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 Shares, par value $0.08 per share -------------------------------------------------------------------------------- (Title of Class of Securities) G72457107 -------------------------------------------------------------------------------- (CUSIP Number) October 5, 2004 -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [ ] Rule 13d-1(c) [X] 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. SEC 1745(11-99) Page 1 of 6 pages SCHEDULE 13G CUSIP No. G72457107 Page 2 of 6 pages -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Transamerica Life Insurance Company -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Iowa -------------------------------------------------------------------------------- Number of 5. Sole Voting Power 5,582,585(1) Shares ------------------------------------------------------- Beneficially 6. Shared Voting Power -0- Owned by ------------------------------------------------------- Each 7. Sole Dispositive Power 5,582,585(1) Reporting ------------------------------------------------------- Person With: 8. Shared Dispositive Power -0- -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 5,582,585(1) 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) 11. Percent of Class Represented by Amount in Row (9) 13.1% (based on 42,787,843 total shares outstanding as of November 8, 2004) -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) CO -------------------------------------------------------------------------------- ------------------------------- (1) Excludes 1,791 Deferred Shares issued to Thomas Hartlage, as a non-employee director of Primus Guaranty, Ltd. These Deferred Shares become payable upon completion of Mr. Hartlage's board service. Mr. Hartlage ceded beneficial ownership of such shares to Transamerica Life Insurance Company. SCHEDULE 13G CUSIP No. G72457107 Page 3 of 6 pages -------------------------------------------------------------------------------- ITEM 1(A). NAME OF ISSUER Primus Guaranty, Ltd. ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES Clarendon House, 2 Church Street Hamilton HM 11, Bermuda ITEM 2(A). NAME OF PERSON FILING Transamerica Life Insurance Company ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE c/o Aegon USA Investment Management LLC, 4333 Edgewood Road N.E., Cedar Rapids, IA 52499-5335 ITEM 2(C). CITIZENSHIP Iowa ITEM 2(D). TITLE OF CLASS OF SECURITIES Common Shares, par value $0.08 per share ITEM 2(E). CUSIP NUMBER G72457107 SCHEDULE 13G CUSIP No. G72457107 Page 4 of 6 pages -------------------------------------------------------------------------------- ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SS.SS. 240.13D-1(B) OR 240.13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A: Not Applicable. ITEM 4. OWNERSHIP. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: 5,582,585(1) (b) Percent of class: 13.1% This figure is calculated based on 42,787,843 Common Shares issued and outstanding as of November 8, 2004 as reported in the Issuer's Form 10-Q for the quarter ended September 30, 2004, filed with the Securities and Exchange Commission (the "SEC") on November 9, 2004. (c) Number of shares as to which Transamerica has: (i) Sole power to vote or to direct the vote 5,582,585(1) (ii) Shared power to vote or to direct the vote -0- (iii) Sole power to dispose or to direct the disposition of 5,582,585(1) (iv) Shared power to dispose or to direct the disposition of -0- ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS Not Applicable. ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. Not Applicable. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY Not Applicable. ------------------------------- (1) Excludes 1,791 Deferred Shares issued to Thomas Hartlage, as a non-employee director of Primus Guaranty, Ltd. These Deferred Shares become payable upon completion of Mr. Hartlage's board service. Mr. Hartlage ceded beneficial ownership of such shares to Transamerica Life Insurance Company. SCHEDULE 13G CUSIP No. G72457107 Page 5 of 6 pages -------------------------------------------------------------------------------- ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP Not Applicable. ITEM 9. NOTICE OF DISSOLUTION OF GROUP Not Applicable. ITEM 10. CERTIFICATION Not Applicable. SCHEDULE 13G CUSIP No. G72457107 Page 6 of 6 pages -------------------------------------------------------------------------------- SIGNATURE After reasonable inquiry and to the best of the undersigned's knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: February 10, 2005 TRANSAMERICA LIFE INSURANCE COMPANY By: /s/ R. Michael Slaven ----------------------------------------- Name: R. Michael Slaven Title: Vice President