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                                                                EXHIBIT 10.11


                RELEASE AND SEPARATION AGREEMENT

This is an Agreement between John F. Peterson ("Employee") of 214 Laurel, San
Anselmo, California 94960, and Amerin Guaranty Corporation, an Illinois stock
insurance company, including its officers, directors, employees, attorneys,
benefit plans and plan administrators, affiliates, agents, successors and/or
assigns (collectively, "Employer").

I.   VALUABLE CONSIDERATION    In exchange for his entering into this
     Agreement, Employer will provide Employee with the following
     consideration:

          1.   Continuation of Employee's medical insurance premiums under the
          Employer's medical plans for a period of twelve months from April 30,
          1998.  Premiums will be paid by Employer, but Employee must elect
          this benefit.

          2.   Acceleration of vesting of options to purchase 12, 874 shares of
          the Common Stock of Amerin Corporation at an exercise price per share
          of $5.26, which options were originally scheduled to vest in two
          equal installments of 6,437 on each of January 1, 1999, and 2000.
          Pursuant to this Agreement, such 12,874 options shall vest as of May
          1, 1998, and must be exercised not later than July 31, 1998.  In
          return for the acceleration of vesting of these options to purchase
          12,874 shares, Employee agrees that he shall not be entitled to
          exercise the options to purchase 5,600 shares that would other wise
          become exercisable as of April 21, 1998.

          3.   In response to any written request for information from any
          prospective employer, Employer will provide only Employee's position
          and dates of employment as of the date of termination.

     Employee acknowledges the above consideration is over and above anything
     owed to Employee by law, contract or under the policies of Employer, and
     that it is provided to him expressly in exchange for entering into this
     Agreement.

II.  TERMINATION OF EMPLOYMENT     Employee's employment with Employer in the
     capacity of Senior Vice President, Marketing, shall be terminated pursuant
     to resignation of Employee as of April 30, 1998. Employee  acknowledges
     his continuing obligations with respect to non-competition, all as set
     forth in Equity Award Agreements previously entered into between Employee
     and Amerin Corporation.

III. RELEASE AND WAIVER  By signing this Agreement, Employee releases and
     waives all legal claims of any nature whatsoever which Employee has or may
     have against Employer as of the date of this Agreement is signed by him.
     This release and waiver includes but is not limited to:

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          1.   any claims for wrongful termination, defamation or any other
          common law claims;

          2.   any claims for breach of any written or oral contract, including
          but not limited to any contract of employment;

          3.   any claims of discrimination, harassment or retaliation based on
          such things as age, national origin, race, religion, sex, sexual
          orientation, or physical or mental disability or medical condition;
          and

          4.   except for the severance amounts and benefits referenced in
          Paragraph I above, the payment of any accrued unused vacation to
          which Employee may be entitled by law, any claims for any
          compensation of any sort, including but not limited to salary,
          severance pay, benefits, commissions and bonuses.

     This release and waiver includes all claims that may arise by contract,
     under the common law and under all federal, state and local statutes,
     ordinances, rules, regulations and orders, including but not limited to
     any claim or cause of action based on the Fair Labor Standards Act, Title
     VII of the Civil Rights Act of 1964, the Age Discrimination in Employment
     Act, the Americans with Disabilities Act, the Civil Rights Acts of 1866,
     1871 and 1991, the Rehabilitation Act of 1973, the Employee Retirement
     Income Security Act of 1974, the Vietnam era Veterans' Readjustment
     Assistance Act of 1974, Executive Order 11246, the Illinois Wage Payment
     and Collection Act, the Illinois Human Rights Act, the Cook County Human
     Rights Ordinance and the Chicago Human Rights Ordinance, as each of them
     has been or may be amended.

     Employee warrants that he has not and will not institute any lawsuit,
     claim, action, charge, complaint, petition, appeal, accusatory pleading or
     proceeding of any kind against Employer, and Employee waives any right to
     any form of recovery or compensation from any legal action brought by him
     or on his behalf in connection with Employee's employment or the
     termination of his employment with Employer.  Employee warrants that, at
     the time of execution of this Agreement, he has not instituted and has no
     present plans to institute any lawsuit, claim, action, or charge against
     Employer.

IV.  CONFIDENTIALITY     Employee acknowledges that by reason of his employment
     by Employer he has had access to highly confidential business information
     of Employer, the misappropriation of which could harm the business
     interests of Employer, including but not limited to financial information,
     financing plans and arrangements, personnel information and records,
     customer records and information, business plans and marketing strategies.
     Employee hereby agrees not to use or disclose such confidential
     information at any time in the future.  Employee hereby also acknowledges
     his statutory and common law

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     obligation to refrain from using, for himself or in the interests of
     others, and from disclosing to others, all such confidential
     information. Employee also agrees that he will keep the circumstances of
     his resignation and the existence and terms of this Agreement strictly
     confidential, and that he will not discuss them with or reveal them to
     anyone other than his legal representative(s) or as may be required by
     law.

V.   NON-DISPARAGEMENT   Employee agrees that he has not and will not make any
     oral or written statements about Employer and/or its financial condition,
     personnel, business methods or otherwise, which are intended or reasonably
     likely to disparage Employer in the community or among its customers.

VI.  REMEDIES  Employee acknowledges that his breach of Paragraph IV or V of
     this Agreement could result in irreparable harm to Employer, and that
     money damages would be an insufficient remedy.  Therefore, the parties
     agree that Employer will be entitled to injunctive and other equitable
     relief should Employee breach Paragraph IV or V, as well as actual
     damages, costs and attorneys' fees.  Employee also agrees that he will
     repay the severance payment amounts provided pursuant to Paragraph I(1),
     (2) and (3) of this Agreement should he breach this Agreement in any way.

VII. KNOWING AND VOLUNTARY RELEASE    Employee agrees that his signing of this
     Agreement has been knowing and voluntary and has not been coerced or
     threatened.  Employee also agrees that he has been given sufficient time
     with an attorney before signing this Agreement.

VIII. ENTIRE AGREEMENT AND SEVERABILITY   The parties agree that this
     Agreement sets forth the entire agreement between them and supersedes any
     other written or oral understanding they may have had.  The parties also
     agree and acknowledge that no other promises or agreements have been
     offered for this Agreement (other than those described above) and that no
     other promises or agreements between the parties will be binding unless
     they have been reduced to writing and signed by the parties.  Employee and
     Employer further agree that, if any portion of this Agreement is held to
     be invalid or legally unenforceable, the remain portions of this Agreement
     will not be affected and will be given full force and effect.

IX.  NON-ADMISSION    The parties acknowledge that this Agreement does not
     constitute any admission by Employee or Employer of any wrongdoing or
     liability whatsoever, but results from the desire of the parties to
     resolve all actual and potential disputes between them.

X.   APPLICABLE LAW   All provisions of this Agreement will be construed and
     governed by Illinois law without regard to the laws of any other
     jurisdiction.  Any suit, claim or other

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     legal proceeding arising out of or relating to Employee's employment,
     his termination from employment or this Agreement shall be brought
     exclusively in the federal or state courts located in Cook County,
     Illinois, and Employee and Employer hereby submit to personal
     jurisdiction in the State of Illinois and to venue in such courts.

XI.  RESOLUTION OF ALL MATTERS   This Agreement resolves all matters between
     the parties relating to Employee's employment and his resignation and
     termination of employment with Employer.  This Agreement becomes effective
     and binding when it is signed, witnessed and dated by Employee and
     delivered to Employer.

AMERIN GUARANTY CORPORATION (Employer)

By: /S/ROY J. KASMAR                                   Date: March 1, 1998
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    Roy J. Kasmar
    President

JOHN F. PETERSON (Employee)

/S/ JOHN F. PETERSON                                    Date: March 1, 1998
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