UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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                                    FORM 8-K
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                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported): April 28, 2003
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                               TRIAD GUARANTY INC.
             (Exact name of registrant as specified in its charter)

     DELAWARE                                              56-1838519
  State of Other                                        I.R.S. Employer
  Jurisdiction of                                   Identification Number
  Incorporation

                            101 SOUTH STRATFORD ROAD
                       WINSTON-SALEM, NORTH CAROLINA 27104
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (336) 723-1282

                                 NOT APPLICABLE
          (Former name or former address, if changed since last report)






ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(c) The following exhibit is furnished with this document:

       Number   Exhibit
       ------   -------

       99.1    Press Release issued by Triad Guaranty Inc dated April 28, 2003.


ITEM 9.  Regulation FD Disclosure

     The information in this item is being furnished to, but not filed with, the
Securities and Exchange Commission solely under Item 12 of Form 8-K, "Results of
Operations and Financial Condition," pursuant to interim procedures  promulgated
by the  Securities and Exchange  Commission in Release  33-8216 issued March 27,
2003.

     On April 28, 2003, the registrant  issued a press release to report results
for its first quarter ended March 31, 2003. This release is furnished as exhibit
99.1 hereto.







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                                    SIGNATURE

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.



                                    TRIAD GUARANTY INC.


      Date:  April 28, 2003         By: /s/ Michael E. Crow
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                                        Michael E. Crow
                                        Vice President and Controller









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