UPDATE 1-Triad Guaranty Q3 loss widens
* Q3 loss of $10.69/shr
* Q3 paid losses $59.8 million
* Q3 reserves for bad loans up $166.0 mln
Nov 10 (Reuters) - Triad Guaranty Inc (TGIC.O) reported a five-fold increase in quarterly loss as the mortgage insurer continued to be battered by rising defaults and foreclosures.
Triad, which has stopped writing mortgage insurance, said 65 percent of the increase in reserves for loan losses was related to defaults in the distressed markets of California, Florida, Arizona and Nevada.
Net loss for the third quarter was $160.1 million, compared with a loss of $31.8 million, or $2.15 a share, in the year-ago period.
Triad also reported a deficiency in assets at Sept. 30, due to continued increase in defaults and the related provision for expected future paid losses.
Mortgage insurers have been rocked by rising losses primarily due to increase in delinquencies and defaults on loans amid a housing downturn.
In October, the company had appointed its finance chief as its chief executive.
Shares of the company closed at 81 cents Monday on Nasdaq. The stock has lost more than 90 percent of its value since January. (Reporting by Sweta Singh in Bangalore; Editing by Deepak Kannan)
