Crawford & Company is an international insurance services firm providing claims adjustment and risk management services to insurers and self-insured companies. Services include workers' compensation and property/casualty claims investigation, evaluation, and resolution; statistical and financial reporting; and medical case management. Subsidiaries provide class-action settlement services, property damage repairs, and computer-based risk management information services. Crawford & Company has more than 700 offices in more than 70 countries. Members of the Crawford family control the firm.
Crawford & Company operates through four segments: Americas (serving the property/casualty market in the US, Canada, Latin America, and the Caribbean); Europe, Middle East, Africa, Asia/Pacific (EMEA/AP); Broadspire (services for self-insured companies in the US); and Legal Settlement Administration (securities, bankruptcy, and other legal settlements markets). International business has been a growth driver for the group and accounts for a significant portion of its revenues.
The company has also been growing its vehicle services operations. In early 2011 it acquired online claims services firm ClaimHub, which provides vehicle damage appraisals and inspections. It has also launched a centralized claim center and manages a credentialed appraiser network.
Faced with turbulent markets and fewer claims, the group's insurance services businesses saw steep revenue declines and operating losses in 2009. Crawford & Company returned to profitability in 2010, buoyed by growth in its legal settlements business and an increase in weather claims from the Asia-Pacific region. In 2011 the company received a boost from its legal settlement work on the Gulf Coast Claims Facility, which is used to file claims related to the Deepwater Horizon oil spill. (That project is currently winding down, which will cause a decline in the company's earnings.)
Primarily due to the Gulf Coast Claims Facility, the company's saw growth in both revenues and profits in 2011. Revenues grew 9% to a record $1.2 billion, and net income grew 60% to $45.4 million. More weather-related claims in the Asia/Pacific region also helped the firm's bottom line. However, the company's expenses related to Hurricane Irene claims offset those gains. Also dragging on the company's earnings, Broadspire lost money in the past three years as a result of lower case volumes and the loss of a major client.
Crawford & Company provides technical training related to claims administration and health care management services to its employees at its Crawford Educational Services (CES) continuing education center at its Atlanta headquarters. It also offers online and correspondence courses.
Director Jesse Crawford owns 41% of the company's Class A shares and 52% of its Class B voting shares. – less
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