Tom Brown’s Second Curve Capital today reported its insider trading in Primus Guaranty Ltd (PRS). According to the disclosure, Second Curve Capital bought 10 thousand PRS shares at $5.48 per share on December 15th, remaining 5.48 million shares in its position. The firm reported 5.27 million shares at the end of September, and has already made several insider transactions in PRS in the fourth quarter. Second Curve Capital currently has about 15.4% activist stake in the stock. PRS has returned 14% year to date. The stock is now trading at $5.09.
Beside Second Curve Capital, David E. Shaw’s D.E. Shaw also invested in PRS. 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.