. Date of Earliest Transaction (Month/Day/Year)
05/24/2005

(Street)

HAMILTON, D0 HM 11

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	05/24/2005		S		600	D	$ 14.04	13,809,728	I	See Footnote ⁽¹⁾
Common Shares	05/24/2005		S		9,800	D	$ 14.005	13,799,928	I	See Footnote ⁽²⁾
Common Shares	05/25/2005		S		2,500	D	$ 14	13,797,428	I	See Footnote ⁽³⁾
Common Shares	05/25/2005		S		2,600	D	$ 14.08	13,794,828	I	See Footnote ⁽⁴⁾
Common Shares	05/25/2005		S		400	D	$ 14.05	13,794,428	I	See Footnote ⁽⁵⁾
Common Shares	05/25/2005		S		2,000	D	$ 14.04	13,792,428	I	See Footnote ⁽⁶⁾
Common Shares	05/25/2005		S		100	D	$ 14.01	13,792,328	I	See Footnote ⁽⁷⁾
Common Shares	05/26/2005		S		22,500	D	$ 14	13,769,828	I	See Footnote ⁽⁸⁾
Common Shares	05/26/2005		S		1,800	D	$ 14.01	13,768,028	I	See Footnote ⁽⁹⁾
Commn Shares	05/26/2005		S		2,500	D	$ 14.02	13,765,528	I	See Footnote ⁽¹⁰⁾
Common Shares	05/26/2005		S		1,700	D	$ 14.03	13,763,828	I	See Footnote ⁽¹¹⁾
Common Shares	05/26/2005		S		400	D	$ 14.04	13,763,428	I	See Footnote ⁽¹²⁾
Common Shares	05/26/2005		S		500	D	$ 14.05	13,762,928	I	See Footnote ⁽¹³⁾
Common Shares	05/26/2005		S		400	D	$ 14.06	13,762,528	I	See Footnote ⁽¹⁴⁾
Common Shares	05/26/2005		S		200	D	$ 14.07	13,762,328	I	See Footnote ⁽¹⁵⁾
Common Shares	05/27/2005		S		9,300	D	$ 14	13,753,028	I	See Footnote ⁽¹⁶⁾
Common Shares	05/31/2005		S		500	D	$ 14	13,752,528	I	See Footnote ⁽¹⁷⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
XL CAPITAL LTD XL HOUSE ONE BERMUDIANA ROAD HAMILTON, D0 HM 11		X
XL Capital Principal Partners I, L.L.C. XL HOUSE ONE BERMUDIANA ROAD HAMILTON, D0 HM 11		X
XL Insurance (Bermuda) Ltd XL HOUSE ONE BERMUDIANA ROAD HAMILTON, D0 HM 11		X

Signatures

Kirstin Romann Gould		05/31/2005
^**Signature of Reporting Person		Date
XL Capital Principal Partners I, L.L.C.		05/31/2005
^**Signature of Reporting Person		Date
Kirstin Romann Gould		05/31/2005
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 322,993 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(2)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 313,193 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(3)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 310,693 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(4)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 308,093 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(5)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 307,693 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(6)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 305,693 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(7)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 305,593 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(8)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 283,093 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(9)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 281,293 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(10)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 278,793 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(11)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 277,093 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(12)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 276,693 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(13)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 276,193 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(14)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 275,793 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(15)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 275,593 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(16)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 266,293 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd
(17)	Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 265,793 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd

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