Maui judge bars insuers from going after Hawaiian Electric, says Evercore ISI

Maui Circuit Court Judge Cahill issued a ruling on Tuesday that limits insurance companies’ recovery to the already agreed upon wildfire settlement amounts by the defendants, a positive development for Hawaiian Electric, Evercore ISI tells investors in a research note. Preventing the insurers from going after the defendants like Hawaiian Electric resolves a major roadblock to finalizing the settlement agreement, the firm says. Evercore ISI, which made no change to its In Line rating, said its $16 price target assumes the settlement agreement is finalized, though an appeal, if it creates a prolonged process, would potentially create an overhang that could make Hawaiian Electric’s financing more difficult than it otherwise would be.