UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. )

PRIMUS GUARANTY LTD
 (Name of Issuer)
-----------------------------------------------------------

Common Stock
(Title of Class of Securities)
-----------------------------------------------------------

G72457107
(CUSIP Number)
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December 30, 2006
Date of Event Which Requires Filing of this Statement)
-----------------------------------------------------------


Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:

/x/ Rule 13d-1(b)
/ / Rule 13d-1(c)
/ / Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect
to the subject class of securities, and for any subsequent
amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section
18 of the Securities Exchange Act of 1934 ("Act") or
otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act
(however, see the Notes).

Potential persons who are to respond to the collection of
information contained in this form are not required to
respond unless the form displays a currently valid OMB
control number.

Page 1 of 9 pages




1. Names of Reporting Persons and I.R.S. Identification No.

UBS AG (for the benefit and on behalf of the UBS Global
Asset Management business group of UBS AG (see Item 7)

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2. Check the Appropriate Box if a Member of a Group

a   / /
b   / /  See Item 8 of attached schedule
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3. SEC USE ONLY

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4. Citizenship or Place of Organization

Switzerland
-----------------------------------------------------------
Number of       5.  Sole Voting Power 	      1,787,758
Shares Bene-    6.  Shared Voting Power       0
ficially        7.  Sole Dispositive Power    0
Owned by Each   8.  Shared Dispositive Power  2,239,853


Reporting
Person With:
-----------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person:

2,239,853 shares*
-----------------------------------------------------------
10. Check if the Aggregate Amount in Row 9 Excludes Certain
Shares  / /
-----------------------------------------------------------
11. Percent of Class Represented by Amount in Row 9

5.2%
-----------------------------------------------------------
12. Type of Reporting Person

BK, HC
-----------------------------------------------------------

UBS AG disclaims beneficial ownership of such securities
pursuant to Rule 13d-4 under the Securities Exchange Act
of 1934.  In accordance with SEC Release No. 34-395-538
(January 12, 1998), this filing reflects the securities
beneficially owned by the UBS Global Asset Management
business group of UBS AG and its subsidiaries and
affiliates on behalf of its clients (collectively,
UBS).  This filing does not reflect securities,
if any, beneficially owned by any other division
or business group of UBS.

Page 2 of 9 pages


1. Names of Reporting Persons and I.R.S. Identification No.

UBS Americas Inc.
-----------------------------------------------------------

2. Check the Appropriate Box if a Member of a Group

a   / /
b   / /  See Item 8 of attached schedule
-----------------------------------------------------------

3. SEC USE ONLY

-----------------------------------------------------------

4. Citizenship or Place of Organization

Delaware
-----------------------------------------------------------
Number of       5.  Sole Voting Power 	      1,787,758
Shares Bene-    6.  Shared Voting Power       0
ficially        7.  Sole Dispositive Power    0
Owned by Each   8.  Shared Dispositive Power  2,239,853


Reporting
Person With:
-----------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person:

2,239,853 shares*
-----------------------------------------------------------
10. Check if the Aggregate Amount in Row 9 Excludes Certain
Shares  / /
-----------------------------------------------------------
11. Percent of Class Represented by Amount in Row 9

5.2%
-----------------------------------------------------------
12. Type of Reporting Person

HC
-----------------------------------------------------------

UBS Americas disclaims beneficial ownership of such securities
pursuant to Rule 13d-4 under the Securities Exchange Act
of 1934.  In accordance with SEC Release No. 34-395-538
(January 12, 1998), this filing reflects the securities
beneficially owned by the UBS Global Asset Management
business group of UBS AG and its subsidiaries and
affiliates on behalf of its clients (collectively,
UBS).  This filing does not reflect securities,
if any, beneficially owned by any other division
or business group of UBS.

Page 3 of 9 pages


1
Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only).

UBS Global Asset Management (Americas) Inc.
36-3664388
-----------------------------------------------------------
2
Check the Appropriate Box if a Member of a Group (See
Instructions)
a   / /
b   / / See Item 8 of attached schedule.
-----------------------------------------------------------
3
SEC USE ONLY
-----------------------------------------------------------
4
Citizenship or Place of Organization - Delaware
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Number of       5.  Sole Voting Power 	      1,723,358
Shares Bene-    6.  Shared Voting Power       0
ficially        7.  Sole Dispositive Power    0
Owned by Each   8.  Shared Dispositive Power  2,175,453

Reporting
Person With:
-----------------------------------------------------------
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,175,453 Shares*
-----------------------------------------------------------
10
Check if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions)
-----------------------------------------------------------
11
Percent of Class Represented by Amount in Row (9)
5.0%
-----------------------------------------------------------
12
Type of Reporting Person (See Instructions)
IA
-----------------------------------------------------------

UBS Global Asset Management (Americas) Inc. disclaims
beneficial ownership of such securities pursuant to
Rule 13d-4 under the Securities Exchange Act
of 1934.  In accordance with SEC Release No. 34-395-538
(January 12, 1998), this filing reflects the securities
beneficially owned by the UBS Global Asset Management
business group of UBS AG and its subsidiaries and
affiliates on behalf of its clients (collectively,
UBS).  This filing does not reflect securities,
if any, beneficially owned by any other division
or business group of UBS.
Page 4 of 9 pages


-----------------------------------------------------------
Cusip G72457107

-----------------------------------------------------------

Item 1(a).  Name of Issuer:

PRIMUS GUARANTY LTD

Item 1(b).  Address of Issuer's Principal Executive Offices:

c/o Primus Asset Management Inc.
360 Madison Avenue 23rd Floor
New York, NY  10017

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Item 2(a) Name of Persons Filing:
UBS AG, UBS Americas Inc., and UBS Global Asset Management
(Americas) Inc.(UBS Global AM)

Item 2(b) Address of Principal Business Office or, if none,
Residence:

UBS AG's principal business office is:
Bahnhofstrasse 45
PO Box CH-8021
Zurich, Switzerland

UBS Americas Inc.'s principal business office is:
677 Washington Blvd.
Stamford, CT  06901

UBS Global AM's principal business office is:
One North Wacker, Chicago, Illinois  60606

Item 2(c) Citizenship:
Incorporated by reference to Item 4 of the cover pages.

Item 2(d) Title of Class of Securities:
Common Stock (the "Common Stock")

Item 2(e) CUSIP Number:
G72457107

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Item 3.  Type of Person Filing:

UBS AG is classified as a Bank as defined in section 3(a)(6)
of the Act pursuant to no action relief granted by the staff
of the Securities and Exchange Commission.  UBS Americas Inc.
is the parent holding company of UBS Global AM.  UBS Global AM is
an Investment Adviser registered under section 203 of the
Investment Advisers Act of 1940.
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Item 4 (a)-(c)(iv).  Ownership:
Incorporated by reference to Items 5-11 of the cover pages.

Page 5 of 9 pages


-----------------------------------------------------------
Cusip G72457107

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Item 5.  Ownership of Five Percent or Less of a Class:

If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following / /.
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Item 6.  Ownership of More than Five Percent on Behalf of
Another Person:

Accounts managed on a discretionary basis by UBS AG and UBS
Global AM have the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale
of, the Common Stock.  To the best of our knowledge, no
account holds more than 5 percent of the outstanding
Common Stock.
-----------------------------------------------------------

Item 7.  Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By the Parent
Holding Company:

Identification:  UBS Global Asset Management (Americas) Inc.
Classification:  IA

In addition to UBS, UBS Americas, Inc., and UBS Global AM,
the following UBS affiliates and subsidiaries are part of
the UBS Global Asset Management business group included
in this filing: UBS Global Asset Management (US) Inc.,
UBS Global Asset Management Trust Company, UBS Global Asset
Management International Limited, UBS Global Asset
Management (Canada) Co., UBS International, Inc., UBS
Global Asset Management (Australia) Ltd., UBS Global
Asset Management (Hong Kong) Limited, UBS (Trust & Banking)
Limited, UBS Global Asset Management (Japan) Ltd.,
UBS Global Asset Management (Singapore) Ltd., UBS
Global Asset Management (Taiwan) Ltd., UBS Global
Asset Management (France) SA, UBS Global Asset Management
(Deutschland) GmbH, UBS Global Asset Management
(Italia) Sim Spa, UBS Espana S.A., UBS Global Asset
Management (UK) Ltd.


Page 6 of 9 pages



-----------------------------------------------------------
Cusip G72457107

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Item 8 Identification and Classification of Members of the
Group:

UBS Global AM is a wholly-owned subsidiary of UBS Americas
Inc. which is a wholly-owned subsidiary of UBS AG.  UBS AG is
reporting direct and indirect beneficial ownership of
holdings. UBS Americas Inc. is reporting indirect beneficial
ownership of holdings by reason of its ownership of UBS
Global AM.  None of the reporting persons affirms the existence
of a group within the meaning of Rule 13d-5(b)1).
-----------------------------------------------------------

Item 9 Notice of Dissolution of Group:

Not Applicable
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Item 10 Certification:

By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired
and are held in the ordinary course of business and were not
acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer
of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
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SIGNATURE

After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.

Date:  February 16, 2007

                              UBS AG


                              By:   /s/ Thomas Madsen
                              Thomas Madsen, Member GMB


                              By:   /s/ Kai Sotorp
                              Kai Sotorp, Member GMB
Page 7 of 9 pages


-----------------------------------------------------------

Cusip G72457107


-----------------------------------------------------------


                              UBS Americas Inc.



                              By:   /s/ Thomas Madsen
                              Thomas Madsen, Member GMB


                              By:   /s/ Kai Sotorp
                              Kai Sotorp, Member GMB



                              UBS Global Asset Management
                              (Americas) Inc.


                              By: /s/Mark F. Kemper
                              Mark F. Kemper
                              Executive Director


                              By: /s/Michael J. Calhoun
                              Michael J. Calhoun
                              Assistant Secretary

Page 8 of 9 pages



-----------------------------------------------------------
Cusip G72457107

-----------------------------------------------------------


              AGREEMENT TO MAKE A JOINT FILING

UBS AG, UBS Americas Inc., and UBS Global Asset Management
(Americas) Inc. each agrees that this Schedule 13G
(including all amendments hereto) is filed by and on
behalf of each such party.


Date:  February 16, 2007


                              UBS AG


                              By:   /s/ Thomas Madsen
                              Thomas Madsen, Member GMB


                              By:   /s/ Kai Sotorp
                              Kai Sotorp, Member GMB


                              UBS Americas Inc.




                              By:   /s/ Thomas Madsen
                              Thomas Madsen, Member GMB


                              By:   /s/ Kai Sotorp
                              Kai Sotorp, Member GMB


                              UBS Global Asset Management
                              (Americas) Inc.


                              By: /s/Mark F. Kemper
                              Mark F. Kemper
                              Executive Director

                              By: /s/Michael J. Calhoun
                              Michael J. Calhoun
                              Assistant Secretary

Page 9 of 9 pages