Crawford & Co
Crawford & Co. is an Atlanta-based claims management and outsourcing business founded in 1941 that serves insurers, brokers, self-insured employers and corporations. It operates through a global network in more than 70 countries and focuses on handling property and casualty claims, third-party administration, catastrophe response and related support services. The company is organized around four operating segments: North America Loss Adjusting, International Operations, Broadspire and Platform Solutions. Its business model is built on processing claim volume, managing complex loss events and providing outsourced claims and administrative capabilities that clients choose to buy instead of doing the work in-house.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueField and desk-based handling of property and casualty claims for insurers and self-insured clients.
Outsourced administration of workers' compensation, auto, liability, disability and accident claims.
Program administration, technology-enabled claims services and specialized outsourced workflows.
Surge response services and temporary adjuster staffing for weather and disaster-related claim spikes.
Recovery, consultative and legal support services tied to claims resolution.
Products
Reported · share of revenue- Services96.6 %
- Reimbursements3.4 %
Source: 10-K/A FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells primarily to property and casualty insurance carriers that outsource claims handling, especially when claim volumes spike or specialized expertise is needed. It also serves self-insured entities and corporations that need third-party administration for workers' compensation, auto, liability, disability and accident claims. Brokers and insurers use Crawford's services when they want a scalable operating model, catastrophe surge capacity or access to a broader geographic footprint than they maintain internally. Customer concentration can be meaningful in specific segments, which means large carrier relationships and referral volumes are strategically important even though no single customer exceeded 10% of consolidated revenue in 2025.
Buy loss adjusting, catastrophe response and claims management services to outsource claim handling and scale capacity with claim volumes.
Buy Broadspire TPA, medical management and disability/accident claims services to reduce internal claims administration burden.
Use outsourced claims and program administration capabilities for clients that need specialized or multi-jurisdiction support.
Buy surge adjuster staffing and catastrophe operations when weather-related or man-made disasters create sudden claims spikes.
Buy subrogation and consultative recovery services to improve claim economics and recover costs from responsible third parties.
Strategy
Crawford's strategy centers on using its global claims network and multi-service platform to win outsourced work from insurers and self-insured clients. Management emphasizes operating earnings by segment, which suggests a focus on resource allocation, service-line profitability and disciplined cost management across centralized and local functions. The company is also investing in technology, data handling and service integration, which matters because clients increasingly expect faster claims processing and better digital workflows. Its broad geographic footprint and catastrophe capabilities are strategic advantages in markets where claim volumes can change quickly with weather, litigation trends and insurance outsourcing decisions.
Revenue depends on claim referrals and client outsourcing decisions, so winning more outsourced work is central to growth.
Clients value faster, more efficient claims handling and the company needs resilient systems to support global operations.
Some segments can be concentrated, so retaining large accounts is important to stabilize revenue and operating earnings.
Disaster-related claims are a major demand driver and a differentiator versus smaller local competitors.
Geography
2025Crawford is headquartered in Atlanta, Georgia, and its operating footprint spans more than 70 countries. The company reports four geographic operating segments, with North America Loss Adjusting focused on the U.S. and Canada and International Operations covering the U.K., Europe, Australia, Asia and Latin America. The business is inherently geographically dispersed because claims activity depends on local insurance markets, weather events, labor conditions and regulatory practices. In the disclosed North America Loss Adjusting revenue mix for 2024, the U.S. represented the larger share of regional revenue than Canada, underscoring the importance of the U.S. property and casualty market to the company.
Share of the revenue the company reports by geography.
Risks
The business is highly exposed to claim volume cycles, which are driven by insurance outsourcing trends, weather events, employment levels and workplace injury rates that are difficult to forecast. Client concentration in certain segments can create revenue volatility if major accounts are lost or consolidated. The company also faces intense competition from local, regional and global claims service providers, some of which may compete on price or local market knowledge. In addition, its data-heavy operating model makes cybersecurity, service continuity and privacy protection material risks because a cyber incident could disrupt claims processing, damage client trust and interrupt operations across multiple countries.
- Claim volume dependenceImpact: HighLikelihood: Medium
A large share of revenue comes from claims handling and outsourcing work, so lower referrals or reduced outsourcing would directly reduce revenue.
Exposure - Cybersecurity and data privacyImpact: HighLikelihood: Medium
The company processes confidential and personal claims data, making it a target for ransomware, phishing and other attacks.
Exposure: Global operations and client systems
- Customer concentration in certain segmentsImpact: HighLikelihood: Low
Some Platform Solutions and International Operations customers represent more than 10% of segment revenue, creating renewal and retention risk.
Exposure - Competitive pricing pressureImpact: MediumLikelihood: Medium
Smaller local firms and larger global competitors can undercut pricing or win business with local knowledge.
Exposure: Claims management and loss adjusting markets
- Catastrophe and weather dependenceImpact: MediumLikelihood: Medium
Catastrophe operations benefit from disaster activity, but volumes are volatile and hard to forecast.
Exposure: Networks and catastrophe response services
Accounting
Judgemental itemsRevenue includes both service fees and pass-through claim costs, so growth in reported revenue may not equal growth in underlying service activity.
Impact: Top-line comparability and margin analysis
Valuation depends on future cash flows and discount rates, and impairment charges could be material if operating performance weakens.
Impact: Earnings volatility and balance sheet carrying values
Lease assets and liabilities affect reported leverage and fixed obligations across a geographically dispersed office network.
Impact: Balance sheet and cash flow interpretation
Funds held to administer claims are off-balance-sheet for general operating purposes, so liquidity should not be overstated.
Impact: Liquidity and working capital analysis
Some non-U.S. subsidiaries are reported on a two-month lag, which can affect quarter-end comparability and timing of results.
Impact: Period comparability
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Last updated: 24/09/2026