{"product_id":"oldrepublictitle-swot-analysis","title":"Old Republic International SWOT Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDive Deeper Into the Company’s Strategic Blueprint\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eOld Republic International’s steady underwriting discipline and diversified specialty insurance portfolio position it well against cyclical risks, yet rising catastrophe exposure and legacy liabilities warrant close scrutiny; our full SWOT unpacks these dynamics with financial context and strategic implications. Purchase the complete SWOT analysis for a professionally formatted Word report and Excel model to inform investment, M\u0026amp;A, or strategic planning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003etrengths\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eResilient Specialty Niche Strategy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eOld Republic focuses on specialized P\u0026amp;C lines—commercial auto, workers’ compensation, and general liability—where it shows deep underwriting expertise, driving a 2024 retention rate around 88% and commercial lines combined ratio near 92.5% (2024 YTD).\u003c\/p\u003e\n\u003cp\u003eThis niche strategy boosts pricing power versus generalists, allowing blended rate increases of ~6–8% in 2023–24 and helping sustain underwriting margins during market turbulence.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExceptional Dividend Track Record\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eOld Republic International has raised its regular annual dividend for over 40 consecutive years as of late 2025, a rare record that ranks it among S\u0026amp;P Dividend Aristocrats-style peers; the current yield was about 3.1% on a Dec 2025 share price near $44.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrong Title Insurance Market Share\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAs one of North America’s largest title insurers, Old Republic Title reported $1.9 billion in title premiums and escrow revenues in 2024, leveraging a national agency network of over 3,000 offices for broad distribution and economies of scale.\u003c\/p\u003e\n\u003cp\u003eThe title segment supplies a steady, diversified revenue stream that historically offsets P\u0026amp;C cyclical losses—title contributed ~28% of Old Republic’s total operating income in 2024, rising with strong U.S. home sales in H1 2024.\u003c\/p\u003e\n\u003cp\u003eThat market dominance creates a moat: smaller underwriters lack Old Republic’s scale, nationwide agency relationships, and pricing leverage, making competitive entry costly and slow.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDecentralized Operational Structure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eOld Republic’s decentralized model lets business units price and serve locally, speeding response and cutting bureaucratic drag; underwriting loss ratio for 2024 commercial lines improved to 63.1% vs 65.4% in 2022, showing better risk alignment.\u003c\/p\u003e\n\u003cp\u003eThis structure creates an entrepreneurial culture and closer customer contact, supporting steady segment ROE—holding near the company 2024 consolidated ROE of 9.8%—and faster product tweaks.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLocal decision-making =\u0026gt; faster quotes, tailored terms\u003c\/li\u003e\n\u003cli\u003eLower bureaucracy =\u0026gt; higher operational efficiency\u003c\/li\u003e\n\u003cli\u003eImproved risk assessment =\u0026gt; better loss ratios (2024: 63.1%)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConservative Underwriting and Capitalization\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cpold republic international maintains a very strong capital position with statutory surplus near billion and an rbc ratio well above regulatory action levels anchored by conservative investment mix high-quality fixed income solvency through severe downturns catastrophes.\u003e\n\u003cpdisciplined underwriting yields persistently lower loss ratios combined ratio vs industry supporting long-term reserve adequacy and claim-paying ability.\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eStatutory surplus ≈ $8.5B (2024)\u003c\/li\u003e\n\u003cli\u003e~85% high-quality fixed income\u003c\/li\u003e\n\u003cli\u003eCombined ratio ~86% (2023)\u003c\/li\u003e\n\u003cli\u003eRBC ratio \u0026gt; regulatory action levels\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/pdisciplined\u003e\u003c\/pold\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOld Republic: Niche P\u0026amp;C Strength, $1.9B Title, 9.8% ROE, ~92.5% Combined\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eOld Republic’s niche P\u0026amp;C focus, national title scale, and decentralized underwriting drive strong margins: 2024 retention ~88%, commercial combined ratio ~92.5% YTD, title revenues $1.9B, title ~28% operating income, statutory surplus ≈ $8.5B, ~85% investment grade fixed income, consolidated ROE 9.8% (2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetention\u003c\/td\u003e\n\u003ctd\u003e~88%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eComm. comb. ratio\u003c\/td\u003e\n\u003ctd\u003e~92.5% YTD\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTitle revenue\u003c\/td\u003e\n\u003ctd\u003e$1.9B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eStatutory surplus\u003c\/td\u003e\n\u003ctd\u003e≈ $8.5B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eROE\u003c\/td\u003e\n\u003ctd\u003e9.8%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eDelivers a strategic overview of Old Republic International’s internal strengths and weaknesses and the external opportunities and threats shaping its insurance and financial services businesses.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eProvides a concise SWOT matrix for Old Republic International to quickly align strategy and communicate risk\/ opportunity trade-offs to stakeholders.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eW\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eeaknesses\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSensitivity to Real Estate Cycles\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe title insurance segment is tightly tied to real estate activity, so Old Republic International sees revenue swing with home sales and commercial deals; U.S. existing-home sales fell 7.2% year-over-year in 2024, cutting title volumes. When mortgage rates stayed above 6% through much of 2024–2025, refinance and purchase demand slowed, reducing title searches and closings. This cyclicality drove quarterly earnings variance—Old Republic’s title segment pretax margin moved +\/- several hundred basis points in 2024. Such swings are largely beyond company control and raise earnings volatility risk.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDependence on Third-Party Distribution\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eOld Republic Insurance (NYSE: ORI) depends on independent agents and brokers for ~70% of its property-casualty and title distribution, which reduces fixed costs but limits control over sales execution and CX.\u003c\/p\u003e\n\u003cp\u003eLess control raises churn risk: a 2024 Aon survey showed 28% of agents consider switching carriers if commissions or digital tools worsen, threatening ORI’s premium growth and its 2.3% U.S. market share in title services.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLegacy Run-off Segment Drag\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe Republic Financial Indemnity Group remains in run-off, managing legacy mortgage guaranty insurance liabilities that tied up about $1.1 billion of reserves and $250 million of statutory capital at year-end 2024, resources that could otherwise support growth initiatives.\u003c\/p\u003e\n\u003cp\u003eWhile claim frequency has fallen—net incurred losses declined ~45% from 2020 to 2024—the company still spends material admin and reinsurance costs on servicing and commutation efforts.\u003c\/p\u003e\n\u003cp\u003eUnexpected spikes in legacy claims, such as concentration from a regional housing downturn, could pressure EPS and statutory surplus and complicate Old Republic International’s growth narrative to investors.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeographic Concentration in North America\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe vast majority of Old Republics revenue—about 92% of $7.2 billion in 2024 premium and other revenue—comes from the United States and Canada, exposing the firm to regional economic swings and regulatory shifts.\u003c\/p\u003e\n\u003cp\u003eUnlike global peers, Old Republic lacks a sizable international footprint to offset a U.S. downturn, making it sensitive to federal monetary policy and domestic litigation trends.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~92% revenue from US\/Canada (2024)\u003c\/li\u003e\n\u003cli\u003e$7.2B total premium\/other revenue (2024)\u003c\/li\u003e\n\u003cli\u003eHigh exposure to US monetary policy\u003c\/li\u003e\n\u003cli\u003eVulnerable to domestic litigation and regulation\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLimited Brand Awareness in Consumer Markets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eOld Republic International focuses on B2B and specialty insurance, so it lacks household recognition versus retail giants like State Farm or GEICO; this limits consumer trust and cross-sell potential.\u003c\/p\u003e\n\u003cp\u003eThat lower profile hinders talent attraction for consumer channels and raises costs to enter ancillary retail services; rolling out such initiatives risks slower adoption.\u003c\/p\u003e\n\u003cp\u003eLower visibility also means fewer sell-side analysts cover ORI and its average daily trading volume (~430k shares in 2025) trails larger peers, reducing liquidity.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003ePrimary B2B focus → weak consumer brand\u003c\/li\u003e\n\u003cli\u003eHarder to recruit retail-focused talent\u003c\/li\u003e\n\u003cli\u003eExpansion into consumer services faces adoption risk\u003c\/li\u003e\n\u003cli\u003eFewer analysts; ~430k avg daily volume in 2025\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh cyclicality, 92% US\/Canada revenue, agent churn and $1.1B run-off strain growth\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eHeavy title-market cyclicality and 92% US\/Canada revenue concentration (2024 $7.2B) drive earnings volatility; ~70% distribution via independent agents limits sales control and raises churn risk (28% agents might switch; Aon 2024). Legacy run-off ties ~$1.1B reserves and $250M statutory capital (2024), while low consumer brand and ~430k avg daily volume (2025) limit growth and liquidity.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue (2024)\u003c\/td\u003e\n\u003ctd\u003e$7.2B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUS\/Canada share\u003c\/td\u003e\n\u003ctd\u003e~92%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAgent distribution\u003c\/td\u003e\n\u003ctd\u003e~70%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRun-off reserves\u003c\/td\u003e\n\u003ctd\u003e$1.1B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eStatutory capital tied\u003c\/td\u003e\n\u003ctd\u003e$250M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAvg daily volume (2025)\u003c\/td\u003e\n\u003ctd\u003e~430k\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview the Actual Deliverable\u003c\/span\u003e\u003cbr\u003eOld Republic International SWOT Analysis\u003c\/h2\u003e\n\u003cp\u003eThis is the actual SWOT analysis document you’ll receive upon purchase—no surprises, just professional quality. The preview below is taken directly from the full SWOT report you'll get, and the content shown is the real, editable file included in your download. Buy now to unlock the complete, detailed report immediately after checkout.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56752486056313,"sku":"oldrepublictitle-swot-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/oldrepublictitle-swot-analysis.png?v=1772241629","url":"https:\/\/matrixbcg.com\/products\/oldrepublictitle-swot-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}