Yesterday, Triad Guaranty Inc. reported their 2010 Third Quarter Results. The Company reported net income of $54.0 million, which includes $29.6 million attributable to the repurchase of their long-term debt (reported as an extraordinary item) and $14.7 million attributable to realized investment gains, for the third quarter ended September 30, 2010. This is compared to net income of $79.1 million for the second quarter of 2010 and a net loss of $101.9 million for the third quarter of 2009.
The 2010 third quarter diluted income per share was $3.56 ($1.61 per share before extraordinary item). This is compared to diluted income per share of $5.24 for the 2010 second quarter and diluted loss per share of $6.78 for the 2009 third quarter.
The net income for the nine months ended September 30, 2010 was $105.3 million ($75.7 million before extraordinary item). This is compared to a net loss of $516.5 million for the nine months ended September 30, 2009. The diluted income per share was $6.96 ($5.00 per share before extraordinary item) for the nine months ended September 30, 2010 compared to a diluted loss per share of $34.44 for the nine months ended September 30, 2009.
Headquartered in Winston-Salem, North Carolina, Triad Guaranty Insurance Corporation (Triad) is a wholly owned subsidiary of Triad Guaranty Inc. Triad ceased issuing commitments for new business on July 15, 2008 and entered into voluntary run-off. They continue to honor existing certificates. In run-off Triad will continue to manage existing insurance in-force by paying valid claims, collecting premiums, and partnering with their customers to develop solutions to keep borrowers in their homes and reduce mortgage related losses.
Triad’s commitment is to assisting their policyholders throughout the course of the company’s voluntary run-off. Their experienced staff remains focused on the efficient and effective servicing of their insured portfolio, particularly with respect to loss mitigation. They continue to improve their processes by examining and refining their default management and claims process. Paying legitimate claims continues to be a top priority for the company.
Triad Guaranty’s H.O.P.E. (SM) program offers borrowers alternatives. Triad’s Home Ownership Preservation and Education program is designed to offer borrowers with Triad mortgage insurance assistance in the search for solutions to avoid foreclosure.
For more information visit: www.tgic.com
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