Next Logical Step to Support Growth
WINSTON-SALEM, N.C., July 15 /PRNewswire-FirstCall/ -- Triad Guaranty
Inc. (Nasdaq: TGIC) today announced that it is filing a formal notice of
its intention to submit an application to incorporate a Canadian subsidiary
to begin operations in Canada. This is the first formal step prior to
submitting an application to the Office of the Superintendent of Financial
Institutions (OSFI) in Canada. Pending regulatory approvals, operations
could start in Canada sometime in 2007.
In making this announcement Mark K. Tonnesen, President and Chief
Executive Officer, stated, "This opportunity strengthens Triad's foundation
by permitting diversification and growth consistent with our corporate core
values of product innovation, customer service, and risk management. Canada
is the second largest market of mortgage guaranty insurance in the world.
We are excited about the opportunity but realize that this application is
only the first stage in the process."
Pending regulatory approvals, the Canadian company will be a monoline
provider of mortgage guaranty insurance and operate as a wholly owned
subsidiary of Triad Guaranty Inc. It will be named Triad Guaranty Insurance
Corporation Canada (Triad Guaranty Canada) in English and "Corporation
d'assurance Triad Guaranty du Canada" (Triad Guaranty du Canada) in French.
In the near future it is expected that a President and Chief Executive
Officer of Triad Guaranty Canada will be named. This individual will report
to Mr. Tonnesen.
"Our belief that we have the ability to succeed in Canada is supported
by our expertise and experience in successfully starting and building a
mortgage insurance company in the United States," stated Mr. Tonnesen. "We
look forward to the challenge of tailoring our US strategies to the
particular needs of the Canadian market to insure that we offer value and
convenience to Canadian customers."
Future announcements concerning operations in Canada will be
forthcoming at appropriate times.
About Triad Guaranty Inc.
Triad Guaranty Inc.'s wholly owned subsidiary, Triad Guaranty Insurance
Corporation, is a nationwide mortgage insurer providing credit enhancement
solutions to its lender customers and the capital markets. This allows
buyers to achieve homeownership sooner, facilitates the sale of mortgage
loans in the secondary market and protects lenders from credit
default-related expenses. For more information, please visit the company's
web site at http://www.triadguaranty.com.
SOURCE Triad Guaranty Inc.
 back to top
Related links:
http://www.triadguaranty.com
CONTACT:
Mark Tonnesen, President and Chief Executive
Officer of Triad Guaranty Inc., +1-800-451-4872, ext. 1101, or
mtonnesen@tgic.com
|
