PMA Capital Corporation (NASDAQ:PMACA) today reported the
following financial results for the second quarter and first six
months of 2009:
Three months ended Six months
ended June 30, June 30, (in thousands, except per share data)
2009 2008 2009 2008 Operating
income before gain on sale of real estate $ 4,074 $ 3,205 $ 11,890
$ 10,188 Gain on sale of real estate after tax -
1,378 - 1,378
Operating income 4,074 4,583 11,890 11,566 Realized gains
(losses) after tax (307 ) (372 ) 180
1,915 Income from continuing operations
3,767 4,211 12,070 13,481 Loss from discontinued operations after
tax (1,165 ) (188 ) (1,251 )
(2,627 ) Net income $ 2,602 $ 4,023 $
10,819 $ 10,854
Diluted per share amounts:
Operating income $ 0.13 $ 0.14 $ 0.37 $ 0.36 Realized gains
(losses) after tax (0.01 ) (0.01 ) 0.01
0.06 Income from continuing operations
0.12 0.13 0.38 0.42 Loss from discontinued operations after tax
(0.04 ) - (0.04 )
(0.08 ) Net income $ 0.08 $ 0.13 $ 0.34
$ 0.34
Vincent T. Donnelly, President and Chief Executive Officer
commented, “PMA Capital produced solid operating results for the
quarter. We had significant growth in the revenues and results of
our Fee-based Business. We modestly grew our core insurance
business while achieving a combined ratio below 100%, and are
seeing improvement in our workers’ compensation pricing trends. The
Company’s book value grew by 5% in the quarter reflecting improved
values in our investment portfolio combined with our earnings.”
At The PMA Insurance Group, Mr. Donnelly noted the following
significant operating highlights:
- Pre-tax operating income was
$10.0 million in the quarter and $25.2 million for the first six
months of 2009, compared to $11.3 million and $25.0 million in the
same periods last year. The prior year results for both periods
included a gain of $2.1 million from the sale of real estate;
- The combined ratio improved
modestly to 99.4% in the quarter and by 0.7 points to 96.5%
year-to-date; and
- Direct premium production, which
excludes fronting premiums and premium adjustments, increased 6% in
the second quarter to $102.2 million and increased 3% during the
first six months of 2009 to $249.6 million.
Mr. Donnelly continued, “We are continuing to grow our Fee-based
Business, and saw revenues increase $6.5 million to $39.2 million,
which represented 15% of our total revenues for the first half of
2009, compared to 13% during the same period in 2008. Organic
growth of claims service revenues was 15% during the first six
months of 2009, and PMA Management Corp. of New England, which we
acquired in June 2008, added $4.1 million of claims service
revenues for the first half of 2009. As a result of organic growth
and the acquisition, our Fee-based Business revenues increased 20%,
compared to the first six months of last year.”
The Company previously announced the execution of a definitive
stock purchase agreement to sell its Run-off Operations and the
filing of the Form A with the Pennsylvania Insurance Department.
The closing of the sale and transfer of ownership are pending
approval by the Department. Under its amended terms, the Agreement
may be terminated by either the Company or the buyer if the closing
of the sale does not occur by October 31, 2009, or such later date
as the parties may mutually agree. The Company continues to work
with the Department to resolve the remaining items associated with
the regulatory review.
Financial
Condition
Total assets were $2.5 billion as of June 30, 2009 and December
31, 2008. Assets of discontinued operations represented 8% of total
assets at June 30, 2009, compared to 10% at December 31, 2008. At
June 30, 2009, we had $29.0 million in cash and short-term
investments at our holding company and non-regulated
subsidiaries.
Shareholders’ equity and book value per share changed as
follows:
Three months ended Six months
ended June 30, 2009 June 30, 2009 (in thousands, except per share
data)
Shareholders'equity
Book valueper share
Shareholders'equity
Book valueper share
Balance, beginning of period $ 351,270 $ 10.91 $ 344,656 $ 10.78
Net income 2,602 0.08 10,819 0.34 Unrealized gain on securities,
net of tax 14,230 0.44 12,384 0.38 Other 896 0.03 1,139 0.04 Impact
of change in shares outstanding - (0.01 )
- (0.09 ) Balance, end of period $ 368,998
$ 11.45 $ 368,998 $ 11.45
The insurance companies within The PMA Insurance Group had
statutory capital and surplus of $373.7 million as of June 30,
2009, compared to $332.9 million as of December 31, 2008. The
increase in capital and surplus during 2009 related primarily to
statutory net income, which included a benefit from the commutation
of a reinsurance agreement with an affiliated entity. The PMA
Insurance Group has the ability to pay $31.8 million in dividends
during 2009 without the prior approval of the Pennsylvania
Insurance Department.
Segment Operating
Results
Operating income, which we define as net income under accounting
principles generally accepted in the United States (GAAP) excluding
net realized investment gains and losses and results from
discontinued operations, is the financial performance measure used
by our management and Board of Directors to evaluate and assess the
results of our businesses. Net realized investment activity is
excluded because (i) net realized investment gains and losses are
unpredictable and not necessarily indicative of current operating
fundamentals or future performance of the business segments and
(ii) in many instances, decisions to buy and sell securities are
made at the holding company level, and such decisions result in net
realized gains and losses that do not relate to the operations of
the individual segments. Operating income does not replace net
income as the GAAP measure of our consolidated results of
operations.
The following is a reconciliation of our operating results to
GAAP net income:
Three months ended Six months
ended June 30, June 30, (dollar amounts in thousands)
2009 2008 2009 2008 Pre-tax operating income
(loss): The PMA Insurance Group $ 9,965 $ 11,341 $ 25,152 $ 24,960
Fee-based Business 1,525 1,201 3,538 3,387 Corporate & Other
(5,167 ) (5,424 ) (10,167 )
(10,435 ) Pre-tax operating income 6,323 7,118 18,523 17,912
Income tax expense 2,249 2,535
6,633 6,346 Operating income
4,074 4,583 11,890 11,566 Realized gains (losses) after tax
(307 ) (372 ) 180 1,915
Income from continuing operations 3,767 4,211 12,070 13,481
Loss from discontinued operations after tax (1,165 )
(188 ) (1,251 ) (2,627 ) Net income $
2,602 $ 4,023 $ 10,819 $ 10,854
Income from continuing operations included the following
after-tax net realized gains (losses):
Three months ended Six months
ended June 30, June 30, (dollar amounts in thousands)
2009 2008 2009 2008 Net realized gains
(losses) after tax: Sales of investments $ 362 $ (372 ) $ 3,390 $
1,933 Other than temporary impairments (669 ) - (3,210 ) - Other
- - -
(18 ) Net realized gains (losses) after tax $ (307 )
$ (372 ) $ 180 $ 1,915
We recorded other than temporary impairments of $669,000 and
$3.2 million after-tax during the three and six months ended June
30, 2009. The impairments in the first half of 2009 related
primarily to a $2.9 million loss for write-downs on $45.9 million
par of CMBS that were sold during the second quarter in order to
reduce our exposure to this asset sector. These write-downs were
measured based on public market prices. At June 30, 2009, our CMBS
had an average credit rating of AAA and fair value of $89.0
million, which represented 83% of their amortized cost. Details of
the Company’s investment portfolio at June 30, 2009 and December
31, 2008 are posted on our website at www.pmacapital.com.
The PMA Insurance
Group
The PMA Insurance Group reported pre-tax operating income of
$10.0 million for the second quarter of 2009, compared to $11.3
million for the same period last year. Year-to-date pre-tax
operating income increased modestly to $25.2 million, compared to
$25.0 million for the first half of 2008. The results for the
second quarter and first six months of 2008 included a gain of $2.1
million from the sale of a property that housed one of our branch
offices in order to move into a more modern, leased facility.
Direct premium production increased during the second quarter
and first six months of 2009, compared to the same periods last
year. We define direct premium production as direct premiums
written, excluding fronting premiums and premium adjustments. The
following is a reconciliation of our direct premium production to
consolidated gross premiums written:
Three months ended Six months
ended June 30, June 30, (dollar amounts in thousands)
2009 2008 2009 2008 Direct premium production
$ 102,212 $ 96,736 $ 249,579 $ 243,344 Fronting premiums 9,677
2,113 29,299 10,256 Premium adjustments (2,753 )
370 (7,629 ) (13,828 ) Direct premiums
written 109,136 99,219 271,249 239,772 Assumed premiums and other
4,288 2,440 6,245
5,428 Gross premiums written $ 113,424
$ 101,659 $ 277,494 $ 245,200
Fronting premiums increased in the second quarter and first half
of 2009 primarily as a result of the two fronting arrangements we
entered into during August 2008. The decrease in premium
adjustments in the first six months of 2009, compared to the same
period last year, primarily reflected a lower amount of return
premium adjustments on loss-sensitive products where the insured
shares in the underwriting result of the policy. We write these
retrospective products because we believe they provide us with
greater certainty in achieving our targeted underwriting results as
the customer shares in the underwriting result of the policy with
us.
Excluding fronting business, we wrote $33.4 million of new
business in the second quarter of 2009, up from $25.7 million in
the second quarter of 2008, and $71.4 million for the first half of
2009, up from $60.4 million during the same period last year.
Pricing on our workers’ compensation rate-sensitive business
declined 3% during the first six months of 2009, compared to a 7%
decrease during the first six months of 2008. Our renewal retention
rates on existing workers’ compensation accounts were 78% for the
second quarter and 79% for the first six months of 2009, compared
to 84% and 85% for the same periods last year. The decline in the
retention rates in 2009 primarily reflected lower retentions on
rate-sensitive middle-market business as we continue to maintain
disciplined underwriting standards in a price competitive
environment. While retention rates were also down on loss-sensitive
workers’ compensation business, the decrease was lower than that on
rate-sensitive business and retention rates remained higher for
business written on a loss-sensitive basis than for business
written on a rate-sensitive basis, reflecting our strategy to
emphasize loss-sensitive business.
Net premiums written increased to $80.4 million in the second
quarter of 2009, from $79.3 million in the second quarter of 2008.
For the six months ended June 30, 2009, net premiums written
increased to $198.6 million, compared to $193.2 million during the
same period last year. The year-to-date increase in net premiums
written was primarily due to the lower impact of premium
adjustments.
Net premiums earned were $107.1 million in the second quarter of
2009, compared to $103.0 million in the second quarter of 2008. For
the first six months of 2009, net premiums earned increased to
$212.2 million, from $188.8 million for the first half of 2008. The
increases in both periods reflect the increase in direct premium
production over the past year. The year-to-date increase also
reflects the impact of lower return premium adjustments in 2009,
which reduce earned premiums in the period the adjustment is
made.
The combined ratio on a GAAP basis was 99.4% for the second
quarter of 2009, compared to 99.5% in the second quarter last year.
In the second quarter of 2009, the loss and LAE ratio decreased
primarily due to favorable development on captive business. This
improvement in loss experience was offset by an increase in
policyholders’ dividends.
On a year-to-date basis, the combined ratio was 96.5% in 2009,
compared to 97.2% for the same period in 2008. The improvement in
the combined ratio for the first six months of 2009, compared to
the first six months of last year, was primarily the result of a
lower expense ratio, which was partially offset by an increased
loss and LAE ratio.
The increase in the loss and LAE ratio in the first six months
of 2009 was due primarily to the first quarter reduction in audit
premiums. While payrolls, which declined by 2% through June, on our
renewal book have been stable overall, this was lower than the rate
of growth we experienced in 2008, and as a result, we reduced our
accrual for additional audit premiums by $3.3 million. Key loss
indicators are in line with our expectations for this business, and
we will continue to evaluate loss activity on these accounts as
they mature, but we did not reduce our expectation of losses on
these policies, which were primarily written in 2007 and 2008.
Although pricing changes coupled with payroll inflation for
rate-sensitive workers’ compensation business were below overall
estimated loss trends, our current accident year loss and LAE ratio
remained consistent between periods as we continued to benefit in
the first half of 2009 from changes in the type of workers’
compensation products selected by our insureds. We estimate our
medical cost inflation to be 6.0% in the first six months of 2009,
compared to our estimate of 6.5% in the first six months of
2008.
The expense ratio for the first six months of 2009, compared to
the same period last year, benefited as the increase in net
premiums earned outpaced the 3% increase in our controllable
expenses, which include salary, benefits and other employee-related
costs. Commissions earned under our fronting arrangements reduced
the acquisition expense ratio by 0.6 points for both the second
quarter and first six months of 2009, compared to 0.7 points and
0.9 points for the same periods in 2008, as the ceding commissions
earned on this business reduce our commission expense.
The policyholders’ dividend ratio was higher in the second
quarter of 2009, compared to the same period last year. The current
year period reflected slightly lower than expected loss experience,
which resulted in higher dividends on captive accounts business
where the policyholders may receive a dividend based, to a large
extent, on their loss experience.
Net investment income was $9.5 million in the second quarter of
2009, compared to $8.9 million in the prior year quarter. Net
investment income was $18.0 million for the first six months of
2009 and 2008. The increase in the second quarter was due primarily
to improved investment yields from our long-term fixed income
securities, which were partially offset by declining investment
yields on our short-term fixed income securities.
Fee-based
Business
For the second quarter of 2009, total revenues at our Fee-based
Business increased to $19.5 million, up from $16.1 million for the
same period last year. For the six months ended June 30, 2009,
total revenues increased to $39.2 million, compared to $32.7
million for the first half of 2008. The increases in revenues
primarily reflected increases in claims service revenues of $3.9
million and $7.8 million for the second quarter and first six
months of 2009, partially offset by decreases in commission income
of $512,000 and $1.3 million, respectively. Organic claims service
revenue growth was 13% in the quarter and 15% in the first six
months of 2009, compared to the prior year periods. Claims service
revenues also increased by $2.2 million and $4.1 million in the
second quarter and first six months of 2009 as a result of our June
2008 acquisition of PMA Management Corp. of New England, Inc.
Our Fee-based Business reported pre-tax operating income of $1.5
million for the second quarter of 2009, compared to $1.2 million
for the same quarter last year. Year-to-date pre-tax operating
income was $3.5 million, compared to $3.4 million for the first
half of 2008. The increase in pre-tax operating income in 2009 was
less than the growth in total revenues due primarily to the decline
in the net commissions earned by our agency business.
Corporate and
Other
The Corporate and Other segment, which includes primarily
corporate expenses and debt service, recorded net expenses of $5.2
million during the second quarter of 2009, compared to $5.4 million
in the second quarter of 2008. Net expenses were $10.2 million
during the first six months of 2009, compared to $10.4 million for
the same period in 2008.
Discontinued
Operations
Discontinued operations, which consists of our former
reinsurance and excess and surplus lines businesses, recorded
after-tax losses of $1.2 million and $1.3 million for the three and
six months ended June 30, 2009, compared to after-tax losses of
$188,000 and $2.6 million for the same periods in 2008. The loss in
2009 reflects the write-down of our carrying value of the
discontinued operations to zero. The loss for the first six months
of 2008 was due to a charge in the first quarter for adverse loss
development.
Conference Call with
Investors
As a reminder, we will hold a conference call with investors
beginning at 8:30 a.m. Eastern Time on Tuesday, August 4th to
review our second quarter 2009 results. The conference call will be
available via a live webcast over the Internet at
www.pmacapital.com. To access the webcast, enter the Investor
Information section, click on News Releases and then click on the
microphone icon. Please note that by accessing the conference call
via the Internet, you will be in a listen-only mode.
The call-in numbers and passcodes for the conference call are as
follows:
Live Call
Replay
888-713-4213 (Domestic) 888-286-8010 (Domestic) 617-213-4865
(International) 617-801-6888 (International) Passcode 53348087
Passcode 86929714
You may pre-register for the conference call using the following
link: www.theconferencingservice.com/prereg/key.process?key=PWKPPBTAD
Pre-registering is not mandatory but is recommended as it will
provide you immediate entry into the call and will facilitate the
timely start of the conference. Pre-registration only takes a few
moments and you may pre-register at anytime, including up to and
after the call start time. Alternatively, if you would rather be
placed into the call by an operator, please use the dial-in
information above at least five minutes prior to the call start
time.
A replay of the conference call will be available over the
Internet or by dialing the call-in number for the replay and using
the passcode. The replay will be available from approximately 11:30
a.m. Eastern Time on Tuesday, August 4th until 11:59 p.m. Eastern
Time on Friday, September 4th.
Quarterly Statistical
Supplement
Our Second Quarter Statistical Supplement, which provides more
detailed historical information about us, is available on our
website. Please see the Investor Information section of our website
at www.pmacapital.com. You may also obtain a copy of this
supplement by sending your request to:
PMA Capital Corporation 380
Sentry Parkway Blue Bell, PA 19422 Attention: Investor Relations
Alternatively, you may make a request by telephone
(610-397-5298) or by e-mail to InvestorRelations@pmacapital.com. We
will also furnish a copy of this news release and the Statistical
Supplement to the Securities and Exchange Commission on a Form 8-K.
A copy of the Form 8-K will be available on the SEC’s website at
www.sec.gov.
CAUTIONARY STATEMENT FOR PURPOSES OF THE “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995
with respect to the Company’s financial condition and results of
operations and the plans and objectives of its management.
Forward-looking statements can generally be identified by use of
forward-looking terminology such as “may,” “will,” “plan,”
“expect,” “intend,” “anticipate,” “should” and “believe.” These
forward-looking statements may include estimates, assumptions or
projections and are based on currently available financial,
competitive and economic data and the Company’s current operating
plans. All forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by the forward-looking statements.
The factors that could cause actual results to differ materially
from those in the forward-looking statements, include, but are not
limited to:
- adequacy of reserves for claim
liabilities, including reserves for potential environmental and
asbestos claims;
- any future lowering or loss of
one or more of our financial strength and debt ratings, and the
adverse impact that any such downgrade may have on our ability to
compete and to raise capital, and our liquidity and financial
condition;
- adequacy and collectibility of
reinsurance that we purchase;
- uncertainty as to the price and
availability of reinsurance on business we intend to write in the
future, including reinsurance for terrorist acts;
- the effects of emerging claims
and coverage issues, including changing judicial interpretations of
available coverage for certain insured losses;
- the success with which our
independent agents and brokers sell our products and our ability to
collect payments from them;
- regulatory changes in risk-based
capital or other standards that affect the cost of, or demand for,
our products or otherwise affect our ability to conduct business,
including any future action with respect to our business taken by
the Pennsylvania Insurance Department or any other state insurance
department;
- our concentration in workers’
compensation insurance, which makes us particularly susceptible to
adverse changes in that industry segment;
- our ability to consummate the
sale of our Run-off Operations in a timely manner;
- severity of natural disasters
and other catastrophes, including the impact of future acts of
terrorism, in connection with insurance and reinsurance
policies;
- uncertainties related to
possible terrorist activities or international hostilities and
whether the Terrorism Risk Insurance Program Reauthorization Act of
2007 is extended beyond its December 31, 2014 termination
date;
- our ability to effectively
compete in the highly competitive property and casualty insurance
industry;
- adverse economic or regulatory
developments in the eastern part of the United States, particularly
those affecting Pennsylvania, New York and New Jersey;
- fluctuations in interest rates
and other events that can adversely impact our investment
portfolio;
- disruptions in the financial
markets that affect the value of our investment portfolio and our
ability to sell our investments;
- our ability to repay our
indebtedness;
- our ability to raise additional
capital on financially favorable terms when required;
- restrictions on our operations
contained in any document governing our indebtedness;
- the impact of future results on
the value of recorded goodwill and other intangible assets and the
recoverability of our deferred tax asset;
- our ability to attract and
retain qualified management personnel;
- the outcome of any litigation
against us;
- provisions in our charter
documents that can inhibit a change in control of our company;
and
- other factors or uncertainties
disclosed from time to time in our filings with the Securities and
Exchange Commission.
You should not place undue reliance on any forward-looking
statements in this press release. Forward-looking statements are
not generally required to be publicly revised as circumstances
change and we do not intend to update the forward-looking
statements in this press release to reflect circumstances after the
date of this press release or to reflect the occurrence of
unanticipated events.
PMA Capital Corporation
GAAP Consolidated Statements of
Operations
(Unaudited)
Three months ended
June 30, (dollar amounts in thousands, except per share data)
2009 2008 Gross
premiums written $ 113,424 $ 101,659
Net premiums written $ 80,302 $ 79,146
Revenues: Net premiums earned $ 106,949 $ 102,920 Claims
service revenues 16,835 12,937 Commission income 2,117 2,631 Net
investment income 9,561 9,040 Net realized investment losses (472 )
(572 ) Other revenues 190 2,214 Total
revenues 135,180 129,170
Expenses: Losses and loss adjustment expenses 73,494 71,572
Acquisition expenses 19,508 19,524 Operating expenses 31,540 27,347
Dividends to policyholders 2,311 1,493 Interest expense
2,476 2,688 Total losses and expenses
129,329 122,624 Pre-tax income
5,851 6,546 Income tax expense: Current
265 151 Deferred 1,819 2,184 Total
income tax expense 2,084 2,335
Income from continuing operations 3,767 4,211 Loss from
discontinued operations after tax (1,165 ) (188 )
Net income $ 2,602 $ 4,023
Income
(loss) per share: Basic: Continuing Operations $ 0.12 $
0.13 Discontinued Operations (0.04 ) - $ 0.08
$ 0.13 Diluted: Continuing Operations $ 0.12 $
0.13 Discontinued Operations (0.04 ) - $ 0.08
$ 0.13
PMA Capital Corporation GAAP Consolidated
Statements of Operations (Unaudited)
Six months ended June 30, (dollar amounts in
thousands, except per share data)
2009
2008 Gross premiums
written $ 277,494 $ 245,200
Net
premiums written $ 198,280 $ 192,929
Revenues: Net premiums earned $ 211,879 $ 188,516 Claims
service revenues 32,519 24,889 Commission income 5,580 6,912 Net
investment income 18,018 18,475 Net realized investment gains 277
2,946 Other revenues 366 2,360 Total
revenues 268,639 244,098
Expenses: Losses and loss adjustment expenses 149,269
131,494 Acquisition expenses 36,706 34,216 Operating expenses
55,925 49,680 Dividends to policyholders 2,957 2,375 Interest
expense 4,982 5,475 Total losses and
expenses 249,839 223,240 Pre-tax
income 18,800 20,858 Income tax
expense: Current 509 151 Deferred 6,221 7,226
Total income tax expense 6,730 7,377
Income from continuing operations 12,070 13,481
Loss from discontinued operations after tax (1,251 )
(2,627 ) Net income $ 10,819 $ 10,854
Income (loss) per share: Basic: Continuing
Operations $ 0.38 $ 0.42 Discontinued Operations (0.04 )
(0.08 ) $ 0.34 $ 0.34 Diluted:
Continuing Operations $ 0.38 $ 0.42 Discontinued Operations
(0.04 ) (0.08 ) $ 0.34 $ 0.34
PMA Capital Corporation GAAP Consolidated Balance
Sheets (Unaudited) June 30,
December 31, (dollar amounts in thousands, except per
share data)
2009 2008
Assets: Investments: Fixed maturities available for sale $
737,606 $ 719,048 Short-term investments 38,103 45,066 Other
investments 21,073 8,127 Total
investments 796,782 772,241 Cash 10,163 10,501 Accrued
investment income 7,221 6,513 Premiums receivable 236,663 235,893
Reinsurance receivables 855,161 826,126 Prepaid reinsurance
premiums 37,271 29,579 Deferred income taxes, net 126,397 138,514
Deferred acquisition costs 39,364 40,938 Funds held by reinsureds
54,312 51,754 Intangible assets 30,165 30,348 Other assets 123,460
116,646 Assets of discontinued operations 208,272
243,663 Total assets $ 2,525,231 $ 2,502,716
Liabilities: Unpaid losses and loss adjustment
expenses $ 1,271,089 $ 1,242,258 Unearned premiums 241,508 247,415
Debt 129,380 129,380
Accounts payable, accrued expenses
and other liabilities
222,359 216,266 Reinsurance funds held and balances payable 53,327
44,177 Dividends to policyholders 6,022 6,862 Liabilities of
discontinued operations 232,548 271,702
Total liabilities 2,156,233 2,158,060
Shareholders' Equity: Class A Common Stock 171,090
171,090 Additional paid-in capital 112,264 112,921 Retained
earnings 145,500 140,184 Accumulated other comprehensive loss
(36,814 ) (49,876 ) Treasury stock, at cost (23,042 )
(29,663 ) Total shareholders' equity 368,998
344,656 Total liabilities and shareholders' equity $
2,525,231 $ 2,502,716 Shareholders' equity per
share $ 11.45 $ 10.78
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