Triad Still Writing MI, Eyeing Rebirth

Triad Guaranty Inc., Winston-Salem, N.C., has issued a statement assuring the market that it is still writing new mortgage insurance business and is pursuing negotiations to create a new mortgage insurance company. Mark K. Tonnesen, Triad's president and chief executive officer, said the company is still a qualified mortgage insurer with Fannie Mae and Freddie Mac, which he said are "supporting" the company. "This is an important step" in a transaction that Triad hopes to complete by the end of the quarter, he said. "If the transaction is completed, we would put our existing insurance operations into a voluntary run-off, and a newly capitalized mortgage insurer, which would be a separate company from Triad Guaranty Inc., would be created." The company can be found online at http://www.triadguaranty.com.