Company: CRD-A
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001558370-25-004509
Chunk: 30

Company: CRAWFORD & CO
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 30
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 nor did it provide any services to, the Company other than the engagement by the Compensation Committee and, taking into account the six compensation consultant independence factors recommended by the SEC to guide companies in determining the independence of compensation consultants, the Compensation Committee concluded that the work of Pay Governance LLC did not raise any conflicts of interest that are required to be disclosed and provides the Compensation Committee with objective and independent compensation advisory services. Benchmarking For purposes of benchmarking 2024 compensation levels and target pay opportunities, compensation of the Company’s executive officers was benchmarked against target compensation for similar positions at a selected comparator group. As noted above, the Compensation Committee targets each element of compensation within a competitive range around the median, or midpoint, of compensation paid by such peer companies. Due to the limited number of direct competitors of the Company that are both publicly traded and in a similar line of business, the Compensation Committee worked with Pay Governance LLC to develop a customized benchmarking approach. In 2024, the Compensation Committee continued to use that multi-pronged approach to fully inform the Compensation Committee’s perspective. Where available, three data points were used across the following three categories:

| 1. | General Industry Survey Data (Size-Adjusted using revenue regression or tabular cuts to approximate Crawford’s annual revenues); and |

| 2. | Customized Business Services Industry Comparator Group; and |

| 3. | Insurance Industry Comparator Group (Companies with market cap between three-quarters to four times). |

20

#### The Customized Business Services Industry Comparator Group for 2024 was as follows:Agiliti, Inc.Barrett Business Services Inc.CBIZ, Inc.CorVel CorporationCross Country Healthcare, Inc.CSG Systems International, Inc.HireRight Holdings CorporationKforce Inc.Mistras Group, Inc.Resources ConnectionRobert Walters plcSThree plc​The Business Services Industry Comparator Group was updated in 2024 to remove DWF Group plc and StarTek, Inc. as they were both taken private, and add Agiliti, Inc. and Mistras Group, Inc.​Compensation and Risk ManagementThe Compensation Committee annually evaluates whether our executive compensation programs encourage excessive or unnecessary risk taking. The Compensation Committee believes that our executive compensation philosophy does not encourage excessive or unnecessary risk taking. By dividing our executives’ compensation into base salary, annual cash incentive compensation and long-term equity incentive compensation, the Compensation Committee believes it appropriately weighs the performance-based compensation our executives may earn between short-term and long-term goals. Additionally, both short-term and long-term incentive compensation award