Crawford & Company
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsCrawford & Company is a global claims management and outsourcing services provider to the property and casualty insurance industry, reporting mixed revenue but strong earnings growth in the latest quarter.
What they do
Crawford & Company provides claims adjusting, catastrophe services, and claims management solutions to insurance carriers and self-insured entities. The company operates through three segments: U.S. Property and Casualty, International Operations (including International Loss Adjusting and Crawford Legal Services), and Broadspire (claims management services). It also offers platform solutions such as Contractor Connection and GrafTech.
Revenue drivers
- U.S. Property and Casualty — Provides catastrophic (CAT) claims adjusting, staff augmentation, and Contractor Connection referrals. Q2 2026 revenues before reimbursements were $74.1M, down 10.2% year-over-year due to lower weather-related claims and referrals.
- International Operations — Includes loss adjusting and legal services across UK, Canada, Asia, Latin America, and other regions. Q2 2026 revenues before reimbursements were not explicitly isolated in the provided excerpt, but management cited weather-related claims volume in International as a driver of strong earnings growth.
- Broadspire — Provides claims management services (e.g., workers' compensation, liability, and disability) on a non-weather dependent basis. Management noted continued solid results in Q2 2026.
- Platform Solutions — Includes Contractor Connection and other technology-enabled referral networks. Q2 2026 revenue declined due to lower referrals.
Recent performance
For Q2 2026, net income was $13.4M, up 73% from $7.8M in Q2 2025, with diluted EPS of $0.27 per CRD-A share. Revenue before reimbursements decreased slightly to $321.4M from $323.0M. For the six months ended June 30, 2026, net income rose 27% to $18.4M on revenue of $631.0M, down 1% from $635.0M. Adjusted operating earnings rose 34% to $29.4M in Q2, and adjusted EBITDA rose 20% to $37.6M.
Strategy
Management emphasizes organic revenue growth and profitable market share gains, focusing on client-centricity and operational execution. The company aims to grow non-weather dependent revenue streams to improve operational resiliency. They reported winning nearly $22M in new business in Q2 2026 with an active pipeline. The Board approved a dividend increase to $0.08 per share, reflecting consistent profitability and cash generation.
Risks
- Weather-related revenue volatility — A decline in weather-related claims volume, especially in U.S. Property and Casualty and International, can materially reduce revenues, as seen in Q2 2026 U.S. segment decline.
- Customer concentration and outsourcing decisions — Loss of a material customer or a shift by insurance carriers to in-house claims handling could reduce referral volumes.
- Economic and geopolitical conditions — Changes in global economic conditions, tariffs, inflation, and geopolitical conflicts (e.g., Middle East, Russia/Ukraine) could impact client demand and cost recovery.
- Pension funding obligations — The company has defined benefit pension plans in the U.S., U.K., and other countries, and future funding requirements could strain cash flow.
Outlook
Management is confident in the company's direction despite a mixed claims environment, citing a strong rebound in Q2 and a healthy pipeline. They expect to continue focusing on non-weather dependent growth and operational execution. The dividend increase signals confidence in sustained profitability and cash generation.