Alpha Property and Casualty Insurance Company
Quarterly Statement as of
ASSETS
Net Admitted |
|
|||||
Nonadmitted |
Assets |
Prior Year Net |
||||
Assets |
Assets |
(Cols. 1 - 2) |
Admitted Assets |
|||
1. |
............................................................................................................................................Bonds |
12,803,129 |
............................... |
12,803,129 |
13,511,459 |
|
2. |
Stocks: |
|||||
2.1 |
Preferred.................................................................................................................................stocks |
............................... |
............................... |
............................... |
................................ |
|
2.2 |
Common stocks |
............................... |
............................... |
............................... |
................................ |
|
3. |
Mortgage loans on real estate: |
|||||
3.1 |
First.................................................................................................................................liens |
............................... |
............................... |
............................... |
................................ |
|
3.2 |
Other than rst liens |
............................... |
............................... |
............................... |
................................ |
4. Real estate:
4.1 |
Properties occupied by the company (less $ |
encumbrances) |
|
4.2 |
Properties held for the production of income (less $ |
encumbrances) |
|
4.3 |
Properties held for sale (less $ |
encumbrances) |
........................... ............................... ............................... ............................... ................................ |
5. Cash (
(............................................................................................................................................$ ) |
1,207,555 |
1,207,555 |
................................427,846 |
|||
6. |
Contract loans (including $ |
premium notes) |
............................... ............................... |
............................... |
................................ |
|
7. |
Derivatives |
............................... ............................... |
............................... |
................................ |
||
8. |
Other invested assets |
......................................................................................... |
............................... ............................... |
............................... |
................................ |
|
9. |
Receivables for securities |
......................................................................................... |
............................... ............................... |
............................... |
................................ |
|
10. |
Securities lending reinvested collateral assets |
............................... ............................... |
............................... |
................................ |
||
11. |
Aggregatewrite-insfor invested.........................................................................................assets |
............................... ............................... |
............................... |
................................ |
||
12. |
......................................Subtotals, cash and invested assets (Lines 1 to 11) |
14,010,684 |
14,010,684 |
13,939,305 |
||
13. |
Title plants less $ |
charged off (for Title insurers only) |
............................... ............................... |
............................... |
................................ |
|
14. |
Investment income due and accrued |
...............................170,471 |
...............................170,471 |
................................506,270 |
15. Premiums and considerations:
15.1 |
Uncollected premiums and agents' balances in the course of collection |
4,845,159 |
...............................3,605 |
4,841,553 |
7,750,831 |
|
15.2 |
Deferred premiums, agents' balances and installments booked but |
|||||
deferred and not yet due (including $ |
earned but unbilled premiums) |
............................... |
............................... |
............................... |
................................ |
|
15.3 |
Accrued retrospective premiums ($ |
) and contracts subject to |
||||
redetermination ($ ) |
............................... |
............................... |
............................... |
................................ |
16. Reinsurance:
16.1 Amounts recoverable from reinsurers |
2,009 |
............................... |
...............................2,009 |
................................477 |
||
16.2 Funds held by or deposited with reinsured companies |
............................... |
............................... |
............................... |
................................ |
||
16.3 Other amounts receivable under reinsurance contracts |
............................... |
............................... |
............................... |
................................ |
||
17. |
Amounts receivable relating to uninsured plans |
............................... |
............................... |
............................... |
................................ |
|
18.1 |
Current federal and foreign income tax recoverable and interest thereon |
............................... |
............................... |
................................ |
||
18.2 |
Net deferred tax asset |
10,938 |
...............................935 |
...............................10,003 |
................................ |
|
19. |
Guaranty funds receivable or.........................................................................................on deposit |
890 |
............................... |
...............................890 |
................................890 |
|
20. |
Electronic data processing equipment and software |
............................... |
............................... |
............................... |
................................ |
|
21. |
Furniture and equipment, including health care delivery assets......................................($ |
) |
............................... |
............................... |
............................... |
................................ |
22. |
Net adjustment in assets and liabilities due to foreign exchange......................................rates |
............................... |
................................ |
|||
23. |
Receivables from parent, subsidiaries and a liates |
677,623 |
............................... |
...............................677,623 |
1,390,897 |
|
24. |
Health care ($ ) and other amounts receivable |
............................... |
............................... |
............................... |
................................ |
|
25. |
Aggregate write-ins for other-than-invested assets |
1,073,454 |
...............................47,160 |
1,026,295 |
................................601,518 |
|
26. |
Total assets excluding Separate Accounts, Segregated Accounts and |
|||||
Protected Cell Accounts (Lines.........................................................................................12 to 25) |
20,791,227 |
...............................51,700 |
20,739,527 |
24,190,188 |
||
27. |
From Separate Accounts, Segregated Accounts and Protected Cell Accounts |
............................... |
............................... |
................................ |
||
28. |
.........................................................................................Total (Lines 26 and 27) |
20,791,227 |
51,700 |
20,739,527 |
24,190,188 |
|
Details of Write-Ins |
||||||
1101. |
............................................................................................................................................ |
............................... |
............................... |
............................... |
................................ |
|
1102. |
............................................................................................................................................ |
............................... |
............................... |
............................... |
................................ |
|
1103. |
............................................................................................................................................ |
............................... |
............................... |
............................... |
................................ |
|
1198. Summary of remaining write-ins for Line 11 from over ow......................................page |
............................... |
............................... |
............................... |
................................ |
||
1199. Totals (Lines 1101 through 1103 plus 1198) (Line 11 above) |
............................... |
............................... |
............................... |
................................ |
||
2501. Premium Tax Receivable |
806,851 |
............................... |
...............................806,851 |
................................576,803 |
||
2502. Prepaid Expense |
47,160 |
...............................47,160 |
............................... |
................................ |
||
2503. Other............................................................................................................................................Assets |
219,444 |
............................... |
...............................219,444 |
................................24,715 |
||
2598. Summary of remaining write-ins for Line 25 from over ow......................................page |
............................... |
............................... |
............................... |
................................ |
||
2599. Totals (Lines 2501 through 2503 plus 2598) (Line 25 above) |
1,073,454 |
...............................47,160 |
1,026,295 |
................................601,518 |
2
Quarterly Statement as of
LIABILITIES, SURPLUS AND OTHER FUNDS
1 |
2 |
||||
Current |
|
||||
Statement Date |
Prior Year |
||||
1. |
Losses (current accident year $ ) |
.............................. |
.............................. |
||
2. |
Reinsurance payable on paid losses and loss adjustment expenses |
.............................. |
.............................. |
||
3. |
Loss adjustment expenses |
.............................. |
.............................. |
||
4. |
Commissions payable, contingent commissions and other......................................................................................................similar charges |
.............................. |
.............................. |
||
5. |
Other expenses (excluding taxes, licenses and fees) |
...................................................................................................... |
..............................34,342 |
..............................80,942 |
|
6. |
Taxes, licenses and fees (excluding federal and foreign income......................................................................................................taxes) |
.............................. |
.............................. |
||
7.1 |
Current federal and foreign income taxes (including $ |
on realized capital gains (losses)) |
..............................61,495 |
..............................25,440 |
|
7.2 |
Net deferred tax liability |
.............................. |
..............................7,027 |
||
8. |
Borrowed money $ |
and interest thereon $ |
...................................................................................................... |
.............................. |
.............................. |
9. Unearned premiums (after deducting unearned premiums for ceded reinsurance of
warranty reserves of $ |
and accrued accident and health experience rating refunds including $ |
for medical |
|||
loss ratio rebate per the Public Health Service Act) |
.............................. |
||||
10. |
Advance premium |
......................................................................................................................................................... |
..............................202,738 |
..............................36,327 |
|
11. |
Dividends declared and unpaid: |
||||
11.1 |
Stockholders |
.............................. |
.............................. |
||
11.2 |
Policyholders |
.............................. |
.............................. |
||
12. |
Ceded reinsurance premiums payable (net of ceding commissions) |
4,687,623 |
7,755,074 |
||
13. |
Funds held by company under reinsurance treaties |
.............................. |
|||
14. |
Amounts withheld or retained by company for account of others |
..............................38,037 |
..............................66,516 |
||
15. |
Remittances and items not allocated |
.............................. |
.............................. |
||
16. |
Provision for reinsurance (including $ |
certi ed) |
.............................. |
||
17. |
Net adjustments in assets and liabilities due to foreign exchange......................................................................................................rates |
.............................. |
|||
18. |
Drafts outstanding |
......................................................................................................................................................... |
.............................. |
.............................. |
|
19. |
Payable to parent, subsidiaries.........................................................................................................................................................and a |
liates |
..............................593,083 |
..............................556,157 |
|
20. |
Derivatives |
.............................. |
.............................. |
||
21. |
Payable for securities |
......................................................................................................................................................... |
.............................. |
..............................372 |
|
22. |
Payable for securities lending |
.............................. |
.............................. |
||
23. |
Liability for amounts held under uninsured plans |
.............................. |
|||
24. |
Capital notes $ |
and interest.........................................................................................................................................................thereon $ |
.............................. |
||
25. |
Aggregatewrite-insfor liabilities |
.............................. |
.............................. |
||
26. |
Total liabilities excluding protected cell liabilities (Lines 1 through......................................................................................................25) |
5,617,318 |
8,527,856 |
||
27. |
Protected cell liabilities |
......................................................................................................................................................... |
.............................. |
.............................. |
|
28. |
Total liabilities (Lines 26 and.........................................................................................................................................................27) |
5,617,318 |
8,527,856 |
||
29. |
Aggregatewrite-insfor special.........................................................................................................................................................surplus funds |
.............................. |
|||
30. |
Common capital stock |
......................................................................................................................................................... |
4,200,000 |
4,200,000 |
|
31. |
Preferred capital stock |
......................................................................................................................................................... |
.............................. |
.............................. |
|
32. |
Aggregatewrite-insforother-than-specialsurplus funds |
.............................. |
|||
33. |
Surplus............................................................................................................................................................................................................notes |
.............................. |
.............................. |
||
34. |
Gross paid in and contributed.........................................................................................................................................................surplus |
8,100,000 |
8,100,000 |
||
35. |
Unassigned funds (surplus) |
2,822,209 |
3,362,334 |
36. Less treasury stock, at cost:
36.1 |
shares common (value included in Line 30 |
$ |
) |
.............................. |
.............................. |
|
36.2 |
shares preferred (value included in Line 31 |
$ |
) |
.............................. |
.............................. |
|
37. Surplus as regards policyholders (Lines 29 to 35, less 36) |
...................................................................................................... 15,122,209 |
15,662,334 |
||||
.........................................................................................................................................................38. Totals (Page 2, Line 28, Col. 3) |
20,739,527 |
24,190,190 |
||||
Details of Write-Ins |
||||||
2501 |
.............................. |
.............................. |
||||
2502 |
.............................. |
.............................. |
||||
2503 |
.............................. |
.............................. |
||||
2598. Summary of remainingwrite-insfor Line 25 from over ow......................................................................................................page |
.............................. |
|||||
2599. Totals (Lines 2501 through 2503 plus 2598) (Line 25 above) |
.............................. |
|||||
2901 |
.............................. |
.............................. |
||||
2902 |
.............................. |
.............................. |
||||
2903 |
.............................. |
.............................. |
||||
2998. Summary of remainingwrite-insfor Line 29 from over ow......................................................................................................page |
.............................. |
|||||
2999. Totals (Lines 2901 through 2903 plus 2998) (Line 29 above) |
.............................. |
|||||
3201 |
.............................. |
.............................. |
||||
3202 |
.............................. |
.............................. |
||||
3203 |
.............................. |
.............................. |
||||
3298. Summary of remainingwrite-insfor Line 32 from over ow......................................................................................................page |
.............................. |
|||||
3299. Totals (Lines 3201 through 3203 plus 3298) (Line 32 above) |
.............................. |
3
Quarterly Statement as of
STATEMENT OF INCOME
1 |
2 |
3 |
Prior Year Ended |
||
Current Year to Date |
Prior Year to Date |
|
Underwriting Income
1. Premiums earned:
1.1. |
Direct (written |
......................................16,559,735 |
......................................40,799,607 |
......................................70,049,164 |
1.2. |
Assumed (written |
......................................6,043 |
......................................5,721 |
...................................... |
1.3. |
Ceded (written |
......................................16,565,778 |
......................................40,805,328 |
......................................70,049,164 |
1.4 |
Net............................................................................................................................................(written $ ) |
...................................... |
...................................... |
...................................... |
Deductions:
2. Losses incurred (current accident year $ ):
2.1 |
Direct |
......................................12,857,372 |
......................................33,850,882 |
......................................62,117,611 |
|
2.2 |
Assumed |
......................................1,106 |
......................................12,423 |
...................................... |
|
2.3 |
Ceded |
......................................12,858,478 |
......................................33,863,305 |
......................................62,117,611 |
|
2.4 |
Net |
...................................... |
...................................... |
...................................... |
|
3. |
Loss adjustment expenses incurred |
...................................... |
...................................... |
...................................... |
|
4. |
Other underwriting expenses incurred |
...................................... |
...................................... |
...................................... |
|
5. |
Aggregatewrite-insfor underwriting....................................................................................................deductions |
...................................... |
...................................... |
...................................... |
|
6. |
Total underwriting deductions (Lines....................................................................................................2 through 5) |
...................................... |
...................................... |
...................................... |
|
7. |
Net income of protected cells |
...................................... |
...................................... |
...................................... |
|
8. |
.................................................Net underwriting gain (loss) (Line 1 minus Line 6 + Line 7) |
...................................... |
...................................... |
...................................... |
|
Investment Income |
|||||
9. |
Net investment income earned |
......................................177,400 |
......................................225,439 |
......................................439,758 |
|
10. |
Net realized capital gains (losses) less capital gains tax of |
......................................(1,216) |
......................................1,593 |
......................................11,631 |
|
11. |
....................................................................................................Net investment gain (loss) (Lines 9 + 10) |
......................................176,184 |
......................................227,032 |
......................................451,389 |
|
Other Income |
12. Net gain or (loss) from agents' or premium balances charged off (amount recovered $
amount charged off $ ) |
...................................... ...................................... ...................................... |
|
13. |
Finance and service charges not included in premiums |
...................................... ...................................... ...................................... |
14. |
Aggregatewrite-insfor miscellaneous....................................................................................................income |
...................................... ...................................... ......................................(4) |
15. |
....................................................................................................Total other income (Lines 12 through 14) |
...................................... ...................................... ......................................(4) |
16. Net income before dividends to policyholders, after capital gains tax and before all other federal
and foreign income taxes (Lines 8....................................................................................................+ 11 + 15) |
......................................176,184 |
......................................227,032 |
......................................451,385 |
|
17. |
Dividends to policyholders |
...................................... |
...................................... |
...................................... |
18. |
Net income, after dividends to policyholders, after capital gains tax and before all other federal |
|||
and foreign income taxes (Line 16....................................................................................................minus Line 17) |
......................................176,184 |
......................................227,032 |
......................................451,385 |
|
19. |
Federal and foreign income taxes....................................................................................................incurred |
......................................36,378 |
......................................13,348 |
......................................60,558 |
20. |
....................................................................................................Net income (Line 18 minus Line 19) (to Line 22) |
......................................139,806 |
......................................213,684 |
......................................390,827 |
21. |
Capital and Surplus Account |
|||
Surplus as regards policyholders, |
......................................15,662,334 |
......................................15,224,530 |
......................................15,224,530 |
|
22. |
Net income (from Line 20) |
......................................139,806 |
......................................213,684 |
......................................390,827 |
23. |
Net transfers (to) from Protected....................................................................................................Cell accounts |
...................................... |
...................................... |
...................................... |
24. |
Change in net unrealized capital gains or (losses) less capital gains.................................................tax of $ |
...................................... |
...................................... |
...................................... |
25. |
Change in net unrealized foreign exchange capital gain (loss) |
...................................... |
...................................... |
...................................... |
26. |
Change in net deferred income tax |
......................................17,354 |
......................................(27,005) |
......................................(27,209) |
27. |
Change in nonadmitted assets |
......................................(47,285) |
......................................16,391 |
......................................74,186 |
28. |
Change in provision for reinsurance |
...................................... |
...................................... |
...................................... |
29. |
Change in surplus notes |
...................................... |
...................................... |
...................................... |
30. |
Surplus (contributed to) withdrawn from protected cells |
...................................... |
...................................... |
...................................... |
31. |
Cumulative effect of changes in accounting principles |
...................................... |
...................................... |
...................................... |
32. |
Capital changes: |
|||
32.1. Paid............................................................................................................................................in |
...................................... |
...................................... |
...................................... |
|
32.2. Transferred from surplus (Stock Dividend) |
...................................... |
...................................... |
...................................... |
|
32.3. Transferred to surplus |
...................................... |
...................................... |
...................................... |
|
33. |
Surplus adjustments: |
|||
33.1. Paid............................................................................................................................................in |
...................................... |
...................................... |
...................................... |
|
33.2. Transferred to capital (Stock Dividend) |
...................................... |
...................................... |
...................................... |
|
33.3. Transferred from capital |
...................................... |
...................................... |
...................................... |
|
34. |
Net remittances from or (to) Home....................................................................................................O ce |
...................................... |
...................................... |
...................................... |
35. |
Dividends to stockholders |
......................................(650,000) |
...................................... |
...................................... |
36. |
Change in treasury stock |
...................................... |
...................................... |
...................................... |
37. |
Aggregatewrite-insfor gains and....................................................................................................losses in surplus |
...................................... |
...................................... |
...................................... |
38. |
.................................................Change in surplus as regards policyholders (Lines 22 through 37) |
......................................(540,125) |
......................................203,070 |
......................................437,804 |
39. |
.................................................Surplus as regards policyholders, as of statement date (Lines 21 plus 38) |
......................................15,122,209 |
......................................15,427,601 |
......................................15,662,334 |
Details of Write-Ins |
||||
0501. |
....................................................................................................................................................... |
...................................... |
...................................... |
...................................... |
0502. |
....................................................................................................................................................... |
...................................... |
...................................... |
...................................... |
0503. |
....................................................................................................................................................... |
...................................... |
...................................... |
...................................... |
0598. |
Summary of remaining write-ins for Line 5 from over ow page |
...................................... |
...................................... |
...................................... |
0599. |
Totals (Lines 0501 through 0503 plus 0598) (Line 5 above) |
...................................... |
...................................... |
...................................... |
1401. |
Miscellaneous Expense |
...................................... |
...................................... |
......................................(4) |
1402. |
....................................................................................................................................................... |
...................................... |
...................................... |
...................................... |
1403. |
....................................................................................................................................................... |
...................................... |
...................................... |
...................................... |
1498. |
Summary of remaining write-ins for Line 14 from over ow page |
...................................... |
...................................... |
...................................... |
1499. |
Totals (Lines 1401 through 1403 plus 1498) (Line 14 above) |
...................................... |
...................................... |
......................................(4) |
3701. |
....................................................................................................................................................... |
...................................... |
...................................... |
...................................... |
3702. |
....................................................................................................................................................... |
...................................... |
...................................... |
...................................... |
3703. |
....................................................................................................................................................... |
...................................... |
...................................... |
...................................... |
3798. |
Summary of remaining write-ins for Line 37 from over ow page |
...................................... |
...................................... |
...................................... |
3799. |
Totals (Lines 3701 through 3703 plus 3798) (Line 37 above) |
...................................... |
...................................... |
...................................... |
4
Quarterly Statement as of
CASH FLOW
1 |
2 |
3 |
||||
Prior Year Ended |
||||||
Current Year To Date |
Prior Year To Date |
|
||||
Cash from Operations |
||||||
1. |
Premiums collected net of reinsurance |
...................................... |
8,436 |
11,362 |
......................................(21,549) |
|
2. |
Net investment income |
...................................... |
560,382 |
243,251 |
......................................500,537 |
|
3. |
Miscellaneous income |
...................................... |
...................................... |
......................................(4) |
||
4. |
Total..........................................................................................................................................................(Lines 1 to 3) |
568,817 |
254,613 |
478,984 |
||
5. |
Bene t and loss related payments |
...................................... |
1,532 |
738 |
......................................(5,737) |
|
6. |
Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts. |
...................................... |
...................................... |
...................................... |
||
7. |
Commissions, expenses paid and aggregate write-ins for deductions |
...................................... |
46,600 |
1,369,343 |
......................................1,405,823 |
|
8. |
Dividends paid to policyholders |
...................................... |
...................................... |
...................................... |
||
9. |
Federal and foreign income taxes paid (recovered) net of $ tax on capital gains (losses) . |
...................................... |
- |
50,000 |
......................................(3,951) |
|
10. |
Total (Lines 5 through 9) |
...................................... |
48,132 |
1,420,081 |
......................................1,396,135 |
|
11. |
Net cash from operations (Line 4.......................................................................................................minus Line 10) |
520,686 |
(1,165,468) |
(917,151) |
||
Cash from Investments |
||||||
12. |
Proceeds from investments sold, matured or repaid: |
|||||
12.1 Bonds |
...................................... |
1,087,880 |
458,231 |
......................................2,236,895 |
||
12.2 Stocks |
...................................... |
...................................... |
...................................... |
|||
12.3 Mortgage..................................................................................................................................................loans |
...................................... |
...................................... |
...................................... |
|||
12.4 Real..................................................................................................................................................estate |
...................................... |
...................................... |
...................................... |
|||
12.5 Other invested assets |
...................................... |
...................................... |
...................................... |
|||
12.6 Net gains or (losses) on cash, cash equivalents and short-term investments |
...................................... |
...................................... |
...................................... |
|||
12.7 Miscellaneous proceeds |
...................................... |
- |
...................................... |
......................................372 |
||
12.8 Total investment proceeds (Lines.....12.1.........................................................................................to 12.7) |
...................................... |
1,087,880 |
458,231 |
......................................2,237,267 |
||
13. |
Cost of investments acquired (long-term only): |
|||||
13.1 Bonds |
...................................... |
703,912 |
434,087 |
......................................434,086 |
||
13.2 Stocks |
...................................... |
...................................... |
...................................... |
|||
13.3 Mortgage..................................................................................................................................................loans |
...................................... |
...................................... |
...................................... |
|||
13.4 Real..................................................................................................................................................estate |
...................................... |
...................................... |
...................................... |
|||
13.5 Other invested assets |
...................................... |
...................................... |
...................................... |
|||
13.6 Miscellaneous applications |
...................................... |
372 |
...................................... |
......................................- |
||
13.7 Total investments acquired (Lines......13.1........................................................................................to 13.6) |
704,284 |
434,087 |
434,086 |
|||
14. |
Net increase (or decrease) in contract loans and premium notes |
...................................... |
...................................... |
...................................... |
||
15. |
Net cash from investments (Line 12.8 minus Line 13.7 and Line 14) |
383,596 |
24,144 |
1,803,181 |
||
Cash from Financing and Miscellaneous Sources |
||||||
16. |
Cash provided (applied): |
|||||
16.1 Surplus notes, capital notes |
...................................... |
...................................... |
...................................... |
|||
16.2 Capital and paid in surplus, less treasury...............................................................................................stock |
...................................... |
- |
...................................... |
......................................- |
||
16.3 Borrowed..................................................................................................................................................funds |
...................................... |
...................................... |
...................................... |
|||
16.4 Net deposits on deposit-type contracts and other insurance liabilities |
...................................... |
...................................... |
...................................... |
|||
16.5 Dividends to stockholders |
...................................... |
374,360 |
...................................... |
...................................... |
||
16.6 Other cash provided (applied) |
...................................... |
249,788 |
705,434 |
......................................(1,015,898) |
||
17. |
Net cash from nancing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5 |
|||||
plus..........................................................................................................................................................Line 16.6) |
...................................... |
(124,572) |
705,434 |
......................................(1,015,898) |
||
Reconciliation of Cash, Cash Equivalents and |
||||||
18. |
Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17) . |
...................................... |
779,709 |
(435,890) |
......................................(129,867) |
|
19. |
Cash, cash equivalents and short-term investments: |
|||||
19.1 Beginning..................................................................................................................................................of year |
...................................... |
427,846 |
557,713 |
......................................557,713 |
||
19.2 End of period (Line 18 plus Line 19...1) |
...................................... |
1,207,555 |
121,823 |
......................................427,846 |
||
Note: Supplemental disclosures of cash ow information for non-cash transactions: |
||||||
...............................................................................................20.0001.Non-cashDividend |
...................................... |
...................................... |
...................................... |
5
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Fortitude Re Appoints Ming Zhang as Chief Risk Officer and Andrew Sooboodoo as Chief Regulatory Officer
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