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Primus Implements Planned Management Transition, with Richard Claiden Appointed to Succeed Thomas Jasper as CEO

^{Published on 2010-11-01 07:50:16 - Market Wire}
 

HAMILTON, Bermuda--([ BUSINESS WIRE ])--Primus Guaranty, Ltd. (NYSE:PRS) announced today that Richard Claiden, who currently serves as its chief financial officer and chief operating officer, has been appointed chief executive officer, succeeding Thomas Jasper. In his new role, which is effective immediately, Mr. Claiden will also serve on Primus Guarantya™s board of directors. Christopher Gerosa, Primusa™ treasurer, will assume Mr. Claidena™s responsibilities as chief financial officer.

"I am grateful to our shareholders, counterparties, board of directors and employees for the tremendous support and commitment they have provided to Primus and to me"

The management transition announced today by the Company is part of its current strategy to focus on the amortization of its credit protection business, reduce expenses and return capital to shareholders.

Richard Claiden has been the Companya™s Chief Financial Officer since October 2003, and additionally, Chief Operating Officer since January 2008. Prior to joining the Company, he was Managing Director from 2000 to 2003 and Head of Operational Risk from 2001 to 2003 at the investment banking division of JPMorgan Chase. From 1994 to 1999, he held numerous executive positions at the Canadian Imperial Bank of Commerce. Mr. Claiden holds a Bachelor of Science degree in Economics from London University and a Master of Arts in Accounting and Finance from Lancaster University. He is a fellow of the Institute of Chartered Accountants (U.K.).

Christopher Gerosa has been the Corporate Treasurer of Primus since April 2007. Prior to his Treasurer role, he held the position of Corporate Controller and served as the Director of Investor Relations. Mr. Gerosa joined Primus in March of 2003 and was an integral part of taking the company public in September 2004. Before joining Primus, he worked in the product controller areas of Deutsche Bank and Goldman Sachs. Mr. Gerosa began his professional career at Arthur Andersen. He served as a U.S. Army Infantry Officer after receiving his B.B.A. from the University of Notre Dame.

Mr. Jasper joined Primus in 1999 and was one of the founders of the Company. Over the past 11 years he led the Companya™s corporate, business and financial strategies and key initiatives. Under his leadership, Primus launched the first credit derivatives product company (CDPC), an industry innovation that established a new operating company model to sell credit protection to counterparties. The Primus CDPC, Primus Financial Products, began operating in 2002 and at its peak was managing a $24 billion portfolio of primarily investment grade credit risk with 34 global bank and financial institution counterparties.

Mr. Jasper was instrumental in arranging for Primus Guarantya™s initial public offering and listing on the New York Stock Exchange. To leverage its platform and expertise, Mr. Jasper also led Primusa™ expansion into third-party credit asset management, growing organically and via acquisition. At its peak, Primus Asset Management was managing $3.7 billion in structured credit vehicles for third-parties.

For his many contributions over the course of his career, Mr. Jasper was inducted into the RISK Hall of Fame and received Derivatives Weeka™s Lifetime Achievement Award. Mr. Jasper was also one of the founders and first co-chairmen of the International Swaps and Derivatives Association (ISDA), the pre-eminent industry association focusing on the derivatives markets. Upon leaving Primus and its board of directors today, Mr. Jasper intends to continue to be active in the financial services and credit markets through his involvement in several investment ventures, board positions and related activities.

aI am grateful to our shareholders, counterparties, board of directors and employees for the tremendous support and commitment they have provided to Primus and to me,a said Mr. Jasper. aIta™s now time for me to take on a new challenge, and I do so knowing that Richard is the right person to take Primus forward.a

Michael Esposito, Chairman, Primus Guaranty, Ltd., said, aI and the Board thank Tom for his leadership and commitment in guiding Primus over the past decade. His contributions have been significant and I wish him well in his new endeavors. With Toma™s departure, the Board and I believe that Richard Claiden is the best person to guide Primus going forward. He has the experience and knowledge required to carry out our strategy to preserve the value of Primus Financial in amortization and return capital to shareholders. Tom has worked closely with the Board and Richard on the orderly transition we are announcing today,a Mr. Esposito said.

About Primus Guaranty

Primus Guaranty, Ltd. is a Bermuda company with operations in New York, Boston and London. Through its subsidiaries, the company is a leading manager of corporate credit assets and provider of credit protection. Primus manages assets in structured credit funds and operating companies, across a range of asset classes a" including investment grade, high yield and leveraged loans a" using both cash and synthetic instruments.