Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 195

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 195
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 America Loss Adjusting revenues are primarily derived from the property and casualty insurance company markets in the U.S. and Canada. Revenues before reimbursements by major region, based on actual exchange rates and using a constant exchange rate were as follows:

    In thousands (except percentages)

    Based on actual exchange rates

    Based on exchange ratesfor December 31, 2023

    Year Ended December 31,
     
    2024

    2023

    Variance

    2024

    Variance

    U.S.
     
    $
    221,279

    $
    207,255

    6.8
    %
     
    $
    221,279

    6.8
    %

    Canada

    90,879

    96,374

    (5.7
    )%

    92,227

    (4.3
    )%

    Total North America Loss Adjusting Revenues before Reimbursements
     
    $
    312,158

    $
    303,629

    2.8
    %
     
    $
    313,506

    3.3
    %

Revenues before reimbursements from our North America Loss Adjusting segment totaled $312.2 million in 2024, compared with $303.6 million in 2023. This increase was due to increased business in the U.S. from both new and existing clients and pricing increases. The change in exchange rates decreased our North America Loss Adjusting segment revenues by (0.5)%, or $(1.3) million, for 2024 as compared with 2023. Absent foreign exchange rate fluctuations, North America Loss Adjusting segment revenues would have been $313.5 million for 2024. There was a decrease in segment unit volume, measured principally by cases received, of (12.4)% for 2024, compared with 2023. This includes a decrease in high-frequency, low-severity cases received in Contractor Connection in Canada of 35,800 or 12.9%. Changes in product mix and in the rates charged for those services accounted for a 2.8% revenue increase for the year ended 2024 compared with 2023.

The increase in revenues in the U.S. for 2024 was due primarily to an increase in Global Technical Services, as a result of an increase in expert adjusting staff, increased business