Triad Guaranty Q3 net loss widens

Wed. November 12, 2008; Posted: 06:32 AM

Nov 12, 2008 (Datamonitor via COMTEX) -- TGIC | Quote | Chart | News | PowerRating -- Triad Guaranty, a holding company that provides private mortgage insurance coverage through its wholly owned subsidiary, Triad Guaranty Insurance Corporation, has reported a net loss of $160.1 million, or $10.69 per share, for the third quarter ended September 30, 2008, compared with a net loss of $31.8 million, or $2.15 per share, in the third quarter of 2007.

Net loss for the nine months ended September 30, 2008 was $508.9 million, or $34.14 per share, compared to a net loss of $2.5 million, or $0.17 per share, for the nine months ended September 30, 2007.

Total insurance in force amounted to $64.3 billion at September 30, 2008, a 5.4% decline since last year. According to the company, the primary reason for the lack of any significant decline in its insurance in force is high persistency rates as reduced credit availability and declining home prices limit the opportunities for borrowers to refinance existing mortgages.

Ken Jones, president and CEO of Triad Guaranty, said: "Our focus is now strictly on the efficient and effective servicing of our insured portfolio, particularly around loss mitigation. We continue to improve our processes in this area by examining and refining all aspects of our default management and claims process, including enhancing our processes for investigating potential misrepresentation and fraud in the mortgage commitment process."

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