EXHIBIT 10.36



                                    AMENDMENT
                                       to
                       EMPLOYMENT AGREEMENT ("Agreement")
                                     between
                               RONNIE D. KESSINGER
                                       and
                         TRIAD GUARANTY INC. ("Company")


     WHEREAS,  Section  III.1.  of the  Agreement  provides  that  Employee will
perform certain services for the Company through July 15, 2006,  unless extended
by mutual agreement of the parties; and

     WHEREAS,  Company has  requested and Employee has agreed to extend the time
to provide these services for the Company through January 15, 2007; and

     WHEREAS, the parties desire to memorialize the terms of their agreement.

     NOW,  THEREFORE,  in  consideration of the mutual covenants and obligations
hereinafter set forth, the parties hereto agree as follows:

     1.   Section III.1. of the Agreement is amended by deleting "July 15, 2006"
          and substituting "January 15, 2007" therefor.

     2.   Except as  expressly  provided in this  Amendment  or as  necessary to
          effectuate  the terms of this  Amendment,  the terms of the  Agreement
          remain unchanged.

     IN WITNESS  WHEREOF,  the parties hereto have affixed their signatures this
15th day of July 2006.


RONNIE D. KESSINGER                    TRIAD GUARANTY INC.
                                       TRIAD GUARANTY INSURANCE CORPORATION
                                       TRIAD GUARANTY ASSURANCE CORPORATION
                                       TRIAD RE INSURANCE CORPORATION


 /s/ Ronie D. Kessinger (SEAL)         By:  /s/ Mark K. Tonnesen
--------------------------------           --------------------------
Ronnie D. Kessinger                        Mark K. Tonnesen
                                           President and CEO