Primus Guaranty Reports Q4 GAAP EPS of $3.30

Primus Guaranty, Ltd. PRS today announced its financial results for the fourth quarter ended December 31, 2010. GAAP net income available to common shares for the fourth quarter 2010 was $128.3 million, or $3.30 per diluted share, compared with GAAP net income available to common shares of $295.0 million, or $7.21 per diluted share, for the fourth quarter 2009. GAAP net income from continuing operations for the fourth quarter 2010 primarily was attributable to net credit swap revenue of $142.4 million, which included unrealized gains in the fair value of Primus Financial's credit swap portfolio of $133.2 million. GAAP net income for the fourth quarter 2009 primarily was attributable to unrealized gains in the fair value of Primus Financial's credit swap portfolio of $336.8 million. Economic Results for the fourth quarter 2009 were $(35.5) million, or $(0.87) per diluted share, and for the full year 2009 were $(3.7) million, or $(0.09) per diluted share. Total revenues $148.85M