The Bermuda Stock Exchange has added another feather to its insurance-linked securities cap by giving listing approval to a new $250-million catastrophe bond deal. Bermuda-based specialty purpose insurer Everglades Re 2013 is the vehicle for the single-peril bond for sponsor Florida Citizens.The bond, covering Florida hurricane risks from within the Citizens’ coastal account segment, is the second listing on the BSX for Citizens. Last year’s $750-million transaction was the largest ever single-peril catastrophe bond deal.The 2013 deal will provide Citizens with a source of collateralised reinsurance capacity for hurricanes on a per-occurrence basis using an indemnity trigger over a three year risk period.According to Citizens, this year’s Everglades Re 2013 deal has enabled the state-backed insurer of last resort to save $60 million over the course of the three-year programme.Citizens chairman Carlos Lacasa said Citizens’ groundbreaking $750 million, two-year placement with Everglades last year paved the way for the latest deal, which sparked new interest among investors and came at a much lower cost than the previous tranche.“This action continues Citizens’ goal of transferring risk to the private sector by working closely with nontraditional capital markets, and further protecting our policyholders and all taxpayers in Florida,” Mr Lacasa said. “Citizens has emerged as an international leader in risk transference and our achievements are being recognised by financial markets around the world.”The bonds were sold at a cost to Citizens of 11.08 percent, a 40 percent reduction from the 19.07 percent rate offered last year. The improved pricing will translate into savings of nearly $60 million over the life of the programme. A total of 32 investors took part in the 2013 offering, which was nearly two times oversubscribed.Citizens plans to complete its traditional reinsurance buy within the next ten days as part of an estimated $1.75 billion in risk transfer for the Atlantic hurricane season that begins June. 1