ARMONK, New York (AP) - MBIA Inc. today said it is in talks with three other financial companies to create a Bermuda-based financial guaranty reinsurance company.

MBIA expects the new company to have capital of about $350 million and claims-paying resources of about $700 million.

Armonk-based financial services company MBIA said it is speaking with RenaissanceRe Holdings Ltd., Koch Industries Inc.'s Koch Financial Corp. and PartnerRe Ltd.

Formation of the company remains subject to final documentation, closing conditions, regulatory approval and obtaining appropriate financial strength ratings.