An aerial view of homes destroyed by the Camp Fire on February 11, 2019 in Paradise, California.

PG&E said it has reached an $11 billion settlement agreement with entities representing about 85% of insurance subrogation claims relating to 2017 and 2018 wildfires.

The California power provider said these claims were based on payments made by insurance companies to individuals and businesses with insurance coverage for wildfire damage.

In January, PG&E filed for bankruptcy protection and faced up to $30 billion in fire liabilities shortly after its power lines sparked what became California's deadliest wildfire yet last fall. The Camp Fire, which burned in Paradise, California, last November, killed at least 86 people.

Equipment owned and maintained by the company also started at least 17 of the 21 major wildfires that burned in California in 2017, according to the California Department of Forestry and Fire Protection. The company expects billions of dollars in losses, primarily from lawsuits filed by fire victims, businesses and insurance companies. Shares of PG&E were up 7% in late-morning trading after surging 10% earlier in the day.