Equibles

8-K

CRAWFORD & CO (CRD-A)

8-K 2026-03-31 For: 2026-03-31
View Original
Added on April 06, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 31, 2026

CRAWFORD & COMPANY

(Exact Name of Registrant as Specified in Its Charter)

Georgia

(State or Other Jurisdiction of Incorporation)

1-10356 58-0506554
(Commission File Number) (IRS Employer Identification No.)
5335 Triangle Parkway, Peachtree Corners, Georgia 30092
(Address of Principal Executive Offices) (Zip Code)

(404) 300-1000

(Registrant's Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock — $1.00 Par Value CRD-A New York Stock Exchange, Inc.
Class B Common Stock — $1.00 Par Value CRD-B New York Stock Exchange, Inc.

Item 7.01. Regulation FD Disclosure

Segment Realignment

In connection with the realignment of management responsibilities on January 1, 2026, the Company updated its reportable segments. The Company's revised reportable segments are comprised of the following:

  • U.S. Property & Casualty, provides claims management services to insurance carriers and self-insured entities related to property and casualty losses. This is comprised of U.S. Loss Adjusting which includes Global Technical Services and Claims Solutions. This reportable segment also includes Networks which consists of the Contractor Connection and Catastrophe Services operations previously reported within the Platform Solutions Segment.
  • Broadspire, which provides third party administration for workers' compensation, auto and liability, disability management, medical management, and accident and health to corporations, brokers and insurers as well as subrogation services in the U.S. Broadspire includes the subrogation operations that were previously reported within the Platform Solutions Segment.
  • International Operations, which services the global property and casualty market outside the U.S., includes all operations within the U.K., Europe, Australia, Asia, Latin America and the Canadian operations that were previously reported within the North America Loss Adjusting segment.

The Company’s financial statements for the succeeding interim and annual periods will disclose the reportable segments under the new basis with prior periods restated to reflect the change. Attached hereto as Exhibit 99.1 and incorporated herein by this reference are the historical Results of Operations and Reportable Segment Information for 2025 and 2024 and for each quarter of 2025 and 2024 revised to conform to the current presentation of the Company’s reportable segments.

Segment Expenses

Our discussion and analysis of segment operating expenses is comprised of two components: "Direct Compensation, Fringe Benefits & Non-Employee Labor" and "Expenses Other Than Direct Compensation, Fringe Benefits & Non-Employee Labor."

"Direct Compensation, Fringe Benefits & Non-Employee Labor" includes direct compensation, payroll taxes, and benefits provided to the employees of each segment, as well as payments to outsourced service providers that augment our staff in each segment. As a service company, these costs represent our most significant and variable operating expenses.

In addition to allocated corporate and shared costs, "Expenses Other Than Direct Compensation, Fringe Benefits & Non-Employee Labor" includes travel and entertainment, office rent and occupancy costs, automobile expenses, office operating expenses, data processing costs, cost of risk, professional fees, and amortization and depreciation expense other than amortization of acquisition-related intangible assets.

As part of our segment realignment, costs of certain administrative functions such as aspects of management, sales and client development, and information technology that were previously included in "Direct Compensation, Fringe Benefits & Non-Employee Labor" in the Results of Operations and “Direct Compensation” in Reportable Segment Information are now recorded as indirect costs and allocated to each reportable segment and are included in "Expenses Other Than Direct Compensation, Fringe Benefits & Non-Employee Labor" in the Results of Operations and “Allocated corporate, shared services, and administrative costs” in the Reportable Segment Information.

Certain prior year and quarterly amounts among the Company's reportable segments have been reclassified to conform to the current presentation. These changes have no impact on the Company’s historical consolidated statements of operations, balance sheets, or cash flows.

Item 9.01. Financial Statements and Exhibits

(d) The following exhibits are being filed herewith:

Exhibit No. Description
99.1 Schedule of Revised Reportable Segment Data
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information contained in this current report on Form 8-K and in the accompanying exhibits shall not be incorporated by reference into any filing of the Company with the SEC, whether made before or after the date hereof, regardless of any general incorporation by reference language in such filing, unless expressly incorporated by specific reference to such filing. The information, including the exhibits hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CRAWFORD & COMPANY
(Registrant)
By: /s/ HOLLY B. BOUDREAU
Holly B. Boudreau
Executive Vice President -
Chief Financial Officer
Dated: March 31, 2026

EX-99.1

Exhibit 99.1

CRAWFORD & COMPANY
Results of Operations By Quarter (Unaudited)
Revised for Realignment of Reportable Segments
2025 Quarterly Period First Second Third Fourth Full Year
(Dollars in thousands)
Revenues:
U.S. Property and Casualty $ 82,190 $ 82,500 $ 76,227 $ 67,082 $ 307,999
Broadspire 103,672 108,158 110,618 107,903 430,351
International Operations 126,170 132,339 135,326 133,536 527,371
Total Revenues before reimbursements 312,032 322,997 322,171 308,521 1,265,721
Reimbursements 11,307 11,598 10,636 11,565 45,106
Total Revenues 323,339 334,595 332,807 320,086 1,310,827
Direct Compensation, Fringe Benefits & Non-Employee Labor:
U.S. Property and Casualty 50,788 51,000 47,170 46,173 195,131
% of related revenues before reimbursements 61.8 % 61.8 % 61.9 % 68.8 % 63.4 %
Broadspire 58,343 60,694 62,828 62,629 244,494
% of related revenues before reimbursements 56.3 % 56.1 % 56.8 % 58.0 % 56.8 %
International Operations 86,467 88,165 91,119 88,022 353,773
% of related revenues before reimbursements 68.5 % 66.6 % 67.3 % 65.9 % 67.1 %
Total 195,598 199,859 201,117 196,824 793,398
% of Revenues before reimbursements 62.7 % 61.9 % 62.4 % 63.8 % 62.7 %
Expenses Other than Direct Compensation, Fringe Benefits & Non-Employee Labor:
U.S. Property and Casualty 21,622 24,049 19,257 18,829 83,757
% of related revenues before reimbursements 26.3 % 29.2 % 25.3 % 28.1 % 27.2 %
Broadspire 33,352 33,262 32,504 33,497 132,615
% of related revenues before reimbursements 32.2 % 30.8 % 29.4 % 31.0 % 30.8 %
International Operations 37,483 36,843 36,555 38,804 149,685
% of related revenues before reimbursements 29.7 % 27.8 % 27.0 % 29.1 % 28.4 %
Total before reimbursements 92,457 94,154 88,316 91,130 366,057
% of Revenues before reimbursements 29.6 % 29.2 % 27.4 % 29.5 % 28.9 %
Reimbursements 11,307 11,598 10,636 11,565 45,106
Total 103,764 105,752 98,952 102,695 411,163
% of Revenues 32.1 % 31.6 % 29.7 % 32.1 % 31.4 %
Segment Operating Earnings:
U.S. Property and Casualty 9,780 7,451 9,800 2,080 29,111
% of related revenues before reimbursements 11.9 % 9.0 % 12.9 % 3.1 % 9.5 %
Broadspire 11,977 14,202 15,286 11,777 53,242
% of related revenues before reimbursements 11.6 % 13.1 % 13.8 % 10.9 % 12.4 %
International Operations 2,220 7,331 7,652 6,710 23,913
% of related revenues before reimbursements 1.8 % 5.5 % 5.7 % 5.0 % 4.5 %
(Deduct) Add:
Unallocated corporate and shared costs, net (6,133 ) (6,988 ) (6,147 ) (4,725 ) (23,993 )
Net corporate interest expense (3,944 ) (3,858 ) (3,788 ) (3,097 ) (14,687 )
Non-service pension costs (2,333 ) (2,354 ) (2,363 ) (2,363 ) (9,413 )
Stock option expense (184 ) (214 ) (52 ) (159 ) (609 )
Amortization of acquisition-related intangible assets (1,800 ) (1,825 ) (2,126 ) (2,680 ) (8,431 )
Restructuring and other costs, net — — — (13,996 ) (13,996 )
Contingent earnout adjustments (363 ) (80 ) (60 ) (34 ) (537 )
Income (loss) before income taxes 9,220 13,665 18,202 (6,487 ) 34,600
Provision for income taxes (2,480 ) (5,845 ) (5,813 ) (786 ) (14,924 )
Net income (loss) 6,740 7,820 12,389 (7,273 ) 19,676
Net (income) loss attributable to noncontrolling interests (56 ) (38 ) 19 33 (42 )
Net income (loss) attributable to shareholders of Crawford & Company $ 6,684 $ 7,782 $ 12,408 $ (7,240 ) $ 19,634
CRAWFORD & COMPANY
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Results of Operations By Quarter (Unaudited)
Revised for Realignment of Reportable Segments
2024 Quarterly Period First Second Third Fourth Full Year
(Dollars in thousands)
Revenues:
U.S. Property and Casualty $ 78,212 $ 85,320 $ 93,693 $ 108,617 $ 365,842
Broadspire 101,509 104,423 106,467 104,783 417,182
International Operations 121,933 124,484 129,215 133,854 509,486
Total Revenues before reimbursements 301,654 314,227 329,375 347,254 1,292,510
Reimbursements 11,419 12,626 13,351 11,064 48,460
Total Revenues 313,073 326,853 342,726 358,318 1,340,970
Direct Compensation, Fringe Benefits & Non-Employee Labor:
U.S. Property and Casualty 50,256 54,931 60,893 75,224 241,304
% of related revenues before reimbursements 64.3 % 64.4 % 65.0 % 69.3 % 66.0 %
Broadspire 57,384 58,343 59,983 60,371 236,081
% of related revenues before reimbursements 56.5 % 55.9 % 56.3 % 57.6 % 56.6 %
International Operations 82,513 82,075 86,596 88,500 339,684
% of related revenues before reimbursements 67.7 % 65.9 % 67.0 % 66.1 % 66.7 %
Total 190,153 195,349 207,472 224,095 817,069
% of Revenues before reimbursements 63.0 % 62.2 % 63.0 % 64.5 % 63.2 %
Expenses Other than Direct Compensation, Fringe Benefits & Non-Employee Labor:
U.S. Property and Casualty 22,284 24,997 22,649 22,180 92,110
% of related revenues before reimbursements 28.5 % 29.3 % 24.2 % 20.4 % 25.2 %
Broadspire 31,254 29,855 32,361 33,627 127,097
% of related revenues before reimbursements 30.8 % 28.6 % 30.4 % 32.1 % 30.5 %
International Operations 39,247 38,410 38,913 38,457 155,027
% of related revenues before reimbursements 32.2 % 30.9 % 30.1 % 28.7 % 30.4 %
Total before reimbursements 92,785 93,262 93,923 94,264 374,234
% of Revenues before reimbursements 30.8 % 29.7 % 28.5 % 27.1 % 29.0 %
Reimbursements 11,419 12,626 13,351 11,064 48,460
Total 104,204 105,888 107,274 105,328 422,694
% of Revenues 33.3 % 32.4 % 31.3 % 29.4 % 31.5 %
Segment Operating Earnings:
U.S. Property and Casualty 5,672 5,392 10,151 11,213 32,428
% of related revenues before reimbursements 7.3 % 6.3 % 10.8 % 10.3 % 8.9 %
Broadspire 12,871 16,225 14,123 10,785 54,004
% of related revenues before reimbursements 12.7 % 15.5 % 13.3 % 10.3 % 12.9 %
International Operations 173 3,999 3,706 6,897 14,775
% of related revenues before reimbursements 0.1 % 3.2 % 2.9 % 5.2 % 2.9 %
(Deduct) Add:
Unallocated corporate and shared costs, net (6,635 ) (3,548 ) (6,145 ) (10,169 ) (26,497 )
Net corporate interest expense (3,596 ) (4,256 ) (4,682 ) (4,328 ) (16,862 )
Non-service pension costs (2,473 ) (2,399 ) (2,441 ) (2,451 ) (9,764 )
Stock option expense (167 ) (139 ) (188 ) (80 ) (574 )
Amortization of acquisition-related intangible assets (1,868 ) (1,856 ) (1,932 ) (1,841 ) (7,497 )
Contingent earnout adjustments (151 ) (430 ) 2,128 (448 ) 1,099
Income before income taxes 3,826 12,988 14,720 9,578 41,112
Provision for income taxes (1,047 ) (4,486 ) (5,333 ) (3,717 ) (14,583 )
Net income 2,779 8,502 9,387 5,861 26,529
Net (income) loss attributable to noncontrolling interests 58 82 66 (139 ) 67
Net income attributable to shareholders of Crawford & Company $ 2,837 $ 8,584 $ 9,453 $ 5,722 $ 26,596
CRAWFORD & COMPANY
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Disaggregated Revenues Within Reportable Segments
By Quarter (Unaudited)
2025 Quarterly Period First Second Third Fourth Full Year
(Dollars in thousands)
U.S. Property & Casualty $ 82,190 $ 82,500 $ 76,227 $ 67,082 $ 307,999
Broadspire 103,672 108,158 110,618 107,903 430,351
International Operations 126,170 132,339 135,326 133,536 527,371
Total Revenues before Reimbursements $ 312,032 $ 322,997 $ 322,171 $ 308,521 $ 1,265,721
U.S. Property & Casualty
Global Technical Services $ 26,776 $ 26,481 $ 26,632 $ 22,924 $ 102,813
Claims Solutions 31,188 28,324 27,890 25,519 112,921
Contractor Connection 16,901 18,480 16,516 14,816 66,713
Catastrophe Services 7,325 9,215 5,189 3,823 25,552
Total U.S. Property & Casualty $ 82,190 $ 82,500 $ 76,227 $ 67,082 $ 307,999
Broadspire
Claims Management $ 49,654 $ 51,991 $ 53,383 $ 52,387 $ 207,415
Medical Management 46,730 48,626 50,018 49,070 194,444
Subrogation 7,288 7,541 7,217 6,446 28,492
Total Broadspire $ 103,672 $ 108,158 $ 110,618 $ 107,903 $ 430,351
International Operations
UK $ 44,342 $ 44,322 $ 45,476 $ 45,272 $ 179,412
Europe 26,184 27,369 26,801 28,893 109,247
Australia 19,048 21,607 24,116 21,864 86,635
Canada 21,776 23,269 22,473 21,635 89,153
Asia 6,167 7,236 8,077 7,643 29,123
Latin America 8,653 8,536 8,383 8,229 33,801
Total International Operations $ 126,170 $ 132,339 $ 135,326 $ 133,536 $ 527,371
CRAWFORD & COMPANY
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Disaggregated Revenues Within Reportable Segments
By Quarter (Unaudited)
2024 Quarterly Period First Second Third Fourth Full Year
(Dollars in thousands)
U.S. Property & Casualty $ 78,212 $ 85,320 $ 93,693 $ 108,617 $ 365,842
Broadspire 101,509 104,423 106,467 104,783 417,182
International Operations 121,933 124,484 129,215 133,854 509,486
Total Revenues before Reimbursements $ 301,654 $ 314,227 $ 329,375 $ 347,254 $ 1,292,510
U.S. Property & Casualty
Global Technical Services $ 24,636 $ 25,235 $ 27,460 $ 28,757 $ 106,088
Claims Solutions 28,888 28,594 28,395 29,314 115,191
Contractor Connection 16,945 18,118 17,051 15,472 67,586
Catastrophe Services 7,743 13,373 20,787 35,074 76,977
Total U.S. Property & Casualty $ 78,212 $ 85,320 $ 93,693 $ 108,617 $ 365,842
Broadspire
Claims Management $ 48,398 $ 49,858 $ 50,293 $ 50,248 $ 198,797
Medical Management 45,900 47,229 48,716 47,432 189,277
Subrogation 7,211 7,336 7,458 7,103 29,108
Total Broadspire $ 101,509 $ 104,423 $ 106,467 $ 104,783 $ 417,182
International Operations
UK $ 40,255 $ 41,420 $ 42,265 $ 44,417 $ 168,357
Europe 23,621 24,453 25,116 27,512 100,702
Australia 19,661 22,316 23,530 23,481 88,988
Canada 23,841 22,201 23,474 21,363 90,879
Asia 5,369 5,604 5,847 7,646 24,466
Latin America 9,186 8,490 8,983 9,435 36,094
Total International Operations $ 121,933 $ 124,484 $ 129,215 $ 133,854 $ 509,486
CRAWFORD & COMPANY
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Case Volume and Full Time Equivalent Data
By Quarter (Unaudited)
2025 Quarterly Period First Second Third Fourth Full Year
CASE VOLUME ANALYSIS
U.S. Property & Casualty 97,624 92,810 89,932 80,967 361,333
Broadspire 146,931 149,904 149,213 138,590 584,638
International Operations 140,964 135,673 126,230 139,339 542,206
Total Company 385,519 378,387 365,375 358,896 1,488,177
U.S. Property & Casualty
Global Technical Services 8,680 11,308 7,654 9,974 37,616
Claims Solutions 56,926 48,245 45,673 45,170 196,014
Contractor Connection 27,465 28,190 29,304 24,187 109,146
Catastrophe Services 4,553 5,067 7,301 1,636 18,557
Total U.S. Property & Casualty 97,624 92,810 89,932 80,967 361,333
Broadspire
Claims Management 99,251 99,171 102,302 93,537 394,261
Medical Management 38,212 41,449 40,307 38,013 157,981
Subrogation 9,468 9,284 6,604 7,040 32,396
Total Broadspire 146,931 149,904 149,213 138,590 584,638
International Operations
UK 31,081 27,691 27,616 30,632 117,020
Europe 47,163 45,597 40,827 54,528 188,115
Australia 8,496 13,979 10,154 8,206 40,835
Canada 23,659 25,094 23,974 22,465 95,192
Asia 7,097 8,083 8,194 8,499 31,873
Latin America 23,468 15,229 15,465 15,009 69,171
Total International Operations 140,964 135,673 126,230 139,339 542,206
AVERAGE FULL TIME EQUIVALENT EMPLOYEE DATA
U.S. Property & Casualty 1,811 1,822 1,713 1,672 1,755
Broadspire 2,841 2,879 2,901 2,940 2,890
International Operations 4,430 4,406 4,300 4,249 4,346
Administration 893 885 874 871 881
Total Company 9,975 9,992 9,788 9,732 9,872
CRAWFORD & COMPANY
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Case Volume and Full Time Equivalent Data
By Quarter (Unaudited)
2024 Quarterly Period First Second Third Fourth Full Year
CASE VOLUME ANALYSIS
U.S. Property & Casualty 101,363 99,849 110,058 106,033 417,303
Broadspire 145,587 148,643 150,640 138,725 583,595
International Operations 161,239 144,264 141,813 149,727 597,043
Total Company 408,189 392,756 402,511 394,485 1,597,941
U.S. Property & Casualty
Global Technical Services 7,986 8,514 9,491 9,528 35,519
Claims Solutions 28,364 28,046 27,216 26,371 109,997
Contractor Connection 33,069 29,138 31,360 28,137 121,704
Catastrophe Services 31,944 34,151 41,991 41,997 150,083
Total U.S. Property & Casualty 101,363 99,849 110,058 106,033 417,303
Broadspire
Claims Management 94,265 97,163 100,121 90,047 381,596
Medical Management 41,433 41,404 40,680 39,847 163,364
Subrogation 9,889 10,076 9,839 8,831 38,635
Total Broadspire 145,587 148,643 150,640 138,725 583,595
International Operations
UK 39,988 33,033 28,343 28,650 130,014
Europe 42,689 46,189 46,244 46,845 181,967
Australia 20,321 12,616 9,239 8,632 50,808
Canada 25,587 22,984 28,995 19,742 97,308
Asia 6,304 5,701 7,346 8,030 27,381
Latin America 26,350 23,741 21,646 37,828 109,565
Total International Operations 161,239 144,264 141,813 149,727 597,043
AVERAGE FULL TIME EQUIVALENT EMPLOYEE DATA
U.S. Property & Casualty 1,939 1,962 2,106 2,253 2,065
Broadspire 2,750 2,760 2,808 2,843 2,790
International Operations 4,453 4,530 4,546 4,524 4,513
Administration 827 851 873 893 861
Total Company 9,969 10,103 10,333 10,513 10,229
CRAWFORD & COMPANY
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Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
Three Months Ended March 31, 2025
U.S. Property & Casualty Broadspire International<br>Operations Total
(Dollars In thousands)
Revenues before reimbursements $ 82,190 $ 103,672 $ 126,170 $ 312,032
Less:
Segment Expenses:
Compensation 41,563 45,051 65,619 152,233
Benefits and payroll taxes 7,673 10,383 12,319 30,375
Non-employee labor 1,552 2,909 8,529 12,990
Total Compensation 50,788 58,343 86,467 195,598
Office rent and occupancy 1,167 2,154 4,136 7,457
Other office operating expense (1) 3,790 3,468 8,316 15,574
Depreciation 1,803 1,447 1,008 4,258
Professional fees 574 4,239 2,384 7,197
Cost of risk 142 1,072 (335 ) 879
Other, net (2) 831 304 1,876 3,011
Total Other Operating Expense 8,307 12,684 17,385 38,376
Allocated corporate, shared services, and administrative costs (3) 13,315 20,668 20,098 54,081
Total Segment Expenses 72,410 91,695 123,950 288,055
Segment Operating Earnings $ 9,780 $ 11,977 $ 2,220 $ 23,977
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4) (6,133 )
Net corporate interest expense (3,944 )
Non-service pension costs (2,333 )
Stock option expense (184 )
Amortization of acquisition-related intangible assets (1,800 )
Contingent earnout adjustments (363 )
Income before income taxes 9,220
Income taxes (2,480 )
Net Income 6,740
Net Income Attributable to Noncontrolling Interests (56 )
Net Income Attributable to Shareholders of Crawford & Company $ 6,684

(1) Other office and operating expenses include travel and entertainment, automobile expenses, office operating expenses and data processing costs.

(2) Other, net primarily includes bank service charges and advertising expenses.

(3) Allocated corporate, shared services, and administrative costs, comprise of expenses for administrative functions, including direct compensation, payroll taxes, and benefits which are allocated to each segment based on usage.

(4) Unallocated corporate and shared costs and credits represent expenses for the Company's chief executive officer and Board of Directors, certain adjustments to self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.

CRAWFORD & COMPANY
Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
Three Months Ended June 30, 2025
U.S. Property & Casualty Broadspire International<br>Operations Total
(Dollars In thousands)
Revenues before reimbursements $ 82,500 $ 108,158 $ 132,339 $ 322,997
Less:
Segment Expenses:
Compensation 41,545 47,026 68,387 156,958
Benefits and payroll taxes 7,601 10,622 12,471 30,694
Non-employee labor 1,854 3,046 7,307 12,207
Total Compensation 51,000 60,694 88,165 199,859
Office rent and occupancy 1,145 2,163 4,140 7,448
Other office operating expense (1) 3,787 3,317 8,574 15,678
Depreciation 1,817 1,448 1,074 4,339
Professional fees 533 4,995 821 6,349
Cost of risk 787 1,039 730 2,556
Other, net (2) 2,160 340 1,860 4,360
Total Other Operating Expense 10,229 13,302 17,199 40,730
Allocated corporate, shared services, and administrative costs (3) 13,820 19,960 19,644 53,424
Total Segment Expenses 75,049 93,956 125,008 294,013
Segment Operating Earnings $ 7,451 $ 14,202 $ 7,331 $ 28,984
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4) (6,988 )
Net corporate interest expense (3,858 )
Non-service pension costs (2,354 )
Stock option expense (214 )
Amortization of acquisition-related intangible assets (1,825 )
Contingent earnout adjustments (80 )
Income before income taxes 13,665
Income taxes (5,845 )
Net Income 7,820
Net Income Attributable to Noncontrolling Interests (38 )
Net Income Attributable to Shareholders of Crawford & Company $ 7,782
CRAWFORD & COMPANY
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Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
Three Months Ended September 30, 2025
U.S. Property & Casualty Broadspire International<br>Operations Total
(Dollars In thousands)
Revenues before reimbursements $ 76,227 $ 110,618 $ 135,326 $ 322,171
Less:
Segment Expenses:
Compensation 38,096 49,028 69,975 157,099
Benefits and payroll taxes 7,272 10,831 12,794 30,897
Non-employee labor 1,802 2,969 8,350 13,121
Total Compensation 47,170 62,828 91,119 201,117
Office rent and occupancy 1,119 2,154 4,228 7,501
Other office operating expense (1) 3,499 3,444 8,448 15,391
Depreciation 1,814 1,448 1,060 4,322
Professional fees 550 5,086 2,010 7,646
Cost of risk 558 793 1,257 2,608
Other, net (2) (1,077 ) (2 ) 189 (890 )
Total Other Operating Expense 6,463 12,923 17,192 36,578
Allocated corporate, shared services, and administrative costs (3) 12,794 19,581 19,363 51,738
Total Segment Expenses 66,427 95,332 127,674 289,433
Segment Operating Earnings $ 9,800 $ 15,286 $ 7,652 $ 32,738
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4) (6,147 )
Net corporate interest expense (3,788 )
Non-service pension costs (2,363 )
Stock option expense (52 )
Amortization of acquisition-related intangible assets (2,126 )
Contingent earnout adjustments (60 )
Income before income taxes 18,202
Income taxes (5,813 )
Net Income 12,389
Net Loss Attributable to Noncontrolling Interests 19
Net Income Attributable to Shareholders of Crawford & Company $ 12,408
CRAWFORD & COMPANY
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Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
Three Months Ended December 31, 2025
U.S. Property & Casualty Broadspire International<br>Operations Total
(Dollars In thousands)
Revenues before reimbursements $ 67,082 $ 107,903 $ 133,536 $ 308,521
Less:
Segment Expenses:
Compensation 37,965 48,807 67,293 154,065
Benefits and payroll taxes 7,259 10,913 12,972 31,144
Non-employee labor 949 2,909 7,757 11,615
Total Compensation 46,173 62,629 88,022 196,824
Office rent and occupancy 929 2,039 4,146 7,114
Other office operating expense (1) 3,460 3,458 8,752 15,670
Depreciation 1,670 1,424 1,066 4,160
Professional fees 558 4,572 2,102 7,232
Cost of risk 980 572 1,216 2,768
Other, net (2) (752 ) 347 2,492 2,087
Total Other Operating Expense 6,845 12,412 19,774 39,031
Allocated corporate, shared services, and administrative costs (3) 11,984 21,085 19,030 52,099
Total Segment Expenses 65,002 96,126 126,826 287,954
Segment Operating Earnings $ 2,080 $ 11,777 $ 6,710 $ 20,567
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4) (4,725 )
Net corporate interest expense (3,097 )
Non-service pension costs (2,363 )
Stock option expense (159 )
Amortization of acquisition-related intangible assets (2,680 )
Restructuring and other costs, net (13,996 )
Contingent earnout adjustments (34 )
Loss before income taxes (6,487 )
Income taxes (786 )
Net Loss (7,273 )
Net Loss Attributable to Noncontrolling Interests 33
Net Loss Attributable to Shareholders of Crawford & Company $ (7,240 )
CRAWFORD & COMPANY
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Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
Year Ended December 31, 2025
U.S. Property & Casualty Broadspire International<br>Operations Total
(Dollars In thousands)
Revenues before reimbursements $ 307,999 $ 430,351 $ 527,371 $ 1,265,721
Less:
Segment Expenses:
Compensation 159,169 189,912 271,274 620,355
Benefits and payroll taxes 29,805 42,749 50,556 123,110
Non-employee labor 6,157 11,833 31,943 49,933
Total Compensation 195,131 244,494 353,773 793,398
Office rent and occupancy 4,360 8,510 16,650 29,520
Other office operating expense (1) 14,536 13,687 34,090 62,313
Depreciation 7,104 5,767 4,208 17,079
Professional fees 2,215 18,892 7,317 28,424
Cost of risk 2,467 3,476 2,868 8,811
Other, net (2) 1,162 989 6,417 8,568
Total Other Operating Expense 31,844 51,321 71,550 154,715
Allocated corporate, shared services, and administrative costs (3) 51,913 81,294 78,135 211,342
Total Segment Expenses 278,888 377,109 503,458 1,159,455
Segment Operating Earnings $ 29,111 $ 53,242 $ 23,913 $ 106,266
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4) (23,993 )
Net corporate interest expense (14,687 )
Non-service pension costs (9,413 )
Stock option expense (609 )
Amortization of acquisition-related intangible assets (8,431 )
Restructuring and other costs, net (13,996 )
Contingent earnout adjustments (537 )
Income before income taxes 34,600
Income taxes (14,924 )
Net Income 19,676
Net Income Attributable to Noncontrolling Interests (42 )
Net Income Attributable to Shareholders of Crawford & Company $ 19,634
CRAWFORD & COMPANY
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Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
Three Months Ended March 31, 2024
U.S. Property & Casualty Broadspire International<br>Operations Total
(Dollars In thousands)
Revenues before reimbursements $ 78,212 $ 101,509 $ 121,933 $ 301,654
Less:
Segment Expenses:
Compensation 40,335 44,110 64,548 148,993
Benefits and payroll taxes 8,055 10,146 12,406 30,607
Non-employee labor 1,866 3,128 5,559 10,553
Total Compensation 50,256 57,384 82,513 190,153
Office rent and occupancy 1,183 2,338 4,646 8,167
Other office operating expense (1) 3,065 3,058 8,442 14,565
Depreciation 1,720 1,291 909 3,920
Professional fees 416 4,206 2,783 7,405
Cost of risk 577 708 945 2,230
Other, net (2) 1,298 202 2,231 3,731
Total Other Operating Expense 8,259 11,803 19,956 40,018
Allocated corporate, shared services, and administrative costs (3) 14,025 19,451 19,291 52,767
Total Segment Expenses 72,540 88,638 121,760 282,938
Segment Operating Earnings $ 5,672 $ 12,871 $ 173 $ 18,716
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4) (6,635 )
Net corporate interest expense (3,596 )
Non-service pension costs (2,473 )
Stock option expense (167 )
Amortization of acquisition-related intangible assets (1,868 )
Contingent earnout adjustments (151 )
Income before income taxes 3,826
Income taxes (1,047 )
Net Income 2,779
Net Loss Attributable to Noncontrolling Interests 58
Net Income Attributable to Shareholders of Crawford & Company $ 2,837
CRAWFORD & COMPANY
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Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
Three Months Ended June 30, 2024
U.S. Property & Casualty Broadspire International<br>Operations Total
(Dollars In thousands)
Revenues before reimbursements $ 85,320 $ 104,423 $ 124,484 $ 314,227
Less:
Segment Expenses:
Compensation 44,657 45,042 64,062 153,761
Benefits and payroll taxes 8,090 10,204 12,222 30,516
Non-employee labor 2,184 3,097 5,791 11,072
Total Compensation 54,931 58,343 82,075 195,349
Office rent and occupancy 1,040 2,353 4,043 7,436
Other office operating expense (1) 3,789 2,975 8,525 15,289
Depreciation 1,674 1,196 861 3,731
Professional fees 529 4,368 3,020 7,917
Cost of risk 216 625 1,287 2,128
Other, net (2) 2,458 348 2,096 4,902
Total Other Operating Expense 9,706 11,865 19,832 41,403
Allocated corporate, shared services, and administrative costs (3) 15,291 17,990 18,578 51,859
Total Segment Expenses 79,928 88,198 120,485 288,611
Segment Operating Earnings $ 5,392 $ 16,225 $ 3,999 $ 25,616
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4) (3,548 )
Net corporate interest expense (4,256 )
Non-service pension costs (2,399 )
Stock option expense (139 )
Amortization of acquisition-related intangible assets (1,856 )
Contingent earnout adjustments (430 )
Income before income taxes 12,988
Income taxes (4,486 )
Net Income 8,502
Net Loss Attributable to Noncontrolling Interests 82
Net Income Attributable to Shareholders of Crawford & Company $ 8,584
CRAWFORD & COMPANY
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Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
Three Months Ended September 30, 2024
U.S. Property & Casualty Broadspire International<br>Operations Total
(Dollars In thousands)
Revenues before reimbursements $ 93,693 $ 106,467 $ 129,215 $ 329,375
Less:
Segment Expenses:
Compensation 49,567 46,432 67,201 163,200
Benefits and payroll taxes 8,352 10,399 11,734 30,485
Non-employee labor 2,974 3,152 7,661 13,787
Total Compensation 60,893 59,983 86,596 207,472
Office rent and occupancy 1,134 2,319 4,575 8,028
Other office operating expense (1) 3,854 3,233 8,728 15,815
Depreciation 1,614 1,159 893 3,666
Professional fees 487 4,789 2,934 8,210
Cost of risk 619 1,379 1,042 3,040
Other, net (2) 1,249 152 2,441 3,842
Total Other Operating Expense 8,957 13,031 20,613 42,601
Allocated corporate, shared services, and administrative costs (3) 13,692 19,330 18,300 51,322
Total Segment Expenses 83,542 92,344 125,509 301,395
Segment Operating Earnings $ 10,151 $ 14,123 $ 3,706 $ 27,980
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4) (6,145 )
Net corporate interest expense (4,682 )
Non-service pension costs (2,441 )
Stock option expense (188 )
Amortization of acquisition-related intangible assets (1,932 )
Contingent earnout adjustments 2,128
Income before income taxes 14,720
Income taxes (5,333 )
Net Income 9,387
Net Loss Attributable to Noncontrolling Interests 66
Net Income Attributable to Shareholders of Crawford & Company $ 9,453
CRAWFORD & COMPANY
--- --- --- --- --- --- --- --- --- --- ---
Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
Three Months Ended December 31, 2024
U.S. Property & Casualty Broadspire International<br>Operations Total
(Dollars In thousands)
Revenues before reimbursements $ 108,617 $ 104,783 $ 133,854 $ 347,254
Less:
Segment Expenses:
Compensation 62,931 47,041 68,558 178,530
Benefits and payroll taxes 9,470 10,557 11,944 31,971
Non-employee labor 2,823 2,773 7,998 13,594
Total Compensation 75,224 60,371 88,500 224,095
Office rent and occupancy 1,057 2,428 4,359 7,844
Other office operating expense (1) 3,931 3,320 8,972 16,223
Depreciation 2,081 1,154 857 4,092
Professional fees 716 4,795 3,357 8,868
Cost of risk 415 3,827 1,586 5,828
Other, net (2) 676 61 (638 ) 99
Total Other Operating Expense 8,876 15,585 18,493 42,954
Allocated corporate, shared services, and administrative costs (3) 13,304 18,042 19,964 51,310
Total Segment Expenses 97,404 93,998 126,957 318,359
Segment Operating Earnings $ 11,213 $ 10,785 $ 6,897 $ 28,895
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4) (10,169 )
Net corporate interest expense (4,328 )
Non-service pension costs (2,451 )
Stock option expense (80 )
Amortization of acquisition-related intangible assets (1,841 )
Contingent earnout adjustments (448 )
Income before income taxes 9,578
Income taxes (3,717 )
Net Income 5,861
Net Income Attributable to Noncontrolling Interests (139 )
Net Income Attributable to Shareholders of Crawford & Company $ 5,722
CRAWFORD & COMPANY
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Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
Year Ended December 31, 2024
U.S. Property & Casualty Broadspire International<br>Operations Total
(Dollars In thousands)
Revenues before reimbursements $ 365,842 $ 417,182 $ 509,486 $ 1,292,510
Less:
Segment Expenses:
Compensation 197,490 182,625 264,369 644,484
Benefits and payroll taxes 33,967 41,306 48,306 123,579
Non-employee labor 9,847 12,150 27,009 49,006
Total Compensation 241,304 236,081 339,684 817,069
Office rent and occupancy 4,414 9,438 17,623 31,475
Other office operating expense (1) 14,639 12,586 34,667 61,892
Depreciation 7,089 4,800 3,520 15,409
Professional fees 2,148 18,158 12,094 32,400
Cost of risk 1,827 6,539 4,860 13,226
Other, net (2) 5,681 763 6,130 12,574
Total Other Operating Expense 35,798 52,284 78,894 166,976
Allocated corporate, shared services, and administrative costs (3) 56,312 74,813 76,133 207,258
Total Segment Expenses 333,414 363,178 494,711 1,191,303
Segment Operating Earnings $ 32,428 $ 54,004 $ 14,775 $ 101,207
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4) (26,497 )
Net corporate interest expense (16,862 )
Non-service pension costs (9,764 )
Stock option expense (574 )
Amortization of acquisition-related intangible assets (7,497 )
Contingent earnout adjustments 1,099
Income before income taxes 41,112
Income taxes (14,583 )
Net Income 26,529
Net Loss Attributable to Noncontrolling Interests 67
Net Income Attributable to Shareholders of Crawford & Company $ 26,596

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