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Primus Guaranty Reports First Quarter 2008 Financial Results
May 06, 2008
Primus Guaranty, Ltd. (“Primus Guaranty” or “the company”) (NYSE: PRS), a leading provider of credit protection, announced today a GAAP net loss of $660.4 million, or negative $14.64 per diluted share for the first quarter of 2008, compared with a GAAP net loss of $9.7 million, or negative $0.22 per diluted share for the first quarter of 2007.
The GAAP net loss in the first quarter of 2008 substantially reflects changes in the unrealized market value of the company’s credit swaps portfolio resulting from widening credit spreads.