PG&E reaches $11bn settlement with insurance claimants

PG&E has reached an $11bn settlement with insurance claimants related to the utility’s role in a series of deadly wildfires that ravaged northern California in 2017 and 2018 and triggered its filing for bankruptcy earlier this year. The settlement was less than the $20bn a group of insurance claimants – including the likes of AIG, Allianz, Allstate, Farmers Insurance Exchange and hedge fund Baupost Group – had sought, prompting some relief for PG&E’s share price, which rose nearly 10 per cent in morning trade on Friday.