Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

(a)

On November 20, 2008, the Board approved an amendment to the Bylaws of Triad Guaranty Inc. (the "Bylaws"), effective immediately (the "Amendment"). The Bylaws were amended to decrease the minimum number of directors serving on the Board from five to four.

The foregoing is a summary of the Amendment to the Bylaws that is immediately effective and is qualified in its entirety by reference to the Amendment to the Bylaws of Triad Guaranty Inc., which is included as Exhibit 3.2 to this report and incorporated herein by reference.

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Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

3.2 Amendment to the Bylaws of Triad Guaranty Inc.

10.57 Summary of 2009 Executive Compensation Program

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