Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 36

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 36
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 employment levels and workplace injury rates. Demand is also impacted by decisions insurance companies and self-insured entities make with respect to the level of claims outsourced to independent claim service firms as opposed to those handled by their own in-house claims adjusters. In addition, our ability to retain clients and maintain or increase case referrals is also dependent in part on our ability to continue to provide high-quality, competitively priced services and effective sales efforts.

We typically earn our revenues on an individual fee-per-claim basis for claims management services that we provide to insurance companies and self-insured entities. Accordingly, the volume of claim referrals to us is a key driver of our revenues. We cannot predict the future trend of case volumes for a number of reasons, including the frequency and severity of weather-related cases and the occurrence of natural and man-made disasters, which are a significant source of cases for us and are not subject to accurate forecasting.

Results of Operations

Executive Summary

Consolidated revenues before reimbursements were $1.293 billion in 2024, an increase of 2.0% compared with $1.267 billion in 2023. Net income attributable to the Company was $26.6 million in 2024, compared with net income of $30.6 million in 2023. 

Consolidated revenues before reimbursements increased $25.4 million, or 2.0%, in 2024, compared with 2023. This increase was due to new client growth in North America Loss Adjusting, International Operations, and Broadspire and pricing increases in all of our segments. This was partially offset by a weather-related reduction in our Platforms Solutions segment. Changes in foreign exchange rates decreased our consolidated revenues before reimbursements by $0.8 million, or 0.1%, for 2024 as compared with the prior year. 

    In thousands (except percentages)

    Based on actual exchange rates

    Based on exchange rates forDecember 31, 2023

    Year Ended December 31,
     
    2024

    2023

    Variance

    2024

    Variance

    Revenues:

    North America Loss Adjusting
     
    $
    312,158

    $
    303,629

    2.8
    %
     
    $
    313,506

    3.3
    %

    International Operations

    418,607

    382,393

    9.5