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): July 23, 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 July 23, 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 July 23, 2003, the  registrant  issued a press release to report results
for its second quarter ended June 30, 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:  July 23, 2003         By: /s/ Michael R. Oswalt
                                        ----------------------------
                                        Michael R. Oswalt
                                        Senior Vice President and Treasurer









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