Tom Brown’s Second Curve Capital reported its insider trading in Primus Guaranty Ltd (PRS) on November 10th. The Form 4 shows Second Curve Capital sold 5,000 shares at $6.14 on November 8th, and then bought 10,000 shares at $5.56 on the next day. Second Curve Capital has made several insider transactions towards PRS after the second quarter, and now the firm has approximately 5.32 million shares in PRS. Second Curve Capital reported 6.6 million PRS shares in the second quarter and approximately 5.27 million shares on September 22nd. So now the firm held about 15% activist stake in PRS, down by 20% from its position in Q2. PRS has returned about 7% in 2011, and is now priced at $5.45.
Beside Second Curve Capital, David E. Shaw’s D E Shaw also had a position in PRS. D E Shaw 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.