Feb 11 (Reuters) - Utility company Hawaiian Electric

on Tuesday welcomed the Hawaii Supreme Court's decision

towards finalizing the more than $4 billion settlement related

to the 2023 Maui wildfires saying it was favorable to the

company.

The state's top court had ruled against insurance companies

a day earlier and decided that once the settlement becomes

final, insurers cannot separately sue parties blamed for the

wildfires.

Shares of Hawaiian Electric rose 6.2% premarket on the

ruling.

"The decision helps move the settlement forward... while

providing more clarity for our company's path toward

reestablishing our financial stability," said Hawaiian Electric

CEO Scott Seu.

In August, 2023, wildfires in Maui caused destruction in the

historic coastal town of Lahaina, killing over 100 people.

The company had agreed to pay roughly half the settlement

last year to compensate victims of the deadly wildfires.

The lawsuits brought on behalf of thousands of home and

business owners claimed that the company failed to shut off

power lines despite warnings that high winds might blow them

down and spark wildfires.

"We see the court's order as a win for Hawaiian Electric,

but legislation providing visibility into how future wildfires

will be dealt with is needed before the stock can move

significantly higher," Jefferies analysts said.