NU Online News Service, Feb. 16, 11:22 a.m. EST

Allied World Assurance Co. Holdings says it nearly doubled fourth-quarter net income but the Switzerland-based company's net income for the year was more than halved.

Catastrophe losses—Allied World says 2011 was the costliest catastrophe year in history—were offset by favorable loss reserves and fees related to the merger break-up it has with Transatlantic Holdings.

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