Triad Guaranty Inc. (NASDAQ: TGIC) and their wholly owned subsidiary, Triad Guaranty Insurance Corporation, together with Essent Guaranty, Inc., have completed the sale of Triad's information technology and operating platform to Essent. The sale was previously announced on October 7, 2009.
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Essent has acquired all of Triad's proprietary mortgage insurance software and all of the supporting hardware, along with a few other assets, for up to $30 million in cash and the assumption of contractual obligations by Essent. Triad received the $10 million installment of the purchase price under the terms of the asset sale.
About Triad
Triad Guaranty Inc.'s wholly owned subsidiary, Triad Guaranty Insurance Corporation, is a nationwide mortgage insurer pursuing a voluntary run-off of its existing in-force book of business.
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