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  June 3, 1999 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, 1998.


/s/ERNST & YOUNG LLP
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Raleigh, North Carolina
June 28, 1999