Mark K. Tonnesen resigned as president, chief executive officer, and director of Triad Guaranty Inc. last week.

He is to retire on Aug. 15 after assisting with "transition matters," and then become a consultant for Triad for the following two years.

Chairman William Ratliff has taken over as president and CEO on an interim basis while the company looks for a permanent successor.

The Winston-Salem, N.C., mortgage insurer is winding down its business after suffering heavy losses.

Last week Standard & Poor's Corp. withdrew its ratings on Triad, which were at junk levels. S&P said Triad "faces some liquidity risk," but projected that it "will be able to satisfy its policyholder obligations" and that its "ending statutory capital" will be either $363 million or $283 million, depending on the outcome of a disputed reinsurance agreement.

S&P said there is "uncertainty" in the forecast tied to the unknown extent of sliding home prices and rising unemployment, and "if actual claim rates are even moderately greater than our expectations, there is a material probability that Triad will be unable to pay its claims."

Triad previously terminated its agreements with all three rating agencies after deciding to put its portfolio into runoff.

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