Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 60

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 60
---
     
    38,969
     
    32,709
     
    19.1%
     
    39,524
     
    20.8%

    Total North America Loss Adjusting Operating Earnings
     
    $23,185
     
    $19,108
     
    21.3%
     
    $23,186
     
    21.3%

    Gross profit margin
     
    20.5%
     
    18.9%
     
    1.6%
     
    20.4%
     
    1.5%

    Operating margin
     
    7.6%
     
    7.0%
     
    0.6%
     
    7.5%
     
    0.5%

Revenues before Reimbursements

North 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, 2022

    Year Ended December 31,
     
    2023

    2022

    Variance

    2023

    Variance

    U.S.
     
    $
    207,255

    $
    176,989

    17.1
    %
     
    $
    207,255

    17.1
    %

    Canada

    96,374

    97,766

    (1.4
    )%

    99,950

    2.2
    %

    Total North America Loss Adjusting Revenues before Reimbursements
     
    $
    303,629

    $
    274,755

    10.5
    %
     
    $
    307,205

    11.8
    %

Revenues before reimbursements from our North America Loss Adjusting segment totaled $303.6 million in 2023, compared with $274.8 million in the 2022 period. 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