CONSENT OF ERNST & YOUNG LLP


We consent to incorporation by reference in the Registration Statement (Form S-8
No. 33-96550)  pertaining to the Triad Guaranty Inc. 401(k)  Profit-Sharing Plan
of our report dated May 26, 2000 with respect to the  financial  statements  and
schedules of Triad  Guaranty Inc.  401(k)  Profit  Sharing Plan included in form
10-K/A for the year ended December 31, 1999.

ERNST & YOUNG LLP


Raleigh, North Carolina
June 23, 2000