Crawford & Co - United States, December 2023

COMPANY PROFILE
Crawford & Co
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PUBLICATION DATE: 05 Dec 2023
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TABLE OF CONTENTS
Tickers ............................................................................................................................. 3
Key Facts ......................................................................................................................... 4
Company Overview ........................................................................................................5
Business Description .....................................................................................................6
Business Segments........................................................................................................7
History ........................................................................................................................... 10
Key Employee Biographies .........................................................................................23
Company View ..............................................................................................................30
Locations And Subsidaries .........................................................................................31
Swot Analysis ...............................................................................................................34
Top Competitors ...........................................................................................................37
Major Products & Services ..........................................................................................38
Financial Ratios - Capital Market Ratios ....................................................................39
Financial Ratios - Annual Ratios .................................................................................40
Financial Ratios - Interim Ratios .................................................................................42

Crawford & Co
Tickers
TICKERS
Company Name Crawford & Co

Ticker Symbol CRD.A
Stock Exchange New York Stock Exchange
Crawford & Co Page 3

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Crawford & Co
Key Facts
KEY FACTS
Head Office Crawford & Co

5335 Triangle Parkway
Atlanta
Georgia
Atlanta
Georgia
United States
Phone 1 404 3001000
Fax 1 404 8474028
Web Address www.crawco.com
Revenue / turnover (USD Mn) 1,231.2
Financial Year End December
Employees 10,400
New York Stock Exchange Ticker CRD.B

Crawford & Co
Company Overview
COMPANY OVERVIEW
Crawford & Co (Crawford) is a provider of claims management solutions to risk management and
insurance industry and self-insured companies. The company offers business process outsourcing,
claims, and consulting services for key product lines such as workers’ compensation claims, legal
settlement administration, property and casualty claims management, and medical management.
Crawford also provides risk management information systems software and services to corporate risk
managers to consolidate workers’ compensation, property, and liability claims data to analyze and
manage their losses and risk to exposures. Crawford serves the leading multinational insurance carriers,
brokers, local insurance firms, government entities, and Fortune companies. The company has a
presence in North America, Asia-Pacific and Europe regions. Crawford is headquartered in Atlanta,
Georgia, the US.
The company reported revenues of (US Dollars) US$1,231.2 million for the fiscal year ended December
2022 (FY2022), an increase of 8.1% over FY2021. In FY2022, the company’s operating margin was
1.2%, compared to an operating margin of 4.4% in FY2021. The net loss of the company was US$18.3
million in FY2022, compared to a net profit of US$30.7 million in FY2021.
The company reported revenues of US$337.7 million for the third quarter ended September 2023, an
increase of 1.2% over the previous quarter.

Crawford & Co
Business Description
BUSINESS DESCRIPTION
Crawford & Co (Crawford) is a provider of claims management solutions to insurance and risk
management, and self-insured entities. It offers claims management solutions, business process
outsourcing, and consulting services for workers’ compensation claims and medical management,
property and casualty claims management, and legal settlement administration. It serves the leading
multinational insurance carriers, brokers, local insurance firms, and Fortune companies worldwide.
Crawford operates in about 70 countries.
The company classifies its operations into four reportable segments: North America Loss Adjusting,
International Operations, Broadspire, and Platform Solutions.

Business Segments
BUSINESS SEGMENTS
Business
North America Loss Adjusting
Overview
Served property and casualty market in North America. Includes edjuster and Global Technical Services
in the US and Canada. Covers all services which were previously included in Crawford TPA Solutions
and Platform Solutions segments.
Performance
Reported revenue of US$274.8 million for FY2022, which grew 12.7% YoY, and reported a CAGR of
12.4% during 2020-22. Accounted for 23.1% of the company's revenue excluding reimbursements in
FY2022. Reported operating earnings of US$19.4 million in FY2022, which grew 29.4% YoY.
The increase in revenue was due to increase in client growth in US and Canada.
Key Stats
As of December 31, 2022:
Reported total assets of US$109.5 million.
International Operations
Overview
Serves property and casualty market outside North America. Includes Crawford Legal Services, Global
Technical Services and edjuster. Covers all international services which were previously included in
Crawford TPA Solutions and Platform Solutions segments.
Performance
Reported revenue of USD357.5 million for FY2022, which decreased 0.1% YoY, and reported a CAGR of
5.3% during 2020-22. Accounted for 30.1% of the company's revenue, excluding reimbursements, in
FY2022. Reported operating loss of USD13.3 million in FY2022, compared to operating earnings of
USD4.9 million in the previous year.
The slight decrease in revenue was due to foreign exchange impacts.
Key Stats

Crawford & Co
Broadspire
Overview
Offers third-party administration for employee compensation, disability absence management, auto and
liability, medical management, brokers and insurers, accident and health to brokers, insurers and
corporations in the US.
Performance
Reported revenue of US$313.6 million for FY2022, which grew 4.2% YoY, and reported a CAGR of 3.4%
during 2020-22. Accounted for 26.4% of the company's revenue, excluding reimbursements, in FY2022.
Reported operating earnings of US$27 million in FY2022, which grew 9% YoY.
The increase in revenue was due to increase in both new and old clients in more case activity.
Key Stats
Platform Solutions
Overview
Covers networks, contractor connection and subrogation service lines in the US. Includes network service
line of WeGoLook and Catastrophe operations.
Performance
FY2022. Reported operating earnings of US$35.7 million in FY2022, which grew 11.5% YoY.
The increase in revenue to rise in Networks and acquisition of Praxis Consulting.
Key Stats

Crawford & Co
Geography
All Other International
Performance
FY2022.
Canada
Performance
Reported revenue of US$97.8 million for FY2022, which grew 15.1% YoY, and reported a CAGR of 4.7%
during 2020-22. Accounted for 8.2% of the company's revenue excluding reimbursements in FY2022.
U.K.
Performance
Reported revenue of US$121.8 million for FY2022, which decreased 9.5% YoY, and reported a negative
CAGR of 2.7% during 2020-22. Accounted for 10.2% of the company's revenue excluding
reimbursements in FY2022.
U.S.
Performance
FY2022.

Crawford & Co
History
HISTORY
Contracts/Agreements
Year: 2023
In February, the company entered into a partnership with Hosta a.i. to deliver timely, dependable
information.
Year: 2022
In November, the company entered into an agreement with Assicurazioni Generali S.p.A. to provide
specialist cyber incident response and loss adjusting services globally.
Year: 2022
In May, the company entered into an agreement with British insurtech Automated Insurance Solutions to
help the country's automobile claims procedure go more quickly.
Corporate Changes/Expansions
Year: 2022
In January, the company established a new financial institutions team in the Middle East.
Asset Purchase
Year: 2022
In April, the company acquired the assets of Schaderegelingsburo R.P. van Dijk B.V.
Acquisitions/Mergers/Takeovers
Year: 2022
In July, the company acquired G. Risk, an investment firm.
Year: 2022

Crawford & Co
In April, the company entered into a partnership with Airkit to improve digital client experience and up to
20X speed up digital time to market
Year: 2022
In June, the company expanded its partnership with Hover Inc, which add on WeGoLook app to optimise
their workflow in one location.
Year: 2022
In May, the company entered into a partnership with Assicurazioni Generali S.p.A. to provide services
globally.
Year: 2022
In November, Crawford Contractor Connection entered into a partnership with Encircle to increase the
effectiveness of moisture data analytics.
New Products/Services
Year: 2021
In June, the company launched Crawford Forensic Accounting Services in Malaysia.
Year: 2021
In June, the company launched a Japanese desk in Bangkok, Thailand.
Year: 2021
In May, the company announced Godfrey and Company as its network partner in New Zealand.
Corporate Awards
Year: 2021

Crawford & Co
In April, the company’s division Contractor Connection was awarded J.D. Power Certification for fifth
consecutive year.
Year: 2021
In February, the company launched Asservio, a digital estimate review tool.
Year: 2021
In February, the company launched Crawford Inspection Services.
Year: 2021
In August, the company acquired edjuster, a technology-driven field and desktop contents claims
handling solutions company.
Year: 2021
In October, the company announced the acquisition of BosBoon Expertise Group B.V.
Year: 2021
In October, the company acquired Praxis Consulting Inc., a provider of outsourced subrogation claims
management and recovery services.
Year: 2021
In October, the company launched the SaaS offering of Asservio, a digital platform for estimate
management and claims processing.
Year: 2021

Crawford & Co
In December, the company announced the launch of Crawford Intelligent Fraud Detection.
Year: 2020
In November, the company established a cyber incident hub for the Central and Eastern Europe region.
Year: 2020
In October, the company launched Digital Assist, an online marketplace.
Year: 2020
In June, the company announced establishment of Crawford & Company Japan KK.
Year: 2020
In July, the company entered into an agreement with HOVER Inc.
Asset Disposal
Year: 2020
In June, the company announced its plans to sell 51% stake in Lloyd Warwick International, a specialist
loss consulting company based in London, the UK.
Year: 2020
In October, the company acquired Crawford Carvallo, an insurance company.
Year: 2020
In November, the company acquired HBA Group.

Crawford & Co
Year: 2019
In July, the company acquired Penta Expertise & Consult NV in Antwerp, Belgium.
Year: 2019
The company acquired a Global Technical Services business worth, US$2.4 million.
Year: 2018
In October, the company subsidiary, WeGoLook signed a partnership with Guidewire Software to
announce WeGoLook’s first Ready for Guidewire accelerator.
Year: 2018
The company acquired two Global Technical Services businesses, worth US$3.4 million.
Year: 2017
In January, the company acquired 85% stake in WeGoLook LLC, a provider of on-demand field
inspection and verification services, for about US$36.1 million.
Year: 2017
In May, the company announced to relocate its headquarters to Peachtree Corners, Georgia, the US.
Year: 2016
In March, the company partnered with Chubb to provide cyber enterprise response management
capabilities.
Corporate Awards

Crawford & Co
Year: 2015
Crawford & Company UK was awarded with two industry awards: Training Excellence & Impact –
Business Partner award, and Business Partner of the Year award at the 2014 Insurance Times
Awards.
Year: 2015
The company established a Global Business Services Center in Manila, Philippines.
Corporate Awards
Year: 2015
The company was recognized as a Top Employer in the Waterloo Region in Canada’s Top 100 Employer
competition for the exceptional workplaces in the Kitchener-Waterloo and Guelph area.
Year: 2015
The company introduced e-learning Tool to Promote Financial Risks Expertise in Australia.
Corporate Awards
Year: 2015
The company was recognized as an honoree for IDG’s CIO magazine’s 28th annual CIO 100 Awards.
Year: 2015
The company launched MyContractor, a free app for both Apple iOS and Android devices, which helps
the customers to request a qualified contractor and track the progress of project from their Smartphone
Year: 2015
The company introduced a new Financial Lines Claims Service for its European customers.

Crawford & Co
Year: 2015
The company introduced Crawford iQ, an information and communication technology (ICT) tool.
Corporate Awards
Year: 2014
In July, the company won Loss Adjuster of the Year 2013 award for its anti-fraud services.
New Product Approvals
Year: 2014
In July, the company launched Contractor Connection for management of building repair in the UK.
Corporate Awards
Year: 2014
The company was awarded with BPM Excellence Award for North America 2014 by Gartner.
Corporate Awards
Year: 2014
The company was awarded with the Annual Legal Department of the Year Award by Daily Report.
Others
Year: 2014
The company was listed among Georgia’s Top 50 Public Companies by Atlanta Business Chronicle.
Regulatory Approval
Year: 2014
The company was accredited to provide Lloyd’s volume claims service.
Plans/Strategy
Year: 2014
The company announced to acquire management and adjusting team of Horizon Adjusters Ltd.

Crawford & Co
Year: 2014
The company completed the acquisition of Buckley Scott, a UK�based international construction and
engineering adjuster.
Year: 2014
The company opened a office in Qatar.
Year: 2014
The company acquired GAB Robins Holdings UK Limited, a loss adjusting and claims management
provider.
Year: 2014
The company has acquired BCK, Inc.
Year: 2014
The company merged its Specialty Markets and Global Technical Services units into an expanded GTS
division.
Year: 2014
The company established third party administration hubs in Australia, Singapore, Hong Kong and
Canada.
Others
Year: 2013
The company deployed the latest innovative site assessment technology to efficiently manage claims for

Crawford & Co
insurers and the insured.
Others
Year: 2013
The company implemented a Command Center, which will help to reduce employer’s loss costs by
streamlining the claims process more effective and efficient.
Year: 2013
The company announced to join hands with management and adjusting team of Horizon Adjusters Ltd.,
based in Grande Prairie, Alberta.
Year: 2013
The company launched Crawford Specialty Markets, a new global offering to meet the unique needs of
clients requiring highly technical and specialized claims handling solutions.
Year: 2013
The company’s Crawford Global Technical Services launched a new mobile application, Crawford GTS
Search to provide expanded access for clients to GTS’ global database of expert technical insurance
claims specialists.
Corporate Awards
Year: 2013
The company won a Forrester Groundswell Award in the category of Business�to�Employee Mobility for
its Crawford CAT Connection proprietary event resource management system.
Year: 2013
The company agreed to acquire a majority stake in Lloyd Warwick International Limited, a specialist loss
consulting company based in London, the UK.
Corporate Awards

Crawford & Co
Year: 2012
The company’s subsidiary, Broadspire Services, Inc. was awarded with Case Management, Workers'
Compensation Utilization Management, Health Utilization Management, and Independent Review
Organization: Internal Review from URAC, a Washington based health care accrediting organization.
Corporate Awards
Year: 2012
The company won the Loss Adjuster of the Year and International Service Partner of the Year awards
during 2012 Insurance Times Awards.
Year: 2012
Crawford & Company (Canada) Inc., the Canadian subsidiary of the company announced plans to launch
Crawford Contractor Connection (CCC) for its R J Kiln & Co Limited business.
Year: 2012
Crawford Contractor Connection expanded its partnership with USAA, a financial services provider to
introduce the Home Improvement Network, an online service that connects USAA members with
professional contractors.
Year: 2012
The company through Crawford Contractor Connection also partnered with RedVector, a provider of
continuing education for the construction industry to develop and provide online training.
Year: 2012
The company introduced vehicle inspection application,, a self-service application for mobile devices
which offers customers a better experience with post-lease vehicle inspections.
Year: 2011

Crawford & Co
Crawford & Company Italia s.r.l., a subsidiary of the company, acquired Studio Bolton & Associati s.r.l., a
liability adjusting company.
Year: 2011
The Garden City Group, Inc, a subsidiary of the company, acquired Settlement Services, Inc., which
focuses on administering labor and employment class action settlements.
Corporate Awards
Year: 2010
The company won the Loss Adjuster of the Year award.
Corporate Awards
Year: 2010
The company won the Best Claims Administrator award.
Year: 2010
Crawford & Company Spain SA introduced two new brands, Broadspire and Crawford Global Technical
Services, in the Spanish market.
Year: 2006
The company acquired Broadspire, a third-party administrator to employers and insurance companies.
Year: 2005
The company merged with Godfrey & Company of New Zealand.
Year: 2002
The company acquired Robertson & Company Group, a claims adjusting company in Australia.

Crawford & Co
Year: 2001
Crawford’s risk control services formed an alliance with TropicalStormRisk (TSR) to provide long-range
forecasting for tropical cyclone strike numbers in the US, Japan, the Caribbean and Australia.
Year: 1999
The company acquired The Garden City Group, Inc., a provider of legal administration services for class
action settlements, legal noticing programs and bankruptcy cases based in the US.
Year: 1990
The company acquired Graham Miller Group Ltd., a leading independent loss adjustor in the UK.
Year: 1981
The company acquired Risk Science Group, a provider of a web based risk management information
system and software service.
Year: 1971
The company introduced a new 24/7 claims referral service, MAYDAY.
Stock Listings/IPO
Year: 1968
The company’s shares were floated on the New York Stock Exchange.
Year: 1967
The company opened offices in Canada, Puerto Rico, England, and US.

Crawford & Co
Year: 1957
The company opened an office in London.
Others
Year: 1946
The company executed an internal training program for employees, now called Crawford Educational
Services.
Incorporation/Establishment
Year: 1941
Crawford & Company was established.
Year: 1941
The company opened its first office in the Murrah Building, Columbus, Georgia, the US.

Crawford & Co
Key Employee Biographies
KEY EMPLOYEE BIOGRAPHIES
Dalerick M. Carden
Board:Senior Management
Job Title: Chief Accounting Officer, Senior Vice President
Age:53
Mr. Dalerick M. Carden is a Senior Vice President and Chief Accounting Officer of the company.
Previously, he served as Vice President and International Controller at the company from 2008 to 2014.
Michael J. Hoberman
Job Title: President-TPA, North America, Senior Vice President
Since:2022
Age:62
Veronica Grigg
Job Title: President-Asia
Benedict Burke
Job Title: Chief Client Officer-Global Client Development, Senior Vice President
Since:2016
Age:63
Mr. Benedict Burke has been a Vice President and Chief Client Officer for Global Client Development at
the company since 2016. Prior to this, he served in various positions at the company including Chief
Executive Officer for the UK and Ireland, Head of Crawford Global Markets, and Managing Director of the
UK General Insurance Business. Previously, he served as the Chief Operating Officer at GAB Robins UK.
Michelle Montgomery
Job Title: Chief Marketing Officer
Ms. Michelle Montgomery is the Chief Marketing Officer of the company. She joined the company in 2018.
Previously, she served as Vice President for Marketing Communications at Serta-Simmons Bedding.
Earlier, she worked with various marketing agencies. Ms. Michelle has about 30 years of experience in
marketing.

Crawford & Co
Tami E. Stevenson
Job Title: General Counsel, Corporate Secretary, Senior Vice President
Since:2020
Age:56
Roberto McQuattie
Job Title: President-Latin America
Ken Tolson
Job Title: Global President-Network Solutions
Since:2021
Nidhi Verma
Job Title: Chief-People and ESG Officer, Senior Vice President
Since:2022
Ms. Nidhi Verma has been the Chief of People and ESG Officer of the company since July 2022.
Previously, she worked as Consultant at various top fortune companies. She also served as Internal
Talent Practitioner at Aon Hewitt, LexisNexis, and Arthur Andersen.
Daniel Volk
Job Title: Chief Information Officer, Senior Vice President
Since:2020
Mr. Daniel Volk has been the Chief Information Officer and Senior Vice President of the company in 2020.
Prior to this, he worked within the Information Technology team of the company in 2015.
K Royal
Job Title: Chief Privacy Officer
Since:2023
Gabriel Garcia

Crawford & Co
Job Title: Country Manager – Peru
Since:2023
Jesse C. Crawford Jr.
Board:Non Executive Board

Job Title: Director
Since:2015
Age:33
Fernando Varas Ramos
Job Title: Country Manager – Chile
Since:2022
Jonathan Hubbard
Job Title: President - Australia
Since:2023
Charlotte Lau
Job Title: Regional Head- Operations and People Asia
Since:2023
Niels de Kock
Job Title: President-EMEA
Since:2023
Fred R. Donner

Job Title: Director
Since:2023
Greg Smith
Job Title: President-Canada

Crawford & Co
Graham Tolentino
Job Title: Country Manager-Philippines
Since:2022
Nathan Hannah
Job Title: Managing Director-Malaysia
Since:2022
Awais Farooq
Job Title: Senior Vice President-Strategy and Transformation, North America
Since:2022
Cameron Bready

Job Title: Director
Since:2022
W. Bruce Swain Jr.
Job Title: Chief Financial Officer, Executive Vice President
Since:2006
Age:59
Mr. W. Bruce Swain Jr has been the Chief Financial Officer and Executive Vice President of the company
since October 2006. He is also a Member of the American Institute of Certified Public Accountants,
Georgia Institute of Certified Public Accountants and Financial Executives International. Prior to this, he
served as a Senior Vice President and Controller of the company.
Charles H. Ogburn

Job Title: Director
Since:2009
Age:67
Larry C Thomas

Crawford & Co
Job Title: Executive Vice President, Global President – Platform Solutions

Since:2021
Age:61
D. Richard Williams

Job Title: Director
Since:2016
Age:66
Pat Van Bakel
Job Title: President-Loss Adjusting, North America, Senior Vice President
Since:2021
Age:51
Andrew Bart
Job Title: Chief Executive Officer-International Operations, Executive Vice President, Acting President-
Europe
Since:2022
Age:60
Mr. Andrew Bart has been the Executive Vice President and Chief Executive Officer, International
Operations of the company since March 2022. Previously, he served as the President and Chief
Executive Officer of Crawford Australia and as President of Crawford Asia Pacific.
Lisa Bartlett
Job Title: President-the UK & Ireland
Dame Inga K. Beale

Job Title: Director
Since:2020
Age:59
Jesse C. Crawford

Job Title: Director
Age:74

Crawford & Co
Lisa G. Hannusch

Job Title: Director
Since:2019
Age:59
Michelle E. Jarrard

Job Title: Chair
Since:2021
Age:55
Ms. Michelle E. Jarrard has been the Chair of the company since 2021 and its Director since 2018. Prior
to this, she served as Managing Director of GRA Venture Fund from 2016 to 2018. Previously, she
served as a Senior Partner at McKinsey & Company. Presently, she serves as Director of Lazard Ltd,
Inspire Brands, Gimme Inc, Axion Biosystems, and QUEST Renewables. She also serves as Chief
Executive Officer and President of BioCircuit Technologies, Inc.
Joseph O. Blanco
Board:Executive Board
Job Title: Director, President
Since:2020
Age:52
Rohit Verma
Board:Executive Board
Job Title: Chief Executive Officer, Director
Since:2020
Age:48
Mr. Rohit Verma has been the Chief Executive Officer and Director of the company since May 2020. Prior
to this, he served as the Global Chief Operating Officer of the company from 2017 to 2020. Previously, he
served as Regional Executive for south region of Zurich North America. He also served as Management
Consultant at McKinsey & Co and Deloitte Consulting in insurance and financial services.
Rahul Patel

Job Title: Director
Since:2017

Crawford & Co
Age:50

Crawford & Co
Company View
COMPANY VIEW
A joint statement by Mr. Rohit Verma, the Chief Executive Officer and Director, and Mr. Joseph Blanco,
the President and Director of Crawford & Co, is provided below. The statement has been taken from the
company’s 2022 10-K Report.
To our shareholders:
Crawford ended 2022 with a year of recordbreaking revenues, validating the strength of our technology
and people-focused strategy. In Platform Solutions and North America Loss Adjusting, we achieved
double-digit revenue growth and expanded margins, driven by the strategic investments we have been
making in the business. We are especially thankful to our teams that worked against all odds to deliver for
our customers during Hurricane Ian, Winter Storm Elliott, the floods in Australia and the winter freeze in
the U.K. It is times like these that give meaning to our work. Broadspire delivered another year of solid
top-line growth with healthy new business wins and pricing momentum. Our international business
remains challenged; however, we have taken specific actions to turn the business around in 2022 and
expect to see meaningful improvement in the first half of 2023.
In 2022, we returned to some level of normalcy. We welcomed our colleagues back into offices, and we
instated an agile work policy which allows employees and their managers to develop work schedules that
prioritize a healthy work-life balance. Our 2022 Pulse Survey reinforced that this was well-received; an
overwhelming majority of employees said that they felt that their managers had a sincere interest in their
personal wellbeing. We promoted Nidhi Verma to chief people and environmental, social and governance
(ESG) officer, and she will lead us in the next phase of our ESG journey. As COVID-19 is not yet behind
us completely, we continue to prioritize the health and wellbeing of our people in this emerging new
reality. We also welcomed Cameron Bready, president and chief operating officer of Global Payments, to
our board of directors; his unique perspective will help guide us towards our envisioned future.
The cultural shift towards empowerment and a growth mindset that we began in 2021 further evolved in
2022. Our managers around the globe completed the Manager Acceleration Program, and we have
received very positive feedback. We are seeing progress towards creating the kind of culture that sets
Crawford apart, and we are positioned to be the premier employer in the insurance industry. More
information about our ESG and people-focused initiatives will be detailed in our 2022 Global Citizenship
Report.
Throughout the year, we continued to deliver top quality, promptly with a focus on client needs and our
envisioned future. Building on our momentum, we are making strides on our long-term growth strategy,
which is built around our three pillars of differentiation: quality that sets the industry benchmark, expertise
that is deep and eminent, and digital that simplifies. Overall, we are encouraged by the robust growth
momentum going into 2023 and remain focused on ensuring that we deliver on earnings growth and
return to healthy margins across the business as the investments we have made in the strategic pillars
are realized. We look forward to another successful year ahead, fulfilling our purpose to restore lives,
businesses and communities and creating further value for our shareholders.

Crawford & Co
Locations And Subsidaries
LOCATIONS AND SUBSIDARIES
Head Office
Crawford & Co
5335 Triangle Parkway
Atlanta
Georgia
Atlanta
Georgia
USA
Phone:1 404 3001000
Fax:1 404 8474028
www.crawco.com
Other Locations and Subsidiaries
BosBoon Expertise Group B.V. Broadspire Services Inc

NLD 5335 Triangle Parkway NW
bosboon.nl Peachtree Corners
Georgia
Peachtree Corners
Georgia
USA
www.choosebroadspire.com
Crawford & Co Crawford & Co
118 Queen Street, Level 1, Vulcan Buildings
Auckland
Auckland
Auckland
Auckland
NZL
Phone:64 0800 692524
3165-114 Ave. S.E, Street 200 37 rue de la Victoire
Calgary Paris
Alberta Paris
Calgary FRA
Alberta
CAN
Phone:1 403 2663933
Fax:1 403 2624247
Abu Dhabi Mall Kotsu Kaikan 403, 2-10-1 Yurakucho
West Tower - Office 705 P.O. Box 114843 Chuo ku

Crawford & Co
Abu Dhabi Tokyo

Abu Dhabi Chuo ku
Abu Dhabi Tokyo
Abu Dhabi JPN
ARE Phone:81 3 55406698
Phone:971 2 622 8114 Fax:81 3 55406697
Fax:971 2 6228115
No.6 Shenton Way, OUE Downtown 2, #19-10 Talcahuano 750, Piso 5
Singapore City Buenos Aires
Singapore City Buenos Aires
SGP ARG
Phone:65 86464211 Phone:54 11 52181555
Fax:65 64380085 Fax:54 11 52181556
Floor 5 & 8 Lofstroms alle 5
Jhaver Plaza Building, 1A Numgambakam High Road Sundbyberg
Chennai Stockholm
Tamil Nadu Sundbyberg
Chennai Stockholm
Tamil Nadu SWE
IND
Phone:91 44 42144846
Fax:91 44 42144847
Crawford & Co Crawford & Co Canada Inc
Werdener Strasse 4 539 Riverbend Drive
Dusseldorf Kitchner
Dusseldorf Ontario
DEU Kitchner
Ontario
CAN
www.crawco.com
Crawford & Company (Australia) Pty Limited Crawford & Company Adjusters (UK) Limited
AUS 70 Mark Lane
London
England
London
England
GBR
www.crawco.co.uk
Crawford & Company Adjusters Limited Crawford & Company EMEA/A-P Holdings Limited
England GBR
England
GBR
Crawford & Company Financial Services Ltd. Crawford & Company International, Inc.
Cayman Islands Georgia

Crawford & Co
Cayman Islands Georgia

GBR USA
Crawford & Company Risk Services Investments Ltd Crawford Carvallo
London calle coyancura 2241 Of. 44
England Providencia
London Santiago
England Providencia
GBR Santiago
CHL
www.crawford-chile.cl/
edjuster Inc G. Risk
Suite 203 ESP
28 Concourse Gate
Ottawa
Ontario
Ottawa
Ontario
CAN
Phone:1 866 7795950
www.e-djuster.com
HBA Group Penta Expertise & Consult NV
AUS BEL
Risk Sciences Group, Inc. WeGoLook, LLC
1001 100 N.E. 5th Street
Summit Blvd. Oklahoma City
Atlanta Oklahoma
Georgia Oklahoma City
Atlanta Oklahoma
Georgia USA
USA Phone:1 855 2655665
Fax:1 856 4789326
www.wegolook.com

Crawford & Co
Swot Analysis
SWOT ANALYSIS
Crawford & Co (Crawford) provides claims management solutions to the risk management and insurance
industry. The customer base, geographical presence, and business performance of Broadspire are its
major strengths, even as the decline in geography performance in UK remains an area of concern.
Growing general insurance segment in the US, UK, and Canada will provide ample growth opportunities
for the company. However, currency fluctuations, cybersecurity attacks, and competition could affect the
company's business performance.
Strength Weakness
Geographical Presence Geography Performance: U.K.

Customer Base
Business Performance: Broadspire
Opportunity Threat
Growth in General Insurance Segment in Canada Competition

Growing General Insurance Segment in US Currency Fluctuations
Growing General Insurance Segment in UK Cybersecurity Attacks
Strength
Geographical Presence
Geographically diverse operations help Crawford mitigate the various risks associated with an
overdependence on a particular market. The company offers claims management services to the leading
multinational insurance carriers, brokers, local insurance firms, and Fortune companies worldwide. It
operates in more than 70 countries across North America, Europe, and Asia-Pacific regions. The
company classifies its operations into four regions, namely the US, the UK, Canada, and All Other
International. In FY2022, the US accounted for 61.7% of the company’s revenue excluding
reimbursements, followed by All Other International with 19.8%, the UK with 10.2%, and Canada with
8.2%, respectively.
Customer Base
Crawford caters to a broad range of customers. Crawford offers claims management solutions under
various brands, including Crawford, Broadspire, WeGoLook, and Contractor Connection. It serves
brokers, multinational insurance carriers, local insurance firms, and companies of the Fortune 1000. It
serves diverse customers various industries such as aviation, agriculture and food, technology, building
and construction, engineering, banking and finance, marine and transportation, mining, pharmaceutical,
media and entertainment, retail, power and energy, and telecommunications. A diversified customer base
insulates the company from the negative impact of a downturn in any particular industry.
Business Performance: Broadspire

Crawford & Co
The company’s Broadspire segment reported strong business performance in FY2022. The segment
accounted for 26.4% of the company’s revenue. During the year, the segment reported revenue of
USD313.6 million for FY2022, which grew 4.2% YoY, and reported a CAGR of 3.4% during 2020-22. The
segment's operating revenue increased by 9% to USD27 million in FY2022 from US$24,8 million in
FY2021.
Weakness
Geography Performance: U.K.
Crawford reported a decline in the performance of its U.K. geography segment, which could adversely
affect its overall business. In FY2022, the segment reported revenue of USD121.8 million for FY2022,
which decreased 9.5% YoY and reported a negative CAGR of 2.7% during 2020-22.
Opportunity
Growth in General Insurance Segment in Canada
The growth in the general insurance segment in Canada will enable the company to expand its insurance
business. According to in-house research, the gross written premium of the general insurance segment in
Canada is expected to reach CAD98,769 million in 2026. The general insurance segment is expected to
register growth due to an increase in property, motor liability insurance, and marine, aviation, and transit
insurance business lines.
Growing General Insurance Segment in US
The growth in the general insurance segment in the US will enable the company to expand its insurance
the US is expected to reach US$1,896.27 billion in 2024. The change in government following the 2020
US presidential election and the proposed investments in clean energy, infrastructure, and affordable
housing are expected to facilitate growth in general insurance classes such as property, motor, and
financial lines during the forecast period.
Growing General Insurance Segment in UK
The growth in the general insurance segment in the UK will enable the company to expand its insurance
the UK is expected to reach GBP67,272.9 million in 2025. The general insurance segment is expected to
register growth due to demand for liability, motor, and property lines of business and growth in insurance
penetration.
Threat

Crawford & Co
Competition
The global claims management solutions sector in the US is highly competitive. The company faces
competition from both domestic and foreign companies operating in the US. It competes with insurance
companies and self-insured entities offering workers’ compensation claims, legal settlement
administration, property and casualty claims management, and medical management, among others. A
few of its competitors include American Claims Management Inc, CorVel Corp, Marsh & McLennan
Companies Inc, Sedgwick Claims Management Services Inc, Solera Holdings LLC. Intense competition
from established players and consolidation of their claim’s management solutions could have a negative
impact on the company’s operations. Such highly competitive market could adversely affect company’s
profitability, if it fails to retain and attract new customers.
Currency Fluctuations
Unfavorable changes in foreign currency exchange rates are likely to increase the company’s expenses.
Crawford has operations in the US, UK, Canada, and Australia. The appreciation of non-reporting
currencies such as GBP, CAD, AUD, EUR over USD or vice versa could increase the company’s costs
and capital expenditure in Euro terms. In FY2022, the company recorded a loss of EUR30.5 million due to
currency translation differences. Currency fluctuations could lead to an increase in the company’s costs
or its capital expenditure.
Cybersecurity Attacks
Cybersecurity attacks pose a persistent threat to Crawford. The company faces the risk of malicious
actors targeting its systems and networks to gain unauthorized access, compromise sensitive data,
disrupt operations, and carry out nefarious activities such as ransomware attacks, phishing schemes, or
data breaches. Protecting against these cybersecurity threats requires robust security measures, ongoing
monitoring, and proactive response protocols to mitigate the potential impact on the company's
operations, reputation, and the security of the data it handles. Crawford must remain vigilant in adopting
effective cybersecurity practices to stay ahead of evolving threats in the digital landscape.

Crawford & Co
Top Competitors
TOP COMPETITORS
The following companies are the major competitors of Crawford & Co
American Claims Management, Inc.

CorVel Corp
Marsh & McLennan Companies Inc
Sedgwick Claims Management Services, Inc.
Solera Holdings LLC

Crawford & Co
Major Products & Services
MAJOR PRODUCTS & SERVICES

Crawford is a claims management solutions provider. The major services offered by the company include:
Services:
Property Services
Casualty Services
Educational Services
Loss Adjusting Services
Third-Party Administration Services
Medical Management Services
Auto Services
On-Demand Inspection Services
Liability Services
Large and Complex Losses
Private Client Services
Workers Compensation
Disability and Leave
Accident and Health
Cyber Risk
Forensic Accounting Services
Product Recall Services
Data and Analytics
Managed Repair
Catastrophe Response
Content Services
Environmental services
OSHA Recordkeeping services
Counter Fraud
Subrogation and Recovery
Legal Services
Directors and Officers Liability
24/7 Claims Intake
Global Client Development
Contact Center
Brands:
Broadspire
WeGoLook
Praxis Consulting
Crawford

Financial Ratios - Capital Market Ratios
Financial Ratios - Capital Market Ratios

Crawford & Co, Annual Ratios
Key Ratios 05-Jan-2024

P/E (Price/Earnings) Ratio 8.85
EV/EBITDA (Enterprise Value/Earnings Before Interest, Taxes, 19.33
Depreciation and Amortization)
Enterprise Value/Sales 0.65
Enterprise Value/Operating Profit 157.64
Enterprise Value/Total Assets 1.00
Dividend Yield 1.96
Source: Annual Report, Company Website, Primary and Secondary Research GlobalData

Financial Ratios - Annual Ratios
Financial Ratios - Annual Ratios

Crawford & Co, Annual Ratios
Key Ratios Unit/Currency 2018 2019 2020 2021 2022

Equity Ratios
EPS (Earnings per USD 0.78 0.45 0.72 0.57 0.11
Share)
Dividend per Share USD 0.20 0.20 0.17 0.24 0.18
Dividend Cover Absolute 3.91 2.27 4.22 2.37 0.63
Book Value per Share USD 3.10 2.99 3.50 4.09 2.56
Cash Value per Share USD 0.96 0.97 0.84 1.03 0.95
Profitability Ratios
Gross Margin % 28.05 28.14 27.44 25.61 24.88
Operating Margin % 4.83 3.28 3.04 4.43 1.25
Net Profit Margin % 2.31 1.19 2.78 2.69 -1.49
Profit Markup % 38.98 39.17 37.82 34.43 33.12
PBT Margin (Profit % 3.93 2.26 3.85 3.85 0.41
Before Tax)
Return on Equity % 15.17 7.84 15.14 14.48 -14.70
Return on Capital % 11.39 6.57 6.06 9.19 3.00
Employed
Return on Assets % 3.49 1.71 3.74 3.82 -2.23
Return on Fixed Assets % 142.80 40.95 22.11 36.17 12.08
Return on Working % 56.77 43.59 52.19 119.87 21.39
Capital
Growth Ratios
Sales Growth % -3.50 -6.71 -3.00 12.11 8.08
Operating Income % 5.68 -36.56 -10.20 63.17 -69.54
Growth
EBITDA Growth % 5.74 -23.79 -5.22 27.58 -43.21
Net Income Growth % -6.10 -51.94 126.64 8.47 -159.64
EPS Growth % -18.91 -41.82 57.59 -20.67 -79.95
Working Capital Growth % -16.03 -17.37 -25.00 -28.96 70.64
Cost Ratios
Operating Costs (% of % 95.17 96.72 96.96 95.57 98.75
Sales)
Administration Costs % 20.59 20.61 20.40 20.52 20.14
(% of Sales)
Liquidity Ratios
Current Ratio Absolute 1.42 1.33 1.24 1.14 1.26
Quick Ratio Absolute 1.42 1.33 1.24 1.14 1.26
Cash Ratio Absolute 0.24 0.22 0.18 0.18 0.16

Crawford & Co
Leverage Ratios
Debt to Equity Ratio Absolute 1.11 1.11 0.61 0.83 1.92
Net Debt to Equity Absolute 0.80 0.79 0.37 0.57 1.55
Debt to Capital Ratio Absolute 0.53 0.53 0.38 0.45 0.66
Efficiency Ratios
Asset Turnover Absolute 1.51 1.43 1.34 1.42 1.50
Fixed Asset Turnover Absolute 29.56 12.47 7.27 8.17 9.69
Current Asset Turnover Absolute 3.25 3.29 3.29 3.52 3.53
Capital Employed Absolute 2.36 2.00 1.99 2.08 2.40
Turnover
Working Capital Absolute 11.75 13.27 17.16 27.08 17.15
Turnover
Revenue per Employee USD 1,18,387.12
Net Income per USD -1,760.10
Employee
Capex to Sales % 2.67 2.02 3.68 2.72 2.81
R&D to Sales %

Financial Ratios - Interim Ratios
Financial Ratios - Interim Ratios

Crawford & Co, Interim Ratios
Key Ratios Unit/Currency September - June - March - December - September -

2023 2023 2023 2022 2022
EPS (Earnings per USD 0.25 0.17 0.22 -0.29 -0.31
Share)
Dividend per Share USD 0.07 0.06 0.06 0.06 0.06
Book Value per Share USD 3.36 3.10 2.94 2.56 3.37
Gross Margin % 28.32 25.96 26.47 25.20 24.05
Operating Margin % 6.96 5.35 6.29 5.91 -8.37
Net Profit Margin % 3.65 2.53 3.29 -4.23 -4.94
Profit Markup % 39.51 35.06 36.00 33.69 31.66
PBIT Margin (Profit % 1.30 0.00 0.00 0.00 0.00
Before Interest & Tax)
PBT Margin (Profit % 5.61 4.06 4.93 5.22 -9.31
Before Tax)
Operating Costs (% of % 93.04 94.65 93.72 94.09 108.37
Sales)
Administration Costs % 20.12 19.36 18.94 18.68 19.90
(% of Sales)
Interest Costs (% of % 1.23 0.00 0.00 0.00 0.00
Sales)
Current Ratio Absolute 1.31 1.30 1.29 1.26 1.30
Quick Ratio Absolute 1.31 1.30 1.29 1.26 1.30
Debt to Equity Ratio Absolute 1.33 1.60 1.74 1.92 1.58
Net Debt to Equity Absolute 1.03 1.29 1.44 1.55 1.38
Debt to Capital Ratio Absolute 0.41 0.46 0.47 0.47 0.48
Interest Coverage Absolute 105.21 0.00 0.00 0.00 0.00
Ratio

A Progressive Digital Media business
Crawford & Co
John Carpenter House, John Carpenter Street, London, United Kingdom, EC4Y 0AN
T: +44 (0) 203 377 3042 | F: +44 (0) 870 134 4371 | E: reachus@marketline.com | W: www.marketline.com

Crawford &amp; Co - United States, December 2023

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COMPANY PROFILE

REFERENCE CODE: 9FB449FD-3FEF-4B30-AF43-B84BAD1757B0

PUBLICATION DATE: 05 Dec 2023

EMISPDF in-auctus01 from 182.69.178.238 on 2024-02-01 19:43:55 GMT. DownloadPDF.

EMISPDF in-auctus01 from 182.69.178.238 on 2024-02-01 19:43:55 GMT. DownloadPDF.

Company Name Crawford & Co

Crawford & Co Page 3

Head Office Crawford & Co

Crawford & Co Page 4

Crawford & Co Page 5

Crawford & Co Page 6

North America Loss Adjusting

As of December 31, 2022:

Reported total assets of US$109.5 million.

The slight decrease in revenue was due to foreign exchange impacts.

EMISPDF in-auctus01 from 182.69.178.238 on 2024-02-01 19:43:55 GMT. DownloadPDF.

As of December 31, 2022:

Reported total assets of US$149.7 million.

As of December 31, 2022:

Reported total assets of US$72.2 million.

The increase in revenue to rise in Networks and acquisition of Praxis Consulting.

As of December 31, 2022:

Reported total assets of US$100.7 million.

Crawford & Co Page 8

All Other International

Crawford & Co Page 9

In July, the company acquired G. Risk, an investment firm.

Crawford & Co Page 10

In June, the company launched Crawford Forensic Accounting Services in Malaysia.

In June, the company launched a Japanese desk in Bangkok, Thailand.

Crawford & Co Page 11

In February, the company launched Asservio, a digital estimate review tool.

In February, the company launched Crawford Inspection Services.

Crawford & Co Page 12

In October, the company launched Digital Assist, an online marketplace.

In July, the company entered into an agreement with HOVER Inc.

In October, the company acquired Crawford Carvallo, an insurance company.

In November, the company acquired HBA Group.

Crawford & Co Page 13

Crawford & Co Page 14

The company established a Global Business Services Center in Manila, Philippines.

Crawford & Co Page 15

New Product Approvals

The company was accredited to provide Lloyd’s volume claims service.

Crawford & Co Page 16

The company opened a office in Qatar.

The company has acquired BCK, Inc.

Crawford & Co Page 17

insurers and the insured.

Crawford & Co Page 18

Crawford & Co Page 19

The company won the Loss Adjuster of the Year award.

The company won the Best Claims Administrator award.

The company merged with Godfrey & Company of New Zealand.

Crawford & Co Page 20

The company introduced a new 24/7 claims referral service, MAYDAY.

Crawford & Co Page 21

The company opened an office in London.

Crawford & Company was established.

Crawford & Co Page 22

Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES

Crawford & Co Page 23

Crawford & Co - United States, December 2023

Crawford & Co - United States, December 2023