NU Online News Service,  Jan. 24, 10:03 a.m. EST

The Travelers Cos. says 2011 fourth-quarter net income fell 31 percent as underwriting gains suffered from lower prior-year favorable reserve development and catastrophe losses.

However, the New York-based insurer is getting rate increases, particularly in its business insurance segment. Overall, rate increases here were up more than 6 percent at renewal and renewal increases reached 8 percent in commercial accounts, the "highest level since the end of 2003," according to Jay Fishman, chairman and chief executive officer, in a statement.

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