UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 1) Primus Guaranty, Ltd. -------------------------------- (Name of Issuer) Common Shares, par value $0.08per share --------------------------------------------- (Title of Class of Securities) G72457107 ---------------- (CUSIP Number) December 31, 2005 ----------------- (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) 1 CUSIP No. G72457107 -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Transamerica Life Insurance Company -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Iowa -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 5,582,585(1) NUMBER OF SHARES ------------------------------------------------ BENEFICIALLY 6 SHARED VOTING POWER OWNED BY EACH 0 REPORTING PERSON WITH ------------------------------------------------ 7 SOLE DISPOSITIVE POWER 5,582,585(1) ------------------------------------------------ 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 [ ] -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 12.9% (based on 43,140,288 total shares outstanding as of November 5, 2005) -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON CO -------------------------------------------------------------------------------- ------------------- (1) Excludes 5,856 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. 2 ITEM 1. (a) Name of Issuer: Primus Guaranty, Ltd. (b) Address of Issuer's Principal Executive Offices: Clarendon House 2 Church Street Hamilton HM11, Bermuda ITEM 2. (a) Names of Persons Filing: Transamerica Life Insurance Company (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 (c) Citizenship: Iowa (d) Title of Class of Securities: Common Shares, par value $0.08 per share (e) CUSIP Number: G72457107 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTION 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(2) (b) Percent of class: 12.9% This figure is calculated based on 43,140,288 Common Shares issued and outstanding as of November 5, 2005 as reported in the Issuer's Form 10-Q for the quarter ended September 30, 2005, filed with the Securities and Exchange Commission (the "SEC") on November 14, 2005. (c) Number of shares as to which Transamerica has: ----------------------- (2) Excludes 5,856 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. 3 (i) Sole power to vote or direct the vote: 5,582,585(3) (ii) Shared power to vote or direct the vote: 0 (iii) Sole power to dispose or direct the disposition of: 5,582,5853 (iv) Shared power to dispose or 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. 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 ---------------------- (3) Excludes 5,856 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. 4 SIGNATURES 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. Dated: February 13, 2006 By: /s/ R. Michael Slaven -------------------------- Name: R. Michael Slaven Title: Vice President 5