Pacific Gas & Electric and a group of insurers announced Friday they reached an $11 billion settlement to cover most of the claims from wildfires in California in 2017 and 2018. The utility said in a statement the tentative agreement covers 85% of the insurance claims from fires that included the one that decimated the town of Paradise and killed 86 people. A group of insurers said in a separate statement the settlement is well below the $20 billion the insurance companies had sought in bankruptcy court. "While this proposed settlement does not fully satisfy the approximately $20 billion in group members' unsecured claims, we hope that this compromise will pave the way for a plan of reorganization that allows PG&E to fairly compensate all victims and emerge from Chapter 11 by the June 2020 legislative deadline," the insurers said.