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 27, 2004
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                               TRIAD GUARANTY INC.
             (Exact name of registrant as specified in its charter)

     DELAWARE                                              56-1838519
  State or 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    Press Release issued by Triad Guaranty Inc dated April 27, 2004


ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     On  April 27, 2004,  the  registrant  issued a press  release to report
results  for its first  quarter  ended  March 31,  2004.  This  release  is
furnished as exhibit 99 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 27, 2004             By: /s/ Kenneth S. Dwyer
                                        ----------------------------
                                        Kenneth S. Dwyer
                                        Vice President and Chief
                                          Accounting Officer








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