Primus names new CFO

Bermuda-based Primus has named Richard Claiden as its new chief financial officer. He replaces Joseph Bauman, who will stay on as a senior adviser before leaving the company at the end of the year.

Claiden will take charge of financial management and reporting for Primus Guaranty and its subsidiaries, which include Primus Financial Products, a AAA rated seller of credit default protection, and Primus Asset Management, a manager of credit default swap portfolios for third parties.

Thomas Jasper, the company's chief executive, said: "[Claiden’s] considerable financial, strategic, operational and management skills will help support Primus' continued success in the global credit risk transfer market."

Claiden joins Primus from JP Morgan Chase, where he served as managing director of operations and technology. Before that, he was managing director and head of global operations for the Canadian Imperial Bank of Commerce.