NU Online News Service, Oct. 27, 10:04 a.m. EDT

Transatlantic Holdings Inc. says third-quarter net income was down nearly 50 percent due to $71 million in catastrophe losses and $57 million in costs mostly related to the termination of its merger agreement with Allied World Assurance Co. Holdings.

Net income for the third quarter was $68 million compared with $134 million for the 2010 third quarter.

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