Item 8.01. Other Events.

On December 15, 2008, Triad Guaranty Inc. (the "Company") issued a press release announcing that William T. Ratliff, III, Chairman of the Company's Board of Directors, has adopted a pre-arranged stock trading plan to sell up to 42,250 shares of the Company's common stock. The plan was established to facilitate Mr. Ratliff's personal financial and tax planning. The plan was adopted in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and the Company's policies regarding stock transactions.

Under his plan, Mr. Ratliff may sell up to 42,250 shares of the Company's common stock beginning December 17, 2008. Mr. Ratliff's plan is scheduled to terminate when the 42,250 shares are sold, or, if earlier, November 17, 2009.

The transactions under the plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission.

Rule 10b5-1 permits, among other things, individuals who are not in possession of material, non-public information at the time the plan is adopted to establish pre-arranged plans to buy or sell company stock.

The press release announcing the adoption of this plan is attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d)

Exhibit Number Description

99.1 Press release, dated December 15, 2008.

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