WINSTON-SALEM, N.C., Oct. 22 /PRNewswire-FirstCall/ -- Triad Guaranty
Inc. (Nasdaq: TGIC) today announced that Kenneth W. Jones, Senior Vice
President and Chief Financial Officer, has been appointed President and
Chief Executive Officer of Triad and its subsidiaries, effective
immediately. Mr. Jones assumes these positions from William T. Ratliff,
III, Chairman of Triad's Board of Directors, who had been serving as
interim President and Chief Executive Officer since July 2008. Mr. Jones
will retain his Chief Financial Officer responsibilities.
"My focus over the past three months has been to work with the Board
and management to develop Triad's strategy as it entered voluntary
run-off," commented Mr. Ratliff. "Selecting a chief executive to lead the
organization is a critical next step and I am pleased to announce that Ken
Jones will be assuming the role. Ken has been a key part of Triad's
management team for the past two and one-half years and his experience at
Triad, coupled with almost thirty years of broad-based experience in the
financial services industry, will serve him well in this new role."
Mr. Jones said "I appreciate the confidence that Mr. Ratliff and the
Board have placed in me and in Triad's entire management team. Will has
dedicated an extraordinary amount of time to Triad over the past year and
his leadership helped to produce a comprehensive run-off plan that has the
full support of management and the Board." Mr. Jones continued, "While
today's difficult housing market and weakening overall economy create risks
that are difficult to assess, we continue to believe that our plans,
coupled with the skills of Triad's experienced and dedicated staff, will
produce a successful run-off of our existing in-force book of business."
About Triad Guaranty Insurance Corporation
Triad Guaranty Inc.'s wholly owned subsidiary, Triad Guaranty Insurance
Corporation, is a nationwide mortgage insurer pursuing a voluntary run-off
of its existing in-force book of business. For more information, please
visit the Company's web site at http://www.triadguaranty.com
Certain of the statements contained in this release are
"forward-looking statements" and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. These
statements include estimates and assumptions related to economic,
competitive, regulatory, operational and legislative developments. These
forward-looking statements are subject to change, uncertainty and
circumstances that are, in many instances, beyond our control and they have
been made based upon our current expectations and beliefs concerning future
developments and their potential effect on us. Actual developments and
their results could differ materially from those expected by us, depending
on the outcome of a number of factors, including our ability to complete
the run-off of our existing in-force book of business, the possibility of
general economic and business conditions that are different than
anticipated, legislative, regulatory, and other similar developments,
changes in interest rates, the housing market, the mortgage industry and
the stock market, as well as the factors described under "Risk Factors" and
under "Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995" in our Annual Report on Form 10-K for the year ended December
31, 2007 and in other reports and statements that we file with the
Securities and Exchange Commission. Forward-looking statements are based
upon our current expectations and beliefs concerning future events and we
undertake no obligation to update or revise any forward-looking statements
to reflect the impact of circumstances or events that arise after the date
the forward- looking statements are made.
SOURCE Triad Guaranty Inc.
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Related links:
http://www.triadguaranty.com
CONTACT:
Ken Jones, President and Chief Executive
Officer, Triad Guaranty Inc., +1-336-723-1282 ext. 1105,
kjones@tgic.com
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