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TRIAD GUARANTY REPORTS THIRD QUARTER EARNINGS /REPEATING TO CLEAR GARBLE/

 WINSTON-SALEM, N.C., Nov. 4 /PRNewswire/ -- Triad Guaranty Inc. (NASDAQ: TGIC) today reported third quarter earnings of $842,000, up 64 percent from $514,000 in the third quarter of 1992.
 Earnings per share, which are based on 1,750,000 shares outstanding prior to the company's public offering of 2,300,000 additional shares in October, were $.48 per share for the third quarter compared to $.29 per share in 1992.
 For the first nine months of 1993, net income increased 86 percent to $2.3 million from $1.2 million in 1992. Earnings per share for the nine month period were $1.31 compared to $.70 in the same period of 1992.
 Earned premiums increased 68 percent in the third quarter of 1993 to $2.1 million from $1.2 million in the comparable quarter of 1992. Insurance in force increased 36 percent to $2.7 billion during the first nine months of 1993 from $2.0 billion at Dec. 31, 1992.
 Triad Guaranty Inc. is a holding company engaged through its insurance subsidiary, Triad Guaranty Insurance Corporation, in providing private mortgage insurance coverage in the United States to residential mortgage lenders, including mortgage bankers, mortgage brokers, commerical banks and savings institutions. Private mortgage insurance protects lenders from default-related losses on residential mortgage loans made to home buyers who make down payments of less than 20 percent, and facilitates the sale of mortgage loans in the secondary mortgage market.
 Triad Guaranty Inc. recently completed an initial public offering of 2,300,000 shares of its common stock. The proceeds of the offering totaled $34,224,000 net of estimated expenses and were used primarily to increase the capital of its insurance subsidiary.
 TRIAD GUARANTY INC.
 SELECTED CONSOLIDATED FINANCIAL AND STATISTICAL DATA
 (UNAUDITED)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 (Dollars in thousands, except per share amounts)
 Income Statement Data
 (for period ended):
 Premiums written:
 Direct $3,844 $2,530 $9,782 $6,534
 Assumed 11 17 209 259
 Ceded (1,107) (847) (2,862) (1,966)
 $2,748 $1,700 $7,129 $4,827
 Earned premiums $2,075 $1,231 $5,597 $3,414
 Net investment income 468 306 1,234 863
 Realized investment
 gains 4 -- 3 5
 Other income 3 23 12 37
 Total revenues 2,550 1,560 6,846 4,319
 Net losses and loss
 adjustment expenses 415 217 1,012 602
 Amortization of
 deferred policy
 acquisition costs 415 229 1,068 579
 Other operating expenses
 -- net 625 458 1,632 1,400
 Income before income
 taxes 1,095 656 3,134 1,738
 Income taxes 253 142 834 505
 Net income $842 $514 $2,300 $1,233
 Net income per share $.48 $.29 $1.31 $.70
 Average number
 of shares
 outstanding 1,750,000 1,750,000 1,750,000 1,750,000
 GAAP Operating
 Ratios (Percent):
 Loss ratio 20.0 17.6 18.1 17.6
 Expense ratio 37.8 40.4 37.9 41.0
 Combined ratio 57.8 58.0 56.0 58.6
 Sept. 30, Dec. 31,
 1993 1992
 Balance Sheet Data
 (at period end):
 Total assets $41,302 $30,754
 Total invested assets $33,769 $25,538
 Deferred policy acquisition costs $3,640 $2,709
 Liabilities:
 Losses and loss adjustment expenses $1,883 $1,239
 Unearned premiums $8,255 $6,067
 Stockholders' equity $24,858 $21,410
 Stockholders' equity per share $14.20 $12.23
 Other Statistical Information
 (dollars in millions):
 Direct insurance in force $2,729 $1,967
 Direct risk in force (gross) ? $524 $379
 Risk to capital ratio 15.9 to 1 14.0 to 1
 Number of insured loans 28,078 20,604
 Number of delinquent insured loans 109 65
 Delinquency ratio 0.39 pct. 0.32 pct.
 -0- 11/4/93 R
 /CONTACT: David W. Whitehurst, executive vice president and chief financial officer, of Triad Guaranty, 205-951-4433/
 (TGIC)


CO: Triad Guaranty Inc. ST: North Carolina IN: INS SU: ERN

Triad -- CH007 -- 0669 11/04/93 11:26 EST
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Date:Nov 4, 1993
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