From the call:
"As I mentioned during our last call over the course of 2009 we've been exploring and discussing with counterparties the idea of forming a new Primus sponsored long-term seller credit protection. It's clear that in today's environment such a vehicle would need to operate at relatively lower levels of leverage and would also need the post collateral.
Over the course of the year we have tested this concept by constructing and managing a $1 billion notional test portfolio. The results of this portfolio have to date and encouraging. We believe that a new credit protection seller can capture a solid market niche and generate attractive return. We're discussing our strategy with potential investors and counterparties and are encouraged by the dialogue to-date. This is obviously a longer term initiative and much depends on the state of credit markets, financial systems and global economy."

i have a feeling this could be a potentially big niche for them to fill. WEB and other folks recently were making noise against increased margin reqs. not to mention the banking lobby.