8.86%C 6.45 22.20%F 2.55 5.20%
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WINSTON-SALEM, N.C. - Mortgage insurer Triad Guaranty Inc. said Thursday Chief Executive and President Mark Tonnesen will retire on Aug. 15.
| TGIC | 0.4 |  -0.06 |
William Ratliff, the company's chairman of the board, will assume the position on an interim basis until a permanent replacement is found.
Tonnesen is retiring as Triad Guaranty ceases originating new business and enters run-off. Run-off is a situation where an insurer books no new business and instead generates revenue only from existing premiums.
Tonnesen will remain with the company as a consultant for two years following his retirement.
Like many other mortgage insurers, Triad Guaranty was hit hard over the past year by a spike in claims as mortgages increasingly default. Mortgage insurers pay out principal and interest when a mortgage borrower misses payments.
Triad Guaranty unsuccessfully attempted to raise new capital and create a new mortgage insurance business earlier in the year before deciding to go into run-off.
Shares of Triad rose 2 cents, or 3 percent, to 69 cents in morning trading.
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