PG&E PAYS $11BN SUBROGATION AGREEMENT TO RE/INSURERS

California utility PG&E has paid off the $11bn subrogation agreement that it reached with re/insurers last October to settle claims over wildfire losses. The San Francisco-based company made the payments days after emerging from the Chapter 11 bankruptcy proceedings it entered in early 2019 in the face of around $30bn in wildfire liabilities. State fire officials had determined PG&E’s aging transmission equipment had sparked several wildfires in the state in 2017 and 2018. Among the fires was 2018’s Camp fire, which became the deadliest fire in state history after it destroyed the town of Paradise and killed 84 people.