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Insider Trading: Tom Brown’s Second Curve Capital And $PRS

Tom Brown’s Second Curve Capital reported its insider trading in Primus Guaranty Ltd (PRS) on November 18th. The Form 4 filing shows Second Curve Capital purchased net 25 thousand shares in PRS on November 16 and 17, giving the firm totally 5,345,890 shares in its position. Second Curve Capital has made several insider transactions in PRS after the third quarter. The firm previously reported 5.27 million shares in PRS at the end of September, and 6.6 million shares in the second quarter. So now the firm held approximately 15.02% activist stake in PRS. PRS has returned about 10% in 2011, and is now priced at $5.61.

Thomas Brown

Beside Second Curve Capital, David E. Shaw’s D. E. Shaw also had a position in PRS. The firm reported 101 thousand shares in the stock by the end of the second quarter.

Second Curve Capital was founded in 2000 by award-winning stock analyst Thomas K. Brown. The firm is an employee owned sponsor hedge fund. It provides its services to pooled investment vehicles. The firm had a portfolio value of $242 million and mainly invests in Financial sector. Second Curve Capital was founded in 2000 and is based in New York City.

Primus Guaranty, Ltd. is a credit services company which specializes in credit derivative products. The company sells credit swaps against investment grade credit obligations of corporate and sovereign issuers. The products are primarily offered to global financial institutions and credit swap dealers It also manages credit swap and cash investment portfolios, as well as provides management, consulting, and information technology services. The company was incorporated in 1998 and is headquartered in Hamilton, Bermuda.