CRAWFORD & CO
crawco.comCrawford & 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.
Products & 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).
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.
Customers & 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.
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.
Financial Snapshot
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