Tom Brown’s Second Curve Capital continued trading shares in Primus Guaranty Ltd (PRSG). According to a regulatory disclosure today, Second Curve Capital bought 75 thousand shares at $4.62 per share and 30 thousand shares at $4.27 per share on December 19th. After that the firm has 5.59 million shares in its position. Second Curve Capital reported 5.27 million shares at the end of September, and has already made several insider transactions in PRSG in the fourth quarter. Second Curve Capital currently has about 15.7% activist stake in the stock. Primus Guaranty was previously traded under symbol PRS. The stock changed its ticker symbol to PRSG on December 20, and its shares is now trading in the OTC Pink market. PRSG is now trading at $4.16.
Beside Second Curve Capital, David E. Shaw’s D.E. Shaw also invested in the stock. The firm had 101 thousand shares at the end of September.
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.