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Primus Guaranty Reports Fourth Quarter 2009 Financial Results
February 03, 2010
Primus Guaranty Reports Fourth Quarter and Full Year 2009 Financial Results
- GAAP net income available to common shares for the fourth quarter 2009 was $295.0 million, or $7.21 per diluted share, and $1.5 billion, or $35.26 per diluted share, for the full year 2009
- Economic Results for the fourth quarter 2009 was a loss of $35.5 million, or $0.87 per diluted share, and a loss of $3.7 million, or $0.09 per diluted share, for the full year 2009
- Economic Results book value per common share was $8.48 at December 31, 2009, compared with $8.07 at December 31, 2008
- Primus Asset Management managed structured credit vehicles totaling $21.2 billion at December 31, 2009, including $3.7 billion of third party assets
- The Company’s Board of Directors has authorized an additional expenditure of up to $15 million for the purchase of its common shares and/or 7% senior notes
Hamilton, Bermuda – February 3, 2010 – Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS) today announced GAAP net income available to common shares of $295.0 million, or $7.21 per diluted share, for the fourth quarter of 2009, compared with a GAAP net loss available to common shares of $918.5 million, or $21.20 per diluted share, for the fourth quarter of 2008.
For the year ended December 31, 2009, GAAP net income available to common shares was $1.5 billion, or $35.26 per diluted share, compared with a GAAP net loss available to common shares of $1.7 billion, or $38.37 per diluted share, for the year ended 2008.