Triad MI Reports Another Loss

Triad Guaranty, whose MI unit is in a "run-off" mode, lost $55.2 million in the first quarter, compared to a $150 million loss in the same period last year. Company president and CEO Ken Jones said, "risk in default continued to increase as the combination of the recession and declines in home prices impacted our insured portfolio. While there were indications during the quarter that risk in default growth could be slowing on a monthly basis, we expect the challenging environment will continue for the foreseeable future." The publicly traded Triad has insurance-in-force of $60.5 billion, an 11% decline from March 31, 2008. Its shares trade for 89 cents compared to a 52-week high of $4.42 and a low of 12 cents. It is the nation's smallest MI.