During the quarter, total revenues were decreased to $528.9m, compared to $539.3m of the same period a year ago.

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The company reported an operating loss of $55.4m, or $1.58 per diluted share, for the fourth quarter of 2012 compared to operating income of $94.7m, or $2.40 per diluted share, for the fourth quarter of 2011.

Net income for the year ended 31 December 2012 was $493m, or $13.30 per diluted share, compared to net income of $274.5m, or $6.92 per diluted share, for the year ended 31 December 2011.

For the full year, total revenues were increased to $2.2bn, compared to $1.7bn of the corresponding year period.

Operating income for the full year of 2012 was $202.7m, or $5.47 per diluted share, compared to operating income of $183.7m, or $4.63 per diluted share, for the same period of 2011.

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Commenting on the results, Allied World Assurance president and CEO, Scott Carmilani, said: "While Superstorm Sandy tempered our fourth quarter underwriting results, we still generated $493m of net income for the full year, continuing to build value for our shareholders,"

"Our diluted book value per share grew by over 15% in 2012, to $92.59. The company’s top line production grew by 20% to $2.3bn in gross premiums written for the year, and we were able to achieve targeted growth in all three of our business segments," Carmilani added.