Shares of bond insurance firms rose on Wednesday on the chance that New York regulators may bail out the struggling firms.

New York Insurance Superintendent Eric Dinallo met with large banks to discuss a way of raising capital for the insurers, according to reports.

Dinallo pressed the banks to give $5 billion in capital and ultimately up to $15 billion, according to the Financial Times.

Beneficiaries of the deal could MBIA Inc, Ambac, Security Capital Assurance and Aca Capital.

Several of Ambac's units recently lost their top level AAA rating over concerns about their financial stability, possibly hampering their ability to gain new clients. MBIA, the largest bond insurer is under review by major credit ratings agencies.

Ambac shares rose 5.73, or 71.9 percent to $13.70. MBIA rose 4.08, or 32.56 percent to $16.61. Security Capital Assurance closed up $1.64, or 76.3 percent to $3.79. Aca jumped $0.25, or 41.7 percent to $0.85.

New York