A state-backed Florida property insurance firm is set to place a new $500 million catastrophe bond in Bermuda.

Citizens Property Insurance Corporation’s chief financial officer last week sent a team, headed by chief financial officer Jennifer Montero, to Bermuda to discuss its proposals with underwriters.

The move came after it was revealed the firm aimed to increase its risk transfer to the private reinsurance market from $3.27 billion to $4.05 billion for 2015.

The transfer would end the need for policyholder assessments following a 1-in-100 year storm.

Citizens completed the largest catastrophe bond transaction in history last May when it was admitted for listing on the Bermuda Stock Exchange.

The $1.5 billion issuance through Bermuda special purpose insurer Everglades Re Ltd, was set up to provide reinsurance coverage for the firm.

The 2014 transaction was the third transaction with Everglades Re in the past three years, including an outstanding $250 million catastrophe bond issued in 2013.

The historic deal marks another milestone for the Island’s insurance industry and cements Bermuda’s place as the world leader in the insurance-linked securities market.