Primus Guaranty, Ltd. Reports Second Quarter 2014 Results (7/30/14)
HAMILTON, Bermuda--(BUSINESS WIRE)--Primus Guaranty, Ltd. (“the Company”) (OTC PINK:PRSG) today announced its financial results for the second quarter ended June 30, 2014.
• GAAP net income available to common shares for the second quarter 2014 was $2.3 million, or $0.11 per diluted share, compared with GAAP net income available to common shares of $16.4 million, or $0.65 per diluted share, for the second quarter 2013.
• GAAP book value per common share was $1.82 at June 30, 2014, compared with GAAP book value per common share of $8.89 at December 31, 2013. The June 30, 2014 GAAP book value per common share reflects the $7.25 distribution per common share that was paid to shareholders in the second quarter 2014.
• At June 30, 2014, the notional principal of Primus Financial Products, LLC’s consolidated credit swap portfolio totaled $300 million, compared with $3.3 billion at December 31, 2013.
A copy of this press release and a letter dated July 30, 2014 to the shareholders from Richard Claiden, Chief Executive Officer, are available in the Investor Relations section of the Company’s Web site at www.primusguaranty.com.
About Primus Guaranty
Primus Guaranty, Ltd. is a Bermuda company with offices in New York. Through its subsidiary, Primus Financial Products, LLC, the Company provides protection against the risk of default on primarily investment grade corporate reference entities. Its common shares trade on the OTC Pink Tier of the OTC market. Investors can find market information for the Company on www.otcmarkets.com.
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