CRD-ANYSEInsurance Agents, Brokers & ServiceUS GAAP · USD

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.

Revenue1,311m USD
−2.2 %y/y
Net income19.6m USD
−26.2 %y/y
Free cash flow94.8m USD
+108.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05001,0001,500m USD2020: 266 m USD20202021: 1,139 m USD20212022: 1,231 m USD20222023: 1,317 m USD20232024: 1,341 m USD20242025: 1,311 m USD20251,311
RevenueOperating profit (EBIT)

Business

Share of revenue
Loss Adjusting and Claims Management45 %

Field and desk-based handling of property and casualty claims for insurers and self-insured clients.

Third-Party Administration and Medical Management25 %

Outsourced administration of workers' compensation, auto, liability, disability and accident claims.

Platform Solutions15 %

Program administration, technology-enabled claims services and specialized outsourced workflows.

Catastrophe and Staff Augmentation10 %

Surge response services and temporary adjuster staffing for weather and disaster-related claim spikes.

Subrogation and Legal Services5 %

Recovery, consultative and legal support services tied to claims resolution.

Products

Reported · share of revenue
96.6%FY2025100 %
  • 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.

Property and casualty insurance carriers

Buy loss adjusting, catastrophe response and claims management services to outsource claim handling and scale capacity with claim volumes.

Self-insured employers and corporations

Buy Broadspire TPA, medical management and disability/accident claims services to reduce internal claims administration burden.

Brokers and insurance intermediaries

Use outsourced claims and program administration capabilities for clients that need specialized or multi-jurisdiction support.

Clients with catastrophe exposure

Buy surge adjuster staffing and catastrophe operations when weather-related or man-made disasters create sudden claims spikes.

Insurers needing recovery services

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.

Grow outsourced claims and administration volumesShort term

Revenue depends on claim referrals and client outsourcing decisions, so winning more outsourced work is central to growth.

Strengthen technology and data-enabled service deliveryMedium term

Clients value faster, more efficient claims handling and the company needs resilient systems to support global operations.

Protect and deepen key client relationshipsShort term

Some segments can be concentrated, so retaining large accounts is important to stabilize revenue and operating earnings.

Preserve catastrophe response capabilityMedium term

Disaster-related claims are a major demand driver and a differentiator versus smaller local competitors.

Geography

2025

Crawford 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.

United States73 %
United Kingdom18 %
Canada8.9 %

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.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Claim volume dependence1Cybersecurity and data privacy2Customer concentration in certain segments3Competitive pricing pressure4Catastrophe and weather dependence5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. 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.

    ExposureAll segmentsEspecially North America Loss AdjustingCatastrophe-related services
  2. 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

  3. 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.

    ExposurePlatform SolutionsInternational Operations
  4. 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

  5. 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 items
Revenue recognition for claims services and reimbursements

Revenue 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

Goodwill and indefinite-lived intangible impairment

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

Operating leases

Lease assets and liabilities affect reported leverage and fixed obligations across a geographically dispersed office network.

Impact: Balance sheet and cash flow interpretation

Client trust accounts

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

Delayed consolidation of certain foreign operations

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

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Crawford & Co (NYSE) – Insurance Agents, Brokers & Service | Financial Analysis – Clarifo