An arcane type of property insurer is surging in Florida and across the Gulf Coast
Homeowners in the South are increasingly buying property insurance from an obscure type of insurer that some experts and officials say might lack the money to pay all claims after a highly destructive storm. The insurers are a type of cooperative owned by policyholders and are growing in hurricane-prone states such as Florida, Louisiana and Texas, where traditional insurance companies are withdrawing from risky areas. At least 36 “reciprocal” insurance exchanges have formed since 2017, half of them since 2024, according to Alirt Insurance Research, a market-intelligence group. [Source: E&E News]
Business Beat - Week of November 21st
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‘Rural renaissance’ re-emerges in Senate
In a top priority of Senate President Ben Albritton, R-Wauchula, the Senate on Thursday released a wide-ranging bill aimed at boosting such things as health care, education, transportation and economic development in rural areas. Sen. Corey Simon, a Tallahassee Republican who represents a heavily rural North Florida district, filed the bill (SB 250) for consideration during the 2026 legislative session, which will start in January. The Senate backed a similar measure — dubbed the “rural renaissance” bill — during the 2025 session. [Source: News Service of Florida]
Trump administration announces plan for new oil drilling off Florida, California coasts
The Trump administration announced on Thursday new oil drilling off the California and Florida coasts for the first time in decades, advancing a project that critics say could harm coastal communities and ecosystems, as President Donald Trump seeks to expand U.S. oil production. The oil industry has been seeking access to new offshore areas as a way to boost U.S. energy security and jobs. The federal government has not allowed drilling in federal waters in the eastern Gulf of Mexico, which includes offshore Florida and part of offshore Alabama, since 1995, because of concerns about oil spills. [Source: AP]
Oystering in Florida: A dying tradition meets a modern fix
Florida’s oystering tradition is facing one of its most challenging chapters yet as wild oyster populations continue to plummet across the Gulf Coast. For decades, oysters were the backbone of coastal communities like Apalachicola, where families built their livelihoods on the bay’s reefs. The decline isn’t just an economic hit; it’s reshaped a culture that’s relied on oystering for generations. [Source: WUFT]
ALSO AROUND FLORIDA:
› Utility regulators’ vote sets stage for Florida Power & Light customer rate hikes
State regulators Thursday approved a rate settlement that will lead to Florida Power & Light customers paying billions of additional dollars in the coming years, though opponents said they expect to fight the plan at the Florida Supreme Court. The state Public Service Commission signed off on the four-year settlement, which FPL reached with numerous businesses and groups.
› Orlando airport reveals details, timeline for $253M upgrades
Orlando International Airport (MCO) is investing $253 million in a major upgrade designed to make travel smoother for millions of passengers. The move comes as MCO handles record-breaking traffic, fueled by tourism growth and major attractions such as Universal’s Epic Universe opening this year.
› St. Pete Insurtech shows big profit on NYSE
Neptune Insurance Holdings, the St. Petersburg parent of Neptune Flood, has made the jump from fast-growing insurtech to publicly traded company on the New York Stock Exchange, where it now trades under the ticker NP. On the heels of that Wall Street debut, Neptune reported third-quarter 2025 results showing double-digit growth, strong margins and a business model built on artificial intelligence rather than human underwriters.
› Residential population, visitors on the rise in Downtown Jacksonville
Downtown Jacksonville added residents and drew an increased number of visitors last year, while the office vacancy rate decreased. Those are among the statistics in Downtown Vision Inc.’s annual State of Downtown Report, released Nov. 19. The report lists Downtown’s resident population at 8,941, up from 7,657 in 2024.
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› Visit Orlando CEO’s pay nears $700K, tax filing shows
As county officials probe Visit Orlando’s spending, a newly released tax filing shows the top executive for the region’s tourism marketing agency earned nearly $700,000 last year while 10 other top officials each made more than $200,000. Visit Orlando’s tax form also shows that about 92% of its $100-million-plus annual budget comes from public money, mostly hotel taxes — a proportion likely to embolden critics who argue tourism-based businesses ought to pay more of the marketing tab.
› A record number of sea turtles choose Sarasota area beaches for nests
Mote’s Sea Turtle Conservation and Research Program documented a record number of sea turtle nests in the 2025 nesting season, with a record 5,735 total nests logged along 35 miles of Sarasota County beaches, from Longboat Key to Venice. This marks the highest number of nests ever recorded in Mote’s 43-year monitoring history, far surpassing 2024’s 4,369 nests.
› IMG Academy to build aquatic center
IMG Academy is expanding its footprint with the launch of a swimming program and construction of a new aquatic center. The Bradenton sports training school says in a statement that the project is one of the largest capital investments in its history. IMG is not disclosing the cost of the project, only saying that “this is a major investment to positively impact the lives of more student-athletes.”
› Florida industry backs FDA plan to lower Brix for orange juice
Florida Farm Bureau has submitted comments in support of the U.S. Food and Drug Administration's proposal to amend the standard of identity for pasteurized orange juice by reducing the minimum soluble solids content from 10.5° to 10° Brix. The proposal follows a 2021 petition from the Florida citrus sector.