Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Truett Charles B
 2. Date of Event Requiring Statement (Month/Day/Year)
05/03/2006		 3. Issuer Name and Ticker or Trading Symbol
PRIMUS GUARANTY LTD [PRS]
(Last)
(First)
(Middle)
PRIMUS ASSET MANAGEMENT, INC., C/O 360 MADISON AVENUE, 23RD FLOOR		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Head of Portfolio Management
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

NEW YORK, NY 10017		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Shares, par value $.08 per share 41,643
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Options to Purchase Common Shares 09/29/2004 10/05/2011 Common Shares, par value $.08 per share 23,438 $ 6.93 D  
Options to Purchase Common Shares 09/29/2004 10/05/2011 Common Shares, par value $.08 per share 20,313 $ 9.76 D  
Options to Purchase Common Shares 10/05/2005 10/05/2011 Common Shares, par value $.08 per share 6,250 $ 13.5 D  
Options to Purchase Common Shares 02/15/2006 02/15/2013 Common Shares, par value $.08 per share 4,688 $ 6.93 D  
Options to Purchase Common Shares 10/05/2006 10/05/2011 Common Shares, par value $.08 per share 6,250 $ 13.5 D  
Options to Purchase Common Shares 02/15/2007 02/15/2013 Common Shares, par value $.08 per share 9,375 $ 6.93 D  
Options to Purchase Common Shares 02/15/2007 02/15/2014 Common Shares, par value $.08 per share 10,156 $ 9.76 D  
Options to Purchase Common Shares 02/15/2007 02/02/2013 Common Shares, par value $.08 per share 8,100 $ 12.74 D  
Options to Purchase Common Shares 10/05/2007 10/05/2011 Common Shares, par value $.08 per share 6,250 $ 13.5 D  
Options to Purchase Common Shares 02/15/2008 02/15/2014 Common Shares, par value $.08 per share 10,156 $ 9.76 D  
Options to Purchase Common Shares 02/15/2008 02/02/2013 Common Shares, par value $.08 per share 8,100 $ 12.74 D  
Options to Purchase Common Shares 10/05/2008 10/05/2011 Common Shares, par value $.08 per share 6,250 $ 13.5 D  
Options to Purchase Common Shares 02/15/2009 02/02/2013 Common Shares, par value $.08 per share 8,100 $ 12.74 D  
Options to Purchase Common Shares 02/15/2010 02/02/2013 Common Shares, par value $.08 per share 8,100 $ 12.74 D  
Restricted Share Units 02/15/2007   (1) Common Shares, par value $.08 per share 13,252 (2) $ (1) D  
Restricted Share Units 02/15/2008   (1) Common Shares, par value $.08 per share 8,027 (2) $ (1) D  
Restricted Share Units 02/15/2009   (1) Common Shares, par value $.08 per share 4,850 (2) $ (1) D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Truett Charles B
PRIMUS ASSET MANAGEMENT, INC.
C/O 360 MADISON AVENUE, 23RD FLOOR
NEW YORK, NY 10017		       Head of Portfolio Management  

Signatures

Charles B. Truett 05/12/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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) Not applicable.
(2) Upon their vesting, restricted share units convert to the right to receive common shares.

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