Exhibit 99
Triad Guaranty Inc.
  Ken Jones
  Senior Vice President, Chief Financial Officer
  800-451-4872 ext.1105
WINSTON-SALEM, N.C., January 25, 2007 — Triad Guaranty Inc. (NASDAQ: TGIC) today reported net income for the quarter ended December 31, 2006 of $8.1 million compared with $12.6 million for the same quarter a year ago, a decrease of 35%. Diluted earnings per share were $0.54 for the fourth quarter of 2006 compared with $0.85 for the fourth quarter of 2005, a decline of 36%. Realized investment losses, net of taxes, did not impact earnings in the fourth quarter of 2006, compared with realized investment gains of $0.01 per share in the same quarter of 2005.
Net income for the full year 2006 was $65.6 million compared with $56.8 million for 2005. Diluted earnings per share were $4.40 for the full year 2006 compared to $3.84 for 2005, an increase of 15%. Realized investment gains, net of taxes, contributed $0.07 per share for the full year 2006 and did not impact earnings per share in 2005.
Mark K. Tonnesen, President and Chief Executive Officer, said, “Despite many positive developments in the fourth quarter, our earnings are disappointing. While the increase in defaults and the number of paid claims was virtually on target, our average cost per paid claim increased significantly. The fundamental cause of the higher loss per claim was the impact of the slowing housing market on our claims mitigation efforts. A larger percentage of our claims paid in the fourth quarter were full option settlements, causing the average severity on both Primary and Modified Pool business to increase from the levels observed over the last five quarters. In response to this change, which emerged in the fourth quarter, we felt it was both prudent and necessary to adjust the severity factors utilized in our reserving methodology, which increased our reserves and, in turn, our incurred losses. The increase in the severity factors was the major driver of the $24.2 million increase in reserves during the quarter, although a portion of the increase was attributable to changes in our frequency factors and the natural growth and seasoning of our portfolio.”
Mr. Tonnesen continued, “Our fundamentals remain strong. Strong production and improved persistency throughout 2006 led to a 28% increase in insurance in force from the end of 2005, with earned premiums increasing 29% for the fourth quarter, and 25% for the full year, compared to the prior year periods. We


The following information was filed by Triad Guaranty Inc (TGICQ) on Thursday, January 25, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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