As filed with the Securities and Exchange Commission on November 16, 2001
                                                    Registration No. 333-

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM S-8
                             REGISTRATION STATEMENT
                                      UNDER
                           THE SECURITIES ACT OF 1933

                               TRIAD GUARANTY INC.
             (Exact name of registrant as specified in its charter)

          DELAWARE                                       56-1838519
(State or other jurisdiction of                      (I.R.S. Employer
incorporation or organization)                      Identification No.)

                       101 SOUTH STRATFORD ROAD, SUITE 500
                       WINSTON-SALEM, NORTH CAROLINA 27104
                    (Address of Principal Executive Offices)

                       1993 LONG-TERM STOCK INCENTIVE PLAN
                            (Full title of the plan)

                                MICHAEL R. OSWALT
                       101 SOUTH STRATFORD ROAD, SUITE 500
                             WINSTON-SALEM, NC 27104
                     (Name and address of agent for service)
                                 (336) 723-1282
          (Telephone number, including area code, of agent for service)

                                    copy to:
                            J. Brett Pritchard, Esq.
                              Lord, Bissell & Brook
                            115 South LaSalle Street
                             Chicago, Illinois 60603

                         CALCULATION OF REGISTRATION FEE
-------------------------------------------------------------------------------

Title of      Amount          Proposed       Proposed               Amount
Securities    to be           Maximum         Maximum               of
to be         Registered      Offering       Aggregate              Registration
Registered    (1)             Price Per      Offering               Fee
                              Share (2)      Price (2)
-------------------------------------------------------------------------------

Common        500,000          $32.43       $16,215,000            $4,053.75
Stock, par    shares
value $0.01
per share

--------------------------------------------------------------------------------

          (1)  Pursuant  to Rule  416  under  the  Securities  Act of  1933,  as
               amended,  the  number  of  shares of the  issuer's  Common  Stock
               registered  hereunder  will be  adjusted  in the  event  of stock
               splits, stock dividends or similar transactions.

          (2)  Estimated  solely for purposes of  calculating  the amount of the
               registration  fee  pursuant to Rule  457(h),  on the basis of the
               average of the high and low prices of the Common  Stock  reported
               by the Nasdaq Stock Market National Market System on November 12,
               2001.
<PAGE>

                                     PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

     The  registration  statement on Form S-8  (registration  no.  333-16613) of
Triad  Guaranty Inc. (the "Company" or  "Registrant")  filed with the Securities
and  Exchange  Commission  on  November  22,  1996  is  incorporated  herein  by
reference.

ITEM 8.  EXHIBITS

5      Opinion of Lord, Bissell  & Brook as to the  legality  of the  securities
       offered by the registration  statement
23(a)  Consent of Ernst & Young
23(b)  Consent of Lord, Bissell & Brook (included in exhibit 5)









                                      II-1
<PAGE>




                                   SIGNATURES


     Pursuant to the  requirements of the Securities Act of 1933, the registrant
certifies  that it has  reasonable  grounds  to  believe  that it meets  all the
requirements  for  filing  on Form S-8 and has  duly  caused  this  Registration
Statement  to be  signed  on its  behalf  by  the  undersigned,  thereunto  duly
authorized,  in the City of  Birmingham  and State of Alabama on the 15th day of
November, 2001.


                                   TRIAD GUARANTY INC.

                                   By:    /s/ William T. Ratliff, III
                                         --------------------------------------
                                         William T. Ratliff, III
                                         Chairman of the Board

     Pursuant  to  the   requirements  of  the  Securities  Act  of  1933,  this
Registration  Statement  has  been  signed  by  the  following  persons  in  the
capacities indicated and on the 15th day of November, 2001.

         SIGNATURE                                  TITLE
         ---------                                  -----

 /s/ William T. Ratliff, III                    Chairman of the Board
---------------------------------------
   William T. Ratliff, III


 /s/ Darryl W. Thompson                         President, Chief Executive
---------------------------------------         Officer and Director
   Darryl W. Thompson


 /s/ Ron D. Kessinger                           Executive Vice President and
---------------------------------------         Chief Financial Officer
   Ron D. Kessinger


/s/  Michael R. Oswalt                         Senior Vice President of Finance,
---------------------------------------        Treasurer, and Principal
   Michael R. Oswalt                           Accounting  Officer


 /s/ David W. Whitehurst                        Director
---------------------------------------
   David W. Whitehurst


 /s/ Robert T. David                            Director
---------------------------------------
   Robert T. David


 /s/ Raymond H. Elliott                         Director
---------------------------------------
   Raymond H. Elliott

                                      II-2
<PAGE>
                                INDEX TO EXHIBITS


    EXHIBIT NO.
    -----------
         5            Opinion of Lord, Bissell & Brook as to the legality of the
                      securities offered by the registration statement
       23(a)          Consent of Ernst & Young LLP
       23(b)          Consent of Lord, Bissell & Brook (included in exhibit 5)
















                                      II-3
[{"type": "S-8", "sequence": "1", "filename": "bodys-8_112001.txt", "description": "FORM S-8 DATED NOVEMBER 16, 2001", "secsgml_size_bytes": 6471}]
{"company-data": {"conformed-name": "TRIAD GUARANTY INC", "cik": "0000911631", "assigned-sic": "6351", "irs-number": "561838519", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-73548", "film-number": "1794543"}, "business-address": {"street1": "101 SOUTH STRATFORD RD", "street2": "STE 500", "city": "WINSTON SALEM", "state": "NC", "zip": "27104", "phone": "2029514459"}, "mail-address": {"street1": "101 SOUTH STRATFORD ROAD", "street2": "SUITE 500", "city": "WINSTON-SALEM", "state": "NC", "zip": "27102"}}
As filed with the Securities and Exchange Commission on November 16, 2001
                                                    Registration No. 333-

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM S-8
                             REGISTRATION STATEMENT
                                      UNDER
                           THE SECURITIES ACT OF 1933

                               TRIAD GUARANTY INC.
             (Exact name of registrant as specified in its charter)

          DELAWARE                                       56-1838519
(State or other jurisdiction of                      (I.R.S. Employer
incorporation or organization)                      Identification No.)

                       101 SOUTH STRATFORD ROAD, SUITE 500
                       WINSTON-SALEM, NORTH CAROLINA 27104
                    (Address of Principal Executive Offices)

                       1993 LONG-TERM STOCK INCENTIVE PLAN
                            (Full title of the plan)

                                MICHAEL R. OSWALT
                       101 SOUTH STRATFORD ROAD, SUITE 500
                             WINSTON-SALEM, NC 27104
                     (Name and address of agent for service)
                                 (336) 723-1282
          (Telephone number, including area code, of agent for service)

                                    copy to:
                            J. Brett Pritchard, Esq.
                              Lord, Bissell & Brook
                            115 South LaSalle Street
                             Chicago, Illinois 60603

                         CALCULATION OF REGISTRATION FEE
-------------------------------------------------------------------------------

Title of      Amount          Proposed       Proposed               Amount
Securities    to be           Maximum         Maximum               of
to be         Registered      Offering       Aggregate              Registration
Registered    (1)             Price Per      Offering               Fee
                              Share (2)      Price (2)
-------------------------------------------------------------------------------

Common        500,000          $32.43       $16,215,000            $4,053.75
Stock, par    shares
value $0.01
per share

--------------------------------------------------------------------------------

          (1)  Pursuant  to Rule  416  under  the  Securities  Act of  1933,  as
               amended,  the  number  of  shares of the  issuer's  Common  Stock
               registered  hereunder  will be  adjusted  in the  event  of stock
               splits, stock dividends or similar transactions.

          (2)  Estimated  solely for purposes of  calculating  the amount of the
               registration  fee  pursuant to Rule  457(h),  on the basis of the
               average of the high and low prices of the Common  Stock  reported
               by the Nasdaq Stock Market National Market System on November 12,
               2001.
PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

     The  registration  statement on Form S-8  (registration  no.  333-16613) of
Triad  Guaranty Inc. (the "Company" or  "Registrant")  filed with the Securities
and  Exchange  Commission  on  November  22,  1996  is  incorporated  herein  by
reference.

ITEM 8.  EXHIBITS

5      Opinion of Lord, Bissell  & Brook as to the  legality  of the  securities
       offered by the registration  statement
23(a)  Consent of Ernst & Young
23(b)  Consent of Lord, Bissell & Brook (included in exhibit 5)

                                      II-1
SIGNATURES

     Pursuant to the  requirements of the Securities Act of 1933, the registrant
certifies  that it has  reasonable  grounds  to  believe  that it meets  all the
requirements  for  filing  on Form S-8 and has  duly  caused  this  Registration
Statement  to be  signed  on its  behalf  by  the  undersigned,  thereunto  duly
authorized,  in the City of  Birmingham  and State of Alabama on the 15th day of
November, 2001.

                                   TRIAD GUARANTY INC.

                                   By:    /s/ William T. Ratliff, III
                                         --------------------------------------
                                         William T. Ratliff, III
                                         Chairman of the Board

     Pursuant  to  the   requirements  of  the  Securities  Act  of  1933,  this
Registration  Statement  has  been  signed  by  the  following  persons  in  the
capacities indicated and on the 15th day of November, 2001.

         SIGNATURE                                  TITLE
         ---------                                  -----

 /s/ William T. Ratliff, III                    Chairman of the Board
---------------------------------------
   William T. Ratliff, III

 /s/ Darryl W. Thompson                         President, Chief Executive
---------------------------------------         Officer and Director
   Darryl W. Thompson

 /s/ Ron D. Kessinger                           Executive Vice President and
---------------------------------------         Chief Financial Officer
   Ron D. Kessinger

/s/  Michael R. Oswalt                         Senior Vice President of Finance,
---------------------------------------        Treasurer, and Principal
   Michael R. Oswalt                           Accounting  Officer

 /s/ David W. Whitehurst                        Director
---------------------------------------
   David W. Whitehurst

 /s/ Robert T. David                            Director
---------------------------------------
   Robert T. David

 /s/ Raymond H. Elliott                         Director
---------------------------------------
   Raymond H. Elliott

                                      II-2
INDEX TO EXHIBITS

    EXHIBIT NO.
    -----------
         5            Opinion of Lord, Bissell & Brook as to the legality of the
                      securities offered by the registration statement
       23(a)          Consent of Ernst & Young LLP
       23(b)          Consent of Lord, Bissell & Brook (included in exhibit 5)

                                      II-3