About Primus
Primus Guaranty® is a Bermuda company with operations in New York, Boston and London. The Company was founded in 1998, commenced operations in 2002 and listed on the New York Stock Exchange in 2004 (NYSE:PRS).
Through its subsidiaries, Primus is a leading manager of corporate credit assets and provider of credit protection. Primus manages structured credit funds and operating companies, across a range of asset classes – including investment grade, high yield and leveraged loans – using both cash and synthetic instruments.
Primus’ strategy is to leverage its fundamental credit platform to capture opportunities in the global credit markets. Primus utilizes a bottom-up analysis combined with a macro view to manage portfolios across a variety of strategies from directionally long-term to total return. The Company’s broadly skilled investment and portfolio management team and disciplined approach to credit risk management are the foundation for its success.
Key Subsidiaries
Primus Asset Management ®
Primus Asset Management provides credit portfolio and investment management services to the Company’s separately managed accounts (SMAs) (including Primus Financial Products), collateralized loans obligations (CLOs) and collateralized swap obligations (CSOs).
CypressTree Investment Management SM
In July 2009, Primus acquired CypressTree Investment Management, LLC (www.cypresstreeinvestments.com). Founded in 1995, CypressTree manages leveraged loans and high yield bonds in a variety of investment products, including CLOs, CSOs, off-shore funds and SMAs. CypressTree is a registered investment adviser with the U.S. Securities and Exchange Commission.
Primus Financial Products ®
Primus Financial Products provides protection primarily against the risk of default on primarily investment grade corporate and sovereign reference entities. Its credit protection portfolio, which consists of credit default swaps transacted with dealers and banks, is in amortization.
Primus Guaranty UK
Primus Guaranty (UK), Ltd. (PGUK) was incorporated in England in 2005 to expand Primus’ presence and further develop its business and relationships across Europe. PGUK is authorized by the UK Financial Services Authority.
Primus Re SM
Primus Re, Ltd. is domiciled in Bermuda as a financial guaranty insurance company and is licensed as a Class 3 Insurer under the Bermuda Insurance Act of 1978.