Crawford & Company (NYSE: CRD-A) is a claims management services company that handles insurance claims adjusting, third-party administration, and related services on behalf of insurers, self-insured corporations, and other clients. Revenue is generated on a per-case and fee-for-service basis across four segments: North America Loss Adjusting ($304.9M, FY2025), International Operations ($438.2M, FY2025), Broadspire ($401.9M, FY2025), and Platform Solutions ($120.8M, FY2025), totaling $1.27B in revenues before reimbursements for FY2025. The company processed 1,488,177 total cases in FY2025, down 6.9% from 1,597,941 in FY2024. Revenue is heavily labor-intensive; direct compensation as a percentage of segment revenues ranged from 60.8% (Broadspire) to 71.5% (North America Loss Adjusting) in FY2025. The filing discloses material revenue concentration among a limited number of clients. Crawford operates across North America, the U.K., Europe, Asia, Australia, and Latin America.

Revenue model

Fee-for-service and per-case billing across claims adjusting, third-party administration, medical management, and networks services. Reimbursements (pass-through costs) added $45.1M in FY2025 on top of $1.27B in service revenues before reimbursements.

Products and services

North America Loss Adjusting: field loss adjusting, Global Technical Services, expert adjusting, Contractor Connection (Canada). International Operations: loss adjusting across U.K., Europe, Asia, Australia, and Latin America. Broadspire: third-party administration for workers' compensation, Claims and Medical Management. Platform Solutions: Networks service line (managed repair, catastrophe-related claims).

Customers and end markets

Primary customers are insurance carriers, underwriters, brokers, and self-insured corporations. End markets include property and casualty insurance, workers' compensation, and catastrophe claims. Revenue is materially concentrated among a limited number of clients, as disclosed in the FY2025 10-K. Case volume is sensitive to weather-related catastrophe activity; the absence of significant weather events in 2025 contributed to a 48.4% revenue decline in Platform Solutions versus FY2024.

Value-chain role

Outsourced claims handler sitting between insurers and policyholders. Crawford receives claim referrals from carriers, manages the adjusting or administration process, and returns determinations and settlements. The company is deploying artificial intelligence and machine learning in claims handling to improve efficiency, as noted in the FY2025 10-K.

Geographic exposure

North America (U.S. and Canada) via North America Loss Adjusting and portions of Broadspire and Platform Solutions. International via a dedicated segment covering U.K., Europe, Asia, Australia, and Latin America. International Operations segment revenues were $438.2M in FY2025, the largest single segment by revenue.

Source: SEC 10-K, filed 2026-03-02

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