UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.  20549 _______________________  FORM 10-Q/A Amendment No. 1  x
        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedJune 30, 2007
  OR  o
        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to __________
   Commission file number:  0-22342 _______________________  Triad Guaranty Inc. (Exact name of registrant as specified in its charter)  DELAWARE
        
        56-1838519(State or other jurisdiction of incorporation or organization)
        (I.R.S. Employer Identification No.)101 South Stratford RoadWinston-Salem, North Carolina
        
        27104(Address of principal executive offices)
        (Zip Code)(336) 723-1282(Registrants telephone number, including area code)
   Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  YesxNo o  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act.  Large accelerated filer o
        Accelerated filerx
        Non-accelerated filer o
  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes o Nox
   Number of shares of Common Stock, par value $0.01 per share, outstanding as of August 3, 2007, was 14,920,108.     EXPLANATORY NOTE  This Form 10-Q/A (Amendment No. 1) amends the quarterly report of Triad Guaranty Inc. on Form 10-Q for the quarterly period ended June 30, 2007 (2007 Second Quarter Form 10-Q), filed with the Securities and Exchange Commission on August 9, 2007.  The purpose of this amendment is to insert the correct date of August 9, 2007 on page 43 of the 2007 Second Quarter Form 10-Q Signature Page and replace the date erroneously included in the initial filing.  This revision had no effect on the financial statements previously supplied.  This Amendment No. 1 is limited in scope to the portion of the 2007 Second Quarter Form 10-Q set forth above and does not amend, update or change any other items or disclosures contained in the original 2007 Second Quarter Form 10-Q.  This Amendment No. 1 continues to speak as of the date of the 2007 Second Quarter Form 10-Q, and does not reflect events occurring subsequent to the filing of such report or update or modify the disclosures therein in any way, other than as described above.  3    ORIGINAL SIGNATURE PAGE 43  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.  TRIAD GUARANTY INC.
  Date:  August 9, 2007 /s/ Kenneth W. Jones
 Kenneth W. Jones
 Senior Vice President and Chief Financial Officer
   4    10-Q/A SIGNATURE PAGE  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.  TRIAD GUARANTY INC.
  Date:  August 10, 2007 /s/ Kenneth W. Jones
 Kenneth W. Jones
 Senior Vice President and Chief Financial Officer
  5    EXHIBIT INDEX   Exhibit Number
        Description31.1
        Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.31.2
        Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.1
        Certifications of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.32.2
        Certifications of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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