Primus Guaranty, Ltd. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net income available to common shares of $100,468,000 or $2.84 per diluted share compared to $128,319,000 or $3.30 per diluted share for the same period a year ago. Income from continuing operations, net of tax was $100,484,000 or $2.82 per diluted share compared to $130,275,000 or $3.33 per diluted share for the same period a year ago. Income from continuing operations before income taxes was $100,489,000 compared to $130,043,000 for the same period a year ago. Total revenues were $104,607,000 compared to $148,040,000 for the same period a year ago. For the full year, the company reported net loss available to common shares of $36,800,000 or $1.00 per diluted share compared to net income available to common shares of $255,474,000 or $6.33 per diluted share for the same period a year ago. Loss from continuing operations, net of tax was $37,898,000 or $1.11 per diluted share compared to profit from continuing operations, net of tax of $247,006,000 or $3.33 per diluted share for the same period a year ago. Loss from continuing operations before income taxes was $37,882,000 compared to income from continuing operations before income taxes of $246,872,000 for the same period a year ago. Total revenues were negative $18,482,000 compared to total revenues of $294,153,000 for the same period a year ago. GAAP negative book value per share issued and outstanding was $4.18 compared to $2.39 at the end of 2010. GAAP net loss from continuing operations was primarily was attributable to net negative credit swap revenue of $39.0 million, which included unrealized losses in the fair value of Primus Financial's credit swap portfolio of $64.8 million. GAAP net income from continuing operations for the full year 2010 primarily was attributable to net credit swap revenue, which included unrealized gains in the fair value of Primus Financial's credit swap portfolio. Economic Results book value per common share was $8.60 at December 31, 2011, compared with economic results book value per common share of $7.31 at December 31, 2010.