** Shares of utility Hawaiian Electric HE.N rise 3.6% to $10.44 premarket

** On Monday, Hawaii supreme court issued a decision providing clarity regarding the rights of insurers filing subrogation claims in the Maui wildfire tort litigation

** Last year, HE had agreed to pay roughly half of a $4 billon legal settlement to compensate victims of last year's deadly Maui wildfires

** Supreme Court's decision clarifies once the settlement is final, insurers seeking to recover amounts paid to settling plaintiffs cannot separately sue defendants

** The decision aligns with HE's positions on key questions that arose from insurers' challenges to the $4 billion settlement agreement, the utility says in a statement

** Analysts at Jefferies say the decision improves visibility towards finalizing the $4 billion settlement and is a win for the utility

** However, brokerage adds that legislation providing visibility into how future wildfires will be dealt with is needed before the stock can move significantly higher

** "The odds of wildfire legislation passing in this session should become clear around April or May" - Jefferies

** Brokerage maintains "hold" rating and price target of $10

** Up to last close, stock up 3.6% YTD

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))