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PG&E reaches $11 billion settlement relating to wildfire claims

(Reuters) – Power producer PG&E Corp said on Friday it has reached an $11 billion settlement agreement with entities representing about 85% of insurance subrogation claims relating to 2017 and 2018 wildfires.

The company said these claims were based on payments made by insurance companies to individuals and businesses with insurance coverage for wildfire damages.

Reporting by Arundhati Sarkar in Bengaluru; Editing by Arun Koyyur