Exhibit  32 -  Certification  of Chief  Executive  Officer  and Chief  Financial
               Officer - Sarbanes-Oxley Section 906


Pursuant to 18 U. S. C. section 1350, the undersigned officers of Triad Guaranty
Inc. (the "Company"),  hereby certifies,  to such officer's knowledge,  that the
Company's  Quartely  Report on Form 10-Q for the period ended June 30, 2004 (the
"Report")  fully complies with the  requirements  of Section 13(a) or 15(d),  as
applicable, of the Securities Exchange Act of 1934 and the information contained
in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.


 Date:  August 9, 2004


                                     By:  /s/ Darryl W. Thompson
                                          ----------------------
                                          Darryl W. Thompson
                                          President and Chief Executive Officer


                                     By:  /s/ Ron D. Kessinger
                                          --------------------
                                          Ron D. Kessinger
                                          President and Chief Executive Officer




The signed original of this written statement  required by Section 906, or other
document authenticating, acknowledging, or otherwise adopting the signature that
appears in typed form within the  electronic  version of this written  statement
required by Section 906,  has been  provided to the Company and will be retained
by the Company and furnished to the  Securities  and Exchange  Commission or its
staff upon request.