Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 210

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 210
---
    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 Adjusting segment revenues by (1.3)%, or $(3.6) million, for 2023 as compared with 2022. Absent foreign exchange rate fluctuations, North America Loss Adjusting segment revenues would have been $307.2 million for 2023. There was a decrease in segment unit volume, measured principally by cases received, of (6.0)% for 2023, compared with 2022, due to a change in the mix of services provided and reduction in high-frequency, low-severity cases that were present in the prior year. There was also a $2.3 million increase in revenues within our U.S. and Canada service lines related to income earned which offsets the costs of managing the funds maintained to administer claims for certain of our customers, for which no cases are received, or 0.8% of the increase in revenues. Changes in product mix and in the rates charged for those services accounted for a 7.4% revenue increase for the year ended 2023 compared with 2022.

The increase in revenues in the U.S. for 2023 was due to an increase in both Field Operations and