On January 3, 2013, Mr. Kenneth W. Jones resigned as the Triad Guaranty Inc. President, Chief Executive Officer and Principal Financial Officer and Mr. Wall resigned as the company's Senior Vice President, Secretary and General Counsel. Also, Kenneth S. Dwyer, the company's Senior Vice President and Chief Accounting Officer, has tendered his resignation from such position effective January 4, 2013. In connection with Mr. Jones' resignation from the company, on January 3, 2013, William T. Ratliff III, the company's Chairman, was elected as President and Chief Executive Officer of the company.