As filed with the Securities and Exchange Commission on November 22, 1996
                                               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)


                               David W. Whitehurst
                               Triad Guaranty Inc.
                               517 Deering Street
                         Birmingham, Alabama 35210-2941
                     (Name and address of agent for service)

                                 (205) 951-4433
          (Telephone number, including area code, of agent for service)
                                   ----------

                                    copy to:
                              John S. Chapman, Esq.
                              Lord, Bissell & Brook
                            115 South LaSalle Street
                             Chicago, Illinois 60603



<PAGE>




                         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         450,000         $30.125       $13,556,250.00     $4107.95
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 National  Association  of  Securities  Dealers
                  Automated  Quotation  National  Market  System on November 19,
                  1996.

                                        2

<PAGE>



                                     PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

     The registration statement on Form S-8 (registration no. 33-75668) of Triad
Guaranty Inc. (the  "Company" or  "Registrant")  filed with the  Securities  and
Exchange Commission on February 24, 1994 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)


                                        3

<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 on the 21st day of November, 1996.


                               TRIAD GUARANTY INC.

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

         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 21st day of November, 1996.

         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/ David W. Whitehurst                      Executive Vice President,
 ---------------------------                  Chief Financial Officer, Principal
   David W. Whitehurst                        Accounting Officer, Treasurer and
                                              Director


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


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

                                        4

<PAGE>



                                INDEX TO EXHIBITS


    Exhibit No.                    Description                             Page
    -----------                    -----------                             ----

         5       Opinion of Lord, Bissell & Brook as to the legality of
                   the securities offered by the registration statement     6
        23(a)    Consent of Ernst & Young                                   7
        23(b)    Consent of Lord, Bissell & Brook (included in exhibit
                   5)                                                       6


                                       5
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{"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": "333-16613", "film-number": "96670801"}, "business-address": {"street1": "101 SOUTH STRATFORD RD", "street2": "STE 500", "city": "WINSTON SALEM", "state": "NC", "zip": "27104", "phone": "2029514459"}, "mail-address": {"street1": "517 DEERING ST", "city": "BIRMINGHAM", "state": "AL", "zip": "35210"}}
As filed with the Securities and Exchange Commission on November 22, 1996
                                               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)

                               David W. Whitehurst
                               Triad Guaranty Inc.
                               517 Deering Street
                         Birmingham, Alabama 35210-2941
                     (Name and address of agent for service)

                                 (205) 951-4433
          (Telephone number, including area code, of agent for service)
                                   ----------

                                    copy to:
                              John S. Chapman, 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         450,000         $30.125       $13,556,250.00     $4107.95
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 National  Association  of  Securities  Dealers
                  Automated  Quotation  National  Market  System on November 19,
                  1996.

                                        2
PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

     The registration statement on Form S-8 (registration no. 33-75668) of Triad
Guaranty Inc. (the  "Company" or  "Registrant")  filed with the  Securities  and
Exchange Commission on February 24, 1994 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)

                                        3
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 on the 21st day of November, 1996.

                               TRIAD GUARANTY INC.

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

         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 21st day of November, 1996.

         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/ David W. Whitehurst                      Executive Vice President,
 ---------------------------                  Chief Financial Officer, Principal
   David W. Whitehurst                        Accounting Officer, Treasurer and
                                              Director

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

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

                                        4
INDEX TO EXHIBITS

    Exhibit No.                    Description                             Page
    -----------                    -----------                             ----

         5       Opinion of Lord, Bissell & Brook as to the legality of
                   the securities offered by the registration statement     6
        23(a)    Consent of Ernst & Young                                   7
        23(b)    Consent of Lord, Bissell & Brook (included in exhibit
                   5)                                                       6

                                       5