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 29, 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 July 29, 2004


ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     On July 29, 2004, the  registrant  issued a press release to report results
for the quarter and six months ended June 30, 2004. This release is furnished as
exhibit 99 hereto.

     This information,  furnished under Item 12, shall not be deemed 'filed' for
purposes of Section 18 of the  Securities  Exchange Act of 1934, nor shall it be
deemed  incorporated by reference in any filing under the Securities Act of 1933
unless expressly incorporated by specific reference in such a filing.








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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 29, 2004          By: /s/ Kenneth S. Dwyer
                                        ----------------------------
                                        Kenneth S. Dwyer
                                        Vice President and Chief
                                          Accounting Officer








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