# EDGAR Filing Document

**Accession Number:** 0000025475
**File Stem:** 0001193125-26-085465
**Filing Date:** 2026-3
**Character Count:** 582599
**Document Hash:** 22e73e626d4f22b9fb73455ee2d88b5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-085465.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001193125-26-085465

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 135

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CRAWFORD & CO
- **CENTRAL INDEX KEY:** 0000025475
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 580506554
- **STATE OF INCORPORATION:** GA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10356
- **FILM NUMBER:** 26707997

**BUSINESS ADDRESS:**
- **STREET 1:** 5335 TRIANGLE PARKWAY
- **CITY:** PEACHTREE CORNERS
- **STATE:** GA
- **ZIP:** 30092
- **BUSINESS PHONE:** 4043001000

**MAIL ADDRESS:**
- **STREET 1:** 5335 TRIANGLE PARKWAY
- **CITY:** PEACHTREE CORNERS
- **STATE:** GA
- **ZIP:** 30092

?xml version='1.0' encoding='ASCII'? 10-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D. C. 20549**

**Form** 10-K

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| | |
|:---|:---|
| ☒ | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the fiscal year ended** December 31**,** 2025 |
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the transition period from to**  |

---

**Commission file number** 1-10356

CRAWFORD & CO**MPANY**

*(Exact name of Registrant as specified in its charter)* 

---

| | |
|:---|:---|
| Georgia<br>*(State or other jurisdiction of incorporation or organization)* | 58-0506554<br>*(I.R.S. Employer Identification Number)* |
| 5335 Triangle Parkway**,** Peachtree Corners**,** Georgia<br> *(Address of principal executive offices)* | 30092<br> *(Zip Code)* |

---

**Registrant's telephone number, including area code**

**(**404**)** 300-1000

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of Each Exchange on Which Registered</u>** |
| Class A Common Stock — $1.00 Par Value | CRD-A | New York Stock Exchange |
| Class B Common Stock — $1.00 Par Value | CRD-B | New York Stock Exchange |

---

**Securities registered pursuant to Section 12(g) of the Act:**

**None**

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Yes ☐ No ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐

The aggregate market value of the Registrant's voting and non-voting common stock held by non-affiliates of the Registrant was $239,809,090 as of June 30, 2025, based upon the closing prices of such stock as reported on the NYSE on such date. For purposes hereof, beneficial ownership is determined under rules adopted pursuant to Section 13 of the Securities Exchange Act of 1934, and excludes voting and non-voting common stock beneficially owned by the directors and executive officers of the Registrant, some of whom may not be deemed to be affiliates upon judicial determination.

The number of shares outstanding of each class of the Registrant's common stock, as of February 26, 2026, was:

Class A Common Stock — $1.00 Par Value — 29,688,043 Shares

Class B Common Stock — $1.00 Par Value — 18,985,060 Shares

**Documents incorporated by reference:** 

Portions of the Registrant's proxy statement for its 2026 annual shareholders' meeting, which proxy statement will be filed within 120 days of the Registrant's year end, are incorporated by reference into Part III hereof.

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**CRAWFORD & COMPANY**

**FORM 10-K**

**For The Year Ended December 31, 2025**

**Table of Contents**

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| | | |
|:---|:---|:---|
| [**<u>PART I</u>**](#part_i) | [**<u>PART I</u>**](#part_i) | [**<u>PART I</u>**](#part_i) |
| Item 1. | [<u>Business</u>](#item_1___business) | 1 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a___risk_factors) | 6 |
| Item 1B. | [<u>Unresolved Staff Comments</u>](#item_1b___unresolved_staff_comments) | 14 |
| Item 1C. | [<u>Cybersecurity</u>](#item_1c_cybersecurity) | 14 |
| Item 2. | [<u>Properties</u>](#item_2_properties) | 16 |
| Item 3. | [<u>Legal Proceedings</u>](#item_3___legal_proceedings) | 16 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4___mine_safety_disclosures) | 16 |
| [**<u>PART II</u>**](#part_ii) | [**<u>PART II</u>**](#part_ii) | [**<u>PART II</u>**](#part_ii) |
| Item 5. | [<u>Market for the Registrant's Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities</u>](#item_5_market_for_registrants_common_equ) | 17 |
| Item 6. | [<u>Reserved</u>](#item_6_selected_financial_data) | 18 |
| Item 7. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7___managements_discussion_analysis) | 18 |
| Item 7A. | [<u>Quantitative and Qualitative Disclosures about Market Risk</u>](#item_7a_quantitative_qualitative_disclos) | 52 |
| Item 8. | [<u>Financial Statements and Supplementary Data</u>](#item_8__financial_statements_supplementa) | 54 |
| Item 9. | [<u>Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</u>](#item_9_changes_in_and) | 105 |
| Item 9A. | [<u>Controls and Procedures</u>](#item_9a_controls_and_procedures) | 105 |
| Item 9B. | [<u>Other Information</u>](#item_9b_other_information) | 106 |
| Item 9C. | [<u>Disclosure Regarding Foreign Jurisdictions That Prevent Inspections</u>](#item_9c_disclosure_regarding_foreign) | 106 |
| [**<u>PART III</u>**](#part_iii) | [**<u>PART III</u>**](#part_iii) | [**<u>PART III</u>**](#part_iii) |
| Item 10. | [<u>Directors, Executive Officers and Corporate Governance</u>](#item_10__directors_executive_ficers_corp) | 108 |
| Item 11. | [<u>Executive Compensation</u>](#item_11___executive_compensation) | 108 |
| Item 12. | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters</u>](#item_12___security_ownership_certain_ben) | 108 |
| Item 13. | [<u>Certain Relationships and Related Transactions, and Director Independence</u>](#item_13___certain_relationships_related_) | 108 |
| Item 14. | [<u>Principal Accountant Fees and Services</u>](#item_14__principal_accountant_fees_servi) | 108 |
| [**<u>PART IV</u>**](#part_iv) | [**<u>PART IV</u>**](#part_iv) | [**<u>PART IV</u>**](#part_iv) |
| Item 15. | [<u>Exhibits, Financial Statement Schedules</u>](#item_15__exhibits_financial_statement_sc) | 109 |
| Item 16. | [<u>Form 10-K Summary</u>](#item_16_form_10k_summary) | 110 |
|  | [<u>Signatures</u>](#signatures) | 111 |

---

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We use the terms "Crawford", "the Company", "the Registrant", "we", "us" and "our" to refer to the business of Crawford & Company, its subsidiaries, and variable interest entities.

**Cautionary Statement Concerning Forward-Looking Statements**

This report contains and incorporates by reference forward-looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Statements contained or incorporated by reference in this report that are not statements of historical fact are forward-looking statements made pursuant to the "safe harbor" provisions thereof. These statements may relate to, among other things, our expected future operating results and financial condition, our ability to grow our revenues and reduce our operating expenses, expectations regarding our anticipated contributions to our underfunded defined benefit pension plans, collectability of our billed and unbilled accounts receivable, financial results from our recent acquisitions, our continued compliance with the financial and other covenants contained in our financing agreements, and our other long-term capital resource and liquidity requirements. These statements may also relate to our business strategies, goals and expectations concerning our market position, future operations, margins, case volumes, profitability, contingencies, liquidity position, and capital resources. The words "anticipate", "believe", "could", "would", "should", "estimate", "expect", "intend", "may", "plan", "goal", "strategy", "predict", "project", "will" and similar terms and phrases, or the negatives thereof, identify forward-looking statements in this report and in the statements incorporated by reference in this report. These risks and uncertainties include, but are not limited to, those described in Part I, "Item 1A. Risk Factors" and elsewhere in this report and those described from time to time in our other reports filed with the Securities and Exchange Commission.

Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could prove to be incorrect. Our operations and the forward-looking statements related to our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially adversely affect our financial condition and results of operations, and whether the forward-looking statements ultimately prove to be correct. As a result, undue reliance should not be placed on any forward-looking statements. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements. Forward-looking statements speak only as of the date they are made and we undertake no obligation to publicly update any of these forward-looking statements in light of new information or future events.

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**PART I**

**ITEM 1. *BUSINESS***

Headquartered in Atlanta, Georgia, and founded in 1941, the Company is the world's largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations with an expansive global network serving clients in more than 70 countries. For the year ended December 31, 2025, the Company reported total revenues before reimbursements of $1.266 billion.

Shares of the Company's two classes of common stock are traded on the New York Stock Exchange ("NYSE") under the symbols CRD-A and CRD-B. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B), and protections for the non-voting Class A Common Stock (CRD-A). More information is available on the Company's website www.crawco.com. The information contained on, or hyperlinked from, the Company's website is not a part of, and is not incorporated by reference into, this report.

**DESCRIPTION OF SERVICES**

We deliver services to our clients through a geographic reporting structure consisting of four segments as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•North America Loss Adjusting, which services the North American property and casualty market, provides claims management services to insurance carriers and self-insured entities related to property and casualty losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•International Operations, which services the global property and casualty market in the U.K., Europe, Australia, Asia and Latin America. The International Operations include all operations within the respective countries, including Loss Adjusting and Crawford Legal Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Broadspire, which provides third party administration, medical management and technology solutions for workers' compensation, auto and liability, disability and accident claims to corporations, brokers and insurers in the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Platform Solutions provides services to the property and casualty insurance company markets and consumer markets through service lines known as Contractor Connection, Network Services, and Subrogation in the U.S. The Networks service line includes Catastrophe operations.

A significant portion of our revenues is derived from international operations. For a discussion of certain risks attendant to international operations, see Item 1A, "Risk Factors."

***NORTH AMERICA LOSS ADJUSTING.*** The North America Loss Adjusting segment accounted for 24.1% of our revenues before reimbursements in 2025. North America Loss Adjusting provides claims management and adjusting services to insurance carriers and self-insured entities in the U.S. and Canada related to property and casualty losses caused by physical damage to commercial and residential real property, certain types of personal property and marine losses. North America Loss Adjusting revenues are substantially derived from the insurance carrier market in the U.S. and Canada. Insurance companies customarily manage their own claims administration and adjusting functions, but often rely upon third-parties for certain services which we provide, primarily with respect to field investigation and the evaluation and resolution of property and casualty insurance claims. This is comprised of the Loss Adjusting operations in the U.S. and Canada, including Global Technical Services and Field Operations. Global Technical Services provides claims management services to insurance companies and self-insured entities related to large, complex losses with technical adjusting and industry experts servicing a broad range of industries, including commercial property, forensic accounting, forensic engineering, transportation, retail, building and construction, cyber and energy. The Canadian operations include all operations within that country, including third party administration and Contractor Connection.

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Claims management and adjusting services offered by our North America Loss Adjusting segment are provided to clients pursuant to a variety of different referral assignments which generally are classified by the underlying insured risk categories used by insurance companies. These major risk categories are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Property — losses caused by physical damage to commercial or residential real property and certain types of personal property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Public Liability — a wide range of non-automobile liability claims such as product liability; owners, landlords and tenants liabilities; and comprehensive general liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Automobile — all types of losses involving use of an automobile, including bodily injury, physical damage, medical payments, collision, fire, theft, and comprehensive liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Marine — losses relating to hull, machinery and cargo

***INTERNATIONAL OPERATIONS.*** The International Operations segment accounted for 34.6% of our revenues before reimbursements in 2025. International Operations provides claims management and adjusting services to insurance carriers and self-insured entities from the global property and casualty insurance company markets in the U.K., Europe, Australia, Asia and Latin America. International Operations revenues are substantially derived from the global insurance carrier market. Insurance companies customarily manage their own claims administration and adjusting functions, but often rely upon third-parties for certain services which we provide, primarily with respect to field investigation and the evaluation and resolution of property and casualty insurance claims.

The operations in each country include Loss Adjusting, Global Technical Services, third party administration, and, where applicable, Contractor Connection services. This segment also includes Legal Services, which provides legal services related to handling claims in certain regions.

***BROADSPIRE.*** Our Broadspire segment is a leading third party administrator that provides services to the U.S. casualty and disability insurance and self-insured markets. This segment accounted for 31.8% of our revenues before reimbursements in 2025. Through the Broadspire segment, we provide a complete range of claims and risk management services and technology solutions to corporations in the self-insured or commercially-insured marketplace inclusive of brokers and insurance companies. In addition to desktop claim adjusting and the evaluation of claims, Broadspire also offers initial loss reporting services for claimants; loss mitigation services, such as medical bill review, medical case management and vocational rehabilitation; risk management information services; and administration of loss funds established to pay claims. Broadspire services are provided through two major service lines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Claims Management service line includes workers' compensation, liability, property, accident & health ("A&H"), and disability claims management. A&H claims programs include accidental death and dismemberment, business travel, life, disability, critical illness and credit protection claims programs. Disability and leave management services include the handling of short and long term disability, FMLA (Family Medical Leave Act), ADA (Americans with Disabilities Act) and state leave claims designed to contain costs and improve employee productivity. Claims management services also includes legal services, risk management information and consultative analytical services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Medical Management service line applies evidence-based criteria, clinical expertise, and advanced technology to achieve optimal outcomes for clients' employees in a cost-effective manner. Case managers assess, plan, monitor and implement actions in the rehabilitation process for clients' employees by providing administration services and proactively managing medical treatments. Those services are designed to achieve optimal outcomes in a cost-effective manner, while allowing for a return to productivity. Medical bill review services involve the analysis of medical charges for clients' claims to identify opportunities for savings relative to fee schedules, usual and customary practices, provider networks and specialized programs. Physician review services are a diverse panel of vetted physician reviewers across a full spectrum of specialties that evaluate the medical necessity for medical services as well as causal relation determination.

***PLATFORM SOLUTIONS.*** The Platform Solutions segment accounted for 9.5% of our revenues before reimbursements in 2025. Platform Solutions provides services to the property and casualty insurance company and consumer markets in the U.S. through service lines known as Contractor Connection, Networks and Subrogation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contractor Connection provides a managed repair service using the largest independently managed contractor network in the insurance industry, with approximately 5,000 credentialed residential and commercial contractors. This innovative service provides a customer-centric solution for a wide range of loss types from high-frequency, low-complexity claims to large complex repairs, optimizing the time and work process needed to resolve property claims. Contractor Connection supports our business process outsourcing strategy by providing high-quality outsourced contractor management to national and regional personal and commercial insurance carriers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Networks consists of the following service lines: Catastrophe operations, which provides services to insurance companies on losses caused by all types of natural disasters, such as fires, hailstorms, hurricanes, earthquakes and floods, and man-made disasters such as oil spills, chemical releases, and explosions; and Staff Augmentation, which provides temporary staffing resources for our clients to address resource capacity needs due to weather volatility, staff shortages, and/or special projects where we provide dedicated property and casualty adjuster resources which are not measured by cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Subrogation service line provides outsourced subrogation claims management, recovery and consultative services in the U.S. for the property and casualty insurance industry.

**CUSTOMER CONCENTRATION**

From time to time, we derive a material portion of our revenues from a limited number of clients. No single customer accounts for 10% or more of our consolidated revenues for the years ended December 31, 2025, 2024, or 2023. However, for the year ended December 31, 2025, two customers in our Platform Solutions segment represented in excess of 10% of its revenues, and for each of the years ended December 31, 2024 and 2023, three customers in our Platform Solutions segment each represented in excess of 10% of its revenues. For the year ended December 31, 2023, our International Operations segment derived in excess of 10% of its revenues from one customer.

In the event we are not able to retain these significant relationships, or replace any lost revenues from such relationships, revenues and operating earnings within these segments could be materially adversely affected.

**INTELLECTUAL PROPERTY AND TRADEMARKS**

Our intellectual property portfolio is an important asset which we seek to expand and protect globally through a combination of trademarks, trade names, copyrights and trade secrets. We own a number of active trademark applications and registrations which expire at various times. As the laws of many countries do not protect intellectual property to the same extent as the laws of the U.S., we cannot ensure that we will be able to adequately protect our intellectual property assets outside of the U.S. The failure to protect our intellectual property assets could have a material adverse effect on our business; however, the loss of any single patent, trademark or service mark, taken alone, would not have a material adverse effect on any of our segments or on the Company as a whole.

**SERVICE DELIVERY**

Our claims management services are offered primarily through a global network serving clients in more than 70 countries. Contractor Connection services are offered by providing high-quality outsourced contractor management to national, regional and international clients. Catastrophe services are offered through a network of adjusters who are available to respond to natural and man-made catastrophic events and other staffing needs.

**COMPETITION**

The global claims management services market is highly competitive and comprised of a large number of companies that vary in size and that offer a varied scope of services. The demand from insurance companies and self-insured entities for services provided by independent claims service firms like us is largely dependent on industry-wide claims volumes, which are affected by, among other things, the insurance underwriting cycle, weather-related events, general economic activity, supply chains, overall 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 compete with a substantial number of smaller local and regional claims management services firms. Many of these smaller firms have rate structures that are lower than ours or may, in certain markets, have local knowledge which provides a competitive advantage. We do not believe these smaller firms offer the broad spectrum of claims management services in the range of locations we provide and, although such firms may secure business which has a local or regional source, we believe our quality product offerings, broader scope of services, and geographically dispersed offices provide us with an overall competitive advantage in securing business from both U.S. and international clients. There are also national and global independent companies, some of which are larger than us, that provide a similar broad spectrum of claims management services and who directly compete with us.

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**GLOBAL CORPORATE CITIZENSHIP**

In February of 2025, a cross-section of global claims leaders from Crawford's carrier and broker partner organizations completed a quantitative survey designed to assess the meaning and importance of sustainability in their companies and the claims industry. We compiled leader responses and insights and produced a global sustainability report. Among the claims leaders we surveyed, 76% stated that sustainability is an important decision criterion in partner or vendor selection processes and 80% reported that sustainability considerations impact their decisions about the products and services they develop.

We support workforce composition initiatives. Our Women Leadership Exploration and Development program, which is in its ninth year, develops the Company's women professionals globally through skill building, networking, and leadership exposure.

Our continued commitment to workforce composition initiatives was measured through our annual, global Employee Pulse survey conducted in September 2025. At the overall Company level, 85% of the respondents agreed that senior leadership supports workforce composition initiatives and over 80% responded that the organization is committed to the fair treatment of employees.

**HUMAN CAPITAL**

Human Capital is a key component to our success. Our people-first culture is reflected in our RESTORE values of Respect, Empowerment, Sustainability, Training, One Crawford, Recognition and Entrepreneurial Spirit which are supported in our workforce programs.

As of December 31, 2025, we had approximately 9,943 employees and third-party associates operating in 70 countries. Of our global employees, 94% are full-time. Approximately 77% of our workforce is concentrated in the U.S., Canada, U.K., Australia, and the Philippines. Women comprised 58% of our global workforce, 26% of our global senior management team and 53% of our female employees are in people management roles. With respect to our employees in the U.S., the percentage of our employees that identified as Black, Hispanic/Latino, and Asian were 16%, 10% and 4%, respectively.

***Employee Engagement***

In September 2025, we conducted our annual Employee Pulse survey for all our global workforce to measure their sentiment on our employee experience and culture. Our overall response rate was 77% which is 1% higher than the 2024 survey.

Employee engagement at the overall Company level remains strong, continuing the positive momentum from previous years. Responses to half of the questions from 2024 remained stable, while the other half saw a modest shift of 1–3 points. We saw encouraging gains in areas like team collaboration and leadership support. Notably, the most significant improvement was in employees' feeling supported in balancing their health and well-being, and in experiencing stronger cooperation across teams.

Employees reported the highest scores in having a clear understanding of what is expected of them in their role, a strong sense of purpose in their job and alignment of their work with business strategy. As a result, 87% of employees feel empowered to make decisions that drive impact. Moreover, 83% of employees feel safe raising ethical concerns without fear of retaliation reflecting our commitment to fairness and open dialog. They also feel safe to speak up and feel that the Company is committed to fair treatment of our employees.

***Employee Wellness*** 

We believe that offering holistic wellness programs is important in attracting and retaining employees. We provide a variety of comprehensive benefit programs that are designed to support the physical, mental, and financial well-being of our people. Examples of such programs include group healthcare and telemedicine programs; formal wellness programs with fitness challenges and incentives for prioritizing physical exercise and accessing preventive care services; employee assistance programs; company-sponsored retirement savings plans; financial education webinars; tuition assistance; and programs that support work-life balance such as remote work arrangements, flextime, paid-time off including vacation and wellness time, and paid parental leave.

We are committed to helping our employees and their dependents maintain health and wellness by offering a range of benefits. In 2025 we continued to offer all employees a free subscription to the mental wellbeing platform, Headspace. The platform provides a library of articles and exercises on mental health, mindfulness, meditation, and good sleep habits. We expanded this service to provide access to 24/7 mobile coaching in support of mental wellbeing. For U.S. employees, this also includes virtual clinical therapy; and we continue to offer wellness programs through Personify Health (formerly Virgin Pulse), which promotes healthy life choices, and Hinge Health, a solution for chronic joint and muscle pain.

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***Employee Development***

Training is not only a core value, but also a key component of our history and heritage. Employee development continued to be a strategic priority in 2025 with the Company offering skill-based training and relevant certifications for all employees. In 2025, we tracked approximately 45,000 training hours in our proprietary learning platform, KMC OnDemand™ ("KMC") for all formats of training offered globally.

In the U.S., we conducted four sessions of the Residential Property Loss Adjusting course, three sessions of the Commercial Property Loss Adjusting course, two sessions of the Casualty Loss Adjusting course, one Advanced Casualty Forum session, and six sessions of the Xactimate course to build skills that increase adjuster performance and success in the field. Through these classes, adjusters were not only exposed to the technical aspect of claims handling but also trained on critical success behaviors such as empathy and customer service – attributes we consider to be core and crucial for becoming a world-class claims professional. Our employees in the U.S. completed 340 designation courses offered by The Institutes, an educational provider for risk management and insurance courses. They achieved 25 designations including Associate in Claims ("AIC"), Associate in Management ("AIM"), Associate in Risk Management ("ARM"), Chartered Property Casualty Underwriter ("CPCU") and more. Also, 265 individual courses were completed for Property Technical Certification ("PTC") and 31 PTC certifications were earned. Additionally, we trained approximately 143 care and care management professionals and approximately 1,030 catastrophe adjusters in the U.S. through 54 instructor-led classes and 349 hours of Crawford Vision video viewing.

In 2025, our managers continued with a global management development program called the Manager Acceleration Program ("MAP"). The goal of this program is to enhance manager effectiveness by building and refining skills which enable managers to motivate, empower, and lead teams. In this journey, managers experience a blend of courses through online, self-paced and virtual instructor-led environments. The program is delivered by internal training facilitators in partnership with premier educational providers such as LinkedIn Learning and Franklin Covey. We had 41 new managers complete the MAP program this year and 75 employees who completed the Aspiring Manager Program aimed at building management skills in employees who aspire to be managers in the future.

Our focus on leadership development brought 32 individuals together from around the world for the Crawford Emerging Leaders Program, a week-long immersion program which builds leadership and business acumen skills, offers visibility to the Company's global senior management, provides experience working on business-critical projects and enables networking with colleagues from across the globe.

KMC is our source for online training for technical and professional development courses globally. In 2025, our employees spent approximately 28,250 hours on our online learning platform, KMC. We trained over 8,600 unique learners. A wide spectrum of courses on loss adjusting, liability, and workers compensation are also offered to our clients and adjusters across the industry. KMC has a robust catalog of courses that are Continuing Education ("CE") accredited in the U.S. and Canada, and we processed 2,044 CE requests this year. In addition, LinkedIn Learning remains a popular learning platform for our employees to build professional skills and stay connected with the latest in leadership, technology, AI, cybersecurity, and numerous other business-related topics. Over 1,255 employees worldwide spent approximately 6,400 hours completing approximately 5,600 courses on the LinkedIn Learning platform.

**AVAILABLE INFORMATION**

The Company is required to file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission ("SEC").

The Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934 are available free of charge on our website, www.crawco.com through the "SEC/Edgar Filings" link located under the "Investors" tab, as soon as reasonably practicable after these reports are electronically filed or furnished to the SEC. The information contained on, or hyperlinked from, our website is not a part of, nor is it incorporated by reference into, this Annual Report on Form 10-K. In addition, the SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at <u>http://www.sec.gov</u>. Copies of the Company's Annual Report will also be made available, free of charge, upon written request to Corporate Secretary, Legal Department, Crawford & Company, 5335 Triangle Parkway, Peachtree Corners, Georgia, 30092.

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**ITEM 1A. *RISK FACTORS***

*You should carefully consider the risks described below, together with the other information contained or incorporated by reference in this Annual Report on Form 10-K and in our other filings with the SEC from time to time when evaluating our business and prospects. Any of the events discussed in the risk factors below may occur, and our business, results of operations or financial condition could be materially adversely affected. Additional risks and uncertainties not presently known to us, or that we currently deem immaterial, may also materially adversely affect our financial condition or results of operations.*

**MARKET CONDITIONS**

***We depend on claim volumes for a significant portion of our revenues. Claim volumes are not subject to accurate forecasting, and a decline in claim volumes may materially adversely affect our financial condition and results of operations.***

Because we depend on claim volume for revenue streams, a reduction in claim referrals for any reason may materially adversely impact our results of operations and financial condition. We are unable to predict claim volumes for several reasons, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the degree to which property and casualty insurance carriers or self-insured entities outsource, or intend to outsource, their claims handling functions are generally not disclosed in advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we cannot predict the length or timing of any insurance cycle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the overall employment levels and associated workplace injury rates could impact the number of total claims and our claim volumes and are not subject to accurate forecasting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the frequency and severity of weather-related, natural, and man-made disasters, which are a significant source of claims for us, are also generally not subject to accurate forecasting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential consolidation of clients in the markets we operate could impact the volume of claims referred to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•major insurance carriers, underwriters, and brokers could elect to expand their activities as administrators and adjusters, which would directly compete with our business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may not desire to or be able to renew existing major contracts with clients.

If our claim volume referrals decline for any of the foregoing, or any other reason, our revenues may decline, which could materially adversely affect our financial condition and results of operations.

***In recent periods, we have derived a material amount of our revenues from a limited number of clients. If we are not able to retain these clients or replace these revenues, our financial condition and results of operations could be materially adversely affected.***

From time to time, we derive a material portion of our revenues from a limited number of clients. No single customer accounts for 10% or more of our consolidated revenues for the years ended December 31, 2025, 2024, or 2023. However, for the year ended December 31, 2025, two customers in our Platform Solutions segment represented in excess of 10% of its revenues, and for each of the years ended December 31, 2024 and 2023, three customers in our Platform Solutions segment each represented in excess of 10% of its revenues. For the year ended December 31, 2023, our International Operations segment derived in excess of 10% of its revenues from one customer.

In the event we are not able to retain these significant relationships, or replace any lost revenues from such relationships, revenues and operating earnings within these segments could be materially adversely affected.

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**TECHNOLOGY AND DATA SECURITY**

***We manage a large amount of highly sensitive and confidential consumer information including personal data, medical/health information and financial information. Unauthorized access to, alteration or disclosure of this data, whether as a result of criminal conduct, advances in computer hacking or otherwise, could result in a material loss of business, substantial legal liability or significant harm to our reputation.***

We manage a large amount of highly sensitive and confidential consumer information including personal data, medical/health information and financial information. A security or privacy incident impacting data processed or stored in our own facilities or data maintained, processed or stored by our service providers, including cloud service providers, could compromise the confidentiality, integrity or availability of this information. Unauthorized access to or disclosure of sensitive and confidential information stored by us or our service providers may occur through break-ins, breaches of a secure network by an unauthorized party, systems and technology failures, failed internet processes, theft or misuse or other misconduct. It is also possible that unauthorized access to or disclosure of such sensitive and confidential information may be obtained through accidental or malicious failure to follow security policies or controls by us, our employees, or our service providers. If there were an inadvertent disclosure of confidential consumer information, or if a third party were to gain unauthorized access to the confidential information, our operations could be disrupted, our reputation could be damaged and we could be subject to claims or other liabilities, regulatory investigations, or fines. These incidents, if successful, could also materially disrupt operational systems and result in loss of intellectual property, trade secrets, other proprietary or competitively sensitive information. In addition, such perceived or actual unauthorized disclosure of the information we process or breach of our security could damage our reputation, result in the loss of customers and harm our business.

***We are subject to increased frequency and complexity of cybersecurity attacks. Our failure to effectively identify such attacks or quickly recover from such attacks could materially adversely affect our business, results of operations, and financial condition.***

Malicious technology-related events, such as cyberattacks, computer hacking, computer viruses, ransomware, worms and other destructive or disruptive software and other attempts to gain access to confidential or personal data, denial of service attacks and other malicious activities are becoming increasingly diverse and sophisticated and the incidence of these events is on the rise worldwide and highlights the need for continual and effective cybersecurity awareness and education. Our business, which involves the collection, use, transmission and other processing of data, makes us and our clients and business partners attractive targets for threat actors such as hackers, denial-of-service attacks, malicious code distributors, perpetrators of phishing and ransomware attacks, and malicious insiders (including current and former employees), which may result in security incidents. Types of cybersecurity incidents may include unauthorized access, misuse, loss, corruption, inaccessibility, or destruction of data (including personal, confidential and sensitive data), unavailability of services, or other adverse events.

Separately, in the event of a cyberattack we may not be able to consistently maintain active communications between our various global operations and with our clients due to disruptions in telecommunication networks and power supplies. Any significant failure in our ability to communicate could result in a disruption in business, which could hinder our performance and our ability to complete projects on time. Significant failure of our equipment or systems, or any major disruption to basic infrastructure like power and telecommunications in the locations in which we operate, resulting from a cybersecurity incident, could impede our ability to provide services to our clients, have a negative impact on our reputation, cause us to lose clients, and adversely affect our results of operations.

In the past three years, we have faced cyberattacks, and we expect to continue to face cyberattacks in the future. Some of these attacks have been successful, though none have been material. We have made investments in our information security policies, procedures and technical controls and routinely engage a third party to assess the maturity of our information security program against the National Institute of Standards and Technology ("NIST") Cybersecurity Framework. However, we do not believe it is possible to protect our systems or third-party systems against every attempt at a malicious breach due to the increasing sophistication and frequency of such attacks. All employees receive security awareness training including communication of processes for reporting a potential security incident. We have a robust Cybersecurity and Privacy Incident Response Policy in place which provides a documented framework for handling high severity security and privacy incidents and facilitates coordination across multiple parts of the Company and with external expertise when necessary. Additionally, we have existing procedures to determine the potential materiality of a cybersecurity incident. These procedures include reporting protocols to and oversight from our Board of Directors. We also have disclosure controls and insider trading restrictions that would apply in the event of a material cybersecurity incident, and we routinely perform simulations and drills at both a technical and management level. Notwithstanding these measures, we cannot provide any assurance that we will always be able to prevent or mitigate a cybersecurity attack. These types of cybersecurity attacks and incidents can give rise to a variety of losses and costs, including legal exposure and regulatory fines, damages to reputation, and others.

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***Artificial intelligence and machine learning (together, "AI") may not perform as intended in our solutions or operations and expose us to significant legal, regulatory, contractual and operational risks.***

We use, and plan to expand the use of, artificial intelligence and machine learning in our services with the goal of improving efficiency and reducing costs. AI initiatives are complex, costly and uncertain. They may not achieve anticipated performance, accuracy, efficiency or financial outcomes, and could adversely affect our business, results of operations and financial condition.

<u>Model performance, explainability, and fairness.</u> AI outputs may be inaccurate, incomplete, biased, or otherwise unreliable, which could contribute to errors in claims handling support, misalignment of work, missed fraud signals, or inaccurate data provided to clients. Where AI is used in HR, errors or bias could lead to employment claims. Failures to document model design, training data, testing, monitoring and human oversight could impede explainability and remediation, invite client disputes, or lead to adverse regulatory scrutiny.

<u>Data governance, privacy and security.</u> AI systems rely on large volumes of data, including personal, sensitive, and client-confidential information. Inadequate data governance (including provenance, minimization, quality, retention, access controls, and vendor controls) may result in privacy or data protection violations, cross border transfer non-compliance, or contractual breaches. Use of third-party AI tools can increase risk of data leakage, prompt-injection, model exfiltration and other cyber threats. Any such incident could result in service disruption, regulatory investigations, litigation, fines, contractual liability, and reputational harm.

<u>Emerging and evolving AI regulation.</u> Multiple jurisdictions have adopted or proposed AI specific frameworks that may classify certain uses as higher risk and impose obligations such as risk management systems, testing and validation, technical documentation, transparency notices, impact/risk assessments, incident reporting, human oversight, and vendor/processor due diligence. We may also face requirements under general consumer protection, unfair practices, anti-discrimination and sectoral rules (including scrutiny of AI used in claims processes by insurance market stakeholders). Divergent or rapidly changing obligations can increase compliance costs, require product or process changes, delay deployments, and affect cross-border operations.

<u>Contractual and client assurance pressures.</u> Clients are increasingly requiring AI related representations, warranties, audit rights, transparency, impact assessments, and indemnities. Failure to meet client standards or disagreements over the scope of AI use, data rights, performance, bias, or audit findings could lead to lost business, disputes, or liabilities.

If any of these risks materialize, we could face investigations, enforcement actions, fines or penalties; private litigation; contractual liability to clients and partners; increased compliance and assurance costs; constraints on data use or model deployment; and loss of customers or market reputation. Compliance with new or differing AI requirements across jurisdictions could be costly and complex, and we may be unable to timely adapt our systems, processes and vendor arrangements.

***Increasing regulatory focus on privacy issues and expanding laws could impact our business models and expose us to increased liability.***

U.S. privacy and data security laws apply to our various businesses. We also do business globally in countries that have stringent data protection laws that may be inconsistent across jurisdictions and are subject to evolving and differing interpretations. Furthermore, data privacy advocate groups are evolving industry standards regarding data privacy. Governments, privacy advocates and class action attorneys are increasingly scrutinizing how companies collect, process, use, store, share and transmit personal data. In the U.S. and globally, new and evolving laws continue to be implemented with an increasing focus on individual rights and an increasing number of jurisdictions have omnibus consumer privacy laws. These requirements and industry standards, among others, may force us to bear the burden of more onerous obligations in our customer contracts and we continue to see an increased level of scrutiny from customers on data protection, governance, and security.

Any perception of our practices, products or services as a violation of individual privacy rights may subject us to public criticism, class action lawsuits, reputational harm, or investigations or claims by regulators, industry groups or other third parties, all of which could disrupt our business and expose us to increased liability. Additionally, we collect, process and store information at the direction of and on behalf of our customers and if our customers fail to comply with their own obligations or applicable laws, it could result in litigation or reputational harm to us.

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Transferring personal information across international borders is increasingly complex and subject to a growing body of enforcement decisions. The increased focus on cross-border data transfers in various countries, in addition to new data protection and privacy laws, means our clients are also more attune to data sharing and requiring data transfer impact assessments for countries which are not deemed to provide an adequate level of protection as the data-originating country. These requirements are often complex, conflicting, unclear or ever changing, all of which can make compliance challenging and may result in an increase in the obligations required to provide our services in the U.K. and EU or in sanctions and fines for non-compliance. Several other countries, including Brazil, China, Canada and Australia, have also established specific legal requirements for cross-border transfers of personal information. These ongoing developments around the world could increase our operating costs as well as impact how we function across borders.

***We may not be able to develop or acquire necessary IT resources to support and grow our business, and disruptive technologies could impact the volume and pricing of our products. Our failure to address these risks could materially adversely affect our business, results of operations, and financial condition.***

We have made substantial investments in software and related technologies that are critical to the core operations of our business. These IT resources will require future maintenance and enhancements, potentially at substantial costs. Additionally, these IT resources may become obsolete in the future and require replacement, potentially at substantial costs. We may not be able to develop or acquire replacement resources or identify new technology resources necessary to support and grow our business.

In addition, we could face changes in our markets due to disruptive technologies that could impact the volume and pricing of our products or introduce changes to the insurance claims management processes which could negatively impact our volume of case referrals. Our failure to address these risks, or to do so in a timely manner or at a cost considered reasonable by us, could materially adversely affect our business, results of operations, and financial condition.

***If we do not protect our proprietary information and technology resources and prevent third parties from making unauthorized use of our proprietary information, intellectual property, and technology, our financial results could be harmed.***

We rely on a combination of trademark, trade name, copyright and trade secret laws to protect our proprietary information, intellectual property, and technology. However, all of these measures afford only limited protection and may be challenged, invalidated or circumvented by third parties. Third parties may copy aspects of our processes, products or materials, or otherwise obtain and use our proprietary information without authorization. Unauthorized copying or use of our intellectual property or proprietary information could materially adversely affect our financial condition and results of operations. Third parties may also develop similar or superior technology independently, including by designing around any of our proprietary technology. Furthermore, the laws of some foreign countries do not offer the same level of protection of our proprietary rights as the laws of the U.S., and we may be subject to unauthorized use of our intellectual property in those countries. Any legal action that we may bring to protect intellectual property and proprietary information could be unsuccessful, expensive and may distract management from day-to-day operations.

***We currently operate on multiple proprietary and commercial software platforms to support our service offerings and internal corporate systems. The failure or obsolescence of any of these platforms, if not remediated or replaced, could materially adversely affect our business, results of operations, and financial condition.***

We currently utilize multiple software platforms to support our service offerings. We believe certain of these software platforms distinguish our service offerings from our competitors. The failure of one or more of our software platforms to function properly, or the failure of these platforms to remain competitive, could materially adversely affect our business, results of operations, and financial condition. In addition, the cost to replace such systems may not generate a commensurate benefit.

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**BUSINESS AND OPERATIONS**

***A significant portion of our operations are international. These international operations subject us to political, legal, operational, exchange rate and other risks not generally present in U.S. operations, which could materially negatively affect those operations or our business.***

Our international operations subject us to political, legal, operational, financial, exchange rate and other risks that we do not face in our domestic operations. Many of these operations are substantially smaller than our U.S. operations and as such are at risk of generating operating losses due to lack of scale. We face, among other risks, the risk of discriminatory regulation; nationalization or expropriation of assets; changes in both domestic and foreign laws regarding taxation, trade and investment abroad; pandemics; potential loss of proprietary information due to piracy, misappropriation or laws that may be less protective of our intellectual property rights; or price controls and exchange controls or other restrictions that could prevent us from transferring funds from these operations out of the countries in which they were earned or converting local currencies we hold into U.S. dollars or other currencies.

Although we do not have direct exposure from the ongoing and potential global conflicts including Russia and the Ukraine, the Middle East, and growing tensions in the Asia Pacific region, we are aware of their potential negative impact to adjacent economies which could lower claim activity across our network of offices and increase our exposure to cyberattacks.

International operations also subject us to numerous additional laws and regulations that are in addition to, or may be different from, those affecting U.S. businesses, such as those related to labor, employment, worker health and safety, antitrust and competition, trade restriction, environmental protection, consumer protection, import/export and anti-corruption, including but not limited to the Foreign Corrupt Practices Act ("FCPA"). Although we have put into place policies and procedures aimed at ensuring legal and regulatory compliance, our employees, subcontractors, and agents could inadvertently or intentionally take actions that violate any of these requirements. Violations of these regulations could impact our ability to conduct business, or subject us to criminal or civil enforcement actions, any of which could have a material adverse effect on our business, financial condition or results of operations.

***We currently, and from time to time in the future may, outsource a portion of our internal business functions to third-party providers. Outsourcing these functions has significant risks, and our failure to manage these risks successfully could materially and adversely affect our business, results of operations, and financial condition.***

We currently, and from time to time in the future may, outsource significant portions of our internal business functions to third-party providers. Third-party providers may not comply on a timely basis with all of our requirements or may not provide us with an acceptable level of service. Our dependency on third-party providers also increases our cybersecurity and data privacy risks, as well as IT general control risks. In addition, our reliance on third-party providers could have significant negative consequences, including significant disruptions in our operations and significantly increased costs to undertake our operations, either of which could damage our relationships with our customers. As a result of our outsourcing activities, it may also be more difficult for us to recruit and retain qualified employees for our business needs at any time. Our failure to successfully outsource any material portion of our business functions could materially and adversely affect our business, results of operations, and financial condition.

***Natural or man-made disasters or other acts of violence may affect the markets in which we operate, our clients and our service delivery.***

Our business may be negatively affected by instability, disruption or destruction in the many geographic regions where we operate. Natural or man-made disasters, including storm, flood, fire, earthquake, pandemics and other regional or global health crises, as well as war, terrorism, riot, civil insurrection or social unrest, may cause damage to our facilities or disrupt our services. This includes our shared services centers which exist in international geographies. Specifically, we continue to increase employees and processes performed by our Global Business Service Centers located in the Philippines. Our crisis management procedures, business continuity plans and disaster recovery capabilities may not be effective at preventing or mitigating the effects of such disasters, particularly in the case of a catastrophic event. These events may pose significant security risks to our employees, the facilities where they work, our operations, electricity and other utilities, communications, travel and network services and the disruption of any or all of them could materially adversely affect our financial results.

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***We are, and may become, party to lawsuits or other claims or investigations that could adversely impact our business.***

In the normal course of the claims administration services business, we are from time to time named as a defendant in suits by insureds or claimants contesting decisions by us or our clients with respect to the settlement of claims. Additionally, our clients have in the past brought, and may, in the future bring, claims for indemnification on the basis of alleged actions on our part or on the part of our agents or our employees in rendering services to clients. There can be no assurance that additional lawsuits will not be filed against us. There also can be no assurance that any such lawsuits will not have a disruptive impact upon the operation of our business, that the defense of the lawsuits will not consume the time and attention of our senior management and financial resources or that the resolution of any such litigation will not have a material adverse effect on our business, financial condition and results of operations.

We are also subject to numerous federal, state, and foreign labor, employment, worker health and safety, antitrust and competition, environmental and consumer protection, import/export, anti-corruption, and other laws. From time to time, we face claims and investigations by employees, former employees, and governmental entities under such laws or employment contracts with such employees or former employees. Such claims, investigations, and any litigation involving the Company could divert management's time and attention from business operations and could potentially result in substantial costs of defense, settlement or other disposition, which could have a material adverse effect on our results of operations and financial condition.

***The costs of compliance with sustainability or other environmental, social responsibility or governance laws, regulations, or policies, including investor and client-driven policies and standards, could adversely affect our business.*** 

As a non–manufacturing service business, we have to date been less impacted by laws and regulations related to sustainability concerns. However, we could incur costs related to specific requirements by our customers or shareholders in climate, social responsibility, governance, or other areas. Increasingly our customers and shareholders expect that we meet social responsibility, sustainability or other business policies or standards, which may be more restrictive than current laws and regulations, before they commence or continue doing business with us. Our compliance with these policies and related requirements could be costly, and our failure to comply could adversely affect our business relationships or reputation.

 ***If internal control deficiencies or material weaknesses were to arise, we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us and materially and adversely affect our business and financial results.*** 

Although no material weaknesses exist as of December 31, 2025, if we identify material weaknesses in the future, any such newly identified material weakness could limit our ability to prevent or detect a misstatement of our accounts or disclosures that could result in a material misstatement of our annual or interim financial statements. In such case, we may be unable to maintain compliance with securities laws regarding timely filing of periodic reports in addition to applicable stock exchange listing requirements, investors may lose confidence in our financial reporting and our stock price may decline as a result. We cannot be certain that the measures we have taken to date, or any measures we may take in the future, will be sufficient to avoid potential future material weaknesses.

**LIQUIDITY AND CAPITAL**

***Our U.S. qualified defined benefit pension plan (the "U.S. Qualified Plan") is underfunded. Future funding requirements, including those imposed by any further regulatory changes, could restrict cash available for our operating, financing, and investing requirements.***

At the end of the most recent measurement period for our U.S. Qualified Plan, the projected benefit obligation was underfunded by $15.4 million. We did not make any voluntary contributions to this plan in 2023, 2024, or 2025. In 2026, we expect to make discretionary contributions of $3.0 million to minimize future required contributions. Volatility in the capital markets, mortality changes and future legislation may have a negative impact on our pension plan, which may further increase the underfunded portion and our attendant funding obligations. Any future contributions to our underfunded defined benefit pension plan could reduce our liquidity, restrict available cash for our operating, financing, and investing needs and may materially adversely affect our financial condition and our ability to deploy capital to other opportunities. Any decision to terminate the plan and settle the defined-benefit pension obligation would result in a non-cash charge within the Consolidated Statements of Operations related to unrecognized actuarial losses in accumulated other comprehensive income, which totals $167.2 million as of December 31, 2025.

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***We have debt covenants in our credit facility that require us to maintain compliance with certain financial ratios and other requirements. If we are not able to maintain compliance with these requirements, all of our outstanding debt could become immediately due and payable.***

We are party to a credit facility, effective as of December 2, 2025, with Bank of America, N.A., Wells Fargo Bank, N.A., Truist Bank, and the other lenders a party thereto, (the "Credit Facility"). The Credit Facility consists of a $500 million revolving credit facility, with a letter of credit sub-commitment of $125 million. The available borrowing capacity under the Credit Facility totaled $290.7 million on December 31, 2025. The Credit Facility contains various representations, warranties and covenants, including covenants limiting liens, indebtedness, guarantees, mergers and consolidations, substantial asset sales, investments and loans, sale and leasebacks, restrictions on dividends and distributions, and other fundamental changes in our business. Additionally, the Credit Facility contains covenants requiring us to remain in compliance with maximum leverage ratio and a minimum interest coverage ratio.

If we do not maintain compliance with the covenant requirements, we may be in default under the Credit Facility. In such an event, the lenders under the Credit Facility would generally have the right to declare all then-outstanding amounts thereunder immediately due and payable. If we could not obtain a required waiver on satisfactory terms, we could be required to renegotiate the terms of the Credit Facility or immediately repay this indebtedness. Any such renegotiation could result in less favorable terms, including additional fees, higher interest rates and accelerated payments, and would necessitate significant time and attention of management, which could divert their focus from business operations. Any required payment may necessitate the sale of assets or other uses of resources that we do not believe would be in our best interests. While we do not presently expect to be in violation of any of these requirements, no assurances can be given that we will be able to continue to comply with them in the future. Any failure to continue to comply with such requirements could materially adversely affect our borrowing ability and access to liquidity, and thus our overall financial condition, as well as our ability to operate our business.

***In prior periods we have incurred impairment charges that reduced the carrying value of our intangible assets and goodwill; in the future we may be required to incur additional impairment charges on a portion of or all of the carrying value of our intangible assets and goodwill, which may adversely affect our financial condition and results of operations.***

Each year, and more frequently on an interim basis if appropriate, we are required by Accounting Standards Codification ("ASC") Topic 350, "Intangibles--Goodwill and Other," to assess the carrying value of our indefinite lived intangible assets and goodwill to determine whether the carrying value of those assets is impaired. Such assessment and determination involves significant judgments to estimate the fair value of our reporting units, including estimating future cash flows, near term and long term revenue growth, and determining appropriate discount rates, among other assumptions. We intend to continue to monitor the performance of our reporting units and, should actual operating earnings consistently fall below forecasted operating earnings, we will perform an interim goodwill impairment analysis. Any such charges could materially adversely affect our financial results in the periods in which they are recorded.

***Control by a principal shareholder could adversely affect the Company and our other shareholders.***

As of December 31, 2025, Jesse C. Crawford, a member of our Board of Directors, and the father of Jesse C. Crawford, Jr., who is also a member and Chair of the Board of Directors, beneficially owned approximately 68% of our outstanding voting Class B Common Stock. As a result, he has the ability to control substantially all matters submitted to our shareholders for approval, including the election and removal of directors. He also has the ability to control our management and affairs. As of December 31, 2025, Mr. Crawford also beneficially owned approximately 36% of our outstanding non-voting Class A Common Stock. This concentration of ownership of our stock may delay or prevent a change in control; impede a merger, consolidation, takeover, or other business combination involving us; discourage a potential acquirer from making a tender offer or otherwise attempting to obtain control of us; reduce the liquidity, and thus the trading price, of our stock; or result in other actions that may be opposed by, or not be in the best interests of, the Company and our other shareholders.

**COMPETITION AND EMPLOYEES**

***We operate in highly competitive markets and face intense competition from both established entities and new entrants into those markets. Potential consolidation in our industry can also create stronger competition. Our failure to compete effectively may adversely affect us.***

Our ability to retain clients and maintain and increase case referrals is also dependent in part on our ability to continue to provide high-quality, competitively priced services and effective sales efforts.

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The global claims management services market is highly competitive and comprised of a large number of companies that vary in size and that offer a varied scope of services. The demand from insurance companies and self-insured entities for services provided by independent claims service firms like us is largely dependent on industry-wide claims volumes, which are affected by, among other things, the insurance underwriting cycle, weather-related events, general economic activity, overall employment levels, and workplace injury rates. We are 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.

We also face competition from potential new entrants into the global claims management services market, in addition to traditional competitors. Potential consolidation in our industry can also create stronger competition. Our inability to react to such competition could negatively impact our volume of case referrals and results of operations.

***We may not be able to recruit, train, and retain qualified personnel, including retaining enough qualified and experienced on-call claims adjusters, to respond to catastrophic events that may, singularly or in combination, significantly increase our clients' needs for claims adjusters.***

Our catastrophe-related work and revenues can fluctuate dramatically based on the frequency and severity of natural and man-made disasters. When such events happen, our clients usually require a sudden and substantial increase in the need for catastrophic claims services, which can strain our capacity. Our internal resources are sometimes not sufficient to meet these sudden and substantial increases in demand. When these situations occur, we must retain outside adjusters (temporary employees and contractors) to increase our capacity. There can be no assurance that we will be able to retain such outside adjusters with the requisite qualifications, at the times needed or on terms that we believe are economically reasonable. Insurance companies and other loss adjusting firms also aggressively compete for the same pool of outside adjusters, who often command high prices for their services at such times of peak demand. Such competition could reduce availability, increase our costs and reduce our revenues. Our failure to timely, efficiently, and competently provide these services to our clients could result in reduced revenues, loss of customer goodwill and a negative impact on our results of operations.

***Our business would be harmed if we are unable to attract and retain skilled employees, or if our labor costs increase in response to competition for qualified employees.***

Many of our employees possess skills and expertise that are important to maintain our competitiveness and to operate our business efficiently. We compete with other employers not just when we hire new employees, but also for the retention of our existing employees. Such competition could reduce availability, increase our costs and reduce our revenues. Such competition may require us to increase wages and benefits to recruit and retain qualified employees. Furthermore, even with increases in wages and benefits, employment shortages may nonetheless result from such competition. If we are not successful in attracting and retaining sufficient skilled employees on terms acceptable to us, our business could be materially and adversely affected.

***We face challenges caused by our aging workforce and we may not be able to recruit, train, and retain adequate replacements for our qualified and skilled employees.***

Many of the employees in our industry, including those that we employ directly, are approaching retirement age. As these experienced employees retire, we may have difficulty recruiting new employees with comparable qualifications and experience, and we may be unable to transfer our employees' institutional knowledge successfully to new qualified employees. Any such failures would be exacerbated at times of peak demand and could cause us to rely more heavily on outside resources. Our failure to recruit and train new employees and to ensure they obtain the adequate qualifications and experience could result in reduced revenues, loss of customer goodwill and a negative impact on our results of operations.

***We are subject to inflation risks which could increase our wages, benefits, and other costs which may result in decreased profitability.***

We are impacted by inflationary increases in wages, benefits and other costs. In all countries in which we operate, wage and benefit inflation, whether driven by competition for talent, or ordinary course pay increases and other inflationary pressure, may increase our cost of providing services and reduce our profitability. Furthermore, as a result of our global operations, wage increases in emerging markets may increase at a faster rate than wages in the U.S. and other developed markets, which increases our exposure to inflation risks. If we are not able to pass increased wage and other costs resulting from inflation onto our clients or charge premium prices when justified by market demand, our profitability may decline.

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The risks described above are not the only ones we face, but are the ones currently deemed the most material by us based on available information. New risks may emerge from time to time, and it is not possible for management to predict all such risks, nor can we assess the impact of known risks on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement.

**ITEM 1B. *UNRESOLVED STAFF COMMENTS***

None.

**ITEM 1C. *CYBERSECURITY***

***Cybersecurity Risk Management and Strategy***

We recognize the importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our clients' and our data. We have a global cybersecurity and privacy program to help effectively assess, identify, and manage cybersecurity threat risks. We have developed a list of cybersecurity risks from known threats and our own history to help identify what is most meaningful and potentially impactful to the Company. The cybersecurity and privacy initiatives to address the risks are complex, strategic, and ever evolving. Threats and risks are identified from threat intelligence sources that include our vendors, industry, and government organizations. We continuously monitor and scan the cyber landscape to review evolving threats and risks that may impact us. Information from these various sources are reviewed by our cybersecurity and risk teams to evaluate risks in line with the NIST Cybersecurity Framework. Threat intelligence from other financial institutions and industry consortiums that serve financial institutions, such as the Financial Services Information Sharing and Analysis Center, provides key information on how risks are affecting our industry, with ability to preemptively mitigate emerging threats, as discussed above in Part I, Item 1A of this Form 10-K under the heading Technology and Data Security.

We score cybersecurity risks based on the likelihood and impact on our operations. Such cybersecurity risks are integrated and evaluated as part of the global Enterprise Risk Management ("ERM") program, which is managed by the Senior Vice President General Counsel. The Governance Committee of the Board of Directors maintains oversight of the ERM program and the Audit Committee maintains oversight of the cybersecurity program to ensure risks to the Company are managed within our risk appetite.

Our ERM program considers cybersecurity threat risks alongside other company risks as part of our overall risk assessment process when identifying and assessing material risks. Our ERM team collaborates with internal subject matter specialists, as necessary, to gather insights and report on the most significant risks. We employ a range of tools and services, including regular network and endpoint monitoring, vulnerability assessments, penetration testing, and tabletop exercises to identify threats and improve our incident response plan.

We identify and assess cybersecurity incidents based on multiple factors including information from previous events and incidents. The Cybersecurity Incident Response Team ("CSIRT") categorizes events into four levels of severity with defined requirements to assess criticality. The CSIRT informs both our leadership as well as our SEC Cybersecurity Rules Disclosure Committee ("SCRDC"), Cybersecurity and Privacy Council and the Audit Committee of the Board on matters related to cybersecurity risks that are deemed to materially affect the Company.

We regularly engage with consultants to review our cybersecurity program to help identify areas for continued focus, improvement and compliance, including review of past cybersecurity incidents in order to address known vulnerabilities. Our processes also address cybersecurity risks associated with third-party service providers, including those with access to our non-public or restricted data, including client data. Third-party risks are also included within our ERM program and are actively reported to the Audit and Governance Committees. Our Third Party Risk Management Program comprises a defined process to identify, assess, and mitigate risks by our third-party suppliers and service providers, specifically including cybersecurity and privacy risks.

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We are also continuously enhancing our technology landscape and implementing several new cybersecurity technologies that will help improve the management of cybersecurity risks and threats. In the last three fiscal years, we have not experienced any cybersecurity incidents that we determined to be material, and the expenses we have incurred from cybersecurity incidents were immaterial (including no related penalties and settlements).

During the fiscal year ending December 31, 2025, we have not identified cybersecurity threats, including those arising from third parties or AI-related risks, that we determined to have materially affected our business strategy, results of operations, or financial condition. However, cybersecurity risks, including future significant incidents or systemic third-party events, could materially affect us in the future.

***Cybersecurity Governance***

Our global cybersecurity and privacy program is managed by our Chief Technology and Information Security Officer ("CISO"), Vice-President of Global IT Security, Global Chief Privacy Officer ("CPO"), and Chief Information Officer ("CIO"). We have also established a Cybersecurity and Privacy Council, which includes the CISO, CPO and CIO as well as other stakeholders, that meets to review, discuss, and manage cybersecurity and privacy risks and threats, prioritize risks, monitor risk mitigation progress, and provide periodic updates on the evolving legal landscape, as well as ongoing activities and programs, to the leadership team.

The Board of Directors provides oversight and has designated primary responsibility to the Audit Committee who oversees our information security programs including cybersecurity and is actively involved in monitoring the progress of key cybersecurity initiatives. The CISO manages the cybersecurity program in collaboration with the CIO, CPO, and our business leaders. The CISO provides regular updates to the Audit Committee, including progress on the cybersecurity initiatives, risk trends and scores, and any cybersecurity incidents. Executive leadership and the Board of Directors are regularly informed and updated on any potentially material incidents.

We also created the SEC Cybersecurity Rules Disclosure Committee ("SCRDC") composed of members from cybersecurity, privacy, legal, audit, and finance teams. This committee's objective is to review and discuss the nature of cybersecurity and privacy incidents and determine impact and materiality.

Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our CISO, CPO, CIO, and VP of Global IT Security. Our security, privacy, and IT leaders have extensive relevant work experience in various roles which includes developing cybersecurity strategy, implementing effective information and cybersecurity programs, and implementing cybersecurity and privacy solutions. These leaders have relevant degrees and certifications, including Certified Information Systems Auditor, Certified Information Systems Security Professional, Fellow of Information Privacy, and Certified Information Privacy Professional.

As described above, we have experienced professionals in the key roles of the CISO, CPO, CIO, and VP of Global IT Security. The cybersecurity and privacy offices are responsible for incident reporting and management, which includes cybersecurity threats. The Incident Response and Privacy teams meet weekly and as needed to identify, respond, contain, and coordinate events where activities threaten the security, confidentiality, integrity, and availability of our information, including client information and information systems.

Once an event materially impacts systems or data, cross-functional professionals and stakeholders evaluate the incident using key factors (e.g., type and scope of information impacted, systems impacted) and promptly inform senior leadership, the SCRDC, the Audit Committee, and the Board of Directors. Further, we may consult outside counsel or external advisors given the circumstances and situation (e.g., client, controls, location, or regulatory landscape).

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**ITEM 2.** ***PROPERTIES***

As of December 31, 2025, we leased 191 office locations under various leases with varying terms. For additional information on our significant operating leases and subleases, see Note 5 "Lease Commitments" of our accompanying consolidated financial statements included in Item 8 of this Annual Report on Form 10-K. Other office locations are occupied under various short-term rental arrangements. We generally believe that our office locations are sufficient for our operations and that, if it were necessary to obtain different or additional office locations, such locations would be available at times, and on commercially reasonable terms, as would be necessary for the conduct of our business. No assurances can be given, however, that we would be able to obtain such office locations as and when needed, or on terms we considered to be reasonable, if at all. We continue to evaluate our current and projected space requirements and may determine from time to time that certain of our leased properties are no longer necessary for our operations. There is no assurance that we will be able to terminate or sublease such excess locations or that we will not incur costs with such dispositions. Such costs are not material to our results of operations in a given period.

**ITEM 3. *LEGAL PROCEEDINGS***

In the normal course of the claims administration services business, we are from time to time named as a defendant in suits by insureds or claimants contesting decisions by us or our clients with respect to the settlement or administration of claims. Additionally, our clients have, in the past, brought and may, in the future, bring claims for indemnification on the basis of alleged actions on the part of the Company, our agents or our employees in rendering service to clients. The majority of these claims are of the type covered by insurance maintained by us; however, we are responsible for the deductibles and self-insured retentions under our various insurance coverages. In our opinion, adequate provisions have been provided for such known risks. No assurances can be provided, however, that the result of any such action, claim or proceeding, now known or occurring in the future, will not result in a material adverse effect on our business, financial condition or results of operations.

We are also subject to numerous federal, state, and foreign labor, employment, worker health and safety, antitrust and competition, environmental and consumer protection, import/export, anti-corruption, and other laws. From time to time, we face claims and investigations by employees, former employees, and governmental entities under such laws or employment contracts with such employees or former employees.

**ITEM 4. *MINE SAFETY DISCLOSURES***

Not applicable.

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**PART II**

**ITEM 5. *MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES***

Shares of the Company's two classes of common stock are traded on the NYSE under the symbols CRD-A and CRD-B. The Company's two classes of stock are substantially identical, except with respect to voting rights and the Company's ability to pay greater cash dividends on the non-voting Class A Common Stock than on the voting Class B Common Stock, subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of Class A Common Stock must receive the same type and amount of consideration as holders of Class B Common Stock, unless different consideration is approved by the holders of 75% of the Class A Common Stock, voting as a class.

The number of record holders of each class of the Company's common stock as of December 31, 2025 was as follows: CRD-A — 3,333 and CRD-B — 302.

Effective November 4, 2021, the Company's Board of Directors authorized the repurchase of up to 2,000,000 shares of CRD-A or CRD-B (or a combination of the two) through December 31, 2023 (the "2021 Repurchase Authorization"). On February 10, 2022, the Company's Board of Directors added 5,000,000 shares to this authorization. On October 30, 2025, the Company's Board of Directors added 2,000,000 shares to this authorization and amended this authorization to allow for repurchases through December 31, 2027. At December 31, 2025, the Company had remaining authorization to repurchase 2,121,890 shares under the 2021 Repurchase Authorization.

The following graph and table show the value as of December 31, 2025 of a $100 investment in the Company's Class A and Class B common stock as of December 31, 2019 as compared to a similar investment in each of (i) the Russell 2000 Index, and (ii) the S&P Property-Casualty Insurance Index, in each case on a total return basis assuming the reinvestment of all dividends. The stock price performance represents past results and is not necessarily indicative of future performance.

![img90498484_0.gif](img90498484_0.gif)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN TO SHAREHOLDERS** | **TOTAL RETURN TO SHAREHOLDERS** |  |  |  |  |  |
| ***(Includes reinvestment of dividends)*** |  |  |  |  |  |  |
|  | **Base** | **INDEXED RETURNS** | **INDEXED RETURNS** | **INDEXED RETURNS** | **INDEXED RETURNS** | **INDEXED RETURNS** |
|  | **Period** | **YEARS ENDED DECEMBER 31,** | **YEARS ENDED DECEMBER 31,** | **YEARS ENDED DECEMBER 31,** | **YEARS ENDED DECEMBER 31,** | **YEARS ENDED DECEMBER 31,** |
| **Company / Index** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Crawford & Company (Class A) | 100.00 | 104.00 | 79.78 | 194.94 | 175.54 | 175.49 |
| Crawford & Company (Class B) | 100.00 | 106.81 | 78.45 | 199.77 | 182.56 | 173.00 |
| Russell 2000 Index | 100.00 | 114.82 | 91.35 | 106.82 | 119.14 | 134.41 |
| S&P Property-Casualty Insurance Index | 100.00 | 119.57 | 137.27 | 152.28 | 203.42 | 221.65 |

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The foregoing graph and table are not, and shall not be deemed to be, filed as part of the Company's Annual Report on Form 10-K. Such graph and table do not constitute soliciting material and should not be deemed filed or incorporated by reference into any filing of the Company under the Securities Act of 1933, or the Securities Exchange Act of 1934, except to the extent specifically incorporated by reference therein by the Company.

**ITEM 6. [RESERVED]**

**ITEM 7. *MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS*** 

The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to help the reader understand the Company, our operations, and our business environment. This MD&A is provided as a supplement to — and should be read in conjunction with — our audited consolidated financial statements and the accompanying notes thereto contained in Item 8, "Financial Statements and Supplementary Data," of this Annual Report on Form 10-K. As described in Note 1, "Significant Accounting and Reporting Policies," of those accompanying audited consolidated financial statements, financial results from our operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines, are reported and consolidated on a two-month delayed basis in accordance with the provisions of ASC 810, "Consolidation," in order to provide sufficient time for accumulation of their results. Accordingly, the Company's December 31, 2025, 2024, and 2023 consolidated financial statements include the financial position of such operations as of October 31, 2025 and 2024, respectively, and the results of their operations and cash flows for the fiscal periods ended October 31, 2025, 2024 and 2023, respectively.

***Business Overview***

Based in Atlanta, Georgia, Crawford & Company is the world's largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations with an expansive global network serving clients in more than 70 countries.

We have a geographic reporting structure consisting of North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions. Our reportable segments are comprised of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•North America Loss Adjusting, which services the North American property and casualty market. This is comprised of Loss Adjusting operations in the U.S. and Canada, including Global Technical Services, and Field Operations. The Canadian operations include all operations within that country, including third party administration and Contractor Connection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•International Operations, which services the global property and casualty market outside North America. This is comprised of all operations in the U.K., Europe, Australia, Asia and Latin America. The International Operations include Loss Adjusting, Global Technical Services, Legal Services, third party administration, and where applicable, Contractor Connection services, within the respective countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Broadspire, which provides third party administration for workers' compensation, auto and liability, disability absence management, medical management, and accident and health to corporations, brokers and insurers in the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Platform Solutions, which consists of the Contractor Connection, Networks, and Subrogation service lines in the U.S. The Networks service line includes Catastrophe operations.

As discussed in more detail in subsequent sections of this MD&A, our four reportable segments represent components of our Company for which separate financial information is available, and which is evaluated regularly by our chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing operating performance. The Company's CEO is considered the CODM as he is responsible for strategic decisions including the allocation of resources to each reporting segment and the assessment of their performance.

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Insurance companies rely on us for certain services such as field investigation and the evaluation of property and casualty insurance claims. Self-insured entities typically rely on us for a broader range of services. In addition to field investigation and claims evaluation, we may also provide initial loss reporting services for their claimants, loss mitigation services such as medical bill review, medical case management and vocational rehabilitation, risk management information services, and loss fund administration to pay their claims. Our Contractor Connection service line provides a managed contractor network to insurance carriers and consumer markets.

The global claims management services market is highly competitive and comprised of a large number of companies that vary in size and that offer a varied scope of services. The demand from insurance companies and self-insured entities for services provided by independent claims service firms like us is largely dependent on industry-wide claims volumes, which are affected by, among other things, the insurance underwriting cycle, weather-related events, general economic activity, overall 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 $1.266 billion in 2025, a decrease of 2.1% compared with $1.293 billion in 2024. Net income attributable to the Company decreased to $19.6 million in 2025, from $26.6 million in 2024, primarily due to restructuring and other costs, net of $14.0 million in the current year.

Consolidated revenues before reimbursements decreased $26.8 million, or 2.1%, in 2025, compared with 2024. This decrease was due to declines in weather-related activity within the Platforms Solutions and North America Loss Adjusting segments. This was partially offset by growth in our International Operations and Broadspire segments. Changes in foreign exchange rates increased our consolidated revenues before reimbursements by $2.0 million, or 0.1%, for 2025 as compared with the prior year.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
|  | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on exchange rates for<br>December 31, 2024** | **Based on exchange rates for<br>December 31, 2024** |
| **Year Ended December 31,** | **2025** | **2024** | **Variance** | **2025** | **Variance** |
| **Revenues:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;North America Loss Adjusting | $**304887** | $312158 | (2.3)% | $**307326** | (1.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Operations | **438218** | 418607 | 4.7% | **433819** | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadspire | **401859** | 388074 | 3.6% | **401859** | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Platform Solutions | **120757** | 173671 | (30.5)% | **120757** | (30.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues before reimbursements** | **1265721** | 1292510 | (2.1)% | **1263761** | (2.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursements | **45106** | 48460 | (6.9)% | **44918** | (7.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues** | $**1310827** | $1340970 | (2.2)% | $**1308679** | (2.4)% |

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Excluding foreign currency impacts, consolidated revenues before reimbursements decreased $28.7 million, or (2.2)%, for 2025. Revenues from the North America Loss Adjusting segment decreased in 2025 primarily due to a decrease in U.S. Field Operations. Revenues from the International Operations segment increased due to increases in the U.K., Europe and Asia. Revenues from the Broadspire segment increased due to increases in Claims and Medical Management. Revenues from the Platform Solutions segment decreased primarily due to a reduction in our Networks service line, which experienced a reduction in catastrophe related claims.

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Overall, there was a decrease in cases received of (6.9)% in 2025 compared with 2024. Within our North America Loss Adjusting segment, cases increased in 2025 as a result of an increase in low value inspection services cases transferred from our Platforms Solutions group with minimal revenues. Excluding the impact of this transfer, cases decreased (6.1)% due to decreased business in the U.S. from existing clients and the absence of significant weather-related activity in 2025. Cases within our International Operations segment declined in 2025, primarily due to decreases in high-frequency, low-severity cases in the U.K., Europe, and Latin America, and decreases in Australia due to higher weather-related activity in the prior year. There was an increase in cases within our Broadspire segment primarily due to an increase in new disability clients within Claims Management. Within our Platform Solutions segment, the decrease is primarily related to the transfer of low value inspection services to North America Loss Adjusting, as well as a decrease in Contractor Connection and Subrogation cases and the absence of significant weather-related activity in 2025.

Cases received are presented below by segment:

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| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **Variance** |
| North America Loss Adjusting | **328822** | 242824 | 35.4% |
| International Operations | **447014** | 499735 | (10.5)% |
| Broadspire | **552242** | 544960 | 1.3% |
| Platform Solutions | **160099** | 310422 | (48.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Crawford Cases Received** | **1488177** | 1597941 | (6.9)% |

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Segment operating earnings (a measure of segment operating performance used by our management that is defined and discussed in more detail below) increased in our North America Loss Adjusting, International Operations, and Broadspire operating segments, partially offset by a decrease in our Platform Solutions segment.

Although operating earnings is the primary financial performance measure used by our senior management and CODM to evaluate the financial performance of our operating segments and make resource allocation and certain compensation decisions, we believe that a non-GAAP discussion and analysis of segment gross profit is also helpful in understanding the results of our segment operations excluding indirect centralized administrative support costs. Our discussion and analysis of segment gross profit includes the revenues and direct expenses of each segment.

In the North America Loss Adjusting segment, operating earnings increased from $18.2 million, or 5.8% of revenues before reimbursements in 2024, to $21.0 million, or 6.9% of revenues before reimbursements in 2025, primarily due to improved staff utilization in U.S. Global Technical Services and Canada Loss Adjusting, a decrease in allowance for estimated credit losses, and a reduction in centralized indirect support costs. Excluding indirect expenses, gross profit increased slightly from $56.8 million, or 18.2% of revenues before reimbursements in 2024, to $57.0 million, or 18.7% of revenues before reimbursements in 2025.

In the International Operations segment, operating earnings increased from $21.0 million, or 5.0% of revenues before reimbursements in 2024, to $25.1 million, or 5.7% of revenues before reimbursements in 2025, primarily due to a $19.6 million increase in revenues and improved operating efficiencies in the U.K., Australia, and Asia, partially offset by an increase in centralized indirect support costs. Excluding indirect expenses, gross profit increased from $77.5 million or 18.5% of revenues before reimbursements in 2024, to $86.6 million, or 19.8% of revenues before reimbursements in 2025.

In the Broadspire segment, operating earnings increased from $52.4 million, or 13.5% of revenues before reimbursements in 2024, to $54.6 million, or 13.6% of revenues before reimbursements in 2025, primarily due to a $13.8 million increase in revenues. Excluding indirect expenses, gross profit increased from $97.5 million, or 25.1% of revenues before reimbursements in 2024, to $103.4 million, or 25.7% of revenues before reimbursements in 2025.

In the Platform Solutions segment, operating earnings decreased from $11.2 million, or 6.4% of revenues before reimbursements in 2024, to $7.6 million, or 6.3% of revenues before reimbursements in 2025, primarily due to a $52.9 million decrease in revenues from a reduction in weather-related claims in our Networks service line. Excluding indirect expenses, gross profit decreased from $34.9 million, or 20.1% of revenues before reimbursements in 2024, as a result of reduced catastrophe related claims volume, to $27.0 million, or 22.3% of revenues before reimbursements in 2025.

Cost of services provided, before reimbursements, decreased $26.3 million, or 2.8% for 2025 compared with 2024. This decrease was primarily due to a decrease in compensation expense within our North America Loss Adjusting and Platform Solutions segments, as a result of reduced weather-related claims volumes, partially offset by increases in compensation expense in our International Operations and Broadspire segments. This decrease was consistent with the decrease in revenues of $26.8 million, or 2.1%.

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Selling, general, and administrative ("SG&A") expenses decreased $5.5 million, or 1.8%, in 2025, as compared with 2024. This decrease was primarily due to reduction in professional fees, partially offset by a one-time indirect tax expense of $3.1 million.

Contingent earnout adjustments represent the fair value adjustment of earnout liabilities arising from recent acquisitions. This expense totaled $0.5 million for 2025, compared to a benefit of $(1.1) million for 2024. The fair value adjustment is based on changes to projections of acquired entities over the respective earnout periods.

Non-service pension costs totaled $9.4 million for 2025, compared to $9.8 million for 2024, primarily due to lower interest costs in 2025 for the U.K. plans. Non-service pension costs represents the U.S. and U.K. non-service defined benefit pension costs, which are non-operating in nature as the U.S. plan is frozen and the U.K. plans are closed to new participants. The service cost component of the U.K. plans remains in compensation expense.

**Segment Operating Earnings**

We believe that a discussion and analysis of the segment operating earnings of our four segments is helpful in understanding the results of our operations. Operating earnings is our segment measure of profitability presented in conformity with the Financial Accounting Standards Board's ("FASB") ASC Topic 280 "Segment Reporting." Operating earnings is the primary financial performance measure used by our senior management and CODM to evaluate the financial performance of our operating segments and make resource allocation and certain compensation decisions.

We believe operating earnings is a measure that is useful to others in that it allows them to evaluate segment operating performance using the same criteria used by our senior management and CODM. Segment operating earnings represent segment earnings, including the direct and indirect costs of certain administrative functions required to operate our business, but excludes unallocated corporate and shared costs and credits, net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, non-service pension costs, restructuring and other costs, net, contingent earnout adjustments, income taxes, and net income or loss attributable to noncontrolling interests.

Administrative functions such as finance, human resources, information technology, quality and compliance, exist in both a centralized shared-service arrangement and within certain operations. Each of these functions are managed by centralized management and we allocate the costs of those services to the segments as indirect costs based on usage.

In addition, we believe that a non-GAAP discussion and analysis of segment gross profit is helpful in understanding the results of our segment operations, excluding indirect centralized administrative support costs. Our discussion and analysis of segment gross profit includes the revenues and direct expenses of each segment. Segment gross profit is defined as revenues, less direct costs, which exclude indirect centralized administrative support costs allocated to the business.

Income taxes, net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, contingent earnout adjustments, non-service pension costs, and restructuring and other costs, net, are components of our net income, but they are not considered part of our segment operating earnings because they are managed on a corporate-wide basis. Income taxes are calculated for the Company on a consolidated basis based on statutory rates in effect in the various jurisdictions in which we provide services and vary significantly by jurisdiction. Net corporate interest expense results from capital structure decisions made by senior management and the Board of Directors, affecting the Company as a whole. Stock option expense represents the non-cash costs generally related to stock options and employee stock purchase plan expenses which are not allocated to our operating segments. Amortization expense is a non-cash expense for finite-lived customer-relationship and trade name intangible assets acquired in business combinations. Contingent earnout adjustments relate to changes in the fair value of earnouts associated with our past acquisitions. Non-service pension costs represent the U.S. and U.K. non-service defined benefit pension costs, which are non-operating in nature as the U.S. plan was frozen in 2002 and the U.K. plans are closed to new participants. Restructuring and other costs, net, are costs associated with initiatives intended to improve operating performance, profitability, and efficiency of business processes. Restructuring and other costs, net, include asset impairments, lease termination costs, severance and termination costs, and loss on sale of a business. None of these costs relate directly to the performance of our services or operating activities and, therefore, are excluded from segment operating earnings to better assess the results of each segment's operating activities on a consistent basis.

Unallocated corporate and shared costs and credits include expenses and credits related to our chief executive officer and Board of Directors, certain provisions for bad debt allowances or subsequent recoveries such as those related to bankrupt clients, certain unallocated professional fees, certain payroll tax and benefits, and certain self-insurance costs and recoveries that are not allocated to our individual segments.

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Additional discussion and analysis of our income taxes, net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, contingent earnout adjustments, non-service pension costs, restructuring and other costs, net, and unallocated corporate and shared costs follows the discussion and analysis of the results of operations of our four segments.

**Segment Revenues**

In the normal course of business, our segments incur certain out-of-pocket expenses that are thereafter reimbursed by our clients. Under GAAP, these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in our consolidated results of operations as we are considered the principal in these transactions. In the discussion and analysis of results of operations which follows, we do not include a gross up of expenses and revenues for these pass-through reimbursed expenses. The amounts of reimbursed expenses and related revenues offset each other in our results of operations with no impact to our net income or operating earnings. A reconciliation of revenues before reimbursements to consolidated revenues determined in accordance with GAAP is self-evident from the face of the accompanying statements of operations. Unless noted in the following discussion and analysis, revenue amounts exclude reimbursements for out-of-pocket expenses.

Our segment results are impacted by changes in foreign exchange rates. We believe that a non-GAAP discussion and analysis of segment revenues before reimbursements by major region, based on actual exchange rates and using a constant exchange rate, is helpful in understanding the results of our segment operations.

**Segment Expenses**

Our discussion and analysis of segment operating expenses is comprised of two components: "Direct Compensation, Fringe Benefits & Non-Employee Labor" and "Expenses Other Than Direct Compensation, Fringe Benefits & Non-Employee Labor."

"Direct Compensation, Fringe Benefits & Non-Employee Labor" includes direct compensation, payroll taxes, and benefits provided to the employees of each segment, as well as payments to outsourced service providers that augment our staff in each segment. As a service company, these costs represent our most significant and variable operating expenses.

Costs of administrative functions, including direct compensation, payroll taxes, and benefits, are managed centrally and considered indirect costs. The allocated centralized indirect administrative support costs of our shared-services infrastructure are allocated to each segment based on usage and reflected within "Expenses Other Than Direct Compensation, Fringe Benefits & Non-Employee Labor" of each segment.

In addition to allocated corporate and shared costs, "Expenses Other Than Direct Compensation, Fringe Benefits & Non-Employee Labor" includes travel and entertainment, office rent and occupancy costs, automobile expenses, office operating expenses, data processing costs, cost of risk, professional fees, and amortization and depreciation expense other than amortization of customer-relationship intangible assets.

Unless noted in the following discussion and analysis, revenue amounts exclude reimbursements for out-of-pocket expenses and expense amounts exclude reimbursed out-of-pocket expenses.

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Operating results for our segments reconciled to income before income taxes and net income attributable to shareholders of the Company are as shown in the following table.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **% Change from Prior Year** | **% Change from Prior Year** |
| **Year Ended December 31,** | **2025** | **2024** | **2023** | **2025** | **2024** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |  |
| **Revenues:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;North America Loss Adjusting | **$304887** | $312158 | $303629 | **(2.3)%** | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Operations | **438218** | 418607 | 382393 | **4.7%** | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadspire | **401859** | 388074 | 355650 | **3.6%** | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Platform Solutions | **120757** | 173671 | 225459 | **(30.5)%** | (23.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues before reimbursements** | **1265721** | 1292510 | 1267131 | **(2.1)%** | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursements | **45106** | 48460 | 49788 | **(6.9)%** | (2.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues** | **$1310827** | $1340970 | $1316919 | **(2.2)%** | 1.8% |
| **Direct Compensation, Fringe Benefits & Non-Employee Labor:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;North America Loss Adjusting | **$217845** | $226181 | $214642 | **(3.7)%** | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | **71.5%** | 72.5% | 70.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;International Operations | **292433** | 273692 | 256560 | **6.8%** | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | **66.7%** | 65.4% | 67.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadspire | **244359** | 235284 | 217253 | **3.9%** | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | **60.8%** | 60.6% | 61.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Platform Solutions | **68700** | 111786 | 147801 | **(38.5)%** | (24.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | **56.9%** | 64.4% | 65.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$823337** | $846943 | $836256 | **(2.8)%** | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% of Revenues before reimbursements* | **65.0%** | 65.5% | 66.0% |  |  |
| **Expenses Other than Direct Compensation, Fringe Benefits & Non-Employee Labor:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;North America Loss Adjusting | **$66068** | $67804 | $65802 | **(2.6)%** | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | **21.7%** | 21.7% | 21.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;International Operations | **120662** | 123914 | 114652 | **(2.6)%** | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | **27.5%** | 29.6% | 30.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadspire | **102892** | 100361 | 96524 | **2.5%** | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | **25.6%** | 25.9% | 27.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Platform Solutions | **44494** | 50712 | 49117 | **(12.3)%** | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | **36.8%** | 29.2% | 21.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total before reimbursements** | **$334116** | $342791 | $326095 | **(2.5)%** | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% of Revenues before reimbursements* | ***26.4%*** | *26.5%* | 25.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursements | **45106** | 48460 | 49788 | **(6.9)%** | (2.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$379222** | $391251 | $375883 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% of Revenues* | **28.9%** | 29.2% | 28.5% |  |  |
| **Segment Operating Earnings:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;North America Loss Adjusting | **$20974** | $18173 | $23185 | **15.4%** | (21.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | **6.9%** | 5.8% | 7.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;International Operations | **25123** | 21001 | 11181 | **19.6%** | 87.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | **5.7%** | 5.0% | 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadspire | **54608** | 52429 | 41873 | **4.2%** | 25.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | **13.6%** | 13.5% | 11.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Platform Solutions | **7563** | 11173 | 28541 | **(32.3)%** | (60.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;*% of related revenues before reimbursements* | **6.3%** | 6.4% | 12.7% |  |  |
| **(Deduct) Add:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Unallocated corporate and shared costs and credits, net** | **(25995)** | (28066) | (19419) | **(7.4)%** | 44.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net corporate interest expense** | **(14687)** | (16862) | (17036) | **(12.9)%** | (1.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Stock option expense** | **(609)** | (574) | (552) | **6.1%** | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Amortization of customer-relationship intangible assets** | **(8431)** | (7497) | (7790) | **12.5%** | (3.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Restructuring and other costs, net** | **(13996)** |  |  | **nm** | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;**Non-service pension costs** | **(9413)** | (9764) | (8601) | **(3.6)%** | 13.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Contingent earnout adjustments** | **(537)** | 1099 | (4025) | **(148.9)%** | (127.3)% |
| **Income Before Income Taxes** | **34600** | 41112 | 47357 | **(15.8)%** | (13.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income taxes** | **(14924)** | (14583) | (17097) | **2.3%** | (14.7)% |
| **Net Income** | **19676** | 26529 | 30260 | **(25.8)%** | (12.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net (income) loss attributable to noncontrolling interests** | **(42)** | 67 | 349 | **(162.7)%** | (80.8)% |
| **Net Income Attributable to Shareholders of Crawford & Company** | **$19634** | $26596 | $30609 | **(26.2)%** | (13.1)% |

---

*nm* = not meaningful

------

**YEAR ENDED DECEMBER 31, 2025 COMPARED WITH YEAR ENDED DECEMBER 31, 2024**

**NORTH AMERICA LOSS ADJUSTING SEGMENT**

**Operating Earnings**

Operating earnings in our North America Loss Adjusting segment totaled $21.0 million, or 6.9% of revenues before reimbursements, in 2025, compared with 2024 operating earnings of $18.2 million, or 5.8% of revenues before reimbursements. The increase in operating earnings in 2025 was primarily due to improved staff utilization in U.S. Global Technical Services and Canada Loss Adjusting, a decrease in allowance for estimated credit losses, and a reduction in centralized indirect support costs.

Excluding indirect expenses, gross profit increased slightly from $56.8 million, or 18.2% of revenues before reimbursements in 2024, to $57.0 million, or 18.7% of revenues before reimbursements in 2025, primarily due to improved staff utilization in U.S. Global Technical Services and Canada Loss Adjusting, a decrease in allowance for estimated credit losses, partially offset by increases in data processing costs and software costs.

Operating results for our North America Loss Adjusting segment, including gross profit, are as shown in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
|  | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on exchange rates<br>for December 31, 2024** | **Based on exchange rates<br>for December 31, 2024** |
| **Year Ended December 31,** | **2025** | **2024** | **Variance** | **2025** | **Variance** |
| Revenues before reimbursements | $**304887** | $312158 | (2.3)% | $**307326** | (1.5)% |
| Direct expenses | **247914** | 255388 | (2.9)% | **250110** | (2.1)% |
| Gross profit | **56973** | 56770 | 0.4% | **57216** | 0.8% |
| Indirect expenses | **35999** | 38597 | (6.7)% | **36294** | (6.0)% |
| **Total North America Loss Adjusting Operating Earnings** | $**20974** | $18173 | 15.4% | $**20922** | 15.1% |
| Gross profit margin | **18.7%** | 18.2% | 0.5% | **18.6%** | 0.4% |
| Operating margin | **6.9%** | 5.8% | 1.1% | **6.8%** | 1.0% |

---

**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)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
|  | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on exchange rates<br>for December 31, 2024** | **Based on exchange rates<br>for December 31, 2024** |
| **Year Ended December 31,** | **2025** | **2024** | **Variance** | **2025** | **Variance** |
| U.S. | $**215734** | $221279 | (2.5)% | $**215734** | (2.5)% |
| Canada | **89153** | 90879 | (1.9)% | **91592** | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total North America Loss Adjusting Revenues before Reimbursements** | $**304887** | $312158 | (2.3)% | $**307326** | (1.5)% |

---

Revenues before reimbursements from our North America Loss Adjusting segment totaled $304.9 million in 2025, compared with $312.2 million in 2024. This decrease was substantially driven by a reduction in weather-related activity, primarily within the U.S. The change in exchange rates decreased our North America Loss Adjusting segment revenues by (0.8)%, or $(2.4) million, for 2025 as compared with 2024. Absent foreign exchange rate fluctuations, North America Loss Adjusting segment revenues would have been $307.3 million for 2025. There was an increase in segment unit volume, measured principally by cases received, of 35.4% for 2025, compared with 2024. This includes an increase in low value inspection services cases, previously handled within Platform Solutions, of 100,800 or 41.5%. There was a decrease in high-frequency, low-severity cases received in Canada of (4,300) or (1.8)%. Changes in product mix and in the rates charged for those services accounted for a 2.8% revenue increase for the year ended 2025 compared with 2024.

------

The decrease in revenues in the U.S. for 2025 was due primarily to a reduction in U.S. Field Operations, as a result of decreased weather-related activity and a reduction in industry-wide claim activity. There was also a decrease in revenues in Canada in 2025, compared with 2024, attributable to lower significant weather events, including two major floods that occurred in the prior year.

Revenue variance components for our North America Loss Adjusting segment for the year ended December 31, 2025 are summarized as follows:

---

| | |
|:---|:---|
| **2025 Period compared to 2024 Period Ending:** | **December 31** |
| Increase in cases received | **35.4%** |
| Decrease due to foreign currency exchange rates | **(0.8)%** |
| Transfer of low value inspection services cases from Platform Solutions | **(41.5)%** |
| Canada high-frequency, low-severity case reduction due to prior year flooding | **1.8%** |
| Change in product mix and rates | **2.8%** |
| **Decrease in Revenues before Reimbursements** | **(2.3)%** |

---

**Reimbursed Expenses Included in Total Revenues**

Reimbursements for out-of-pocket expenses incurred in our North America Loss Adjusting segment, which are included in total Company revenues, were $8.4 million in 2025 compared with $8.6 million in 2024.

**Case Volume Analysis**

North America Loss Adjusting segment unit volumes by geographic region, measured by cases received, for 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **Variance** |
| U.S. | **233630** | 145516 | 60.6% |
| Canada | **95192** | 97308 | (2.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total North America Loss Adjusting Cases Received** | **328822** | 242824 | 35.4% |

---

Overall, there was an increase in cases of 35.4% in 2025, compared with 2024. The increase in U.S. case volumes in 2025 was primarily due to the increase in low value inspection services of 100,800 cases, transferred from Platform Solutions. There was a decrease in cases in Canada in 2025 primarily due to a reduction in high-frequency, low-severity cases as a result of flooding in the prior year.

**Direct Compensation, Fringe Benefits & Non-Employee Labor**

The most significant expense in our North America Loss Adjusting segment is the compensation of employees, including related payroll taxes and fringe benefits, and payments to outsourced service providers that augment our staff. North America Loss Adjusting direct compensation, fringe benefits, and non-employee labor expense, as a percent of segment revenues before reimbursements, was 71.5% for 2025 and 72.5% for 2024. The dollar amount of these expenses decreased from $226.2 million in 2024 to $217.8 million in 2025. The decrease in expense was primarily due to the reduction in revenues, lower incentive compensation expense, and improved staff utilization, in U.S. Global Technical Services and Canada Loss Adjusting, compared to 2024. The decrease in expenses as a percentage of revenues before reimbursements were due to improved staff utilization in U.S. Global Technical Services and Canada Loss Adjusting.

There was an average of 2,016 FTEs in 2025 compared with an average of 1,996 FTEs in 2024.

**Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor**

North America Loss Adjusting segment expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor decreased from $67.8 million in 2024 to $66.1 million in 2025, remaining consistent as a percent of segment revenues before reimbursements at 21.7% for each respective period. The decrease in costs was in line with the decrease in revenues and due to decreases in allowance for estimated credit losses and centralized indirect support costs, partially offset by increases in data processing costs and software costs.

------

**INTERNATIONAL OPERATIONS SEGMENT**

**Operating Earnings**

Our International Operations segment reported operating earnings of $25.1 million, or 5.7% of revenues before reimbursements in 2025, compared with operating earnings of $21.0 million, or 5.0% of revenues before reimbursements in 2024. This increase in operating earnings was due to improved operating results in the U.K., Australia, and Asia, partially offset by an increase in centralized indirect support costs.

Excluding centralized indirect expenses, gross profit increased from $77.5 million, or 18.5% of revenues before reimbursements in 2024, to $86.6 million, or 19.8% of revenues before reimbursements in 2025. The increase in gross profit was driven by improved operating results in the U.K., Australia, and Asia.

Operating results for our International Operations segment, including gross profit, are as shown in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
|  | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on exchange rates<br>for December 31, 2024** | **Based on exchange rates<br>for December 31, 2024** |
| **Year Ended December 31,** | **2025** | **2024** | **Variance** | **2025** | **Variance** |
| Revenues before reimbursements | **$438218** | $418607 | 4.7% | **$433819** | 3.6% |
| Direct expenses | **351635** | 341152 | 3.1% | **347394** | 1.8% |
| Gross profit | **86583** | 77455 | 11.8% | **86425** | 11.6% |
| Indirect expenses | **61460** | 56454 | 8.9% | **61346** | 8.7% |
| **Total International Operations Operating Earnings** | **$25123** | $21001 | 19.6% | **$25079** | 19.4% |
| Gross profit margin | **19.8%** | 18.5% | 1.3% | **19.9%** | 1.4% |
| Operating margin | **5.7%** | 5.0% | 0.7% | **5.8%** | 0.8% |

---

**Revenues before Reimbursements**

International Operations segment revenues are primarily derived from the global property and casualty insurance company markets in the U.K., Europe, Australia, Asia and Latin America. Revenues before reimbursements by major region, based on actual exchange rates and using a constant exchange rate were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
|  | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on exchange rates<br>for December 31, 2024** | **Based on exchange rates<br>for December 31, 2024** |
| **Year Ended December 31,** | **2025** | **2024** | **Variance** | **2025** | **Variance** |
| U.K. | $**179412** | $168357 | 6.6% | $**173538** | 3.1% |
| Europe | **109247** | 100702 | 8.5% | **106942** | 6.2% |
| Australia | **86635** | 88988 | (2.6)% | **88944** | (0.0)% |
| Asia | **29123** | 24466 | 19.0% | **28133** | 15.0% |
| Latin America | **33801** | 36094 | (6.4)% | **36262** | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total International Operations Revenues before Reimbursements** | $**438218** | $418607 | 4.7% | $**433819** | 3.6% |

---

Revenues before reimbursements from our International Operations segment totaled $438.2 million in 2025, compared with $418.6 million in 2024. This increase was primarily due to increases in the U.K., Europe, and Asia. The change in exchange rates increased our International Operations segment revenues by approximately 1.1%, or $4.4 million, for 2025 as compared with 2024. Absent foreign exchange rate fluctuations, International Operations segment revenues would have been $433.8 million for 2025. There was a decrease in segment unit volume, measured principally by cases received, of (10.5)% for 2025, compared with the 2024 period. There was a net decrease in high-frequency, low-severity cases of 50,300 or (10.1%), primarily in Brazil and the U.K. There was also an increase in higher-value third-party administration claims in the U.K., which led to a 3.3% increase in revenue for 2025, compared with the 2024 period. Changes in product mix and in the rates charged for those services accounted for a 0.7% revenue increase for 2025 compared with the same period in 2024.

------

Based on constant foreign exchange rates, the increase in the U.K. for 2025, compared with 2024, was due to an increase in higher-value third-party administration revenues. There was an increase in revenues in Europe in the 2025 period, compared with 2024, due to an expansion of the Spanish business. Revenues in Australia decreased slightly, primarily due to the disposal of our legal services business, partially offset by growth in specialty claims. There was an increase in revenues in Asia in 2025, compared with 2024, due to increases in Taiwan for claims related to the earthquake that occurred in 2024 and related to an earthquake impacting Thailand in the current year. The decrease in revenues in Latin America in 2025 is primarily driven by decreased revenues in Brazil and Chile.

Revenue variance components for our International Operations segment, for the year ended December 31, 2025 are summarized as follows:

---

| | |
|:---|:---|
| **2025 Period compared to 2024 Period Ending:** | **December 31** |
| Decrease in cases received | **(10.5)%** |
| Increase due to foreign currency exchange rates | **1.1%** |
| Increase in U.K. revenues related to higher-value third-party administrative claims | **3.3%** |
| Change in high-frequency, low-severity cases received, primarily within the U.K., Brazil, Germany, and Spain | **10.1%** |
| Change in product mix and rates | **0.7%** |
| **Increase in Revenues before Reimbursements** | **4.7%** |

---

**Reimbursed Expenses Included in Total Revenues**

Reimbursements for out-of-pocket expenses incurred in our International Operations segment which are included in total Company revenue decreased to $32.7 million in 2025 from $34.3 million in 2024.

**Case Volume Analysis**

International Operations unit volumes, as measured by cases received, by region for 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **Variance** |
| U.K. | **117020** | 130014 | (10.0)% |
| Europe | **188115** | 181967 | 3.4% |
| Australia | **40835** | 50808 | (19.6)% |
| Asia | **31873** | 27381 | 16.4% |
| Latin America | **69171** | 109565 | (36.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total International Operations Cases Received** | **447014** | 499735 | (10.5)% |

---

Overall, there was a decrease in cases received of (10.5)% for 2025, compared with 2024. There was a decrease in cases in the U.K., due to decreases in high-frequency, low-severity cases in third party administration. Cases increased in Europe due to an increase in claims in Spain, partially offset by a decrease in claims in Germany. Australia decreased primarily due to higher weather-related activity in the prior year. There was an increase in cases received in Asia due to an increase in cases in Thailand, Malaysia, and Singapore. Latin America experienced a decrease in high-frequency, low-severity cases received in Brazil as well as cases received in Chile.

**Direct Compensation, Fringe Benefits & Non-Employee Labor**

The most significant expense in our International Operations segment is the compensation of employees, including related payroll taxes and fringe benefits, and payments to outsourced service providers that augment the functions performed by our employees. Direct compensation expenses, fringe benefits, and non-employee labor, as a percent of International Operations segment revenues before reimbursements, increased from 65.4% in 2024 to 66.7% in 2025. The total dollar amount of these expenses increased from $273.7 million in 2024 to $292.4 million in 2025. The increase in cost and as a percentage of revenues before reimbursements for 2025 as compared to the prior year was due to an increase in compensation expense, including incentive compensation, and an increase in non-employee labor.

There was an average of 3,492 FTEs in this segment in 2025, compared with an average of 3,642 FTEs in 2024.

------

**Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor**

Expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor decreased in the International Operations segment from $123.9 million in 2024 to $120.7 million in 2025, and decreased as a percent of revenues before reimbursements from 29.6% in 2024 to 27.5% in 2025. The decrease in the expense and as a percentage of revenues before reimbursements for 2025 was due to a reduction in professional and legal fees as well as an insurance recovery, partially offset by an increase in centralized indirect support costs.

**BROADSPIRE SEGMENT**

**Operating Earnings**

Our Broadspire segment reported operating earnings of $54.6 million, or 13.6% of revenues before reimbursements in 2025, as compared to $52.4 million, or 13.5% of revenues before reimbursements in 2024. This increase was due to an increase in revenues and a reduction in cost of risk, partially offset by an increase in centralized indirect support costs.

Excluding centralized indirect expenses, gross profit increased from $97.5 million, or 25.1% of revenues before reimbursements in 2024, to $103.4 million, or 25.7% of revenues before reimbursements in 2025, due to the increased revenues and a reduction in cost of risk.

Operating results for our Broadspire segment, including gross profit, are as shown in the following table:

---

| | | | |
|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
| **Year Ended December 31,** | **2025** | **2024** | **Variance** |
| Revenues before reimbursements | $**401859** | $388074 | 3.6% |
| Direct expenses | **298466** | 290531 | 2.7% |
| Gross profit | **103393** | 97543 | 6.0% |
| Indirect expenses | **48785** | 45114 | 8.1% |
| **Total Broadspire Operating Earnings** | $**54608** | $52429 | 4.2% |
| Gross profit margin | **25.7%** | 25.1% | 0.6% |
| Operating margin | **13.6%** | 13.5% | 0.1% |

---

**Revenues before Reimbursements**

Broadspire revenues are derived primarily from the casualty and disability insurance and self-insured markets in the U.S. Revenues before reimbursements by service line were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
| **Year Ended December 31,** | **2025** | **2024** | **Variance** |
| Claims Management | $**207415** | $198797 | 4.3% |
| Medical Management | **194444** | 189277 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Broadspire Revenues before Reimbursements** | $**401859** | $388074 | 3.6% |

---

Revenues before reimbursements from Broadspire totaled $401.9 million in 2025, compared with $388.1 million in 2024. This increase was primarily due to an increase in new client growth across both service lines, increased medical management usage, and pricing improvements. Revenues were positively impacted by a slight increase in unit volumes, measured principally by cases received, of 1.3% for 2025 compared with 2024. Revenues were negatively impacted by a $(3.6) million decrease within our Claims Management service line related to income earned which offsets the costs of managing the funds maintained to administer claims for our customers, for which no cases are received, or (0.9)% decrease in revenues. There was also a $4.7 million increase in revenues within our Medical Management service line for which no cases are received, or 1.2% of the increase in revenues. Changes in product mix and in the rates charged for those services accounted for a 2.0% revenue increase for 2025 as compared with 2024.

------

Revenue variance components for our Broadspire segment for the year ended December 31, 2025 are summarized as follows:

---

| | |
|:---|:---|
| **2025 Period compared to 2024 Period Ending:** | **December 31** |
| Increase in cases received | **1.3%** |
| Decrease in claims management revenues with no cases received | **(0.9)%** |
| Increase in medical management revenues with no cases received | **1.2%** |
| Change in product mix and rates | **2.0%** |
| **Increase in Revenues before Reimbursements** | **3.6%** |

---

**Reimbursed Expenses Included in Total Revenues**

Reimbursements for out-of-pocket expenses incurred in our Broadspire segment which are included in total Company revenue decreased to $3.2 million in 2025 from $3.5 million in 2024.

**Case Volume Analysis**

Broadspire unit volumes by service line, as measured by cases received, for 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **Variance** |
| Claims Management | **394261** | 381596 | 3.3% |
| Medical Management | **157981** | 163364 | (3.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Broadspire Cases Received** | **552242** | 544960 | 1.3% |

---

Overall case volumes were 1.3% higher in 2025 compared with 2024, due primarily to an increase in new disability clients within our Claims Management service line, partially offset by a decline in cases within Medical Management.

**Direct Compensation, Fringe Benefits & Non-Employee Labor**

The most significant expense in our Broadspire segment is the compensation of employees, including related payroll taxes and fringe benefits, and payments to outsourced service providers that augment the functions performed by our employees. Direct compensation expenses, fringe benefits, and non-employee labor, as a percent of Broadspire segment revenues before reimbursements, increased slightly from 60.6% in 2024 to 60.8% in 2025. The total dollar amount of these expenses increased from $235.3 million in 2024 to $244.4 million in 2025. The increase in the amounts was due to increased employees, average wages, and incentive compensation, related to the increase in revenues.

There was an average of 2,816 FTEs in this segment in 2025, an increase from an average of 2,708 FTEs in the 2024 period.

**Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor**

Expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor increased in the Broadspire segment from $100.4 million in 2024 to $102.9 million in 2025, but decreased slightly as a percent of revenues before reimbursements from 25.9% in 2024 to 25.6% in 2025. The increases in the expenses was due to higher software costs and higher centralized indirect support costs, partially offset by a reduction in cost of risk and office rent costs.

**PLATFORM SOLUTIONS SEGMENT**

**Operating Earnings**

Our Platform Solutions segment recorded operating earnings of $7.6 million in 2025, or 6.3% of revenues before reimbursements, compared with operating earnings of $11.2 million in 2024, or 6.4% of revenues before reimbursements. The decrease was primarily driven by a reduction in catastrophe related claims in our Networks service line.

Excluding indirect expenses, gross profit decreased from $34.9 million, or 20.1% of revenues before reimbursements in 2024, to $27.0 million, or 22.3% of revenues before reimbursements in 2025. The decrease in gross profit was primarily due to a reduction in weather-driven services. The increase in gross profit as a percent of revenues before reimbursements was due to a shift in business mix within the Platform Solutions segment, driven by the reduction in catastrophe related claims and transfer of low value inspection services to North America Loss Adjusting.

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Operating results for our Platform Solutions segment, including gross profit, are as shown in the following table:

---

| | | | |
|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
| **Year Ended December 31,** | **2025** | **2024** | **Variance** |
| Revenues before reimbursements | $**120757** | $173671 | (30.5)% |
| Direct expenses | **93771** | 138769 | (32.4)% |
| Gross profit | **26986** | 34902 | (22.7)% |
| Indirect expenses | **19423** | 23729 | (18.1)% |
| **Total Platform Solutions Operating Earnings** | $**7563** | $11173 | (32.3)% |
| Gross profit margin | **22.3%** | 20.1% | 2.2% |
| Operating margin | **6.3%** | 6.4% | (0.1)% |

---

**Revenues before Reimbursements**

Platform Solutions segment revenues are primarily derived from the property and casualty insurance company and consumer markets in the U.S. Revenues before reimbursements by service line were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
| **Year Ended December 31,** | **2025** | **2024** | **Variance** |
| Contractor Connection | $**66713** | $67586 | (1.3)% |
| Networks | **25552** | 76977 | (66.8)% |
| Subrogation | **28492** | 29108 | (2.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Platform Solutions Revenues before Reimbursements** | $**120757** | $173671 | (30.5)% |

---

Revenues before reimbursements from our Platform Solutions segment totaled $120.8 million in 2025, compared with $173.7 million in 2024. This decrease was primarily due to a decrease in weather-driven services, as well as a reduction in low value inspection service cases. There was a decrease in segment unit volume, measured principally by cases received, of (48.4)% for 2025, compared with the 2024 period. This was primarily related to the transfer of low value inspection services cases from our Networks service line to North America Loss Adjusting, which resulted in (119,400), or (38.5%), fewer cases in 2025, compared to 2024. There was a decrease in revenues from weather-driven activity in our Networks service line which decreased revenues $(43.1) million, or (24.8)%, in 2025, compared to 2024. Changes in product mix and in the rates charged for those services accounted for a 4.2% revenue increase for 2025, compared with 2024.

Revenue variance components for our Platform Solutions segment for the year ended December 31, 2025 are summarized as follows:

---

| | |
|:---|:---|
| **2025 Period compared to 2024 Period Ending:** | **December 31** |
| Decrease in cases received | **(48.4)%** |
| Transfer of low value inspection services cases to North America Loss Adjusting | **38.5%** |
| Decrease in revenues from catastrophe related activity within Networks | **(24.8)%** |
| Change in product mix and rates | **4.2%** |
| **Decrease in Revenues before Reimbursements** | **(30.5)%** |

---

**Reimbursed Expenses Included in Total Revenues**

Reimbursements for out-of-pocket expenses incurred in our Platform Solutions segment were $0.7 million and $1.8 million for 2025 and 2024, respectively. The decrease was due to reduced Networks revenues in 2025.

------

**Case Volume Analysis**

Platform Solutions unit volumes by service line, as measured by cases received, for 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **Variance** |
| Contractor Connection | **109146** | 121704 | (10.3)% |
| Networks | **18557** | 150083 | (87.6)% |
| Subrogation | **32396** | 38635 | (16.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Platform Solutions Cases Received** | **160099** | 310422 | (48.4)% |

---

Overall case volumes were (48.4)% lower in 2025 compared with 2024, primarily due to the transfer to North America Loss Adjusting of low value inspection services cases from our Networks service line resulting in 119,400 fewer cases in the 2025 period as compared to 2024. The decrease in our Contractor Connection service line is due to reduced claims activity in the marketplace. The reduction in cases in our Subrogation service line in 2025 is due to a reduction of high-frequency, low-severity cases as compared to the 2024 period.

**Direct Compensation, Fringe Benefits & Non-Employee Labor**

The most significant expense in our Platform Solutions segment is the compensation of employees, including related payroll taxes and fringe benefits, and payments to outsourced service providers that augment the functions performed by our employees. Platform Solutions direct compensation, fringe benefits, and non-employee labor expense, as a percent of the related revenues before reimbursements, was 56.9% in 2025 and 64.4% in 2024. The amount of these expenses decreased from $111.8 million in 2024 to $68.7 million in 2025. The decrease in costs was due to lower compensation costs due to reduced weather-related revenues and the reduction of employees performing low value inspection services. The decrease as a percentage of revenues before reimbursements in the current year was due to the reduction in revenues in our Networks service line which is more labor intensive than our other Platform Solutions service lines.

Average FTEs in this segment totaled 714 in 2025, down from an average of 1,049 FTEs in 2024 due to fewer adjusters in the Networks service line.

**Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor**

Platform Solutions segment expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor decreased as a percent of segment revenues before reimbursements from $50.7 million, or 29.2% of revenues before reimbursements in 2024, to $44.5 million, or 36.8% of revenues before reimbursements in 2025. The decrease in costs in 2025 as compared to the 2024 period, is due to a reduction in data processing costs, the reduction of costs related to low value inspection services and a reduction in centralized indirect support costs. Costs as a percent of revenues increased related to the decrease in revenues for the 2025 period as compared to the prior year.

**YEAR ENDED DECEMBER 31, 2024 COMPARED WITH YEAR ENDED DECEMBER 31, 2023**

**NORTH AMERICA LOSS ADJUSTING SEGMENT**

**Operating Earnings**

Operating earnings in our North America Loss Adjusting segment totaled $18.2 million, or 5.8% of revenues before reimbursements, in 2024, compared with 2023 operating earnings of $23.2 million, or 7.6% of revenues before reimbursements. The decrease in operating earnings in 2024 was primarily due to the decrease in revenues in Canada and U.S. Field Operations and reduced staff utilization related to the higher weather-related activity in the prior year.

Excluding indirect expenses, gross profit decreased from $62.2 million, or 20.5% of revenues before reimbursements in 2023, to $56.8 million, or 18.2% of revenues before reimbursements in 2024, due to a decrease in revenues in U.S. Field Operations, increases in expenses within U.S. Global Technical Services, and a decrease in revenues in Canada, as compared to the prior year.

------

Operating results for our North America Loss Adjusting segment, including gross profit, are as shown in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
|  | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on exchange rates<br>for December 31, 2023** | **Based on exchange rates<br>for December 31, 2023** |
| **Year Ended December 31,** | **2024** | **2023** | **Variance** | **2024** | **Variance** |
| Revenues before reimbursements | $312158 | $303629 | 2.8% | $313506 | 3.3% |
| Direct expenses | 255388 | 241475 | 5.8% | 256572 | 6.3% |
| Gross profit | 56770 | 62154 | (8.7)% | 56934 | (8.4)% |
| Indirect expenses | 38597 | 38969 | (1.0)% | 38831 | (0.4)% |
| **Total North America Loss Adjusting Operating Earnings** | $18173 | $23185 | (21.6)% | $18103 | (21.9)% |
| Gross profit margin | 18.2% | 20.5% | (2.3)% | 18.2% | (2.3)% |
| Operating margin | 5.8% | 7.6% | (1.8)% | 5.8% | (1.8)% |

---

**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)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
|  | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on exchange rates<br>for December 31, 2023** | **Based on exchange rates<br>for December 31, 2023** |
| **Year Ended December 31,** | **2024** | **2023** | **Variance** | **2024** | **Variance** |
| U.S. | $221279 | $207255 | 6.8% | $221279 | 6.8% |
| Canada | 90879 | 96374 | (5.7)% | 92227 | (4.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total North America Loss Adjusting Revenues before Reimbursements** | $312158 | $303629 | 2.8% | $313506 | 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 from new and existing clients, and pricing increases. There was a decrease in revenues in Canada in 2024, compared with 2023, due to the decrease in Contractor Connection cases.

Revenue variance components for our North America Loss Adjusting segment for the year ended December 31, 2024 are summarized as follows:

---

| | |
|:---|:---|
| **2024 Period compared to 2023 Period Ending:** | **December 31** |
| Decrease in cases received | (12.4)% |
| Decrease due to foreign currency exchange rates | (0.5)% |
| Contractor Connection Canada high-frequency, low-severity case reduction | 12.9% |
| Change in product mix and rates | 2.8% |
| **Increase in Revenues before Reimbursements** | 2.8% |

---

**Reimbursed Expenses Included in Total Revenues**

Reimbursements for out-of-pocket expenses incurred in our North America Loss Adjusting segment, which are included in total Company revenues, were $8.6 million in 2024 compared with $9.8 million in 2023. The decrease was due to a decrease in mileage reimbursements.

------

**Case Volume Analysis**

North America Loss Adjusting segment unit volumes by geographic region, measured by cases received, for 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2024** | **2023** | **Variance** |
| U.S. | 145516 | 145957 | (0.3)% |
| Canada | 97308 | 131255 | (25.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total North America Loss Adjusting Cases Received** | 242824 | 277212 | (12.4)% |

---

Overall, there was a decrease in cases of (12.4)% in 2024, compared with 2023. The slight decrease in U.S. case volumes in 2024 was due to higher weather-related activity in the prior year partially offset by an increase in U.S. Global Technical Services. There was a decrease in cases in Canada in 2024 primarily due to 35,800 less high-frequency, low-severity Contractor Connection cases related to the loss of a customer, as compared with 2023.

**Direct Compensation, Fringe Benefits & Non-Employee Labor**

The most significant expense in our North America Loss Adjusting segment is the compensation of employees, including related payroll taxes and fringe benefits, and payments to outsourced service providers that augment our staff. North America Loss Adjusting direct compensation, fringe benefits, and non-employee labor expense, as a percent of segment revenues before reimbursements, was 72.5% for 2024 and 70.7% for 2023. The dollar amount of these expenses increased from $214.6 million in 2023 to $226.2 million in 2024. The increase in amounts was due to increases in expert adjusting staff in U.S. Global Technical Services, partially offset by decreases in employees in U.S. Field Operations and Canada. The increase in the percentage of revenues before reimbursements is due to lower staff utilization in U.S. Field Operations and Canada, compared to 2023.

There was an average of 1,996 FTEs in 2024 compared with an average of 2,055 FTEs in 2023.

**Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor**

North America Loss Adjusting segment expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor increased from $65.8 million in 2023 to $67.8 million in 2024, remaining consistent as a percent of segment revenues before reimbursements at 21.7% for each respective period. The increase in costs was in line with the increase in revenues and due to increases in automobile expense, professional fees and data processing costs.

**INTERNATIONAL OPERATIONS SEGMENT**

**Operating Earnings**

Our International Operations segment reported operating earnings of $21.0 million, or 5.0% of revenues before reimbursements in 2024, compared with operating earnings of $11.2 million, or 2.9% of revenues before reimbursements in 2023. This increase in operating earnings was due to increased revenues in the U.K., Europe, Asia, and Latin America.

Excluding centralized indirect expenses, gross profit increased from $60.4 million, or 15.8% of revenues before reimbursements in 2023, to $77.5 million, or 18.5% of revenues before reimbursements in 2024. The increase in gross profit was driven by the increase in revenues.

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Operating results for our International Operations segment, including gross profit, are as shown in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
|  | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on exchange rates<br>for December 31, 2023** | **Based on exchange rates<br>for December 31, 2023** |
| **Year Ended December 31,** | **2024** | **2023** | **Variance** | **2022** | **Variance** |
| Revenues before reimbursements | $418607 | $382393 | 9.5% | $418081 | 9.3% |
| Direct expenses | 341152 | 322025 | 5.9% | 339592 | 5.5% |
| Gross profit | 77455 | 60368 | 28.3% | 78489 | 30.0% |
| Indirect expenses | 56454 | 49187 | 14.8% | 56643 | 15.2% |
| **Total International Operations Operating Earnings (Loss)** | $21001 | $11181 | 87.8% | $21846 | 95.4% |
| Gross profit margin | 18.5% | 15.8% | 2.7% | 18.8% | 3.0% |
| Operating margin | 5.0% | 2.9% | 2.1% | 5.2% | 2.3% |

---

**Revenues before Reimbursements**

International Operations segment revenues are primarily derived from the global property and casualty insurance company markets in the U.K., Europe, Australia, Asia and Latin America. Revenues before reimbursements by major region, based on actual exchange rates and using a constant exchange rate were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
|  | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on actual exchange rates** | **Based on exchange rates<br>for December 31, 2023** | **Based on exchange rates<br>for December 31, 2023** |
| **Year Ended December 31,** | **2024** | **2023** | **Variance** | **2024** | **Variance** |
| U.K. | $168357 | $143353 | 17.4% | $162685 | 13.5% |
| Europe | 100702 | 92130 | 9.3% | 100233 | 8.8% |
| Australia | 88988 | 89479 | (0.5)% | 89466 | (0.0)% |
| Asia | 24466 | 23289 | 5.1% | 24773 | 6.4% |
| Latin America | 36094 | 34142 | 5.7% | 40924 | 19.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total International Operations Revenues before Reimbursements** | $418607 | $382393 | 9.5% | $418081 | 9.3% |

---

Revenues before reimbursements from our International Operations segment totaled $418.6 million in 2024, compared with $382.4 million in 2023. This increase was primarily due to increases in the U.K., Europe, Asia, and Latin America. The change in exchange rates increased our International Operations segment revenues by approximately 0.2%, or $0.5 million, for 2024 as compared with 2023. Absent foreign exchange rate fluctuations, International Operations segment revenues would have been $418.1 million for 2024. There was an increase in segment unit volume, measured principally by cases received, of 2.8% for 2024, compared with the 2023 period. There was a net decrease in high-frequency, low-severity cases of 11,250 or (2.3%), driven primarily by fewer high-frequency, low-severity cases in the U.K., partially offset by an increase in high-frequency, low-severity cases in Brazil. There was also an increase in higher-value third-party administration claims in the U.K., which led to a 2.7% increase in revenue for 2024, compared with the 2023 period. Changes in product mix and in the rates charged for those services accounted for a 1.5% revenue increase for 2024 compared with the same period in 2023.

Based on constant foreign exchange rates, the increase in the U.K. for 2024, compared with 2023, was due to an increase in property and third party administration revenues driven by higher value claims. There was an increase in revenues in Europe in the 2024 period, compared with 2023, due to increases in Netherlands, Norway, the Middle East, and Germany. There was an increase in revenues in Asia in 2024, compared with 2023, due to an increase in high-frequency, low-severity case activity in Singapore, as well as increases in Taiwan related to an earthquake. The increase in revenues in Latin America in 2024 was primarily driven by increased volumes across third-party administration and loss adjusting in Brazil.

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Revenue variance components for our International Operations segment for the year ended December 31, 2024 are summarized as follows:

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| | |
|:---|:---|
| **2024 Period compared to 2023 Period Ending:** | **December 31** |
| Increase in cases received | 2.8% |
| Increase due to foreign currency exchange rates | 0.2% |
| Increase in U.K. revenues related to higher-value third-party administrative claims | 2.7% |
| Change in high-frequency, low-severity cases received | 2.3% |
| Change in product mix and rates | 1.5% |
| **Increase in Revenues before Reimbursements** | 9.5% |

---

**Reimbursed Expenses Included in Total Revenues**

Reimbursements for out-of-pocket expenses incurred in our International Operations segment which are included in total Company revenue increased to $34.3 million in 2024 from $33.8 million in 2023. The increase in reimbursed expenses was primarily due to the increase in revenues in the current year.

**Case Volume Analysis**

International Operations unit volumes, as measured by cases received, by region for 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2024** | **2023** | **Variance** |
| U.K. | 130014 | 159384 | (18.4)% |
| Europe | 181967 | 177315 | 2.6% |
| Australia | 50808 | 35362 | 43.7% |
| Asia | 27381 | 25973 | 5.4% |
| Latin America | 109565 | 88203 | 24.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total International Operations Cases Received** | 499735 | 486237 | 2.8% |

---

Overall, there was an increase in cases received of 2.8% for 2024, compared with 2023. There was a decrease in cases in the U.K., due to decreases in high-frequency, low-severity cases in third party administration and property. Cases increased in Europe due to an increase in cases in the Middle East from flooding events and an increase in claims in Germany and the Netherlands, partially offset by a decrease in claims from Finland and Poland. Australia increased due to an increase in weather-related cases as well as an increase in high-frequency, low-severity cases in Contractor Connection. There was an increase in cases received in Asia due to an increase in high-frequency, low-severity activity in Singapore. Latin America experienced an increase in high-frequency, low-severity cases received in Brazil as well as cases received in Chile.

**Direct Compensation, Fringe Benefits & Non-Employee Labor**

The most significant expense in our International Operations segment is the compensation of employees, including related payroll taxes and fringe benefits, and payments to outsourced service providers that augment the functions performed by our employees. Direct compensation expenses, fringe benefits, and non-employee labor, as a percent of International Operations segment revenues before reimbursements, decreased from 67.1% in 2023 to 65.4% in 2024. The total dollar amount of these expenses increased from $256.6 million in 2023 to $273.7 million in 2024. The increase was due to increases in compensation expense, related to the increase in revenues. The decrease in the percentage of revenues before reimbursements is due to higher revenues in 2024 and improved staff utilization.

There was an average of 3,642 FTEs in this segment in 2024, compared with an average of 3,631 FTEs in 2023.

**Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor**

Expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor increased in the International Operations segment from $114.7 million in 2023 to $123.9 million in 2024, but decreased as a percent of revenues before reimbursements from 30.0% in 2023 to 29.6% in 2024. The increase in the expense for 2024 was due to an increase in revenues, while the percentage of revenues before reimbursements decreased due to improved operating leverage.

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**BROADSPIRE SEGMENT**

**Operating Earnings**

Our Broadspire segment reported operating earnings of $52.4 million, or 13.5% of revenues before reimbursements in 2024, as compared to $41.9 million, or 11.8% of revenues before reimbursements in 2023. This increase was due to an increase in revenues resulting from new client programs, increased medical management usage, and pricing improvements.

Excluding centralized indirect expenses, gross profit increased from $88.6 million, or 24.9% of revenues before reimbursements in 2023, to $97.5 million, or 25.1% of revenues before reimbursements in 2024, due to the increased revenues and improved staff utilization.

Operating results for our Broadspire segment, including gross profit, are as shown in the following table:

---

| | | | |
|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
| **Year Ended December 31,** | **2024** | **2023** | **Variance** |
| Revenues before reimbursements | $388074 | $355650 | 9.1% |
| Direct expenses | 290531 | 267017 | 8.8% |
| Gross profit | 97543 | 88633 | 10.1% |
| Indirect expenses | 45114 | 46760 | (3.5)% |
| **Total Broadspire Operating Earnings** | $52429 | $41873 | 25.2% |
| Gross profit margin | 25.1% | 24.9% | 0.2% |
| Operating margin | 13.5% | 11.8% | 1.7% |

---

**Revenues before Reimbursements**

Broadspire revenues are derived primarily from the casualty and disability insurance and self-insured markets in the U.S. Revenues before reimbursements by service line were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
| **Year Ended December 31,** | **2024** | **2023** | **Variance** |
| Claims Management | $198797 | $182840 | 8.7% |
| Medical Management | 189277 | 172810 | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Broadspire Revenues before Reimbursements** | $388074 | $355650 | 9.1% |

---

Revenues before reimbursements from Broadspire totaled $388.1 million in 2024, compared with $355.7 million in 2023. This increase was primarily due to an increase in new client growth across both service lines, increased medical management usage, and pricing improvements. Revenues were positively impacted by a slight increase in unit volumes, measured principally by cases received, of 0.4% for 2024 compared with 2023. Claims increased from growth within the Medical Management service line that was partially offset by an increase of takeover claims for disability clients in the prior year. This resulted in a reduction of 24,700 claims, or 4.6%, which had minimal revenues associated with them. Revenues were positively impacted by a $2.7 million increase within our Claims Management service line related to income earned which offsets the costs of managing the funds maintained to administer claims for our customers, for which no cases are received, or 0.8% of the increase in revenues. There was also an $8.0 million increase in revenues within our Medical Management service line for which no cases are received, or 2.2% of the increase in revenues. Changes in product mix and in the rates charged for those services accounted for a 1.1% revenue increase for 2024 as compared with 2023.

Revenue variance components for our Broadspire segment for the year ended December 31, 2024 are summarized as follows:

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| | |
|:---|:---|
| **2024 Period compared to 2023 Period Ending:** | **December 31** |
| Increase in cases received | 0.4% |
| Reduction in disability cases within claims management due to prior year takeover cases for two specific clients | 4.6% |
| Increase in claims management revenues with no cases received | 0.8% |
| Increase in medical management revenues with no cases received | 2.2% |
| Change in product mix and rates | 1.1% |
| **Increase in Revenues before Reimbursements** | 9.1% |

---

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**Reimbursed Expenses Included in Total Revenues**

Reimbursements for out-of-pocket expenses incurred in our Broadspire segment which are included in total Company revenue increased to $3.5 million in 2024 from $3.3 million in 2023. The increase in reimbursed expenses in the 2024 period was primarily due to the increased revenues in the current year.

**Case Volume Analysis**

Broadspire unit volumes by service line, as measured by cases received, for 2024 and 2023 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2024** | **2023** | **Variance** |
| Claims Management | 381596 | 397010 | (3.9)% |
| Medical Management | 163364 | 145822 | 12.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Broadspire Cases Received** | 544960 | 542832 | 0.4% |

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Overall case volumes were 0.4% higher in 2024 compared with 2023, due to an increase in Medical Management referrals, partially offset by an increase of 24,700 takeover claims for disability clients in the prior year within Claims Management.

**Direct Compensation, Fringe Benefits & Non-Employee Labor**

The most significant expense in our Broadspire segment is the compensation of employees, including related payroll taxes and fringe benefits, and payments to outsourced service providers that augment the functions performed by our employees. Direct compensation expenses, fringe benefits, and non-employee labor, as a percent of Broadspire segment revenues before reimbursements, decreased from 61.1% in 2023 to 60.6% in 2024. The total dollar amount of these expenses increased from $217.3 million in 2023 to $235.3 million in 2024. The increase in the amounts was due to increased employees, average wages, and incentive compensation, related to the increase in revenues. The decrease as a percentage of revenues before reimbursements was due to increases in revenues in services with higher margins.

There was an average of 2,708 FTEs in this segment in 2024, an increase from an average of 2,610 FTEs in the 2023 period.

**Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor**

Expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor increased in the Broadspire segment from $96.5 million in 2023 to $100.4 million in 2024, but decreased as a percent of revenues before reimbursements from 27.1% in 2023 to 25.9% in 2024. The increase in the expense was due to the higher revenues and an increase in the rates charged for certain vendor services. The decrease in the percent of revenues before reimbursements was due to the higher revenues and improved operating efficiencies.

**PLATFORM SOLUTIONS SEGMENT**

**Operating Earnings**

Our Platform Solutions segment recorded operating earnings of $11.2 million in 2024, or 6.4% of revenues before reimbursements, compared with operating earnings of $28.5 million in 2023, or 12.7% of revenues before reimbursements. The decrease was primarily due to a reduction in revenues in our Networks service line due to higher weather-related activity in the prior year period resulting in decreased need for staff augmentation services in 2024 and lower Contractor Connection revenues.

Excluding indirect expenses, gross profit decreased from $51.6 million, or 22.9% of revenues before reimbursements in 2023, to $34.9 million, or 20.1% of revenues before reimbursements in 2024. This decrease was primarily due to a reduction in revenues in our Networks service line due to higher weather-related activity in the prior year periods resulting in decreased need for staff augmentation services by our clients in the 2024 periods and lower Contractor Connection revenues.

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Operating results for our Platform Solutions segment, including gross profit, are as shown in the following table:

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| | | | |
|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
| **Year Ended December 31,** | **2024** | **2023** | **Variance** |
| Revenues before reimbursements | $173671 | $225459 | (23.0)% |
| Direct expenses | 138769 | 173874 | (20.2)% |
| Gross profit | 34902 | 51585 | (32.3)% |
| Indirect expenses | 23729 | 23044 | 3.0% |
| **Total Platform Solutions Operating Earnings** | $11173 | $28541 | (60.9)% |
| Gross profit margin | 20.1% | 22.9% | (2.8)% |
| Operating margin | 6.4% | 12.7% | (6.3)% |

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**Revenues before Reimbursements**

Platform Solutions segment revenues are primarily derived from the property and casualty insurance company markets in the U.S. Revenues before reimbursements by service line were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **In thousands (except percentages)** | **In thousands (except percentages)** | **In thousands (except percentages)** |
| **Year Ended December 31,** | **2024** | **2023** | **Variance** |
| Contractor Connection | $67586 | $74627 | (9.4)% |
| Networks | 76977 | 123859 | (37.9)% |
| Subrogation | 29108 | 26973 | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Platform Solutions Revenues before Reimbursements** | $173671 | $225459 | (23.0)% |

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Revenues before reimbursements from our Platform Solutions segment totaled $173.7 million in 2024, compared with $225.5 million in 2023. This decrease was primarily due to a reduction in our Networks service line where we provide staff augmentation for our clients, along with a decrease in our Contractor Connection service line due to higher weather-related activity in the prior year period, partially offset by an increase in our Subrogation service line. There was a decrease in segment unit volume, measured principally by cases received, of (7.7)% for 2024, compared with the 2023 period. There was a reduction in low value inspection services cases within our Networks service line of 21,600 cases, or 6.4% in 2024, compared to 2023. There was a change in revenues from staff augmentation within our Networks service line, which have no corresponding cases, which resulted in decreased revenues of (21.3)% in 2024. Changes in product mix and in the rates charged for those services accounted for a (0.4)% revenue decrease for 2024 compared with 2023.

Revenue variance components for our Platform Solutions segment for the year ended December 31, 2024 are summarized as follows:

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| | |
|:---|:---|
| **2024 Period compared to 2023 Period Ending:** | **December 31** |
| Decrease in cases received | (7.7)% |
| Reduction in low value inspection services cases | 6.4% |
| Decrease in revenues from staff augmentation | (21.3)% |
| Change in product mix and rates | (0.4)% |
| **Decrease in Revenues before Reimbursements** | (23.0)% |

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**Reimbursed Expenses Included in Total Revenues**

Reimbursements for out-of-pocket expenses incurred in our Platform Solutions segment were $1.8 million and $2.7 million for 2024 and 2023, respectively. The decrease was due to reduced Networks revenues in 2024.

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**Case Volume Analysis**

Platform Solutions unit volumes by service line, as measured by cases received, for 2024 and 2023 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2024** | **2023** | **Variance** |
| Contractor Connection | 121704 | 139739 | (12.9)% |
| Networks | 150083 | 161456 | (7.0)% |
| Subrogation | 38635 | 35028 | 10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Platform Solutions Cases Received** | 310422 | 336223 | (7.7)% |

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Overall case volumes were (7.7)% lower in 2024 compared with 2023, due to decreases in Contractor Connection and Networks driven by higher weather-related activity in the prior year. There was a reduction in low value inspection services cases within our Networks service line of 21,600 cases in 2024. The decrease in cases in our Contractor Connection service lines in 2024 is due to higher weather-related activity in the prior year. The increase in Subrogation cases for the year is due to an increase from higher volume customers.

**Direct Compensation, Fringe Benefits & Non-Employee Labor**

The most significant expense in our Platform Solutions segment is the compensation of employees, including related payroll taxes and fringe benefits, and payments to outsourced service providers that augment the functions performed by our employees. Platform Solutions direct compensation, fringe benefits, and non-employee labor expense, as a percent of the related revenues before reimbursements, was 64.4% in 2024 and 65.6% in 2023. The amount of these expenses decreased from $147.8 million in 2023 to $111.8 million in 2024. The decrease in costs was due to the lower revenues in the current year and reduction of employees in our Networks service line. The decrease as a percentage of revenues before reimbursements in the current year was due to the reduction in revenues in our Networks service line which is more labor intensive than our other Platform Solutions service lines.

Average FTEs in this segment totaled 1,049 in 2024, down from an average of 1,314 FTEs in 2023 due to fewer adjusters in the Networks service line.

**Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor**

Platform Solutions segment expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor increased as a percent of segment revenues before reimbursements from $49.1 million, or 21.8% of revenues before reimbursements in 2023, to $50.7 million, or 29.2% of revenues before reimbursements in 2024. The increase in expense and as a percent of revenues before reimbursements is due to the increased technology investments and lower revenues.

**EXPENSES AND CREDITS EXCLUDED FROM SEGMENT OPERATING EARNINGS**

**Unallocated Corporate and Shared Costs, Net**

Certain unallocated costs and credits are excluded from the determination of segment operating earnings. These unallocated corporate and shared costs and credits represent expenses for our chief executive officer and our Board of Directors, certain adjustments to our self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to our allowances for estimated credit losses. From time to time, we evaluate which corporate costs and credits are appropriately allocated to one or more of our operating segments. If changes are made to our allocation methodology, prior period allocations are revised to conform to our then-current allocation methodology.

Unallocated corporate and shared costs and credits were $26.0 million, $28.1 million, and $19.4 million in 2025, 2024, and 2023, respectively. The decrease for 2025 was due to a $6.6 million decrease in professional fees, partially offset by a one-time indirect tax expense of $3.1 million, and a $1.0 million increase in compensation expenses. The increase for 2024 was due to a $3.3 million increase in professional fees, $3.0 million increase in compensation expenses, and a $2.4 million increase in self-insurance costs.

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**Net Corporate Interest Expense**

Net corporate interest expense consists of interest expense that we incur on our short- and long-term borrowings, partially offset by interest income we earn on available cash balances and short-term investments. These amounts vary based on interest rates, borrowings outstanding, and the amounts of invested cash. Corporate interest expense totaled $18.0 million, $20.3 million, and $19.8 million for 2025, 2024, and 2023, respectively. Corporate interest income totaled $3.3 million, $3.4 million, and $2.8 million in 2025, 2024, and 2023, respectively. We pay interest on borrowings under our Credit Facility based on variable rates. Our level of interest expense is dependent on the future direction of interest rates as well as the level of outstanding borrowings relative to prior periods. The weighted average interest rates under our Credit Facility were 6.0%, 6.8%, and 6.6% for the years ending December 31, 2025, 2024, and 2023, respectively.

**Stock Option Expense**

Stock option expense, a component of stock-based compensation, is comprised of non-cash expenses related to stock options granted under our various stock option and employee stock purchase plans. Stock option expense is not allocated to our operating segments. Stock option expense of $0.6 million for each of the years ended 2025, 2024, and 2023. Other stock-based compensation expense related to our Executive Stock Bonus Plan and our Omnibus Stock and Incentive Plan (pursuant to which we have authority to grant performance shares and restricted shares) is charged to our operating segments and included in the determination of segment operating earnings or loss.

**Amortization of Customer-Relationship Intangible Assets**

Amortization of customer-relationship intangible assets represents the non-cash amortization expense for finite-lived customer-relationship and trade name intangible assets. Amortization expense associated with these intangible assets totaled $8.4 million, $7.5 million, and $7.8 million in 2025, 2024, and 2023, respectively. This amortization is included in "Selling, general and administrative expenses" in our Consolidated Statements of Operations.

**Restructuring and Other Costs, Net**

Restructuring and other costs, net are related to restructuring initiatives intended to improve operating performance, profitability and efficiency of business processes. These costs include asset impairments, lease termination costs, severance and termination costs, and loss on sale of a business. This resulted in an expense of $14.0 million in 2025, with no costs in 2024 and 2023.

**Contingent Earnout Adjustments**

Contingent earnout expense (benefit) represents the fair value adjustment of earnout liabilities arising from past acquisitions. This resulted in an expense of $0.5 million in 2025, a benefit of $(1.1) million in 2024, and an expense of $4.0 million in 2023. The fair value adjustment is based on changes to projections of acquired entities over the respective earnout periods, which span multiple years.

**Non-Service Pension Cost and Credits**

Non-service pension cost totaled $9.4 million for 2025, $9.8 million for 2024, and $8.6 million in 2023. The decrease in 2025 was due to lower interest costs for the U.K. plan compared to 2024. The increase in 2024 was due to higher amortization of net losses compared to 2023. Non-service pension costs represent the U.S. and U.K. non-service defined benefit pension costs, which are non-operating in nature as the U.S. plan is frozen and the U.K. plans are closed to new participants. The service cost component of the U.K. plans remains in compensation expense.

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**Income Taxes**

Our consolidated effective income tax rate for financial reporting purposes may change periodically due to changes in enacted tax rates, changes in tax law, fluctuations in the mix of income earned from our various domestic and international operations, which are subject to income taxes at different rates, our ability to utilize loss and tax credit carryforwards, and amounts related to uncertain income tax positions. Income tax provisions totaled $14.9 million, $14.6 million, and $17.1 million for 2025, 2024, and 2023, respectively. Our effective tax rate for financial reporting purposes was 43.1%, 35.5%, and 36.1% for 2025, 2024, and 2023, respectively. The Company's effective income tax rate in 2025 was impacted by improved profitability in certain jurisdictions, net of global intangible low-taxed income expense and a one-time expense relating to administrative guidance issued by a foreign tax authority. The Company's effective income tax rate in 2024 was impacted by performance in certain foreign jurisdictions and changes in valuation allowances. The Company's effective income tax rate in 2023 was impacted by changes in domestic tax guidance and changes in valuation allowances in certain jurisdictions. Based on our 2026 operating plans, we anticipate our effective tax rate for financial reporting purposes in 2026 to be in the 32% to 34% range before considering any discrete items and assuming no material changes to tax law and policy in the material jurisdictions in which we operate.

**Liquidity, Capital Resources, and Financial Condition**

We fund our working capital requirements, capital expenditures, share repurchases, and acquisitions from net cash provided by operating activities and borrowings under bank credit facilities.

On December 2, 2025, the Company and certain of its subsidiaries (Crawford & Company EMEA/AP Management Ltd (the "U.K. Borrower"), Crawford & Company (Canada) Inc. (the "Canadian Borrower") and Crawford & Company (Australia) Pty. Ltd, (the "Australian Borrower"), collectively known with the Company, as the "Borrowers") entered into an Amended and Restated Credit Facility (the "Credit Facility"), which amended and restated that certain credit agreement, dated as of November 5, 2021, as subsequently amended.

The Credit Facility consists of a $500.0 million revolving credit facility, with a letter of credit sub-commitment of $125.0 million. The Credit Facility contains sublimits of $250.0 million for borrowings by the U.K. Borrower, $125.0 million for borrowings by the Canadian Borrower, and $75.0 million for borrowings by the Australian Borrower. The Credit Facility matures, and all amounts outstanding thereunder, will be due and payable on December 2, 2030.

Borrowings under the Credit Facility may be made in U.S. dollars, Euros, Canadian dollars, Yen, Australian dollars, and Sterling and, subject to the terms of the Credit Facility, other currencies. Borrowings under the Credit Facility bear interest, at the option of the applicable Borrower, based on the Base Rate (as defined below) or Term SOFR or an alternative reference rate, in each case plus an applicable interest margin based on our leverage ratio (as defined below), provided that borrowings in foreign currencies will be at an alternative reference rate. The Credit Facility, as amended, defines Term SOFR based on the published forward-looking SOFR rate administered by the CME Group or any acceptable successor. The Credit Facility defines alternative reference rates for non-U.S. Dollar currencies as Alternative Currency Term Rates or Alternative Currency Daily Rates. The interest margin for Term SOFR Rate or alternative reference rate loans ranges from 1.00% to 1.625% and for Base Rate loans ranges from 0.00% to 0.625%. Base Rate is defined as the highest of (a) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate", (c) the Term SOFR plus 1.00% and (d) 1.00%. The weighted average interest rates under our Credit Facility were 6.0%, 6.8%, and 6.6% for the years ending December 31, 2025, 2024, and 2023, respectively.

At December 31, 2025, a total of $189.1 million of short-term and long-term debt was outstanding, and there was an undrawn amount of $8.5 million under the letter of credit sub-commitments of the Credit Facility. These letter of credit commitments were for our own obligations. Including the amounts committed under the letter of credit sub-commitments, the available balance under the Credit Facility totaled $290.7 million at December 31, 2025.

The obligations of the Borrowers under the Credit Facility are guaranteed by each existing of our material domestic subsidiaries, certain other domestic subsidiaries, and certain existing material foreign subsidiaries that are disregarded entities for U.S. income tax purposes (each such foreign subsidiary, a "Disregarded Foreign Subsidiary"), and such obligations are required to be guaranteed by each subsequently acquired or formed material domestic subsidiary and Disregarded Foreign Subsidiary (each, a "Guarantor"), and the obligations of the Borrowers other than us ("Foreign Borrowers") for which we are not the primary obligor are also guaranteed by us. In addition, (i) the Borrowers' obligations under the Credit Facility are secured by a first priority lien (subject to liens permitted by the Credit Facility) on substantially all of the personal property of us and the Guarantors as set forth in the Security and Pledge Agreement and (ii) the obligations of the Foreign Borrowers are secured by a first priority lien on 100% of the capital stock of the Foreign Borrowers.

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The representations, covenants and events of default in the Credit Facility are customary for financing transactions of this nature, including required compliance with a maximum leverage ratio and a minimum interest coverage ratio (each as defined below).

We have two principal financial covenants in our Credit Facility. The consolidated leverage ratio, defined as the ratio of (i) consolidated total funded debt minus unrestricted cash to (ii) consolidated EBITDA, must not be greater 4.50 to 1.00 at the end of each fiscal quarter. Also, the consolidated interest coverage ratio, defined as the ratio of (a) consolidated EBITDA to (b) consolidated interest expense, must not be less than 2.50 to 1.00 for the four-quarter period ending at the end of each fiscal quarter.

At December 31, 2025, we were in compliance with the financial covenants under the Credit Facility. Our leverage ratio was 1.39 and 1.85 as of December 31, 2025 and December 31, 2024, respectively, and our interest coverage ratio was 6.26 and 5.50 as of December 31, 2025 and December 31, 2024, respectively. If we do not meet the covenant requirements in the future, we would be in default under the Credit Facility. Upon the occurrence of an event of default, the lenders may terminate the loan commitments, accelerate all loans and exercise any of their rights under the Credit Facility and ancillary documents.

We are not aware of any additional restrictions placed on us, or being considered to be placed on us, related to our ability to access capital, such as borrowings under the Credit Facility. We do not rely on repurchase agreements or the commercial paper market to meet our short-term or long-term funding needs. For additional information on the key covenants contained in our Credit Facility, see "Other Matters Concerning Liquidity and Capital Resources" below.

We continue the ongoing monitoring of our customers' ability to pay us for the services that we provide to them. Based on historical results, we currently believe there is a low likelihood that write-offs of our existing accounts receivable will have a material impact on our financial results. However, if one or more of our key customers files bankruptcy or otherwise becomes unable to make required payments to us, or if overall economic conditions deteriorate, we may need to make material provisions in the future to increase our allowance for accounts receivable.

The operations of our North America Loss Adjusting and International Operations reportable segments expose us to foreign currency exchange rate changes that can impact translations of foreign-denominated assets and liabilities into U.S. dollars and future earnings and cash flows from transactions denominated in different currencies, as well as the risk of changes in tax rates or tariffs on earnings or services provided outside the U.S. Changes in the relative values of non-U.S. currencies to the U.S. dollar affect our financial results. Increases in the value of the U.S. dollar compared with the other functional currencies in certain of the locations in which we do business negatively impacted our revenues and operating earnings in 2025, 2024, and 2023. We cannot predict the impact that foreign currency exchange rates may have on our future revenues or operating earnings.

At December 31, 2025, our working capital balance (current assets less current liabilities) was approximately $42.8 million, compared with $74.5 million at December 31, 2024. The decrease in working capital was primarily due to decreases in accounts receivable and unbilled revenues, partially offset by an increase in cash and cash equivalents. Cash and cash equivalents at the end of 2025 totaled $64.1 million, compared with $55.4 million at the end of 2024.

Cash and cash equivalents, excluding restricted cash, as of December 31, 2025 consisted of $21.3 million held in the U.S. and $42.8 million held in our foreign subsidiaries. All of the cash and cash equivalents held by our foreign subsidiaries is available for general corporate purposes. We generally do not provide for additional U.S. and foreign income taxes on undistributed earnings of foreign subsidiaries because they are considered to be indefinitely reinvested. We maintained our permanent reinvestment assertion on a portion of prior year undistributed earnings for certain foreign operations and accrued deferred taxes attributable to the earnings that were not permanently reinvested. The majority of the remaining historical earnings and future foreign earnings are expected to remain permanently reinvested and will be used to provide working capital for these operations, fund defined benefit pension plan obligations, repay non-U.S. debt, and fund capital improvements and future acquisitions.

However, if at a future date or time funds that remain permanently reinvested are necessary for our operations in the U.S. or we otherwise believe it is in our best interests to repatriate all or a portion of such funds, we may be required to accrue and pay taxes to repatriate these funds. No assurances can be provided as to the amount or timing thereof, the tax consequences related thereto, or the ultimate impact any such action may have on our results of operations or financial condition. We have estimated that we have book over tax basis differences of approximately $128.0 million. Due to withholding tax, basis computations, and other related tax considerations, it is not practicable to estimate any taxes to be provided on outside basis differences at this time.

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**Cash Provided by Operating Activities**

Cash provided by operating activities totaled $101.8 million in 2025 compared to $51.6 million in 2024. The $50.2 million increase in cash provided by operating activities was primarily due to a $56.1 million increase in the change in billed and unbilled accounts receivables, an increase in the change of prepaid expenses and other operating activities of $9.4 million, partially offset by a decrease in the change in accounts payable and accrued liabilities of $17.3 million. Interest payments were $17.4 million in 2025, and income tax payments, net of refunds, were $17.0 million in 2025.

Cash provided by operating activities totaled $51.6 million in 2024 compared to $103.8 million in 2023. The $52.2 million decrease in cash provided by operating activities was primarily due to a $48.0 million decrease in the change in billed and unbilled accounts receivables and lower earnings. Interest payments were $19.3 million in 2024, and income tax payments, net of refunds, were $20.0 million in 2024.

**Cash Used in Investing Activities**

Cash used in investing activities decreased by $5.4 million in 2025, from $41.6 million in 2024 to $36.2 million in 2025. The decrease was primarily due to a reduction in capitalized software costs, partially offset by proceeds from the disposition of a business within our International Operations segment. We forecast that our property and equipment additions in 2026, including capitalized software, will approximate $32.5 million to $37.5 million.

Cash used in investing activities, primarily for capital expenditures and capitalized software, including the capitalization of costs for internally developed software, increased by $5.1 million in 2024, from $36.6 million in 2023 to $41.6 million in 2024.

**Cash Used in Financing Activities**

Cash used in financing activities was $57.6 million in 2025, compared with $12.9 million in 2024. In 2025, there was a decrease of $29.7 million in net borrowing from our revolving credit facility, compared with a net increase during the 2024 period of $8.6 million. The decrease in net borrowing in the 2025 period was primarily related to the increase in cash provided by operations. We used cash to pay dividends totaling $14.3 million in 2025, we repurchased shares for $10.5 million, and we received shares of CRD-A stock that were surrendered by employees to settle $1.5 million of withholding taxes owed on the issuance of restricted and performance shares. Payments of contingent consideration on acquisitions totaled $1.3 million in 2025, compared with $3.3 million in 2024.

Cash used in financing activities was $12.9 million in 2024, compared with $54.7 million used in financing activities in 2023. In 2024, we borrowed $70.2 million for capital expenditures and other working capital needs and we repaid a total of $61.6 million. We used cash to pay dividends totaling $13.8 million in 2024, we repurchased shares for $3.9 million, and we received shares of CRD-A stock that were surrendered by employees to settle $2.1 million of withholding taxes owed on the issuance of restricted and performance shares. Payments of contingent consideration on acquisitions totaled $3.3 million in 2024, compared with $7.1 million in 2023.

**Other Matters Concerning Liquidity and Capital Resources**

Our short-term debt obligations typically peak during the first quarter of each year due to the payment of incentive compensation awards, contributions to retirement plans, and certain other recurring payments, and generally decline during the balance of the year. Our maximum month-end short-term debt obligations were $41.2 million and $34.4 million in 2025 and 2024, respectively. Our average month-end short-term debt obligations were $26.7 million and $22.0 million in 2025 and 2024, respectively. The outstanding balance of our short-term borrowings, excluding outstanding but undrawn letters of credit under our Credit Facility, was $38.5 million and $17.8 million at December 31, 2025 and 2024, respectively. The balance in short-term borrowings at December 31, 2025 primarily represents amounts under our revolving Credit Facility that we expect, but are not required, to repay in the next twelve months. We have historically used the proceeds from our long-term borrowings to finance, among other things, business acquisitions.

Our liquidity is defined as cash on hand and borrowing capacity under our Credit Facility based on our trailing twelve-month EBITDA. Borrowing capacity under our Credit Facility is defined as the lesser $500.0 million less the unutilized credit facility or 4.5 times trailing twelve-month EBITDA less funded debt, as defined under our Credit Facility. At December 31, 2025, this resulted in total liquidity of $353.1 million.

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Based on our financial plans, we expect to be able to remain in compliance with all required covenants throughout 2026. Our compliance with the consolidated total leverage ratio and consolidated interest coverage ratio is particularly sensitive to changes in our EBITDA, and if our financial plans for 2026 or other future periods do not meet our current projections, we could fail to remain in compliance with these financial covenants in our Credit Facility.

Our compliance with the consolidated total leverage ratio covenant is also sensitive to changes in our level of consolidated total funded debt, as defined in our Credit Facility. In addition to short- and long-term borrowings, capital leases, and bank overdrafts, among other things, consolidated total funded debt includes letters of credit, the need for which can fluctuate based on our business requirements. An increase in borrowings under our Credit Facility could negatively impact our leverage ratio, unless those increased borrowings are offset by a corresponding increase in our EBITDA. In addition, a reduction in EBITDA in the future could limit our ability to utilize available credit under the Credit Facility, which could negatively impact our ability to fund our current operations or make needed capital investments.

Our compliance with the consolidated interest ratio covenant, which measures our ability to pay interest expense is also sensitive to the level of debt outstanding and interest rates. A decrease in EBITDA could negatively impact our interest coverage ratio, as could increases in our interest expense. If we do not manage those items carefully, we could be in default under the Credit Facility, which would negatively impact our ability to fund our current operations or make needed capital investments.

We believe our current financial resources, together with funds generated from operations and existing and potential borrowing capabilities, will be sufficient to maintain our current operations for the next 12 months.

**Material Cash Commitments**

As of December 31, 2025, the impact that our material cash commitments, including estimated interest payments, are expected to have on our liquidity and cash flow in future periods is as follows:

(Note references in the following table refer to the note in the accompanying consolidated financial statements in Item 8 of this Annual Report on Form 10-K).

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  | **One Year or<br>Less** | **1 to 3<br>Years** | **3 to 5<br>Years** | **After 5 Years** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Operating lease commitments (Note 5) | $31588 | $37697 | $18063 | $3303 | $90651 |
| Long-term debt, including current portions (Note 4) <sup>(1)</sup> | 38454 |  | 150546 |  | 189000 |
| Finance lease and other obligations (Note 4) <sup>(1)</sup> | 46 | 47 |  |  | 93 |
| Total, before interest payments | 70088 | 37744 | 168609 | 3303 | 279744 |
| Estimated interest payments under Credit Facility | 9245 | 11179 | 2097 |  | 22521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total material cash commitments | $79333 | $48923 | $170706 | $3303 | $302265 |

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<sup>(1)</sup> Assumes principal amounts are repaid at maturity and not refinanced.

Borrowings under our Credit Facility bear interest at a variable rate, based on a Term SOFR Rate, an alternative reference rate or a Base Rate, in either case plus an applicable margin. Long-term debt refers to the required principal repayment at maturity of the Credit Facility, and may differ significantly from estimates, due to, among other things, actual amounts outstanding at maturity or any refinancings prior to such date. Interest amounts are based on projected borrowings under our Credit Facility and interest rates in effect on December 31, 2025, and the actual interest payments may differ significantly from estimates due to, among other things, changes in outstanding borrowings and prevailing interest rates in the future.

Gross deferred income tax liabilities as of December 31, 2025 were approximately $33.0 million. This amount is not included in the contractual obligations table because we believe this presentation would not be meaningful. Deferred income tax liabilities are calculated based on temporary differences between the tax basis of assets and liabilities and their respective book basis, which will result in taxable amounts in future years when the liabilities are settled at their reported financial statement amounts. The results of these calculations do not have a direct connection with the amount of cash taxes to be paid in any future periods. As a result, we believe scheduling deferred income tax liabilities as payments due by period could be misleading, because this scheduling would not relate to liquidity needs.

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**Defined Benefit Pension Funding and Cost**

We sponsor a qualified defined benefit pension plan in the U.S., (the "U.S. Qualified Plan") three defined benefit plans in the U.K. (the "U.K. Plans"), and defined benefit pension plans in the Netherlands, Norway, Germany, and the Philippines (the "Other International Plans"). Future cash funding of our defined benefit pension plans will depend largely on future investment performance, interest rates, changes to mortality tables, and regulatory requirements. Effective December 31, 2002, we froze our U.S. Qualified Plan. The aggregate deficit in the funded status of the U.S. Plan and Other International Plans with unfunded deficits totaled $17.9 million and $21.1 million at the end of 2025 and 2024, respectively. The 2025 decrease in the unfunded deficit of our defined benefit pension plans primarily resulted from returns on plan assets during the year. In 2025, we made no contributions to our U.S. Qualified Plan and $2.9 million to our U.K. Plans. In 2024, we made no contributions to our U.S. Qualified Plan and $2.9 million to our U.K. Plans. The U.K. Plans were in a funded status totaling $12.0 million and $9.2 million at the end of 2025 and 2024, respectively, with the fair value of plan assets exceeding the projected benefit obligation. There was a $2.9 million increase during 2025 in the net prepaid pension balances of the U.K. defined benefit plans.

Our frozen U.S. Qualified Plan was underfunded by $15.4 million at December 31, 2025 based on an accumulated benefit obligation of $233.4 million. We expect to make discretionary contributions of $3.0 million to the U.S Qualified Plan in the next fiscal year to minimize future required contributions.

Funding requirements are no longer as sensitive to changes in the discount rate used to determine the present value of projected benefits payable under the U.S. Qualified Plan. Volatility in the capital markets, mortality changes and future legislation may have a negative impact on our pension plans, which may further increase the underfunded portion and our attendant funding obligations. Expected and required contributions to our underfunded defined benefit pension plans could reduce our liquidity, restrict available cash for our operating, financing, and investing needs and may materially adversely affect our financial condition and our ability to deploy capital to other opportunities.

**Commercial Commitments**

As a component of our Credit Facility, we maintain a letter of credit facility to satisfy certain contractual obligations. At December 31, 2025, the issued, but undrawn, letters of credit totaled approximately $8.5 million. These letters of credit are typically renewed annually, but unless renewed, will expire as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amount of Commitment Expiration per Period** | **Amount of Commitment Expiration per Period** | **Amount of Commitment Expiration per Period** | **Amount of Commitment Expiration per Period** | **Amount of Commitment Expiration per Period** |
|  | **One Year or<br>Less** | **1 to 3 Years** | **3 to 5 Years** | **After 5 Years** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Standby Letters of Credit | $8457 | $— | $— | $— | $8457 |

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**Changes in Financial Condition**

The following addresses changes in our financial condition not addressed elsewhere in this MD&A.

Significant changes on our Consolidated Balance Sheet as of December 31, 2025, compared with our Consolidated Balance Sheet as of December 31, 2024, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accounts receivable decreased by $26.4 million, excluding the impacts from foreign currency exchange, in 2025 compared with 2024. The decrease was primarily due to higher collections in the U.S. in our North American Loss Adjusting and Platform Solutions segments in 2025. Accounts receivable was elevated as of December 31, 2024 due to higher weather-related billings in the fourth quarter of 2024 from Hurricanes Helene and Milton.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unbilled revenues decreased $5.3 million, excluding the impacts from foreign currency exchange. The decrease was primarily due to higher weather-related billings at the end of 2024 within the U.S in our North America Loss Adjusting segment. This reduction was partially offset by increases in the U.K. and Europe in our International Operations segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accounts payable and accrued liabilities decreased $9.9 million, excluding the impacts from foreign currency exchange. The decrease is primarily due to the timing of payroll and payments to vendors within the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accrued retirement costs decreased $8.0 million, excluding the impacts from foreign currency exchange. The decrease was primarily due to changes in the value of minimum pension liabilities.

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**Critical Accounting Policies and Estimates**

This MD&A addresses our consolidated financial statements, which are prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate these estimates and judgments based upon historical experience and various other factors that we believe are reasonable under then-existing circumstances. The results of these evaluations form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We believe the following critical accounting policies require significant judgments and estimates in the preparation of our consolidated financial statements. Changes in these underlying estimates could potentially materially affect consolidated results of operations, financial position and cash flows in the period of change. Although some variability is inherent in these estimates, the amounts provided for are based on the best information available to us and we believe these estimates are reasonable.

We have discussed the following critical accounting policies and estimates with the Audit Committee of our Board of Directors, and the Audit Committee has reviewed our related disclosure in this MD&A.

**Revenue Recognition**

Our revenues are primarily comprised of claims processing or program administration fees. Fees for professional services are recognized at the time such services are rendered. Out-of-pocket costs incurred in administering a claim are typically passed on to our clients and included in our revenues under GAAP.

We often sell multiple types of claims processing and different levels of processing depending on the complexity of the claims within a contract. We also typically provide a menu of offerings from which the customer chooses to purchase or not at their discretion (i.e., optional purchases). Each service and related pricing is separate and distinct and provides a separate and distinct value to the customer. Pricing is consistent for each service irrespective of the other service(s) or quantities requested by the customer. For example, if we provide claims processing for auto and general liability, those services are priced and delivered independently.

Deferred revenues, which are primarily in our Broadspire segment, represent the estimated unearned portion of fees related to future services to be performed under certain fixed-fee service arrangements. Deferred revenues are realized based on the estimated rate at which the services are provided. These rates are primarily based on an evaluation of historical claim closing rates by major claim type. Additionally, recent claim closing rates are evaluated for a significant deterioration or improvement in the longer-term historical closing rates used.

Our fixed-fee service arrangements typically require us to handle claims on either a one- or two-year basis, or for the lifetime of the claim. In cases where we handle a claim on a non-lifetime basis, we typically receive an additional fee on each anniversary date that the claim remains open. For service arrangements where we provide services for the life of the claim, we are only paid one fee for the life of the claim, regardless of the duration of the claim. As a result, our deferred revenues for claims handled for one or two years are not as sensitive to changes in claim closing rates since the revenues are recognized in the near future, and additional fees are generated for handling long-lived claims. Deferred revenues for lifetime claim handling are considered more sensitive to changes in claim closing rates since we are obligated to handle these claims to their conclusion with no additional fees received for long-lived claims. For all fixed fee service arrangements, revenues are recognized over the expected service periods, by type of claim.

Based upon our historical averages, we close approximately 99% of all cases referred to us under lifetime claim service arrangements within five years from the date of referral. Also, within that five-year period, the percentage of cases remaining open in any one particular year has remained relatively consistent from period to period. Each quarter we evaluate our historical case closing rates by type of claim and make adjustments as necessary. Any changes in estimates are recognized in the period in which they are determined.

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As of December 31, 2025, deferred revenues related to lifetime claim handling arrangements approximated $40.0 million. If the rate at which we close cases changes, the amount of revenues recognized within a period could be affected. In addition, given the competitive environment in which we operate, we may be unable to raise our prices to offset the additional expense associated with handling longer-lived claims should such case closing rates change. The change in our first-year case closing rates over the last ten years has ranged from a decrease of 1.3% to an increase of 1.7%, and has averaged an increase of 0.4%. A 1.0% change is a reasonably likely change in our estimate based on historical data. Absent an increase in per-claim fees from our clients, a 1.0% decrease in claim closing rates for lifetime claims would have resulted in the deferral of additional revenues of approximately $0.6 million for the year ended December 31, 2025, and $0.5 million for each of the years ended December 31 2024, and 2023. If our average claim closing rates for lifetime claims increased by 1.0%, we would have recognized additional revenues of approximately $0.6 million for the year ended December 31, 2025, and $0.5 million for each of the years ended December 31 2024, and 2023.

**Allowance for Expected Credit Losses**

We maintain allowances for expected credit losses resulting from the inability of our clients to make required payments and for adjustments to invoiced amounts. Losses resulting from the inability of clients to make required payments are accounted for as bad debt expense, while adjustments to invoices are accounted for as reductions to revenues. These allowances are established by using historical write-off or adjustment information intended to determine future loss expectations and by considering the current credit worthiness of our clients, any known specific collection problems, and our assessment of current industry conditions. Actual experience may differ significantly from historical or expected loss results. Each quarter, we evaluate the adequacy of the assumptions used in determining these allowances and make adjustments as necessary. Changes in estimates are recognized in the period in which they are determined. Historically, our estimates have been materially accurate.

As of December 31, 2025 and 2024, our allowance for expected credit losses totaled $7.2 million and $8.1 million, or approximately 5.9% and 5.4% of gross billed receivables at December 31, 2025 and 2024, respectively. If the financial condition of our clients deteriorates, resulting in an inability to make required payments to us, or if economic conditions deteriorate, additional allowances may be deemed to be appropriate or required. If the allowance for expected credit losses changed by 1.0% of gross billed receivables, reflecting either an increase or decrease in expected future write-offs, the impact to consolidated pretax income would have been approximately $1.2 million, $1.5 million, and $1.4 million in 2025, 2024 and 2023, respectively.

**Valuation of Goodwill and Indefinite-Lived Intangible Assets**

We regularly evaluate whether events and circumstances have occurred which indicate that the carrying amounts of goodwill and indefinite-lived intangible assets have been impaired. Goodwill is an asset that represents the excess of the purchase price over the fair value of the separately identifiable net assets (tangible and intangible) acquired in certain business combinations. Our indefinite-lived intangible assets consist of trade names associated with acquired businesses. Goodwill and indefinite-lived intangible assets are not amortized, but are subject to impairment testing at least annually. When factors indicate that such assets should be evaluated for possible impairment between the scheduled annual impairment tests, we perform an interim impairment test.

In the annual impairment analysis of goodwill, we compare the carrying value of our reporting units, including goodwill, to the estimated fair values of those reporting units as determined by a combination of the income approach, specifically discounting future projected cash flows, and the market approach, specifically the Guideline Public Company Method, as described in more detail in Note 1, "Significant Accounting and Reporting Policies," of our accompanying consolidated financial statements in Item 8 of this Annual Report on Form 10-K. We perform an interim impairment analysis of goodwill when an event occurs or circumstances change between annual tests that would more likely than not reduce the fair value of the reporting unit below its carrying value. The estimated fair values of our reporting units are based upon certain assumptions made by us. The estimated fair values of our reporting units are reconciled to the Company's total market capitalization, including an estimated implied control premium, as determined by its stock price in order to assist in evaluating the reasonableness of the estimated fair values of each of the reporting units.

Goodwill impairment testing is performed on a reporting unit basis. If the fair value of the reporting unit exceeds its carrying value, including goodwill, goodwill is considered not impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The loss recognized cannot subsequently be reversed.

We have the option to perform a qualitative assessment of goodwill prior to completing the quantitative analysis described above to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If we conclude that this is the case, we perform the quantitative analysis discussed above.

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During 2025, we performed our goodwill impairment testing. The estimated fair value of each reporting unit tested exceeded its carrying value. The key assumptions used in estimating the fair value of our reporting units as of October 1, 2025 and 2024 utilizing the income approach include the discount rate and the terminal growth rate. The discount rates utilized in estimating the fair value of our reporting units as of October 1, 2025 and 2024 range between 13.0% - 15.5% and 13.0% - 17.0%, respectively, reflecting the assessment of a market participant's view of the risks associated with the projected cash flows. The terminal growth rate used in the analysis was 2.0%. The assumptions used in estimating the fair values are based on currently available data and management's best estimates of revenues, EBITDA margins, and cash flows and, accordingly, a change in market conditions or other factors could have a material effect on the estimated values. There are inherent uncertainties related to the assumptions used and to management's application of these assumptions.

The indefinite-lived intangible assets with carrying values of $30.8 million at December 31, 2025 are also evaluated for potential impairment on an annual basis or when indicators of potential impairment are identified. The indefinite-lived intangible asset impairment test involves estimating the fair value using an internally prepared discounted cash flow analysis. The fair values of the Company's trade names are established using the relief-from-royalty method, a form of the income approach. This method recognizes that, by virtue of owning the trade name as opposed to licensing it, a company or reporting unit is relieved from paying a royalty, usually expressed as a percentage of net sales, for the asset's use. The present value of the after-tax costs savings (i.e., royalty relief) at an appropriate discount rate including a tax amortization benefit indicates the value of the trade name. We determined the discount rate based on our performance compared to similar market participants, factored by risk in forecasting using a modified capital asset pricing model.

The values of the trade names are sensitive to changes in the assumptions used above, however the estimated fair value of our material trade name exceeds its carrying value. We will continue to monitor the value of these trade names for potential indicators of impairment.

**Defined Benefit Pension Plans**

We sponsor various defined benefit pension plans in the U.S. and U.K. that cover a substantial number of current and former employees in each location. Certain other employees participating in the Other International Plans have retirement benefits that are accounted for as defined benefit pension plans under GAAP. We utilize the services of independent actuaries to help us estimate our pension obligations and measure pension costs. Our U.S. Qualified Plan was frozen on December 31, 2002. Our U.K. Plans were closed to new employees as of October 31, 1997, but existing participants may still accrue additional limited benefits based on salary levels existing at the close date. Benefits payable under our U.S. Qualified Plan are generally based on career compensation; however, no additional benefits accrue on our frozen U.S. Qualified Plan after December 31, 2002. Benefits payable under the U.K. Plans are generally based on an employee's salary at the time the applicable plan was closed. Our funding policy is to make cash contributions in amounts sufficient to maintain the plans on an actuarially sound basis, but not in excess of amounts deductible under applicable income tax regulations. Note 7, "Retirement Plans," of our accompanying consolidated financial statements included in Item 8 of this Annual Report on Form 10-K provides details about the assumptions used in determining the funded status of the plans, the unrecognized actuarial gain/(loss), the components of net periodic benefit cost, benefit payments expected to be made in the future and plan asset allocations.

Investment objectives for our U.S. and U.K. pension plan assets are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ensure availability of funds for payment of plan benefits as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide for a reasonable amount of long-term growth of capital, without undue exposure to volatility, and protect the assets from erosion of purchasing power; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide investment results that meet or exceed the actuarially assumed long-term rate of return of each plan.

The long-term goal for the U.S. and U.K. defined benefit pension plans is to reach fully-funded status and to maintain that status. The investment policies contemplate the plans' asset return requirements and risk tolerances changing over time. Accordingly, reallocation of the portfolios' mix of return-seeking assets and liability-hedging assets will be performed as the plans' funded status improves. In conjunction with our investment policies, we have rebalanced the U.S. and U.K. defined benefit pension plans' target allocation mix from an equity-weighted to a fixed-income weighted investment strategy, as we have made cash contributions to the plans and the plans' funded status has improved.

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We periodically commission asset/liability studies performed by third-party professional investment advisors and actuaries to ensure our investment strategy is aligned with the plan liabilities and the risk profile is appropriate for our objectives and risk tolerance. These studies model the future behavior of plan assets and liabilities under various economic scenarios and investment strategies to evaluate the impact on funded status, required contributions, and ultimate plan cost.

The rules for pension accounting are complex and the assumptions used can produce volatility in our results, financial condition and liquidity. Our pension expense is primarily a function of the value of our plans' assets and the discount rate used to measure our pension liabilities at a single point in time at the end of our fiscal year (the measurement date). Both factors are significantly influenced by the stock and bond markets, which are subject to volatility.

In addition to expense volatility, we are required to record mark-to-market adjustments to our balance sheet on an annual basis for the net funded status of our pension plans. These adjustments have fluctuated significantly over the past several years and, like our pension expense, are a result of the discount rate and value of our plan assets at each measurement date, as well as periodic changes to mortality tables used to estimate the life expectancy of plan participants. The funded status of our plans may also impact our liquidity, as changes to funding laws in the U.S. may require higher funding levels for our pension plans.

The principal assumptions used in accounting for our defined benefit pension plans are the discount rate, the expected long-term return on plan assets, and the mortality expectations for plan participants. The discount rate assumptions reflect the rates at which the benefit obligations could be effectively settled. Our discount rates were determined with the assistance of actuaries, who calculate the yield on a theoretical portfolio of high-grade corporate bonds (rated Aa or better) with cash flows that generally match our expected benefit payments in future years. At December 31, 2025, the discount rate used to compute the benefit obligations of the U.S. and U.K. defined benefit pension plans were 5.24% and 5.42%, respectively.

The estimated average rate of return on plan assets is a long-term, forward-looking assumption that also materially affects our pension cost. It is required to be the expected future long-term rate of earnings on plan assets. Our pension plan assets are invested primarily in collective funds. As part of our strategy to manage future pension costs and net funded status volatility, we have transitioned to a liability-driven investment strategy with a greater concentration of fixed-income securities as described above.

Establishing the expected future rate of investment return on our pension assets is a judgmental matter. Management considers the following factors in determining this assumption:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the duration of our pension plan liabilities, which drives the investment strategy we can employ with our pension plan assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the types of investment classes in which we invest our pension plan assets and the expected return we can reasonably expect those investment classes to earn over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the investment returns we can reasonably expect our investment management program to achieve in excess of the returns we could expect if investments were made strictly in indexed funds.

We review the expected long-term rate of return on an annual basis and revise it as appropriate. To support our decisions, we rely on probability-adjusted expected future return modeling for our asset allocations based on long-term capital market assumptions. Based on this process, the expected long-term rates of return on plan assets assumption used to determine 2026 net periodic pension cost are 6.40% and 5.90% for the U.S. and U.K. plans, respectively.

We review our employee demographic assumptions annually and update the assumptions as necessary. During 2025, we did not revise our mortality assumptions.

Pension expense is also affected by the accounting policy used to determine the value of plan assets at the measurement date. We apply our expected return on plan assets using fair market value as of the annual measurement date. The fair market value method results in greater volatility to our pension expense than the calculated value method. The amounts recognized in the balance sheet reflect the amount of our long-term pension liabilities at the plan measurement date and the effect of fair value accounting on plan assets. At December 31, 2025, we recorded a decrease to equity through other comprehensive income ("OCI") of $0.9 million (net of tax at the applicable jurisdictional rate) to reflect unrealized actuarial losses during 2025. At December 31, 2024, we recorded an decrease to equity through OCI of $8.0 million (net of tax at the applicable jurisdictional rate) to reflect unrealized actuarial losses during 2024. Those changes are subject to amortization over future years and may be reflected in future income statements.

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Cumulative unrecognized actuarial losses for all plans were $244.9 million through December 31, 2025, compared with $257.1 million through December 31, 2024. These unrecognized losses reflect changes in the discount rates, differences between expected and actual asset returns, and changes to mortality expectations for plan participants, which are being amortized over future periods. These unrecognized losses may be recovered in future periods through actuarial gains. However, unless the minimum amount required to be amortized is below a corridor amount equal to 10.0% of the greater of the projected benefit obligation or the market-related value of plan assets, these unrecognized actuarial losses are required to be amortized and recognized in future periods. For example, projected pension plan expense includes $12.2 million of amortization of these actuarial losses in 2026 versus $12.5 million in 2025 and $12.6 million in 2024.

Net periodic pension expense for our defined benefit pension plans is sensitive to changes in the underlying assumptions for the expected rates of return on plan assets and the discount rates used to determine the present value of projected benefits payable under the plans. If our assumptions for the expected returns on plan assets of our U.S. and U.K. defined benefit pension plans changed by 0.50%, representing either an increase or decrease in expected returns, the impact to 2025 consolidated pretax income would have been approximately $1.9 million. If our assumptions for the discount rates used to determine the present value of projected benefits payable under the plans changed by 0.25%, representing either an increase or decrease in interest rates used to value pension plan liabilities, holding all other assumptions constant, the projected benefit obligations of our U.S. and U.K. defined benefit pension plans would have changed by approximately $8.1 million, and the impact to 2025 consolidated pretax income would have been approximately $0.1 million. Net periodic pension expense is also sensitive to mortality assumptions. If the life expectancy of pension plan participants in our U.S. Qualified Plan was to increase by one year compared to current assumptions, our pension obligations would have changed by $7.9 million and our annual pension cost would have changed by $0.5 million. If the life expectancy of pension plan participants in our U.K. Plans was to increase by one year compared to current assumptions, our pension obligations would have changed by $4.2 million and our annual pension cost would have changed by $0.5 million.

We estimate the service and interest components of net periodic benefit cost for U.S. and international pension and other postretirement benefits. This approach discounts the individual expected cash flows underlying the service cost and interest cost using the applicable spot rates derived from the yield curve used to discount the cash flows used to measure the benefit obligation. For the pension plans, the weighted average spot rates used to determine interest costs were 4.71% for our U.S. plan and 4.88% for the U.K. plans.

**Income Taxes**

We account for certain income and expense items differently for financial reporting and income tax purposes. Provisions for deferred taxes are made in recognition of these temporary differences. The most significant differences relate to accrued but unpaid compensation and loss carryforwards.

For financial reporting purposes in accordance with the liability method of accounting for income taxes, the provision for income taxes is the sum of income taxes both currently payable and deferred. Currently payable income taxes represent the liability related to our income tax returns for the current year, while the net deferred tax expense or benefit represents the change in the balance of deferred tax assets or liabilities as reported on our consolidated balance sheets that are not related to balances in "Accumulated other comprehensive loss." The changes in deferred tax assets and liabilities are determined based upon changes between the basis of assets and liabilities for financial reporting purposes and the basis of assets and liabilities for income tax purposes, multiplied by the enacted statutory tax rates for the year in which we estimate these differences will reverse. We must estimate the timing of the reversal of temporary differences, as well as whether taxable income in future periods will be sufficient to fully recognize any gross deferred tax assets.

Other factors which influence our effective tax rate used for financial reporting purposes include changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which we operate, our ability to utilize net operating loss and tax credit carryforwards, changes in permanent reinvestment assertions, and changes in unrecognized tax benefits.

Our effective tax rate, defined as our provision for income taxes divided by income before income taxes, for financial reporting purposes in 2025, 2024, and 2023 was 43.1%, 35.5%, and 36.1%, respectively. If our effective tax rate used for financial reporting purposes changed by 1.0%, we would have recognized an increase or decrease to income taxes of approximately $0.4 million, $0.4 million and $0.5 million for the years ended December 31, 2025, 2024, and 2023, respectively. Our effective tax rate for financial reporting purposes is expected to range between 32% and 34% in 2026 before considering any unknown discrete items and assuming no changes in tax law or policy in the material jurisdictions in which we operate.

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It is possible that future changes in the tax laws of jurisdictions in which we operate, including but not limited to changes in tax law or policy, could have a significant impact on U.S.-based multinational companies such as our Company. At this time, we cannot predict the likelihood or details of any such changes or their specific potential impact on our Company.

Our most significant deferred tax assets are related to accrued but unpaid compensation and loss carryforwards. The tax deduction for accrued but unpaid compensation generally occurs upon funding of the liabilities within specified timeframes after the fiscal year end has closed. Assuming that the compensation liability will be fulfilled, the deferred tax asset should be realized.

In accordance with GAAP, we have considered the four possible sources of taxable income that may be available to realize a tax benefit for deductible temporary differences and carryforwards and have a $39.9 million valuation allowance on certain loss and tax credit carryforwards in our international and domestic operations as of December 31, 2025. For our remaining deferred tax assets, we believe that it is more likely than not that we will realize these assets based on our forecast of future taxable income and tax planning strategies that are available to us. Future changes in the valuation allowance, if required, should not affect our liquidity or our compliance with any existing debt covenants.

The largest portion of the loss carryforwards for which a valuation allowance is not recorded is state net operating loss ("NOL") carryforwards generated by our domestic companies. The amount of unreserved state NOL carryforwards was $1.2 million for the period ended December 31, 2025.

To fully utilize state NOL carryforwards, our domestic operations must generate taxable income prior to the expiration of the carryforwards. After consideration of the four sources of taxable income, we concluded that it was more likely than not that we should be able to utilize our state NOL carryforwards in certain jurisdictions before expiration; however, there were certain filing groups and jurisdictions where we do not expect to fully utilize our state NOL carryforwards before expiration. For those jurisdictions, we concluded that it was not more likely than not that we should be able to utilize our state NOL carryforwards and a valuation allowance was recorded. The valuation allowance against state NOL carryforwards was $2.0 million for the period ended December 31, 2025.

The remaining loss carryforwards were generated by certain foreign jurisdictions and are generally offset by full valuation allowances.

Our tax credit carryforwards primarily consist of $5.2 million of U.S. foreign tax credit ("FTC") carryforwards, which materially expire by 2035. Companies that cannot credit all the foreign taxes paid or deemed paid in a particular tax year because their foreign taxes exceed their FTC limitation are allowed to carry their excess taxes back to the preceding tax year and then forward to the ten succeeding years. Utilization of our FTCs is dependent upon sufficient U.S. regular taxable income and foreign source income in the relevant foreign tax credit basket which is impacted by the interaction of overall domestic and overall foreign loss rules. After consideration of the four sources of income, we concluded that it was more likely than not that we should be able to utilize all but $3.0 million of the FTC carryforwards before expiration.

In 2021, the Organization for Economic Co-operation and Development released an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules, which aim to reform international corporate taxation rules, including a global minimum tax rate. Many tax jurisdictions have enacted or are expected to enact legislation effective as early as January 1, 2024. The current year impact of the Pillar Two Model Rules did not have a significant impact on year ended December 31, 2025 results.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted into law in the United States. The OBBBA contains changes to key U.S. federal income tax laws. This change was immaterial to the Company's overall income tax provision.

**Self-Insured Risks**

We self-insure certain insurable risks consisting primarily of professional liability, auto liability, employee medical, disability, and workers' compensation. Insurance coverage is obtained for catastrophic property and casualty exposures, including professional liability on a claims-made basis, and those risks required to be insured by law or contract. Most of these self-insured risks are in the U.S. Provisions for claims incurred under self-insured programs are made based on our estimates of the aggregate liabilities for claims incurred, including estimated legal fees, losses that have occurred but have not been reported to us, and the adverse developments on reported losses. These estimated liabilities are calculated based on historical claim payment experience, the expected life of the claims, and other factors considered relevant to the claims. The liabilities for claims incurred under our self-insured workers' compensation and employee disability programs are discounted at the prevailing risk-free rate for government issues of an appropriate duration. All other self-insured liabilities are undiscounted. Each quarter we evaluate the adequacy of the assumptions used in developing these estimated liabilities and make adjustments as necessary. Changes in estimates are recognized in the period in which they are determined. Historically, our estimates have been materially accurate.

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As of December 31, 2025 and 2024, our estimated liabilities for self-insured risks totaled $42.1 million and $47.1 million, respectively. We separately record a recoverable asset for the value of insurance recovery payments anticipated from our insurance carriers, which totaled $20.2 million and $20.7 million as of December 31, 2025 and 2024, respectively. The recoverability of each asset is based on the notification of each claim to our insurers, along with our independent assessment of the claim and the fact that we only have coverage with highly rated insurance carriers. Receipts from insurance up to the amount of the loss recognized are considered recoveries, which are accounted for when receipt is probable. The annual expense associated with our self-insured activities, excluding the Company's portion of health insurance costs for coverage provided to our employees, totaled $14.3 million and $21.5 million for 2025 and 2024, respectively.

The estimated self-insured liability is most sensitive to changes in the ultimate liability for a claim and, if applicable, the interest rate used to discount the liability. We believe our provisions for self-insured losses are adequate to cover the expected cost of losses incurred. However, these provisions are estimates and amounts ultimately settled may be significantly greater or less than the provisions established. We used a discount rate of 3.67% to determine the present value of our self-insured workers' compensation liabilities as of December 31, 2025. If the average discount rate was decreased or increased by 1.0%, reflecting either an increase or decrease in underlying interest rates, our estimated net liabilities for these self-insured risks at December 31, 2025 would have been impacted by approximately $0.2 million, resulting in an equivalent increase or decrease to 2025 consolidated pretax income.

**New Accounting Standards**

See Note 1, "Significant Accounting and Reporting Policies," of our accompanying consolidated financial statements in Item 8 of this Annual Report on Form 10-K for a description of recent accounting pronouncements including the dates, or expected dates of adoption, and effects, or expected effects, on our disclosures, results of operations, financial condition and cash flows.

**ITEM 7A. *QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK***

Our operations expose us to various market risks, primarily from changes in foreign currency exchange rates and interest rates. Our objective is to identify and understand these risks and implement strategies to manage them. When evaluating potential strategies, we consider the fundamentals of each market and the underlying accounting and business implications. To implement our various strategies, we may enter into various hedging or similar transactions. The sensitivity analyses we present below do not consider the effect of possible adverse changes in the general economy, nor do they consider additional actions we may take from time to time in the future to mitigate our exposure to these or other market risks. There can be no assurance of the manner in which we will manage or continue to manage any risks in the future or that any of our efforts will be successful.

**Foreign Currency Exchange Rate Risk**

Our international operations expose us to foreign currency exchange rate changes that can impact translations of foreign-denominated assets and liabilities into U.S. dollars and future earnings and cash flows from transactions denominated in different currencies. Revenues before reimbursements from our international operations included in each of our segments were 41.7%, 39.4%, and 37.8% of consolidated revenues before reimbursements for 2025, 2024, and 2023, respectively. We do not presently engage in any hedging activities to compensate for the effect of potential currency exchange rate fluctuations on the net assets or operating results of our foreign subsidiaries. The following table illustrates revenue as a percentage of total revenue for the major currencies of the geographic areas in which Crawford does business:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31,** |  | **2025** | **2025** | 2024 | 2024 |
| *(in thousands, except percentages)* |  | **USD<br>equivalent** | **% of total** | USD<br>equivalent | % of total |
| **U.S.** | **USD** | $**738350** | **58.3%** | $783024 | 60.6% |
| **U.K.** | **GBP** | **179412** | **14.2%** | 168357 | 13.0% |
| **Canada** | **CAD** | **89153** | **7.0%** | 90879 | 7.0% |
| **Australia** | **AUD** | **86635** | **6.8%** | 88988 | 6.9% |
| **Europe** | **EUR** | **68006** | **5.4%** | 62110 | 4.8% |
| **Rest of World** |  | **104165** | **8.3%** | 99152 | 7.7% |
| &nbsp;&nbsp;**Total Revenues, before reimbursements** | &nbsp;&nbsp;**Total Revenues, before reimbursements** | $**1265721** |  | $1292510 |  |

---

------

We measure foreign currency exchange rate risk based on changes in foreign currency exchange rates using a sensitivity analysis. The sensitivity analysis measures the potential change in earnings based on a hypothetical 10.0% change in currency exchange rates. Exchange rates and currency positions as of December 31, 2025 were used to perform the sensitivity analysis. Such analysis indicated that a hypothetical 10.0% change in foreign currency exchange rates would have increased or decreased consolidated pretax income during 2025 by approximately $3.3 million had the U.S. dollar exchange rate increased or decreased relative to the currencies to which we had exposure.

**Interest Rate Risk**

Borrowings under the Credit Facility bear interest at a variable rate, Base Rate (as defined) or Term SOFR or an alternative reference rate, at our option provided that borrowings in foreign currencies will be at an alternative reference rate. As a result, we have market risk exposure to changes in interest rates. Based on the amounts of our floating rate debt at December 31, 2025 and 2024, if market interest rates had increased or decreased an average of 1.0% our pretax interest expense would have changed by $1.9 million and $2.2 million in 2025 and 2024, respectively. We determined these amounts by considering the impact of the hypothetical change in interest rates on our borrowing costs.

Changes in the projected benefit obligations of our defined benefit pension plans are largely dependent on changes in prevailing interest rates as of the plans' respective measurement dates, which are used to value these obligations under ASC 715, "Compensation--Retirement Benefits." If our assumptions for the discount rates used to determine the present value of the projected benefit obligations changed by 0.25%, representing either an increase or decrease in the discount rate, the projected benefit obligations, holding all other assumptions constant, of our U.S. and U.K. defined benefit pension plans would have changed by approximately $8.1 million at December 31, 2025. The impact of this change to December 31, 2025 consolidated pretax income would have been approximately $0.1 million.

Periodic pension cost for our defined benefit pension plans is impacted primarily by changes in long-term interest rates whereas interest expense for our variable-rate borrowings is impacted more directly by changes in short-term interest rates. To the extent changes in interest rates on our variable-rate borrowings move in the same direction as changes in the discount rates used for our defined benefit pension plans, changes in our interest expense on our borrowings would be offset to some degree by changes in our defined benefit pension cost. We are unable to quantify the extent of any such offset.

**Inflation Risk**

An increase in inflation could affect our business in several ways. Inflation increases expenses for labor and other operating costs, potentially putting pressure on our profitability if such costs cannot be passed through to our customers. Inflation could also lead to increased costs for losses and loss adjustment expenses in each of our operating segments. Prolonged and elevated inflation could adversely affect the financial markets and the economy generally, and may force governments to pursue a restrictive fiscal and monetary policy, which could constrain overall economic activity or inhibit our revenue growth opportunities.

**Credit Risk Related to Performing Certain Services for Our Clients**

We process payments for claims settlements, primarily on behalf of our self-insured clients. The liability for the settlement cost of claims processed, which is generally pre-funded, remains with the client. Accordingly, we do not incur significant credit risk in the performance of these services.

------

**ITEM 8. *FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA***

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| [<u>Consolidated Statements of Operations</u>](#consolidated_statements_operations) | 55 |
| [<u>Consolidated Statements of Comprehensive Income</u>](#consolidated_statements_comprehensive_in) | 56 |
| [<u>Consolidated Balance Sheets</u>](#consolidated_balance_sheets) | 57 |
| [<u>Consolidated Statements of Cash Flows</u>](#consolidated_statements_cash_flows) | 59 |
| [<u>Consolidated Statements of Shareholders' Investment</u>](#consolidated_statements_shareholders_inv) | 60 |
| [<u>Notes to Consolidated Financial Statements</u>](#notes_to_consolidated_financial_statemen) | 61 |
| [<u>Report of Independent Registered Public Accounting Firm</u>](#report_independent_registered_public_acc)<u>(</u>KPMG LLP<u>; PCAOB ID:</u> 185<u>)</u> | 102 |
| [<u>Report of Independent Registered Public Accounting Firm (</u>Ernst & Young LLP<u>; PCAOB ID:</u> 42<u>)</u>](#report_independent_reg_public_pred) | 104 |

---

------

**CRAWFORD & COMPANY**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

***(In thousands, except per share amounts)***

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **2023** |
| **Revenues from Services:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues before reimbursements | $**1265721** | $1292510 | $1267131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursements | **45106** | 48460 | 49788 |
| **Total Revenues** | **1310827** | 1340970 | 1316919 |
| **Costs and Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of services provided, before reimbursements | **898633** | 924963 | 908059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reimbursements | **45106** | 48460 | 49788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total costs of services | **943739** | 973423 | 957847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative expenses | **294166** | 299664 | 286506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate interest expense, net of interest income of $3,286, $3,441 and $2,773, respectively | **14687** | 16862 | 17036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other costs, net | **13996** |  |  |
| **Total Costs and Expenses** | **1266588** | 1289949 | 1261389 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other Loss** | **(9639)** | (9909) | (8173) |
| **Income Before Income Taxes** | **34600** | 41112 | 47357 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Provision for Income Taxes** | **14924** | 14583 | 17097 |
| **Net Income** | **19676** | 26529 | 30260 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net (Income) Loss Attributable to Noncontrolling Interests** | **(42)** | 67 | 349 |
| **Net Income Attributable to Shareholders of Crawford & Company** | $**19634** | $26596 | $30609 |
| **Earnings Per Share - Basic:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | $**0.40** | $0.54 | $0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | $**0.40** | $0.54 | $0.63 |
| **Earnings Per Share - Diluted:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | $**0.39** | $0.53 | $0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | $**0.40** | $0.54 | $0.62 |
| **Weighted-Average Shares Used to Compute Basic Earnings Per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | **30237** | 29783 | 29039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | **19132** | 19332 | 19796 |
| **Weighted-Average Shares Used to Compute Diluted Earnings Per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | **30771** | 30404 | 29799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | **19132** | 19332 | 19796 |
| **Cash Dividends Per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | $**0.29** | $0.28 | $0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | $**0.29** | $0.28 | $0.26 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**CRAWFORD & COMPANY**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

***(In thousands)***

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **2023** |
| **Net Income** | $**19676** | $26529 | $30260 |
| **Other Comprehensive Income (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net foreign currency translation gain (loss), net of tax benefit of $0, $0 and $0, respectively | **6229** | (765) | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified into net income for defined benefit pension plans, net of tax benefit of $2,459, $2,511, and $2,668, respectively | **10115** | 10069 | 9351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized loss on defined benefit plans arising during the year, net of tax (provision) benefit of $(542), $591, and $701, respectively | **(884)** | (7986) | (15740) |
| **Other Comprehensive Income (Loss)** | **15460** | 1318 | (3338) |
| **Comprehensive Income** | **35136** | 27847 | 26922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive (income) loss attributable to noncontrolling interests | **(117)** | 239 | 393 |
| **Comprehensive Income Attributable to Shareholders of Crawford & Company** | $**35019** | $28086 | $27315 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**CRAWFORD & COMPANY**

**CONSOLIDATED BALANCE SHEETS**

***(In thousands)***

---

| | | |
|:---|:---|:---|
| **December 31,** | **2025** | **2024** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| **Current Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**64079** | $55412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, less allowance for expected credit losses of $7,244 and $8,145, respectively | **115661** | 142064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues, at estimated billable amounts | **126960** | 131080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | **4350** | 5337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | **41362** | 40334 |
| **Total Current Assets** | **352412** | 374227 |
| **Net Property and Equipment** | **16649** | 20554 |
| **Other Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use asset, net | **66322** | 78808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | **76569** | 76368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets arising from business acquisitions, net | **66352** | 74545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized software costs, net | **112812** | 111854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets | **24684** | 25305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets | **48500** | 42094 |
| **Total Other Assets** | **395239** | 408974 |
| **TOTAL ASSETS** | $**764300** | $803755 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**CRAWFORD & COMPANY**

**CONSOLIDATED BALANCE SHEETS**

***(In thousands, except par value amounts)***

---

| | | |
|:---|:---|:---|
| **December 31,** | **2025** | **2024** |
| **LIABILITIES AND SHAREHOLDERS' INVESTMENT** | **LIABILITIES AND SHAREHOLDERS' INVESTMENT** | **LIABILITIES AND SHAREHOLDERS' INVESTMENT** |
| **Current Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | $**38500** | $17822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **39769** | 50605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and related costs | **108878** | 101371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Self-insured risks | **19095** | 27813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | **3874** | 3343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | **27650** | 24541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | **37970** | 38103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | **33834** | 36129 |
| **Total Current Liabilities** | **309570** | 299727 |
| **Noncurrent Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt and finance leases, less current installments | **150593** | 200315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | **23259** | 23556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued pension liabilities | **17910** | 21084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | **53531** | 66811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent liabilities | **38005** | 36711 |
| **Total Noncurrent Liabilities** | **283298** | 348477 |
| **Shareholders' Investment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A common stock, $1.00 par value, 50,000 shares authorized; 29,860 and 30,124 shares issued and outstanding, respectively | **29860** | 30124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B common stock, $1.00 par value, 50,000 shares authorized; 19,014 and 19,145 shares issued and outstanding, respectively | **19014** | 19145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | **92251** | 87118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **233708** | 237948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | **(201740)** | (217125) |
| **Shareholders' Investment Attributable to Shareholders of Crawford & Company** | **173093** | 157210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | **(1661)** | (1659) |
| **Total Shareholders' Investment** | **171432** | 155551 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT** | $**764300** | $803755 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**CRAWFORD & COMPANY**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

***(In thousands)***

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **2023** |
| **Cash Flows from Operating Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $**19676** | $26529 | $30260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **40043** | 36195 | 35742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **(3328)** | (2534) | (12279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation costs | **5193** | 5768 | 5603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | **2718** | 102 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent earnout adjustments | **537** | (1099) | 4025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | **26369** | (10741) | 11663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues, net | **5348** | (13691) | 11879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued or prepaid income taxes | **1336** | (2140) | 13063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **(9921)** | 6916 | (2822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | **(2950)** | (1443) | 5913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued retirement costs | **7992** | 8312 | 7174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other operating activities | **8834** | (555) | (7077) |
| **Net cash provided by operating activities** | **101847** | 51619 | 103790 |
| **Cash Flows from Investing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of property and equipment | **(7014)** | (6210) | (4890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalization of computer software costs | **(31535)** | (35437) | (31706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash proceeds from disposition of business line | **2046** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from settlement of life insurance policies | **295** |  |  |
| **Net cash used in investing activities** | **(36208)** | (41647) | (36596) |
| **Cash Flows from Financing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid | **(14328)** | (13755) | (12701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments related to shares received for withholding taxes under employee stock-based compensation plans | **(1531)** | (2063) | (1947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares purchased under employee stock-based compensation plans | **2044** | 1889 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | **(10514)** | (3867) | (2731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of contingent consideration on acquisitions | **(1326)** | (3348) | (7060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increases in short-term and revolving credit facility borrowings | **54720** | 70197 | 37578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on short-term and revolving credit facility borrowings | **(84449)** | (61576) | (69066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on finance lease obligations | **(90)** | (240) | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized loan costs | **(2027)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | **(119)** | (99) | (229) |
| **Net cash used in financing activities** | **(57620)** | (12862) | (54680) |
| Effects of exchange rate changes on cash and cash equivalents | **198** | (326) | 386 |
| **Increase (decrease) in Cash, Cash Equivalents, and Restricted Cash** | **8217** | (3216) | 12900 |
| **Cash, Cash Equivalents, and Restricted Cash at Beginning of Year** | **56329** | 59545 | 46645 |
| **Cash, Cash Equivalents, and Restricted Cash at End of Year** | $**64546** | $56329 | $59545 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Supplemental cash flow information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income taxes paid** | **$16963** | $19993 | $16050 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Interest paid** | **17388** | 19324 | 18914 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**CRAWFORD & COMPANY**

**CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT**

***(In thousands)***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  |  |  | **Shareholders'** |  |  |
|  | **Class A<br>Non-Voting** | **Class B<br>Voting** | **Additional<br>Paid-In<br>Capital** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>(Loss) Income** | **Investment<br>Attributable to Shareholders<br>of Crawford<br>& Company** | **Noncontrolling<br>Interests** | **Total<br>Shareholders'<br>Investment** |
| Balance at December 31, 2022 | $28764 | $19848 | $78158 | $213094 | $(215321) | $124543 | $(1165) | $123378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income |  |  |  | 30609 |  | 30609 | (349) | 30260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss |  |  |  |  | (3294) | (3294) | (44) | (3338) |
| &nbsp;&nbsp;&nbsp;Cash dividends paid (Class A - $0.26 per share, Class B - $0.26 per share) |  |  |  | (12701) |  | (12701) |  | (12701) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 5603 |  |  | 5603 |  | 5603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock |  | (293) |  | (2438) |  | (2731) |  | (2731) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in connection with stock-based compensation plans, net | 761 |  | (1172) |  |  | (411) |  | (411) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in value of noncontrolling interest due to acquisition |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid to noncontrolling interests |  |  |  |  |  |  | (229) | (229) |
| Balance at December 31, 2023 | 29525 | 19555 | 82589 | 228564 | (218615) | 141618 | (1787) | 139831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 26596 |  | 26596 | (67) | 26529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  |  | 1490 | 1490 | (172) | 1318 |
| &nbsp;&nbsp;&nbsp;Cash dividends paid (Class A - $0.28 per share, Class B - $0.28 per share) |  |  |  | (13755) |  | (13755) |  | (13755) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 5768 |  |  | 5768 |  | 5768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock |  | (410) |  | (3457) |  | (3867) |  | (3867) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in connection with stock-based compensation plans, net | 599 |  | (773) |  |  | (174) |  | (174) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in value of noncontrolling interest due to acquisition |  |  | (466) |  |  | (466) | 489 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid to noncontrolling interests |  |  |  |  |  |  | (122) | (122) |
| Balance at December 31, 2024 | 30124 | 19145 | 87118 | 237948 | (217125) | 157210 | (1659) | 155551 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | **—** | **—** | **—** | **19634** | **—** | **19634** | **42** | **19676** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other comprehensive income** | **—** | **—** | **—** | **—** | **15385** | **15385** | **75** | **15460** |
| &nbsp;&nbsp;&nbsp;**Cash dividends paid (Class A - $0.29 per share, Class B - $0.29 per share)** | **—** | **—** | **—** | **(14328)** | **—** | **(14328)** | **—** | **(14328)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Stock-based compensation** | **—** | **—** | **5193** | **—** | **—** | **5193** | **—** | **5193** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Repurchases of common stock** | **(837)** | **(131)** | **—** | **(9546)** | **—** | **(10514)** | **—** | **(10514)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Shares issued in connection with stock-based compensation plans, net** | **573** | **—** | **(60)** | **—** | **—** | **513** | **—** | **513** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Dividends paid to noncontrolling interests** | **—** | **—** | **—** | **—** | **—** | **—** | **(119)** | **(119)** |
| **Balance at December 31, 2025** | **$29860** | **$19014** | **$92251** | **$233708** | **$(201740)** | **$173093** | **$(1661)** | **$171432** |

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The accompanying notes are an integral part of these consolidated financial statements.

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**Notes to Consolidated Financial Statements**

**1. Significant Accounting and Reporting Policies**

***Nature of Operations***

Based in Atlanta, Georgia, Crawford & Company ("Crawford" or "the Company") is the world's largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations with an expansive global network serving clients in more than 70 countries.

Shares of the Company's two classes of common stock are traded on the New York Stock Exchange ("NYSE") under the symbols CRD-A and CRD-B. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B), and protections for the non-voting Class A Common Stock (CRD-A). More information is found on the Company's website www.crawco.com. The information contained on, or hyperlinked from, the Company's website is not a part of, and is not incorporated by reference into, this report.

***Principles of Consolidation***

The accompanying consolidated financial statements were prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") and include the accounts of the Company, its majority-owned subsidiaries, and variable interest entities ("VIE") in which the Company is deemed to be the primary beneficiary. Significant intercompany transactions are eliminated in consolidation. Financial results from the Company's operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines, are reported and consolidated on a two-month delayed basis in accordance with the provisions of Accounting Standards Codification ("ASC") Topic 810, *Consolidation*, in order to provide sufficient time for accumulation of their results. Accordingly, the Company's December 31, 2025, 2024, and 2023 consolidated financial statements include the financial position of such operations as of October 31, 2025 and 2024, respectively, and the results of their operations and cash flows for the fiscal years ended October 31, 2025, 2024, and 2023, respectively.

The Company has controlling ownership interests in several entities that are not wholly-owned by the Company. The financial results and financial positions of these controlled entities are included in the Company's consolidated financial statements, including the controlling interests and noncontrolling interests. The noncontrolling interests represent the equity interests in these entities that are not attributable, either directly or indirectly, to the Company. On the Company's Consolidated Statements of Operations, net income or loss is separately attributed to the controlling interests and noncontrolling interests.

Noncontrolling interests represent the minority shareholders' share of the net income or loss and shareholders' investment in consolidated subsidiaries. Noncontrolling interests are presented as a component of shareholders' investment in the Consolidated Balance Sheets and reflect the initial fair value of these investments by noncontrolling shareholders, along with their proportionate share of the income or loss of the subsidiaries, less any dividends or distributions.

The Company consolidates the results of a VIE when it is determined to be the primary beneficiary. In accordance with GAAP, in determining whether the Company is the primary beneficiary of a VIE for financial reporting purposes, it considers whether it has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether it has the obligation to absorb losses or the right to receive returns that would be significant to the VIE.

The Company consolidates the liabilities of its deferred compensation plan and the related assets, which are held in a rabbi trust and also considered a VIE of the Company. The rabbi trust was created to fund the liabilities of the Company's deferred compensation plan. The Company is considered the primary beneficiary of the rabbi trust because the Company directs the activities of the trust and can use the assets of the trust to satisfy the liabilities of the Company's deferred compensation plan. At December 31, 2025 and 2024, the liabilities of this deferred compensation plan were $6,686,000 and $6,248,000, respectively, which represented obligations of the Company rather than of the rabbi trust, and the values of the assets held in the related rabbi trust were $10,423,000 and $10,389,000, respectively. These liabilities and assets are included in "Other noncurrent liabilities" and "Other noncurrent assets" on the Company's Consolidated Balance Sheets, respectively.

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***Management's Use of Estimates***

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

***Revenue Recognition***

Revenues are recognized when control of the promised services are transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are recognized net of any sales, use or value added taxes collected from customers, which are subsequently remitted to governmental authorities. As the Company completes its performance obligations, it has an unconditional right to consideration as outlined in the Company's contracts.

The Company's North America Loss Adjusting segment generates revenue for claims management and adjusting services to insurance companies and self-insured entities related to property and casualty losses caused by physical damage to commercial and residential real property, certain types of personal property and marine losses. The Company's International Operations segment generates revenue in a similar manner as North America Loss Adjusting in the U.K., Europe, Australia, Asia and Latin America. This segment also includes Legal Services, which generates revenues for services provided to insurance companies. The Company's Broadspire segment is a third party administrator that generates revenue through its Claims Management and Medical Management service lines. The Company's Platform Solutions segment principally generates revenues through its Contractor Connection, Networks and Subrogation service lines. The Contractor Connection service line generates revenue through its independently managed contractor network of credentialed residential and commercial contractors in the U.S. See Note 2, "Revenue Recognition," for further discussion on the Company's revenue recognition policies.

Intersegment sales are not material and eliminate in consolidation.

***Cash and Cash Equivalents***

Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The fair value of cash and cash equivalents approximates carrying value due to their short-term nature.

Cash balances that are legally restricted as to usage or withdrawal are separately included in "Prepaid expenses and other current assets" within the Consolidated Balance Sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Consolidated Statements of Cash Flows:

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| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **2023** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Cash and cash equivalents | $**64079** | $55412 | $58363 |
| Restricted cash within prepaid expenses and other current assets | **467** | 917 | 1182 |
| Total cash, cash equivalents and restricted cash | $**64546** | $56329 | $59545 |

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***Accounts Receivable and Allowance for Expected Credit Losses***

The Company extends credit based on an evaluation of a client's financial condition and, generally, collateral is not required. Accounts receivable are typically due upon receipt of the invoice and are stated on the Company's Consolidated Balance Sheets at amounts due from clients net of an estimated allowance for expected credit losses. Accounts outstanding longer than the contractual payment terms are considered past due. The fair value of accounts receivable approximates book value due to their short-term contractual stipulations.

Unbilled revenues are stated on the Company's Consolidated Balance Sheets, net of estimated billing adjustments and an estimated allowance for expected credit losses. Unbilled assets represent a contract asset for revenue that has been recognized in advance of billing the customer, resulting from professional services delivered that we expect and are entitled to receive as consideration under certain contracts. Billing requirements vary by contract but substantially all unbilled revenues are billed within one year.

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The Company maintains an allowance for expected credit losses resulting primarily from the inability of clients to make required payments. Such losses are accounted for as bad debt expense. These allowances are established using historical write-off or adjustment information to project future experience and by considering the current creditworthiness of clients, any known specific collection problems, and an assessment of current industry and economic conditions. Actual experience may differ significantly from historical or expected loss results. The Company writes off accounts receivable and unbilled revenues when they become uncollectible, and any payments subsequently received are accounted for as recoveries.

A summary of the activities in the allowance for expected credit losses for the years ended December 31, 2025, 2024, and 2023 is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Allowance for credit losses, January 1 | $**9089** | $9530 | $9322 |
| Add/ (Deduct): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for bad debt expense | **353** | 1341 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-offs, net of recoveries | **(930)** | (1654) | (478) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments for business acquisitions and dispositions | **(234)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation and other changes | **54** | (128) | 60 |
| Allowance for credit losses, December 31 | $**8332** | $9089 | $9530 |

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***Goodwill, Indefinite-Lived Intangible Assets, and Other Long-Lived Assets***

Goodwill is an asset that represents the excess of the purchase price over the fair value of the separately identifiable net assets (tangible and intangible) acquired in business combinations. Indefinite-lived intangible assets consist of trade names associated with acquired businesses. Goodwill and indefinite-lived intangible assets are not amortized, but are subject to impairment testing at least annually. Other long-lived assets consist primarily of property and equipment, deferred income tax assets, capitalized software, and amortizable intangible assets related to customer relationships, technology, and trade names with finite lives. Other long-lived assets are evaluated for impairment when impairment indicators are identified.

Subsequent to a business acquisition in which goodwill and indefinite-lived intangibles are recorded, post-acquisition accounting requires that both be tested to determine whether there has been an impairment. The Company performs an impairment test of goodwill and indefinite-lived intangible assets at least annually on October 1 of each year. The Company regularly evaluates whether events and circumstances have occurred which indicate potential impairment of goodwill or indefinite-lived intangible assets. When factors indicate that such assets should be evaluated for possible impairment between the scheduled annual impairment tests, the Company performs an interim impairment test.

Goodwill impairment testing is performed on a reporting unit basis. If the fair value of the reporting unit exceeds its carrying value, including goodwill, goodwill is considered not impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The loss recognized cannot subsequently be reversed.

The carrying value of the reporting unit, including goodwill, is compared with the estimated fair value of the reporting unit as determined utilizing a combination of the income and market approaches. The income approach, which is a level 3 fair value measurement, is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of the cash flows. The market approach is based on the Guideline Public Company Method, which uses market pricing metrics to select multiples to value the Company's reporting units. The resulting estimated fair values of the combined reporting units are reconciled to the Company's market capitalization including an estimated implied control premium. The Company believes that the combination of these approaches is appropriate because it provides a fair value estimate based upon the combination of the reporting unit's expected long-term operating cash flow performance and multiples with which similar publicly traded companies are valued. The Company weights the income and market approaches equally.

The Company has the option to perform a qualitative assessment of goodwill prior to completing the quantitative analysis described above to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If the Company concludes that this is the case, it performs the quantitative analysis above.

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If changes to the Company's reporting structure impact the composition of its reporting units, existing goodwill is reallocated to the revised reporting units based on their relative estimated fair values as determined by a combination of the income and market approaches. If all of the assets and liabilities of an acquired business are assigned to a specific reporting unit, the goodwill associated with that acquisition is assigned to that reporting unit at acquisition unless another reporting unit is also expected to benefit from the acquisition.

For impairment testing of indefinite-lived intangible assets, the carrying value is compared with the estimated fair value, which is estimated based on the present value of the after-tax cash flows attributable solely to the asset. If carrying value exceeds the estimated fair value, an impairment is recognized based on the excess. The fair values of the Company's trade names are established using the relief-from-royalty method, a form of the income approach. This method recognizes that, by virtue of owning the trade name as opposed to licensing it, a company or reporting unit is relieved from paying a royalty, usually expressed as a percentage of net sales, for the asset's use. The present value of the after-tax costs savings (i.e., royalty relief) at an appropriate discount rate including a tax amortization benefit indicates the value of the trade name. The Company determined the discount rate based on its performance compared to similar market participants, factored by risk in forecasting using a modified capital asset pricing model.

***Property and Equipment***

Property and equipment are stated at cost less accumulated depreciation. The Company depreciates the cost of property and equipment, including assets recorded under finance leases, over the shorter of the remaining lease term or the estimated useful lives of the related assets, primarily using the straight-line method. The estimated useful lives for property and equipment classifications are as follows:

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| | | |
|:---|:---|:---|
| **<u>Classification</u>** | **Estimated Useful Lives** | **Estimated Useful Lives** |
| Furniture and fixtures |  | 3-10 years |
| Data processing equipment |  | 3-5 years |
| Automobiles and other |  | 3-4 years |
| Leasehold improvements |  | 5-10 years |

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Property and equipment, including assets under finance leases, consisted of the following at December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
| **December 31,** | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| Leasehold improvements | $**27347** | $30357 |
| Furniture and fixtures | **16157** | 19690 |
| Data processing equipment | **44255** | 43562 |
| Automobiles | **619** | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property and equipment | **88378** | 94310 |
| Less accumulated depreciation | **(71729)** | (73756) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net property and equipment | $**16649** | $20554 |

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Depreciation on property and equipment, including property under finance leases and amortization of leasehold improvements, was $8,021,000, $8,881,000, and $10,004,000 for the years ended December 31, 2025, 2024, and 2023, respectively.

***Capitalized Software***

Capitalized software costs reflect costs related to internally developed or purchased software used by the Company that has expected future economic benefits. Certain internal and external costs incurred during the application development stage are capitalized. Costs incurred during the preliminary project and post implementation stages, including training and maintenance costs, are expensed as incurred. The majority of these capitalized software costs consist of internal payroll costs and external payments for software development, purchases and related services. Additionally, "Capitalized software costs, net" on the Company's Consolidated Balance Sheets includes $6,795,000 and $5,900,000 as of December 31, 2025 and 2024, respectively, related to implementation of hosting arrangement service contracts for certain software applications. Capitalized software costs are typically amortized over periods ranging from three to ten years, depending on the estimated life of each software application. Amortization expense for capitalized software was $23,589,000, $19,817,000, and $17,948,000 for the years ended December 31, 2025, 2024, and 2023, respectively.

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***Self-Insured Risks***

The Company self-insures certain risks consisting primarily of professional liability, auto liability, and employee medical, disability, and workers' compensation liability. Insurance coverage is obtained for catastrophic property and casualty exposures, including professional liability on a claims-made basis, and those risks required to be insured by law or contract. Most of these self-insured risks are in the U.S. Provisions for claims under the self-insured programs are made based on the Company's estimates of the aggregate liabilities for claims incurred, including estimated legal fees, losses that have occurred but have not been reported to the Company, and for adverse developments on reported losses. The estimated liabilities are calculated based on historical claims experience, the expected lives of the claims, and other factors considered relevant by management. Changes in these estimates may occur as additional information becomes available. The Company believes its provisions for self-insured losses are adequate to cover the expected cost of losses incurred. However, these provisions are estimates and amounts ultimately settled may be significantly greater or less than the provisions established. The estimated liabilities for claims incurred under the Company's self-insured workers' compensation and employee disability programs are discounted at the prevailing risk-free interest rate for U.S. government securities of an appropriate duration. All other self-insured liabilities are undiscounted.

At December 31, 2025 and 2024, accrued liabilities for self-insured risks totaled $42,056,000 and $47,061,000, respectively, including current liabilities of $19,095,000 and $27,813,000, respectively. The noncurrent liabilities are included in "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets. The Company separately records a recoverable asset for the value of insurance recovery payments anticipated from its insurance carriers, which totaled $20,216,000 and $20,651,000 as of December 31, 2025 and 2024, respectively. The recoverability of each asset is based on the notification of each claim to the Company's insurers, along with its independent assessment of the claim and the fact that it only has coverage with highly rated insurance carriers. Receipts from insurance up to the amount of the loss recognized are considered recoveries, which are accounted for when receipt is probable. The current assets are included in "Prepaid expenses and other current assets" and the noncurrent assets are included in "Other noncurrent assets."

***Income Taxes***

The Company accounts for certain income and expense items differently for financial reporting and income tax purposes. Provisions for deferred taxes are made in recognition of these temporary differences. The most significant differences relate to accrued but unpaid compensation and loss carryforwards.

For financial reporting purposes, the provision for income taxes is the sum of income taxes both currently payable and payable on a deferred basis. Currently payable income taxes represent the liability related to the income tax returns for the current year, while the net deferred tax expense or benefit represents the change in the balance of deferred income tax assets or liabilities as reported on the Company's Consolidated Balance Sheets that are not related to balances in "Accumulated other comprehensive loss." The changes in deferred income tax assets and liabilities are determined based upon changes in the differences between the basis of assets and liabilities for financial reporting purposes and the basis of assets and liabilities for income tax purposes, measured by the enacted statutory tax rates in effect for the year in which the Company estimates these differences will reverse. The Company must estimate the timing of the reversal of temporary differences, as well as whether taxable income in future periods will be sufficient to fully recognize any gross deferred tax assets. A valuation allowance is provided when it is deemed more-likely-than-not that some portion or all of a deferred tax asset will not be realized.

Other factors which influence the effective tax rate used for financial reporting purposes include changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which it operates, the Company's ability to utilize net operating loss and tax credit carryforwards, changes in permanent reinvestment assertions, and changes in unrecognized tax benefits. See Note 6, "Income Taxes" for further discussion.

Topic 740, No. 5, *Accounting for Global Intangible Low-Taxed Income*, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI in the year the tax is incurred.

***Sales and Other Taxes***

In certain jurisdictions, both in the U.S. and internationally, various governments and taxing authorities require the Company to assess and collect sales and other taxes, such as value added taxes, on certain services that the Company renders and bills to its customers. The majority of the Company's revenues are not currently subject to these types of taxes. These taxes are not recorded as additional revenues or expenses in the Company's Consolidated Statements of Operations, but are recorded on the Consolidated Balance Sheets as pass-through amounts until remitted.

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***Foreign Currency***

Monetary assets and liabilities denominated in a currency that is different from a reporting entity's functional currency must be remeasured from the applicable currency to the reporting entity's functional currency. The effects of the remeasurement of these assets and liabilities are recognized in "Selling, general and administrative expenses" in the Company's Consolidated Statements of Operations. For operations outside the U.S. whose functional currency is other than the U.S. dollar, results of operations and cash flows are translated into U.S. dollars at average exchange rates during the period, and assets and liabilities are translated at end-of-period exchange rates. The resulting translation adjustments, on a net basis, are included in "Other Comprehensive Income (Loss)" in the Company's Consolidated Statements of Comprehensive Income, and the accumulated translation adjustment is reported as a component of "Accumulated other comprehensive loss" in the Company's Consolidated Balance Sheets.

Foreign currency transactions resulted in a net gain of $33,000 for the year ended December 31, 2025, and net losses of $65,000 and $691,000, for the years ended December 31 2024 and 2023, respectively.

***Advertising Costs***

Advertising costs are expensed in the period in which the costs are incurred. Advertising expenses were $2,426,000, $2,132,000, and $2,143,000, respectively, for the years ended December 31, 2025, 2024 and 2023.

***Adoption of New Accounting Standards***

*Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08)*

In October 2021, the FASB issued ASU 2021-08, *Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers*, which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. The adoption of this guidance did not impact the Company's results of operations, financial condition, or cash flows.

*Improvements to Reportable Segment Disclosures (ASU 2023-07)*

In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, which requires more detailed information about a reportable segment's expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with retrospective application required. The Company adopted this guidance as of December 31, 2024. Refer to Note 12, "Segment and Geographic Information," for updated segment disclosures.

*Improvements to Income Tax Disclosures (ASU 2023-09)*

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for fiscal years beginning after December 15, 2024, with prospective application permitted. The Company adopted this guidance prospectively, beginning in our 2025 annual reporting as of December 31, 2025. Refer to Note 6, "Income Taxes," for income tax-related disclosures required by this guidance.

***Pending Adoption of Recently Issued Accounting Standards***

*Disaggregation of Income Statement Expenses (ASU 2024-03)*

In November 2024, the FASB issued ASU 2024-03, *Disaggregation of Income Statement Expenses (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures*, which requires disclosures disaggregated information about certain income statement expense line items, such as inventory purchases, employee compensation, and depreciation. The new standard is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

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*Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05)*

In July 2025, the FASB issued ASU 2025-05, *Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets*, which provides a practical expedient that can be elected to be applied to accounts receivable and contract assets, which would allow entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the assets when estimating expected credit losses for such assets. Entities are required to apply the guidance on a prospective basis. The update is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating this ASU to determine the potential impact on its consolidated financial statements.

*Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06)*

In September 2025, the FASB issued ASU 2025-06, *Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software*, which provides guidance that simplifies the accounting for internal-use software by replacing stage-based rules with a principles-based approach, allowing capitalization once management authorizes funding and intends to use the software, and when it's probable the project will be complete. Entities may elect to apply the guidance retrospectively, prospectively to software costs incurred after the adoption date (i.e. on existing, in-process software projects or new projects) or on a modified prospective basis. The Company is currently evaluating this ASU to determine the impact the adoption will have on its consolidated financial statements.

**2. Revenue Recognition**

*Revenue from Contracts with Customers*

Revenues are recognized when control of the promised services is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are recognized net of any sales, use or value added taxes collected from customers, which are subsequently remitted to governmental authorities. As the Company completes its performance obligations which are identified below, it has an unconditional right to consideration as outlined in the Company's contracts. Generally, the Company's accounts receivables are expected to be collected in less than two months.

The Company's North America Loss Adjusting and International Operations segments generate revenue for adjusting services provided to insurance companies and self-insured entities related to property and casualty losses caused by physical damage to commercial and residential real property and certain types of personal property. These segments also generate revenues for claims management services provided to insurance companies and self-insured entities related to large, complex losses with technical adjusting and industry experts servicing a broad range of industries. The Company charges on a fee-per-claim basis for each optional purchase of the claims management services exercised by its customer. The Company also performs Legal Services within its International Operations segment. Revenue is recognized over time as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document and report the claim and control of these services is transferred to the customer. Revenue is recognized based on the claim type for fixed fee claims applied utilizing a portfolio approach based on time elapsed for these claims. For claims billed on a time and expense incurred basis, which are considered variable consideration, the Company recognizes revenue at the amount for which it has the right to invoice for services performed. These methods of revenue recognition are the most accurate depiction of the transfer of the claims management services to the customer. Task assignment services are single optional purchase performance obligations which are generally satisfied at a point in time when the control of the service is transferred to the customer. Therefore, revenue is recognized when the customer receives the service requested.

The following table presents North America Loss Adjusting revenues before reimbursements disaggregated by geography for the years ended December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **(In thousands)** | **(In thousands)** |
| **Year Ended December 31,** | **2025** | **2024** |
| **U.S.** | $**215734** | $221279 |
| **Canada** | **89153** | 90879 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total North America Loss Adjusting Revenues before Reimbursements** | $**304887** | $312158 |

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The following table presents International Operations revenues before reimbursements disaggregated by geography for the years ended December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **(In thousands)** | **(In thousands)** |
| **Year Ended December 31,** | **2025** | **2024** |
| U.K. | $**169209** | $157806 |
| Europe | **109247** | 100702 |
| Australia | **80800** | 77219 |
| Asia | **29123** | 24466 |
| Latin America | **31032** | 32924 |
| **International Loss Adjusting** | **419411** | 393117 |
| U.K. | **10203** | 10551 |
| Australia | **5835** | 11769 |
| Latin America | **2769** | 3170 |
| **Crawford Legal Services** | **18807** | 25490 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total International Operations Revenues before Reimbursements** | $**438218** | $418607 |

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The Broadspire segment is a third party administrator that generates revenue through its Claims Management and Medical Management service lines.

The Claims Management service line includes Workers' Compensation, Liability, Property and Disability Claims Management. This service line also performs additional services such as Accident & Health claims programs, including Affinity type claims, and disability and leave management services. Each claim referred by the customer is considered an additional optional purchase of claims management services under the agreement with the customer. The transaction price is specified in the contract and is fixed for each service. Revenue is recognized over time as services are provided as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document, and report the claim and control of these services is transferred to the customer. Revenue is recognized based on historical claim closure rates and claim type applied utilizing a portfolio approach based on time elapsed for these claims as the Company believes this is the most accurate depiction of the transfer of claims management services to its customer. Broadspire also provides claims management services on a monthly basis for which revenue is recognized over time monthly based on claims received and staff required to complete our claim handling obligations. Broadspire also provides Risk Management Information Services and Account Administration Services, and generates revenues from income earned for managing funds maintained to administer claims for its customers. For non-claim services provided in our Claims Management service line, revenue is recognized over time as services are provided and control of these services is transferred to the customer. Revenue is recognized as time elapses as this is the most accurate depiction of the transfer of the service to the customer.

The Company's obligation to manage claims under the Claims Management service line can range from less than one year, on a one- or two-year basis or for the lifetime of the claim. Under certain claims management agreements, the Company receives consideration from a customer at contract inception prior to transferring services to the customer, however, it would begin performing services immediately. The period between a customer's payment of consideration and the completion of the promised services could be greater than one year. There is no difference between the amount of promised consideration and the cash selling price of the promised services. The fee is billed upfront by the Company in order to provide customers with simplified and predictable ways of purchasing its services and it is customary to invoice service fees when the claim is assigned. The Company considered whether a significant financing component exists and determined that there is not a significant financing component at the contract level.

The Medical Management service line offers case managers who provide administration services by proactively managing medical treatment plans for claimants while facilitating an understanding of and participation in their rehabilitation process. Revenue for Medical Management services is recognized over time as the performance obligations are satisfied through the effort expended to manage the medical treatment for claimants and control of these services is transferred to the customer. Medical Management services are generally billed based on time incurred, are considered variable consideration, and revenue is recognized at the amount for which the Company has the right to invoice for services performed. This method of revenue recognition is the most accurate depiction of the transfer of the Medical Management services to the customer. The Company also performs medical bill review services. Medical bill review services provide an analysis of medical charges for clients' claims to identify opportunities for savings. Medical bill review services revenues are recognized over time as control of the service is transferred to the customer. Revenue is recognized based upon the transfer of the results of the medical bill review service to the customer as this is the most accurate depiction of the transfer of the service to the customer.

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The following table presents Broadspire revenues before reimbursements disaggregated by service line for the years ended December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **(In thousands)** | **(In thousands)** |
| **Year Ended December 31,** | **2025** | **2024** |
| **Claims Management** | $**207415** | $198797 |
| **Medical Management** | **194444** | 189277 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Broadspire Revenues before Reimbursements** | $**401859** | $388074 |

---

The Company's Platform Solutions segment principally generates revenues through its Contractor Connection, Networks and Subrogation service lines.

The Contractor Connection service line generates revenue through its independently managed contractor network. Contractor Connection primarily generates revenue by receiving a fee for each project that is sold by its network of contractors. Revenue is recognized at a point in time once the consumer accepts the contractor's proposal as Contractor Connection's performance obligation of referring projects to its contractors has been completed and the Company is entitled to consideration at that time. The contractor takes control of the service upon the consumer's acceptance of the contractor's proposal.

The Networks service line generates revenues for claims management services provided to insurance companies and self-insured entities related to property, casualty and catastrophic losses. Revenue is recognized over time as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document and report the claim and control of these services is transferred to the customer. Revenue is recognized based on the claim type for fixed fee claims, applied based on time elapsed for these claims. For claims billed on a time and expense incurred basis, which are considered variable consideration, the Company recognizes revenue at the amount for which it has the right to invoice for services performed. These methods of revenue recognition are the most accurate depiction of the transfer of the claims management services to the customer.

The Subrogation service line provides subrogation recovery and consultative services for the property and casualty insurance industry. Revenue is recognized at a point in time when the subrogation is successful and cash consideration is received.

The following table presents Platform Solutions revenues before reimbursements disaggregated by service line for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **(In thousands)** | **(In thousands)** |
| **Year Ended December 31,** | **2025** | **2024** |
| **Contractor Connection** | $**66713** | $67586 |
| **Networks** | **25552** | 76977 |
| **Subrogation** | **28492** | 29108 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Platform Solutions Revenues before Reimbursements** | $**120757** | $173671 |

---

In the normal course of business, the Company's segments incur certain out-of-pocket expenses that are thereafter reimbursed by its customers. The Company controls the promised good or service before it is transferred to its customer, therefore it is a principal in the transaction. These out-of-pocket expenses and associated reimbursements are reported on a gross basis within expenses and revenues, respectively, in the Company's Consolidated Statements of Operations.

*Claims Management Performance Obligations*

For claims management services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional services. The Company sells multiple lines of claims processing and different levels of processing depending on the complexity of the claims. The Company typically provides a menu of offerings from which the customer chooses to purchase at its option. The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is consistent for each service irrespective of the other services or quantities requested by the customer. For example, if the Company provides claims processing for both auto and general liability, those services are priced and delivered independently. These additional services represent optional purchases of additional claims management services and do not represent arrangements with multiple performance obligations.

------

*Performance-based fees*

The Company, from time-to-time, entered into contracts with certain clients within its International Operations that provided for additional fee revenues or revenue reductions based on its efficiency in managing claim portfolios and on the basis of claim outcomes and the resulting average claim costs for the respective portfolios. These amounts were in addition to, or a reduction of, the fee revenues discussed above. These performance-based revenues, which represented variable consideration, were based on performance metrics set forth in the underlying contracts. These were generally under multi-year contracts but with discrete individual contract year measurement periods that remained subject to adjustment until claim closure. Each period, the Company based its estimates of performance-based revenues on an individual contract year basis, which were subject to adjustment in future years based on changes in average claim costs. Accordingly, the amounts represented the Company's best estimate of amounts earned using historical averages and other factors. Because the expectation of the ultimate contingent revenue amounts to be earned could vary from period to period, these estimates could change significantly from quarter to quarter, and such adjustments could occur in future periods until the individual contract year measurement period was closed. Variable consideration was recognized when the Company concluded, based on all the facts and information available at the reporting date, that it was probable that a significant revenue reversal would not occur in future periods. During 2023, the Company completed its obligations for performance-based revenues under these contracts.

*Contract Balances*

The timing of revenue recognition, billings and cash collections result in billed accounts receivables, unbilled accounts receivable reported as "Unbilled revenues, at estimated billable amounts," and "Deferred revenues" on the Company's Consolidated Balance Sheets. Unbilled revenues is recorded for revenue that has been recognized in advance of billing the customer, resulting from professional services delivered that the Company expects and is entitled to receive as consideration under certain contracts. Billing requirements vary by contract but substantially all unbilled revenues are billed within one year.

When the Company receives consideration from a customer prior to transferring services to the customer under the terms of certain claims management agreements, it records deferred revenues on its Consolidated Balance Sheets, which represents a contract liability. These fixed-fee service agreements typically result from the Broadspire segment and require the Company to handle claims on either a one- or two-year basis, or for the lifetime of the claim. In cases where it handles a claim on a non-lifetime basis, the Company typically receives an additional fee on each anniversary date that the claim remains open. For service agreements where it provides services for the life of the claim, the Company is paid one upfront fee regardless of the duration of the claim. The Company recognizes deferred revenues as revenues as it performs services and transfers control of the services to the customer and satisfies the performance obligation which it determines utilizing a portfolio approach.

The Company's deferred revenues for claims handled for one or two years are not as sensitive to changes in claim closing rates since the performance obligations are satisfied within a fixed length of time. Deferred revenues for lifetime claim handling are more sensitive to changes in claim closing rates since the Company is obligated to handle these claims to conclusion with no additional fees received for long-lived claims. As of December 31, 2025, deferred revenues related to lifetime claim handling arrangements approximated $40,049,000. For all fixed fee service agreements, revenues are recognized over the expected service periods, by type of claim. Based upon its historical averages, the Company closes approximately 99% of all cases referred to it under lifetime claim service agreements within five years from the date of referral. Also, within that five-year period, the percentage of cases remaining open in any one particular year has remained relatively consistent from period to period. Each quarter the Company evaluates its historical case closing rates by type of claim utilizing a portfolio approach and adjusts deferred revenues as necessary. As a portfolio approach is utilized to recognize deferred revenues, any changes in estimates will impact timing of revenue recognition and any changes in estimates are recognized in the period in which they are determined.

The table below presents the deferred revenues balance as of January 1, 2025 and the significant activity affecting deferred revenues during the year ended December 31, 2025:

---

| | |
|:---|:---|
| *(In Thousands)* |  |
| Deferred Revenue |  |
| Balance at January 1, 2025 | $**59685** |
| &nbsp;&nbsp;&nbsp;&nbsp;Annual additions | **99208** |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue recognized from prior periods | **(32484)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue recognized from current year additions | **(69316)** |
| Balance as of December 31, 2025 | $**57093** |

---

------

*Remaining Performance Obligations*

As of December 31, 2025, the Company had $107,400,000 of remaining performance obligations related to claims and non-claims services for which the price is fixed. Remaining performance obligations consist of deferred revenues as well as certain claims where the processing has not yet occurred. The Company expects to recognize approximately 72% of its remaining performance obligations as revenues within one year and the remaining balance thereafter.

*Costs to Obtain a Contract*

The Company has a sales incentive compensation program where payment is based on the revenues recognized in the period. The payment does not represent an incremental cost to the Company that provides a future benefit expected to be longer than one year and would meet the criteria to be capitalized and presented as a contract asset on the Company's Consolidated Balance Sheets.

*Practical Expedients Elected*

As a practical expedient, the Company does not adjust the consideration in a contract for the effects of a significant financing component it expects, at contract inception, when the period between a customer's payment of consideration and the transfer of promised services to the customer will be one year or less. For claims management services that are billed on a time and expense incurred or per unit basis, the Company recognizes revenue at the amount to which it has the right to invoice for services performed.

The Company does not disclose the value of remaining performance obligations for (i) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed, or (ii) contracts with variable consideration allocated entirely to a single performance obligation.

**3. Goodwill and Intangible Assets**

***Goodwill***

The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North America Loss Adjusting** | **International Operations** | **Broadspire** | **Platform Solutions** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Balance at December 31, 2023: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | $88995 | $81779 | $113374 | $65556 | $349704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated impairment losses | (71626) | (81779) | (100437) | (19138) | (272980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net goodwill | $17369 | $- | $12937 | $46418 | $76724 |
| 2024 Activity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency effects | (356) | - | - | - | (356) |
| Balance at December 31, 2024: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | $88639 | $81779 | $113374 | $65556 | $349348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated impairment losses | (71626) | (81779) | (100437) | (19138) | (272980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net goodwill | $17013 | $- | $12937 | $46418 | $76368 |
| **2025 Activity:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Foreign currency effects** | **201** | **-** | **-** | **-** | **201** |
| **Balance at December 31, 2025:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Goodwill** | $**88840** | $**81779** | $**113374** | $**65556** | $**349549** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Accumulated impairment losses** | **(71626)** | **(81779)** | **(100437)** | **(19138)** | **(272980)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net goodwill** | $**17214** | $**-** | $**12937** | $**46418** | $**76569** |

---

------

During 2025, the Company performed its annual goodwill impairment testing utilizing the income approach. The estimated fair value of each reporting unit tested exceeded its carrying value for all periods. The key assumptions used in estimating the fair value of its reporting units as of October 1, 2025 and 2024 include the discount rate and the terminal growth rate. The discount rates utilized in estimating the fair value of its reporting units as of October 1, 2025 and 2024 range between 13% - 15.5% and 13% - 17%, respectively, reflecting the assessment of a market participant's view of the risks associated with the projected cash flows. The terminal growth rate used in the analysis was 2.0% for all periods. The assumptions used in estimating the fair values are based on currently available data and management's best estimates of revenues, EBITDA margins, and cash flows and, accordingly, a change in market conditions or other factors could have a material effect on the estimated values. There are inherent uncertainties related to the assumptions used and to management's application of these assumptions. No goodwill impairment was identified as of December 31, 2025, 2024 and 2023.

***Intangible Assets***

The following is a summary of finite-lived intangible assets acquired through business acquisitions as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross<br>Carrying<br>Amount** | **Accumulated<br>Amortization** | **Net<br>Carrying<br>Value** | **Weighted-<br>Average<br>Amortization<br>Period** |
|  | **(In thousands, except years)** | **(In thousands, except years)** | **(In thousands, except years)** |  |
| **December 31, 2025:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Customer relationships** | $**161103** | $**(130332)** | $**30771** | 6.4 **years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology-based** | **21043** | **(17626)** | **3417** | 2.2 **years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trade name** | **3385** | **(2252)** | **1133** | 2.4 **years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other** | **6855** | **(6580)** | **275** | 1.1 **years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**192386** | $**(156790)** | $**35596** | 5.0 **years** |
| December 31, 2024: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | $161459 | $(125639) | $35820 | 7.3 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology-based | 21735 | (16364) | 5371 | 3.3 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade name | 5828 | (3721) | 2107 | 3.7 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 6795 | (6278) | 517 | 2.1 years |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $195817 | $(152002) | $43815 | 6.0 years |

---

Amortization of finite-lived intangible assets was $8,431,000, $7,497,000, and $7,790,000 for the years ended December 31, 2025, 2024, and 2023, respectively. These amortization expenses were excluded from segment operating earnings (see Note 12, "Segment and Geographic Information"). Intangible assets subject to amortization are amortized on a straight-line basis over lives ranging from 2 to 20 years.

At December 31, 2025, annual estimated aggregate amortization expense for intangible assets subject to amortization for the next five years is as follows:

---

| | |
|:---|:---|
|  | **Annual<br>Amortization<br>Expense** |
| **Year Ending December 31,** | **(In thousands)** |
| 2026 | $6931 |
| 2027 | 5394 |
| 2028 | 5394 |
| 2029 | 3087 |
| 2030 | 2750 |

---

------

The following is a summary of indefinite-lived intangible assets at December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Carrying<br>Amount** | **Accumulated<br>Impairments** | **Net Carrying<br>Value** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **December 31, 2025:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Trade names** | $**32828** | $**(2072)** | $**30756** |
| December 31, 2024: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade names | $32802 | $(2072) | $30730 |

---

**4. Short-Term and Long-Term Debt, Including Finance Leases**

Long-term debt consisted of the following at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **December 31,** | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| Credit Facility | $**189000** | $217979 |
| Finance lease and other obligations | **93** | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt and finance leases | **189093** | 218137 |
| Less: portion of Credit Facility classified as short-term | **(38454)** | (17740) |
| Less: current installments of finance leases and other obligations | **(46)** | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt and finance leases, less current installments | $**150593** | $200315 |

---

On December 2, 2025, the Company, its subsidiaries Crawford & Company EMEA/AP Management Ltd (the "U.K. Borrower"), Crawford & Company (Canada) Inc. (the "Canadian Borrower") and Crawford & Company (Australia) Pty. Ltd. (the "Australian Borrower") (the Company, together with such subsidiaries, as borrowers (the "Borrowers")), Bank of America, N.A., as administrative agent and a lender ("Bank of America"), Wells Fargo Bank, National Association and Truist Bank as co-syndication agents and lenders, HSBC Bank USA, National Association and PNC Bank, N.A., as co-documentation agents and lenders, and the other lenders party thereto, entered into an Amended and Restated Credit Facility (the "Credit Facility"), which amended and restated that certain credit agreement, dated as of November 5, 2021, as subsequently amended. In connection with the Credit Facility, the Company, the Company's guarantor subsidiaries party thereto and Bank of America entered into a Security and Pledge Agreement (the "Security and Pledge Agreement") and a Guaranty Agreement (the "Guaranty Agreement"), each dated as of the date of the Credit Facility.

The Credit Facility consists of a $500,000,000 revolving credit facility, with a letter of credit sub-commitment of $125,000,000. The Credit Facility contains sublimits of $250,000,000 for borrowings by the U.K. Borrower, $125,000,000 for borrowings by the Canadian Borrower, and $75,000,000 for borrowings by the Australian Borrower. The Credit Facility matures, and all amounts outstanding thereunder, will be due and payable on December 2, 2030. Borrowings under the Credit Facility may be made in U.S. dollars, Euros, Canadian dollars, Yen, Australian dollars, and Sterling and, subject to the terms of the Credit Facility, other currencies.

Borrowings under the Credit Facility bear interest, at the option of the applicable Borrower, based on the Base Rate (as defined below) or Term SOFR or an alternative reference rate, in each case plus an applicable interest margin based on the Company's leverage ratio (as defined below), provided that borrowings in foreign currencies will be at an alternative reference rate. The Credit Facility defines alternative reference rates for non-U.S. Dollar currencies as Alternative Currency Term Rates or Alternative Currency Daily Rates. The interest margin for Term SOFR or alternative reference rate loans ranges from 1.00% to 1.625% and for Base Rate loans ranges from 0.00% to 0.625%. Base Rate is defined as the highest of (a) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate", (c) the Term SOFR rate plus 1.00% and (d) 1.00%. The weighted average interest rates under the Credit Facility were 6.0%, 6.8%, and 6.6% for the years ended December 31, 2025, 2024, and 2023, respectively.

At December 31, 2025, a total of $189,000,000 was outstanding and there was an undrawn amount of $8,457,000 under the letters of credit sub-commitment of the Credit Facility. These letter of credit commitments were for the Company's own obligations. Including the amounts committed under the letter of credit sub-commitments, the available balance under the Credit Facility totaled $290,652,000 at December 31, 2025.

------

The obligations of the Borrowers under the Credit Facility are guaranteed by each existing material domestic subsidiary of the Company, certain other domestic subsidiaries of the Company and certain existing material foreign subsidiaries of the Company that are disregarded entities for U.S. income tax purposes (each such foreign subsidiary, a "Disregarded Foreign Subsidiary"), and such obligations are required to be guaranteed by each subsequently acquired or formed material domestic subsidiary and Disregarded Foreign Subsidiary (each, a "Guarantor"), and the obligations of the Borrowers other than the Company ("Foreign Borrowers") for which the Company is not the primary obligor are also guaranteed by the Company. In addition, (i) the Borrowers' obligations under the Credit Facility are secured by a first priority lien (subject to liens permitted by the Credit Facility) on substantially all of the personal property of the Company and the Guarantors as set forth in the Security and Pledge Agreement and (ii) the obligations of the Foreign Borrowers are secured by a first priority lien on 100% of the capital stock of the Foreign Borrowers.

The representations, covenants and events of default in the Credit Facility are customary for financing transactions of this nature, including required compliance with a maximum leverage ratio and a minimum interest coverage ratio (each as defined below).

Under the Credit Facility, the consolidated total leverage ratio, defined as the ratio of (i) consolidated total funded debt minus unrestricted cash (generally cash held by Loan Parties in the U.S., U.K., Canada and Australia) to (ii) consolidated EBITDA, must not be greater 4.50 to 1.00 at the end of each fiscal quarter. Also, the consolidated interest coverage ratio, defined as the ratio of (a) consolidated EBITDA to (b) consolidated interest expense, must not be less than 2.50 to 1.00 for the four-quarter period ending at the end of each fiscal quarter.

At December 31, 2025, the Company was in compliance with the financial covenants under the Credit Facility. If the Company does not meet the covenant requirements in the future, it would be in default under the Credit Facility. Upon the occurrence of an event of default, the lenders may terminate the loan commitments, accelerate all loans and exercise any of their rights under the Credit Facility and ancillary loan documents.

Short-term borrowings under the Credit Facility totaled $38,454,000 and $17,740,000 at December 31, 2025 and 2024, respectively. The Company expects, but is not required, to repay all of such short-term borrowings at December 31, 2025 in 2026.

The Company's finance leases are primarily comprised of equipment leases with terms ranging from 24 to 60 months.

Interest expense, including amortization of capitalized loan costs, on the Company's short-term and long-term borrowings was $17,973,000, $20,303,000, and $19,809,000 for the years ended December 31, 2025, 2024, and 2023, respectively. Interest paid on the Company's short-term and long-term borrowings was $17,388,000, $19,324,000, and $18,914,000 for the years ended December 31, 2025, 2024, and 2023, respectively.

Principal repayments of long-term debt, including current portions, finance leases and other obligations, as of December 31, 2025 are expected to be as follows, assuming no prepayments or extensions beyond the stated maturity:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ending December 31,** | **Long-term Debt** | **Finance Lease and Other Obligations** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| 2026 | $38454 | $46 | $38500 |
| 2027 |  | 47 | 47 |
| 2028 |  |  |  |
| 2029 |  |  |  |
| 2030 | 150546 |  | 150546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $189000 | $93 | $189093 |

---

**5. Lease Commitments**

The Company determines if an arrangement is a lease at inception. The Company's and its subsidiaries' leases include office space, computer equipment, and automobiles under operating and finance leases. These lease agreements have remaining lease terms of 1 to 10 years. Some of these lease agreements include options to extend the leases for up to 6 years, options to terminate the leases within 1 year, rental escalation clauses and periodic adjustments for inflation, all of which are considered in the determination of lease payments. These lease agreements do not contain any material residual value guarantees or material restrictive covenants.

------

For leases with terms greater than 12 months, the Company records the related right-of-use asset and lease liability at the present value of the fixed lease payments over the term. Variable lease payments are not included in the calculation of the right-of-use asset and lease liability. The Company does not separate non-lease components from lease components and instead accounts for each as a single lease component for all classes of its assets. The Company applies a portfolio approach to effectively account for the right-of-use asset and lease liability for certain equipment leases.

When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement.

The Company's finance leases are not material as of the year ended December 31, 2025 and are excluded from the disclosures below. The following table presents the lease-related assets and liabilities recorded on the Company's Consolidated Balance Sheets related to its operating leases:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Classification on Balance Sheet** | **December 31,<br>2025** | December 31,<br>2024 |
| Assets: |  |  |  |
| Operating lease | Operating lease right-of-use assets, net | $**66322** | $78808 |
| Liabilities: |  |  |  |
| Current operating lease liabilities | Current operating lease liabilities | **27650** | 24541 |
| Noncurrent operating lease liabilities | Noncurrent operating lease liabilities | **53531** | 66811 |
| Total operating lease liabilities |  | $**81181** | $91352 |
| Weighted-Average Remaining Lease Term |  | 3.70 **years** | 4.40 years |
| Weighted-Average Discount Rate |  | **6.0%** | 5.8% |

---

The components of operating lease costs within the Company's Consolidated Statements of Operations consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
| *(in thousands)* | **December 31, 2025** | December 31, 2024 |
| Operating lease cost | $**29432** | $30933 |
| Variable lease cost | **8662** | 8084 |
| Sublease income | **(2112)** | (1275) |

---

Supplemental cash flow information related to operating leases were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
| *(in thousands)* | **December 31, 2025** | December 31, 2024 |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows for operating leases | $**30506** | $32776 |
| Right-of-use assets obtained in exchange for lease obligations | $**14277** | $15510 |

---

Future undiscounted operating lease payments reconciled to total operating lease liabilities are as follows:

---

| | |
|:---|:---|
| *(in thousands)* | **December 31, 2025** |
| 2026 | $**31588** |
| 2027 | **23200** |
| 2028 | **14497** |
| 2029 | **11005** |
| 2030 | **7058** |
| Thereafter | **3303** |
| Total undiscounted lease payments | **90651** |
| Less imputed interest | **(9470)** |
| Present value of future lease payments | $**81181** |

---

------

**6. Income Taxes**

In December 2023, the FASB issued updated accounting guidance on disclosure for income taxes which the Company adopted prospectively as of January 1, 2025. Refer to Note 1 "Significant Accounting and Reporting Policies" for additional information regarding this new guidance.

Income before income taxes consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **2023** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| U.S. | $**1902** | $21429 | $35620 |
| Foreign | **32698** | 19683 | 11737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $**34600** | $41112 | $47357 |

---

The provision for income taxes consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **2023** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Current: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. federal | $**4471** | $8368 | $13193 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. state and local | **1456** | 2148 | 4316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | **12325** | 6601 | 11867 |
| Deferred: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. federal | **(2229)** | (5202) | (7603) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. state and local | **(411)** | 2585 | (1849) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | **(688)** | 83 | (2827) |
| Provision for income taxes | $**14924** | $14583 | $17097 |

---

A summary of net cash payments (refunds) for income taxes in 2025, is as follow:

---

| | |
|:---|:---|
| **Year Ended December 31,** | **2025** |
|  | **(In thousands)** |
| U.S. federal | **$3028** |
| U.S. state and local | **1238** |
| Foreign |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | **5517** |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | **2141** |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | **(1020)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | **1217** |
| &nbsp;&nbsp;&nbsp;&nbsp;Norway | **985** |
| &nbsp;&nbsp;&nbsp;&nbsp;Philippines | **1002** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **2855** |
| Total | **$16963** |

---

Net cash payments for income taxes were $19,993,000 and $16,050,000 in 2024 and 2023, respectively.

------

The provision for income taxes is reconciled to the federal statutory income tax rate of 21% in 2025 as follows:

---

| | | |
|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2025** |
| *(In thousands, except percentages)* |  |  |
| U.S. federal statutory tax rate | **$7266** | **21.0%** |
| State and local income tax, net of federal income tax benefit<sup>(1)</sup> | **825** | **2.3%** |
| Effect of cross-border tax laws<sup>(2)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of branch taxes | **644** | **1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global intangible low-taxed income ("GILTI") | **1504** | **4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **393** | **1.1%** |
| Tax Credits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax | **(3336)** | **(9.7)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | **(486)** | **(1.4)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(37)** | **(0.1)%** |
| Changes in valuation allowances | **2977** | **8.6%** |
| Nontaxable or nondeductible items |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meals and entertainment | **399** | **1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **156** | **0.5%** |
| Changes in unrecognized tax benefits | **(22)** | **(0.1)%** |
| Foreign tax effects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in valuation allowances | **1560** | **4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory tax rate difference | **555** | **1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (Loss) on sale of business | **(997)** | **(2.9)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(81)** | **(0.2)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding tax | **1866** | **5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **297** | **0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding tax | **613** | **1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **18** | **0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | **364** | **1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in valuation allowances | **364** | **1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **196** | **0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory tax rate difference | **(561)** | **(1.6)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(14)** | **(0.0)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory tax rate difference | **439** | **1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in valuation allowances | **(3488)** | **(10.1)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding tax | **394** | **1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **1601** | **4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other foreign jurisdictions | **1515** | **4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | **$14924** | **43.1%** |

---

<sup>(1)</sup> State taxes in Texas, Florida, New York, and Illinois make up the majority (greater than 50%) of this category.

<sup>(2)</sup> Includes the impact of credits.

------

The provision for income taxes is reconciled to the federal statutory income tax rate of 21% in 2024 and 2023 as follows:

---

| | | |
|:---|:---|:---|
| **Year Ended December 31,** | **2024** | **2023** |
|  | **(In thousands)** | **(In thousands)** |
| Federal income taxes at statutory rate | $8634 | $9945 |
| State income taxes, net of federal benefit | 1890 | 2082 |
| Foreign taxes | 3024 | 5872 |
| Change in valuation allowance | 2064 | 2131 |
| Research and development credits | (789) | (607) |
| Foreign tax credits | (1681) | (1668) |
| Nondeductible meals and entertainment | 565 | 643 |
| Change in permanent reinvestment assertion | (8) | 280 |
| Disposals and liquidations of businesses |  | (305) |
| Foreign-derived intangible income deduction | (156) | (223) |
| Tax rate changes | 422 | (104) |
| Other | 618 | (949) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | $14583 | $17097 |

---

The Company's consolidated effective income tax rate may change periodically due to changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which it operates, the Company's ability to utilize net operating loss and tax credit carryforwards, and changes in unrecognized tax benefits.

The Company's effective income tax rate in 2025 was impacted by improved profitability in certain jurisdictions, net of global intangible low-taxed income expense and a one-time expense relating to administrative guidance issued by a foreign tax authority. The Company's effective income tax rate in 2024 was impacted by performance in certain foreign jurisdictions and changes in valuation allowances. The Company's effective income tax rate in 2023 was impacted by changes in domestic tax guidance and changes in valuation allowances.

The foreign tax administrative guidance issuance noted above also resulted in a one-time indirect tax expense of $3,122,000 for the year ended December 31, 2025, which is included in "Selling, general, and administrative expenses" on the Consolidated Statements of Operations.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted into law in the United States. The OBBBA contains changes to key U.S. federal income tax laws. This change was immaterial to the Company's overall income tax provision.

The Company maintained its permanent reinvestment position on a portion of prior year undistributed earnings for certain foreign operations and accrued deferred taxes attributable to the earnings that were not permanently reinvested. Beyond these earnings the Company has not changed the reinvestment assertion on its undistributed earnings or other outside basis differences of its remaining foreign subsidiaries. Excluding the operations that are not permanently reinvested, no additional income or withholding taxes have been provided for indefinitely reinvested undistributed foreign earnings, other than those previously taxed nor have any taxes been provided for outside basis difference inherent in these entities as these amounts continue to be indefinitely reinvested in foreign operations. The Company has estimated that it has book over tax basis differences of approximately $127,979,000. Due to withholding tax, basis computations, and other related tax considerations, it is not practicable to estimate any taxes to be provided on outside basis differences at this time.

------

Deferred income taxes consisted of the following at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| Accounts receivable allowance | $**1831** | $2286 |
| Accrued compensation | **13819** | 14013 |
| Accrued pension liabilities | **1488** | 3314 |
| Self-insured risks | **4364** | 5551 |
| Deferred revenues | **4417** | 4684 |
| Interest | **2023** | 3223 |
| Tax credit carryforwards | **5188** | 2654 |
| Loss carryforwards | **38012** | 33315 |
| Lease liability | **19577** | 23418 |
| Other | **2442** | 1986 |
| Gross deferred income tax assets | **93161** | 94444 |
| Unbilled revenues | **7004** | 5265 |
| Repatriated earnings | **1782** | 1152 |
| Depreciation and amortization | **8596** | 12901 |
| Lease right-of-use asset | **15611** | 20054 |
| Gross deferred income tax liabilities | **32993** | 39372 |
| Net deferred income tax assets before valuation allowances | **60168** | 55072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuation allowance | **(39869)** | (35310) |
| Net deferred income tax assets | $**20299** | $19762 |
| Amounts recognized in the Consolidated Balance Sheets consist of: |  |  |
| Long-term deferred income tax assets included in "Deferred income tax assets" | **24684** | 25305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term deferred income tax liabilities included in "Other noncurrent liabilities" | **(4385)** | (5543) |
| Net deferred income tax assets | $**20299** | $19762 |

---

At December 31, 2025, the Company had deferred tax assets related to loss carryforwards of $38,012,000, with no netting of unrecognized tax benefits applied. An estimated $32,829,000 of the deferred tax assets will not expire, and $5,183,000 will expire over the next 20 years if not utilized by the Company.

Changes in the Company's deferred tax valuation allowance are recorded as adjustments to the provision for income taxes. An analysis of the Company's deferred tax asset valuation allowances is as follows for the years ended December 31, 2025, 2024, and 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Balance, beginning of year | $**35310** | $29644 | $23295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other changes | **4559** | 5666 | 6349 |
| Balance, end of year | $**39869** | $35310 | $29644 |

---

Changes to the valuation allowance for the year ended December 31, 2025 were primarily due to foreign jurisdictions net deferred tax assets in certain of the Company's international operations, as well as a change in realization for U.S. foreign tax credits. Changes to the valuation allowance for the year ended December 31, 2024 were primarily due to foreign jurisdictions net deferred tax assets in certain of the Company's international operations, as well as a change in realization for various U.S. state loss carryforwards. Changes to the valuation allowance for the year ended December 31, 2023 were primarily due to establishments for various foreign jurisdictions net deferred tax assets in certain of the Company's international operations.

------

A reconciliation of the beginning and ending balance of unrecognized income tax benefits follows:

---

| | |
|:---|:---|
|  | **(In thousands)** |
| Balance at December 31, 2022 | $3653 |
| &nbsp;&nbsp;Additions for tax positions related to prior years | 432 |
| &nbsp;&nbsp;Reductions for tax positions related to prior years | (153) |
| &nbsp;&nbsp;Lapses of applicable statutes of limitation | (344) |
| Balance at December 31, 2023 | $3588 |
| Currency Translation Adjustment | 2 |
| &nbsp;&nbsp;Lapses of applicable statutes of limitation | (3156) |
| Balance at December 31, 2024 | $434 |
| &nbsp;&nbsp;**Settlements** | **(350)** |
| &nbsp;&nbsp;**Reductions for tax positions related to prior years** | **(23)** |
| **Balance at December 31, 2025** | $**61** |

---

The Company accrues interest and, if applicable, penalties related to unrecognized tax benefits in income taxes. Total accrued interest expense at December 31, 2025, 2024, and 2023, was $2,000, $1,000, and $13,000, respectively.

Included in the total unrecognized tax benefits at December 31, 2025, 2024, and 2023 were $61,000, $434,000, and $685,000, respectively, of tax benefits that, if recognized, would affect the effective income tax rate.

The Company conducts business in a number of countries and, as a result, files U.S. federal and various state and foreign jurisdiction income tax returns. In the normal course of business, the Company is subject to examination by various taxing jurisdictions throughout the world. With few exceptions, the Company is no longer subject to income tax examinations for years before 2015.

Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, including interest and penalties, have been provided for any adjustments that are expected to result from those years.

**7. Retirement Plans**

The Company and its subsidiaries sponsor various retirement plans. Substantially all employees in the U.S. and certain employees outside the U.S. are covered under the Company's defined contribution plans. Certain employees, retirees, and eligible dependents are also covered under the Company's defined benefit pension plans.

Employer contributions under the Company's defined contribution plans are determined annually based on employee contributions, a percentage of each covered employee's compensation, and years of service. The Company's cost for defined contribution plans totaled $31,384,000, $30,531,000, and $28,217,000 in 2025, 2024, and 2023, respectively.

The Company sponsors a qualified defined benefit pension plan in the U.S. (the "U.S. Qualified Plan") and three defined benefit pension plans in the U.K. (the "U.K. Plans"). Effective December 31, 2002, the Company elected to freeze its U.S. Qualified Plan. Benefits payable under the Company's U.S. Qualified Plan are generally based on career compensation; however, no additional benefits have accrued on this plan since December 31, 2002. The Company's U.K. Plans were closed to new participants as of October 31, 1997, but existing participants may still accrue additional limited benefits based on salary amounts in effect at the time the relevant plan was closed. Benefits payable under the U.K. Plans are generally based on an employee's final salary at the time the plan was closed. Benefits paid under the U.K. Plans are also subject to adjustments for the effects of inflation. The actuarial present value of the projected benefit payments under the U.K. Plans are based on the employees' expected dates of separation by retirement.

The Company did not make any voluntary contributions to the U.S. Qualified Plan in 2023, 2024, or 2025. Crawford expects to make discretionary contributions of $3,000,000 to the U.S. Qualified Plan in the next fiscal year to minimize future required contributions.

Certain other employees participating in Other International Plans have retirement benefits that are accounted for as defined benefit pension plans under GAAP.

------

External trusts are maintained to hold assets of the Company's U.S. Qualified Plan, U.K. Plans, and Other International Plans. The Company's funding policy is to make cash contributions in amounts at least sufficient to meet regulatory funding requirements and, in certain instances, to make contributions in excess thereof if such contributions would otherwise be in accordance with the Company's capital allocation plans. Assets of the plans are measured at fair value at the end of each reporting period, but the plan assets are not separately recorded on the Company's Consolidated Balance Sheets. Instead, the funded or unfunded status of the Company's U.S. Qualified Plan, U.K. Plans, and Other International Plans are recorded in "Accrued pension liabilities" or "Other noncurrent assets" on the Company's Consolidated Balance Sheets based on the projected benefit obligations less the fair values of the plans' assets.

The majority of the Company's defined benefit pension plans have projected benefit obligations in excess of the fair value of plan assets. For these plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **December 31,** | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| Projected benefit obligations | $**265729** | $278389 |
| Fair value of plans' assets | **245917** | 255389 |

---

Certain of the Company's U.K. Plans have fair values of plan assets that exceed the projected benefit obligations. For these plans, and certain Other International Plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **December 31,** | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| Projected benefit obligations | $**156946** | $161567 |
| Fair value of plans' assets | **168991** | 170747 |

---

In addition, the Company sponsors two frozen nonqualified, unfunded defined benefit pension plans for certain employees and retirees, which are based on career compensation. These plans were frozen effective December 31, 2002. The liabilities of these plans, which equal their projected benefit obligations, are included in "Other accrued liabilities" and "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets based on the expected timing of funding these obligations, since they are funded as needed from Company assets.

------

A reconciliation of the beginning and ending balances of the projected benefit obligations and the fair value of plans' assets for the Company's defined benefit pension plans as of the plans' most recent measurement dates is as follows:

---

| | | |
|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| Projected Benefit Obligations: |  |  |
| Beginning of measurement period | $**439956** | $458296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service cost | **1739** | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest cost | **21929** | 23163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee contributions | **14** | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Actuarial loss (gain) | **2978** | (3504) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plan settlements | **—** | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plan curtailments | **—** | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefits paid | **(48120)** | (49068) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency effects | **4179** | 9764 |
| End of measurement period | **422675** | 439956 |
| Fair Value of Plans' Assets: |  |  |
| Beginning of measurement period | **426136** | 443157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual return on plans' assets | **28825** | 18268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | **3753** | 3561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee contributions | **14** | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plan settlements | **—** | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefits paid | **(48120)** | (49068) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency effects | **4300** | 10492 |
| End of measurement period | **414908** | 426136 |
| Unfunded Status | $**(7767)** | $(13820) |

---

Due to the frozen status of the U.S. Qualified Plan and the closed status of the U.K. Plans, the accumulated benefit obligations and the projected benefit obligations are not materially different.

The funded status of the Company's defined benefit pension plans recognized in the Consolidated Balance Sheets at December 31 consisted of:

---

| | | |
|:---|:---|:---|
| **December 31,** | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| U.S. Qualified Plan | $**15378** | $18991 |
| Other international plans | **2532** | 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal, included in "Accrued pension liabilities" | **17910** | 21084 |
| U.K. prepaid pension asset included in "Other noncurrent assets" | **(12045)** | (9176) |
| Other international plans | **—** | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal, included in "Other noncurrent assets" | **(12045)** | (9180) |
| Unfunded status of nonqualified defined benefit deferred pension plans included in "Other accrued liabilities" | **199** | 201 |
| Unfunded status of nonqualified defined benefit pension plans included in "Other noncurrent liabilities" | **1703** | 1716 |
| Total underfunded status | $**7767** | $13820 |
| Accumulated other comprehensive loss, before income taxes | $**(244882)** | $(257116) |

---

A fixed number of U.S. employees, retirees, and eligible dependents were previously covered under a frozen post-retirement medical benefits plan and are now provided Company-subsidized premiums for participation in health care exchanges. The liabilities for this plan are included in the Company's self-insured risks liabilities and are not material. This plan was frozen effective December 31, 2002.

------

The following tables set forth the changes in accumulated other comprehensive loss during 2025 and 2024 for the Company's defined benefit retirement plans on a combined basis:

---

| | |
|:---|:---|
|  | **Defined Benefit<br>Pension Plans** |
|  | **(In thousands)** |
| Net unrecognized actuarial loss, December 31, 2023 | $(261102) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of net loss | 12580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss arising during the year | (4109) |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation | (4484) |
| Net unrecognized actuarial loss, December 31, 2024 | (257116) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Amortization of net loss** | **12575** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net gain arising during the year** | **982** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Currency translation** | **(1323)** |
| **Net unrecognized actuarial loss, December 31, 2025** | $**(244882)** |

---

Unrecognized losses reflect changes in the discount rates and differences between expected and actual asset returns, which are being amortized over future periods. These unrecognized losses may be recovered in future periods through actuarial gains. However, unless the minimum amount required to be amortized is below a corridor amount equal to 10.0% of the greater of the projected benefit obligation or the market-related value of plan assets, these unrecognized actuarial losses are required to be amortized and recognized in future periods. Net unrecognized actuarial losses included in accumulated other comprehensive loss and expected to be recognized in net periodic benefit costs during the year ending December 31, 2026 for the U.S. and U.K. defined benefit pension plans are $12,164,000 ($9,814,000 net of tax).

Pension expense is affected by the accounting policy used to determine the value of plan assets at the measurement date. The Company applies the expected return on plan assets using fair market value as of the annual measurement date. The fair market value method results in greater volatility to pension expense than the calculated value method. The amounts recognized in the Consolidated Balance Sheets reflect the fair value of the Company's long-term pension liabilities at the plan measurement date and the fair value of plan assets as of the balance sheet date.

Net periodic benefit cost related to all of the Company's defined benefit pension plans recognized in the Company's Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 included the following components:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **2023** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Service cost | $**1739** | $1531 | $1423 |
| Interest cost | **21929** | 23163 | 23915 |
| Expected return on assets | **(24865)** | (25882) | (27168) |
| Amortization of actuarial loss | **12575** | 12580 | 12020 |
| Curtailment loss recognized | **—** | 48 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net periodic benefit cost | $**11378** | $11440 | $10190 |

---

Benefit cost for the U.S. Qualified Plan does not include service cost since the plan is frozen. For the years ended December 31, 2025, 2024 and 2023, the non-service components of net periodic pension cost of $9,639,000, $9,909,000, and $8,767,000, respectively, are included in "Other (Income) Loss" on the Consolidated Statement of Operations. These amounts represent the non-service pension costs of the U.S., U.K., and Other International Plans.

Over the next ten years, the following benefit payments are expected to be required to be made from the Company's U.S. and U.K. defined benefit pension plans:

---

| | |
|:---|:---|
| **Year Ending December 31,** | **Expected Benefit<br>Payments** |
|  | **(In thousands)** |
| 2026 | $33764 |
| 2027 | 33530 |
| 2028 | 33758 |
| 2029 | 33150 |
| 2030 | 32707 |
| 2031-2035 | 149299 |

---

------

The Company reviews its employee demographic assumptions annually and updates the assumptions as necessary. The Company updates the mortality assumptions for the U.S. plans to incorporate the current mortality tables issued by the Society of Actuaries, adjusted to reflect the Company's specific experience and future expectations. No changes were made to the mortality tables for the years ended December 31, 2023, 2024, and 2025. Certain assumptions used in computing the benefit obligations and net periodic benefit cost for the U.S. and U.K. defined benefit pension plans were as follows:

---

| | | |
|:---|:---|:---|
| **U.S. Qualified Plan:** | **2025** | **2024** |
| Discount rate used to compute benefit obligations | **5.24%** | 5.57% |
| Discount rate used to compute periodic benefit cost | **5.57%** | 4.94% |
| Expected long-term rates of return on plans' assets | **6.40%** | 5.90% |

---

---

| | | |
|:---|:---|:---|
| **U.K. Defined Benefit Plans:** | **2025** | **2024** |
| Discount rate used to compute benefit obligations | **5.42%** | 5.30% |
| Discount rate used to compute periodic benefit cost | **5.30%** | 5.78% |
| Expected long-term rates of return on plans' assets | **5.90%** | 6.20% |

---

The discount rate assumptions reflect the rates at which the Company believes the benefit obligations could be effectively settled. The discount rates were determined based on the yield for a portfolio of investment grade corporate bonds with maturity dates matched to the estimated future payments of the plans' benefit obligations.

The Company estimates the service and interest components of net periodic benefit cost for its U.S. and international pension and other postretirement benefits. This estimation approach discounts the individual expected cash flows underlying the service cost and interest cost using the applicable spot rates derived from the yield curve used to discount the cash flows used to measure the benefit obligation. For the pension plans, the weighted average spot rates used to determine 2026 interest costs are estimated to be 4.71% for the U.S. Qualified plan and 4.88% for the U.K. plans.

The expected long-term rates of return on plan assets were based on the plans' asset mix, historical returns on equity securities and fixed income investments, and an assessment of expected future returns. The expected long-term rates of return on plan assets assumption used to determine 2026 net periodic pension cost are estimated to be 6.40% and 5.90% for the U.S. Qualified Plan and U.K. plans, respectively. If actual long-term rates of return differ from those assumed or if the Company used materially different assumptions, actual funding obligations could differ materially from these estimates. Due to the frozen status of the U.S. plan and closed status of the U.K. plans, increases in compensation rates are not material to the computations of benefit obligations or net periodic benefit cost.

***Plans' Assets***

Asset allocations at the respective measurement dates, by asset category, for the Company's U.S. and U.K. qualified defined benefit pension plans were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Qualified Plan** | **U.S. Qualified Plan** | **U.K. Plans** | **U.K. Plans** |
| **December 31,** | **2025** | **2024** | **2025** | **2024** |
| Equity securities | **13.9%** | 14.7% | **—** |  |
| Fixed income securities | **78.0%** | 77.9% | **73.5%** | 73.7% |
| Alternative strategies | **4.0%** | 4.2% | **25.6%** | 25.9% |
| Cash, cash equivalents and short-term investment funds | **4.1%** | 3.2% | **0.9%** | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total asset allocation | **100.0%** | 100.0% | **100.0%** | 100.0% |

---

Investment objectives for the Company's U.S. and U.K. pension plan assets are to ensure availability of funds for payment of plan benefits as they become due; provide for a reasonable amount of long-term growth of capital, without undue exposure to volatility; protect the assets from erosion of purchasing power; and provide investment results that meet or exceed the actuarially assumed long-term rate of return of each plan.

Alternative strategies include funds that invest in derivative instruments such as futures, forward contracts, options and swaps, hedge funds, and funds that invest in real estate. These investments are used to help manage risks.

The long-term goal for the U.S. and U.K. plans is to reach fully-funded status and to maintain that status. The investment policies recognize that the plans' asset return requirements and risk tolerances will change over time. Accordingly, reallocation of the portfolios' mix of return-seeking assets and liability-hedging assets will be performed as the plans' funded status improves.

------

See Note 11, "Fair Value Measurements" for the fair value disclosures of the U.S. and U.K. qualified defined benefit pension plan assets. The assets of the Company's Other International Plans are primarily insurance contracts, which are measured at contract value and are not measured at fair value. Obligations of the U.S. nonqualified plans are paid from Company assets.

**8. Common Stock and Earnings per Share**

Shares of the Company's two classes of common stock are traded on the NYSE under the symbols CRD-A and CRD-B. The Company's two classes of stock are substantially identical, except with respect to voting rights and the Company's ability to pay greater cash dividends on the non-voting Class A Common Stock than on the voting Class B Common Stock, subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of Class A Common Stock must receive the same type and amount of consideration as holders of Class B Common Stock, unless different consideration is approved by the holders of 75% of the Class A Common Stock, voting as a class. As described in Note 10, "Stock-Based Compensation," certain shares of CRD-A are issued with restrictions under incentive compensation plans.

Effective November 4, 2021, the Company's Board of Directors authorized the repurchase of up to 2,000,000 shares of CRD-A or CRD-B (or a combination of the two) through December 31, 2023 (the "2021 Repurchase Authorization"). On February 10, 2022, the Company's Board of Directors authorized the addition of 5,000,000 shares of CRD-A or CRD-B (or a combination of the two) to its 2021 Repurchase Authorization. On October 30, 2025, the Company's Board of Directors added 2,000,000 shares to this authorization and amended this authorization to allow for repurchases through December 31, 2027. Under the repurchase program, repurchases may be made in the open market or privately negotiated transactions at such times and for such prices as management deems appropriate, subject to applicable regulatory guidelines. The authorization does not obligate Crawford to acquire any stock, and purchases may be commenced or suspended at any time based on market conditions and other factors that the Company deems appropriate.

During 2025, the Company repurchased 836,859 shares of CRD-A at an average cost of $10.90 per share and 131,060 shares of CRD-B at an average cost of $10.62 per share under the 2021 Repurchase Authorization. During 2024, the Company repurchased 409,610 shares of CRD-B at an average cost of $9.44 per share under the 2021 Repurchase Authorization. There were no repurchases of CRD-A shares in 2024. At December 31, 2025, the Company had remaining authorization to repurchase 2,121,890 shares under the 2021 Repurchase Authorization.

***Net Income Attributable to Shareholders of Crawford & Company per Common Share***

The Company computes earnings per share of CRD-A and CRD-B using the two-class method, which allocates the undistributed earnings for each period to each class on a proportionate basis. The Company's Board of Directors has the right, but not the obligation, to declare higher dividends on CRD-A than on CRD-B, subject to certain limitations. In periods when the dividend is the same for CRD-A and CRD-B or when no dividends are declared or paid to either class, the two-class method generally will yield the same basic earnings per share for CRD-A and CRD-B. During 2025, 2024 and 2023, the Board of Directors declared an equal dividend on CRD-A and CRD-B.

The computations of basic net income attributable to shareholders of Crawford & Company per common share were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **CRD-A** | **CRD-B** | **CRD-A** | **CRD-B** | **CRD-A** | **CRD-B** |
|  | **(In thousands, except earnings (loss) per share)** | **(In thousands, except earnings (loss) per share)** | **(In thousands, except earnings (loss) per share)** | **(In thousands, except earnings (loss) per share)** | **(In thousands, except earnings (loss) per share)** | **(In thousands, except earnings (loss) per share)** |
| **Earnings per share - basic:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Numerator: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation of undistributed earnings | $**3250** | $**2056** | $7787 | $5054 | $10649 | $7259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | **8779** | **5549** | 8339 | 5416 | 7554 | 5147 |
| Net income available to common shareholders, basic | **12029** | **7605** | 16126 | 10470 | 18203 | 12406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denominator: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding, basic | **30237** | **19132** | 29783 | 19332 | 29039 | 19796 |
| Earnings per share - basic | $**0.40** | $**0.40** | $0.54 | $0.54 | $0.63 | $0.63 |

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The computations of diluted net income attributable to shareholders of Crawford & Company per common share were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **CRD-A** | **CRD-B** | **CRD-A** | **CRD-B** | **CRD-A** | **CRD-B** |
|  | **(In thousands, except earnings (loss) per share)** | **(In thousands, except earnings (loss) per share)** | **(In thousands, except earnings (loss) per share)** | **(In thousands, except earnings (loss) per share)** | **(In thousands, except earnings (loss) per share)** | **(In thousands, except earnings (loss) per share)** |
| **Earnings per share - diluted:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Numerator: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation of undistributed earnings | $**3272** | $**2034** | $7850 | $4991 | $10760 | $7148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | **8779** | **5549** | 8339 | 5416 | 7554 | 5147 |
| Net income available to common shareholders, diluted | **12051** | **7583** | 16189 | 10407 | 18314 | 12295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denominator: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding, basic | **30237** | **19132** | 29783 | 19332 | 29039 | 19796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average effect of dilutive securities<sup>(1)</sup> | **534** | **—** | 621 |  | 760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average number of shares outstanding, diluted | **30771** | **19132** | 30404 | 19332 | 29799 | 19796 |
| Earnings per share - diluted | $**0.39** | $**0.40** | $0.53 | $0.54 | $0.61 | $0.62 |

---

Listed below are the shares excluded from the denominator in the above computation of diluted earnings per share for CRD-A because their inclusion would have been anti-dilutive:

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| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **2023** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Shares underlying stock options excluded due to the options' respective exercise prices being greater than the average stock price during the period | **—** | **—** | 711 |
| Performance stock grants excluded because performance conditions had not been met<sup>(1)</sup> | **276** | 1076 | 993 |

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<sup>(1)</sup> Compensation cost is recognized for these performance stock grants based on expected achievement rates; however no consideration is given for these performance stock grants when calculating earnings per share until the performance measurements are actually achieved.

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**9. Accumulated Other Comprehensive Loss**

Comprehensive income (loss) for the Company consists of the total of net income, foreign currency translation adjustments, and accrued pension and retiree medical liability adjustments. Foreign currency translation adjustments include net unrealized (loss) gain from intra-entity loans that are long-term in nature of $452,000, $(505,000), and $1,004,000 for the years ended December 31, 2025, 2024, and 2023, respectively. The changes in components of "Accumulated other comprehensive loss" ("AOCL"), net of taxes and noncontrolling interests, included in the Company's Consolidated Balance Sheets were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Foreign currency<br>translation<br>adjustments** | **Retirement<br>liabilities** | **AOCL<br>attributable to<br>shareholders of<br>Crawford &<br>Company** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Balance at December 31, 2023 | $(49486) | $(169129) | $(218615) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss before reclassifications | (593) |  | (593) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized net losses arising during the year |  | (7986) | (7986) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income to net income (1) |  | 10069 | 10069 |
| Net current period other comprehensive (loss) income | (593) | 2083 | 1490 |
| Balance at December 31, 2024 | (50079) | (167046) | (217125) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other comprehensive income before reclassifications** | **6154** | **—** | **6154** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized net losses arising during the year** | **—** | **(884)** | **(884)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Amounts reclassified from accumulated other comprehensive income to net income** <sup>(1)</sup> | **—** | **10115** | **10115** |
| **Net current period other comprehensive income** | **6154** | **9231** | **15385** |
| **Balance at December 31, 2025** | $**(43925)** | $**(157815)** | $**(201740)** |

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<sup>(1)</sup> Retirement liabilities reclassified to net income are related to the amortization of actuarial losses and are included in "Selling, general, and administrative expenses" on the Company's Consolidated Statements of Operations. See Note 7, "Retirement Plans" for additional details.

Other comprehensive loss amounts attributable to noncontrolling interests shown in the Company's Consolidated Statements of Shareholders' Investment are foreign currency translation adjustments.

**10. Stock-Based Compensation**

The Company has various stock-based incentive compensation plans for its employees and members of its Board of Directors. Only shares of CRD-A can be issued under these plans. The fair value of an equity award is estimated on the grant date without regard to service or performance conditions. The fair value is recognized as compensation expense over the requisite service period for all awards that vest. When recognizing compensation expense, estimates are made for the number of awards that are expected to vest, and subsequent adjustments are made to reflect both changes in the number of shares expected to vest and actual vesting. Compensation expense recognized at the end of any year equals at least the portion of the grant-date value of an award that has vested at that date.

The pretax compensation expense recognized for all stock-based compensation plans was $5,193,000, $5,768,000, and $5,603,000 for the years ended December 31, 2025, 2024, and 2023, respectively. In 2025 there was a decrease in stock-based compensation expense due to adjustments made to reflect changes in the number of shares expected to vest for 2023 and 2024 performance-based grants. In 2025, the estimated achievement rates for performance-based grants granted in 2024 and 2023 were reduced to 75% and 78% vesting, respectively.

The total income tax benefit recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was approximately $1,197,000, $1,350,000, and $1,330,000 for the years ended December 31, 2025, 2024, and 2023, respectively. Some of the Company's stock-based compensation awards are granted under plans which are designed not to be taxable as compensation to the recipient based on tax laws of the U.S. or other applicable country. Accordingly, the Company does not recognize tax benefits on all of its stock-based compensation expense.

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***Stock Options***

The Company has granted nonqualified and incentive stock options to key employees and directors. All stock options are for shares of CRD-A. Option awards are granted with an exercise price equal to the fair market value of the Company's stock on the date of grant. The Company's stock option plans have been approved by shareholders, and the Company's Board of Directors is authorized to make specific grants of stock options under active plans. Employee stock options typically are subject to graded vesting over three years (33% each year) and have a typical life of ten years. Compensation cost for stock options is recognized on an accelerated basis over the requisite service period for the entire award. No compensation expense was recorded for employee stock option awards during either of the years ended December 31, 2025 or 2024. Compensation expense of $12,000 was recognized for employee stock option awards for the year ended December 31, 2023.

A summary of option activity as of December 31, 2025, 2024 and 2023, and changes during each year, is presented below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Weighted-<br>Average<br>Exercise Price** | **Weighted-<br>Average<br>Remaining<br>Contractual<br>Term** | **Aggregate<br>Intrinsic<br>Value** |
|  | **(In thousands)** |  |  | **(In thousands)** |
| Outstanding at December 31, 2022 | 1542 | $8.98 | 5.5 years | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | (485) | 8.84 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited or expired | (15) | 9.01 |  |  |
| Outstanding at December 31, 2023 | 1042 | 9.05 | 4.7 years | 4305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | (321) | 8.98 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited or expired | (21) | 9.01 |  |  |
| Outstanding at December 31, 2024 | 700 | 9.08 | 3.6 years | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Granted** | **—** | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Exercised** | **—** | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Forfeited or expired** | **—** | **—** |  |  |
| **Outstanding at December 31, 2025** | **700** | $**9.08** | 2.6 **years** | $**1520** |
| **Vested and Exercisable at December 31, 2025** | **700** | $**9.08** | 2.6 **years** | $**1520** |

---

There were no stock options granted in 2025, 2024 or 2023. During 2025 no options were exercised. There were 321,000 options exercised in 2024, and 485,000 options exercised in 2023. All remaining unvested options from prior awards vested in 2023. Options vested in 2023 intrinsic values of $425,000. The fair value of options that vested in 2023 was $228,000.

At December 31, 2025, there was no remaining unrecognized compensation cost related to unvested employee stock options. The fair value of each option was estimated on the date of grant using the Black-Scholes-Merton option-pricing formula.

***Performance-Based Stock Grants***

Performance share grants are from time to time made to certain key employees of the Company. Such grants entitle employees to earn shares of CRD-A upon the achievement of certain individual and/or corporate objectives. Grants of performance shares are made at the discretion of the Company's Board of Directors, or the Board's Compensation and Human Capital Committee, and are subject to graded or cliff vesting over three-year periods. Shares are not issued until the vesting requirements have been met. Dividends are not paid or accrued on unvested/unissued shares. The grant-date fair value of a performance share grant is based on the market value of CRD-A on the date of grant, reduced for the present value of any dividends expected to be paid on CRD-A prior to the vesting of the award. Compensation expense for each award is recognized ratably from the grant date to the vesting date for each tranche, and adjusted based on probability of achievement over the applicable performance period.

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A summary of the status of the Company's nonvested performance shares as of December 31, 2025, 2024 and 2023, and changes during each year, is presented below:

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| | | |
|:---|:---|:---|
|  | **Shares** | **Weighted-Average<br>Grant-Date<br>Fair Value** |
| Nonvested at December 31, 2022 | 1238090 | $7.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 1236598 | 5.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (456487) | 6.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited or unearned | (573205) | 7.97 |
| Nonvested at December 31, 2023 | 1444996 | 6.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 552705 | 11.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (354305) | 8.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited or unearned | (489891) | 6.72 |
| Nonvested at December 31, 2024 | 1153505 | 7.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Granted** | **269601** | **11.68** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Vested** | **(738418)** | **7.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Forfeited or unearned** | **(224385)** | **8.23** |
| **Nonvested at December 31, 2025** | **460303** | $**11.42** |

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The total fair value of the performance shares that vested in 2025, 2024, and 2023 was $5,171,000, $2,937,000, and $3,148,000, respectively.

Compensation expense recognized for all performance shares totaled $3,573,000, $4,361,000, and $4,212,000 for the years ended December 31, 2025, 2024 and 2023, respectively. Compensation cost for these awards is net of estimated or actual award forfeitures. Certain performance awards are based on service time, with no cumulative earnings per share targets. These awards vest ratably, by tranche, from their grant date to their vesting date. As of December 31, 2025, there was an estimated $1,819,000 of unearned compensation cost for nonvested performance shares. This unearned compensation cost is expected to be fully recognized by the end of 2026.

***Restricted Shares***

The Company's Board of Directors may elect to issue restricted shares of CRD-A in lieu of, or in addition to, cash payments to certain key employees or directors. Employees or directors receiving these shares are subject to restrictions on their ability to transfer the shares. Such restrictions generally lapse ratably over vesting periods ranging from several months to five years. The grant-date fair value of a restricted share of CRD-A is based on the market value of the stock on the date of grant. Compensation cost is recognized on an accelerated basis over the requisite service period.

A summary of the status of the Company's restricted shares of CRD-A as of December 31, 2025, 2024 and 2023 and changes during each year, is presented below:

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| | | |
|:---|:---|:---|
|  | **Shares** | **Weighted-Average<br>Grant-Date Fair<br>Value** |
| Nonvested at December 31, 2022 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 135456 | 5.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (135456) | 5.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited or unearned |  |  |
| Nonvested at December 31, 2023 |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 76090 | 12.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (61974) | 12.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited or unearned | (14116) | 12.75 |
| Nonvested at December 31, 2024 | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Granted** | **95553** | **11.98** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Vested** | **(85620)** | **11.97** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Forfeited or unearned** | **(9933)** | **12.06** |
| **Nonvested at December 31, 2025** | **—** | $**—** |

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Compensation expense recognized for all restricted shares for the years ended December 31, 2025, 2024, and 2023 was $1,025,000, $766,000, and $804,000, respectively. As of December 31, 2025, there was no unearned compensation cost related to nonvested restricted shares.

***Employee Stock Purchase Plans***

The Company has three employee stock purchase plans: the U.S. Plan, the U.K. Plan, and the International Plan. Eligible employees in Canada, Puerto Rico, and the U.S. Virgin Islands may also participate in the U.S. Plan. The International Plan is for eligible employees located in certain other countries who are not covered by the U.S. Plan or the U.K. Plan. All plans are compensatory.

For all plans, the requisite service period is the period of time over which the employees contribute to the plans through payroll withholdings. For purposes of recognizing compensation expense, estimates are made for the total withholdings expected over the entire withholding period. The market price of a share of stock at the beginning of the withholding period is then used to estimate the total number of shares that will be purchased using the total estimated withholdings. Compensation cost is recognized ratably over the withholding period.

Under the U.S. Plan, the Company is authorized to issue up to 2,200,000 shares of CRD-A to eligible employees. Participating employees can elect to have up to 85% of $25,000 of their eligible annual earnings withheld to purchase shares at the end of the one-year withholding period which starts each July 1 and ends the following June 30. The purchase price of the stock is 85% of the lesser of the closing price of a share of such stock on the first day or the last day of the withholding period. Participating employees may cease payroll withholdings during the withholding period and/or request a refund of all amounts withheld before any shares are purchased.

During the years ended December 31, 2025, 2024 and 2023, a total of 174,366, 128,736, and 149,170 shares, respectively, of CRD-A were issued under the U.S. employee stock purchase plan to the Company's employees at average purchase prices of $7.25, $7.34, and $6.44 in 2025, 2024, and 2023, respectively. At December 31, 2025, an estimated 120,000 shares will be issued and purchased under the U.S. Plan in 2026. During the years ended December 31, 2025, 2024, and 2023, compensation expense of $408,000, $430,000, and $368,000, respectively, was recognized for the U.S. employee stock purchase plan.

Under the U.K. Plan, the Company is authorized to issue up to 2,000,000 shares of CRD-A. Under the U.K. Plan, eligible employees can elect to have up to £250 withheld from payroll each month to purchase shares after the end of a three-year savings period. The purchase price of a share of stock is 85% of the market price of the stock at a date prior to the grant date as determined under the U.K. Plan. Participating employees may cease payroll withholdings and/or request a refund of all amounts withheld before any shares are purchased.

At December 31, 2025, an estimated 250,000 shares will be eligible for purchase under the U.K. Plan at the end of the current withholding periods. This estimate is subject to change based on future fluctuations in the value of the British pound against the U.S. dollar, future changes in the market price of CRD-A, and future employee participation rates. The purchase price per share of CRD-A under the U.K. Plan ranges from $5.17 to $10.39. For the years ended December 31, 2025, 2024, and 2023, compensation expense of $187,000, $211,000, and $209,000, respectively, was recognized for the U.K. Plan. For the years ended December 31, 2025, 2024 and 2023 a total of 114,384, 138,714, and 71,642 shares, respectively, of CRD-A were issued under the U.K. Plan.

Under the International Plan, up to 1,000,000 shares of CRD-A may be issued. Participating employees can elect to have up to $21,250 of their eligible annual earnings withheld to purchase up to 5,000 shares of CRD-A at the end of the one-year withholding period which starts each July 1 and ends the following June 30. The purchase price of the stock is 85% of the lesser of the closing price for a share of such stock on the first day or the last day of the withholding period. Participating employees may cease payroll withholdings during the withholding period and/or request a refund of all amounts withheld before any shares are purchased. During 2025, 2024, and 2023, 3,929, 3,449, and 5,026 shares, respectively, were issued under the International Plan. Compensation expense was immaterial for this plan in all three years.

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**11. Fair Value Measurements**

GAAP defines fair value as the price that would be received to sell an asset or to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1— Observable inputs that reflect quoted prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Observable inputs other than quoted prices included in Level 1. The Company values assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

***Recurring Fair Value Measurements***

The following table presents the Company's financial assets and liabilities that are measured at fair value on a recurring basis, excluding assets related to the Company's defined benefit pension plans, categorized using the fair value hierarchy:

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31,** | **2025** | **2025** | **2025** | **2025** |
|  | **Quoted<br>Prices in<br>Active Markets<br>(Level 1)** | **Significant<br>Other<br>Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds (1) | $**11729** | $**—** | $**—** | $**11729** |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent earnout liability (2) | **—** | **—** | **—** | **—** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31,** | **2024** | **2024** | **2024** | **2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds (1) | $11252 | $— | $— | $11252 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent earnout liability (2) |  |  | 1382 | 1382 |

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<sup>(1)</sup> The fair values of the money market funds were based on recently quoted market prices and reported transactions in an active marketplace. Money market funds are included on the Company's Consolidated Balance Sheets in "Cash and cash equivalents."

<sup>(2)</sup> The Level 3 fair value of the contingent earnout liability was estimated using internally-prepared EBITDA projections and discount rates determined using a combination of observable and unobservable market data based on changes to projections of acquired entities over the earnout periods, which spanned multiple years. The Company recognized a pretax contingent earnout expense (benefit) totaling $537,000 in 2025 and $(1,099,000) in 2024 related to the fair value adjustments of earnout liabilities. The fair value of the contingent earnout liability is included in "Other accrued liabilities" and "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets, based upon the term of the contingent earnout agreements.

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The following table summarizes the change in the fair value of the Company's contingent earnout liability balance:

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| | | |
|:---|:---|:---|
| **December 31,** | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| Acquisition-related contingent consideration, beginning of the year | $**2519** | $13066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration, including foreign exchange impacts | **490** | (1264) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of contingent consideration | **(1326)** | (9283) |
| Acquisition-related contingent consideration, end of the year | $**1683** | $2519 |

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As of December 31, 2025, an earnout liability of $1,683,000 for the 2025 earnout period is based on the actual achievement of performance targets and will be paid in 2026, thus is no longer subject to fair value measurement. Changes in fair value of contingent consideration are included in "Selling, general, and administrative expenses" on the Consolidated Statements of Operations.

***Fair Value Disclosures***

The categorization of assets and liabilities within the fair value hierarchy and the measurement techniques are reviewed quarterly. Any transfers between levels are deemed to have occurred at the end of the quarter.

The fair values of accounts receivable, unbilled revenues, accounts payable and short-term borrowings approximate their respective carrying values due to the short-term maturities of the instruments. The interest rate on the Company's variable rate long-term debt resets at least every 90 days; therefore, the recorded value approximates fair value. These assets and liabilities are measured within Level 2 of the fair value hierarchy.

***Fair Value Measurements for Defined Benefit Pension Plan Assets***

The fair value hierarchy is also applied to certain other assets that indirectly impact the Company's consolidated financial statements. Assets contributed by the Company to its defined benefit pension plans become the property of the individual plans. Even though the Company no longer has control over these assets, it is indirectly impacted by subsequent fair value adjustments to these assets. The actual return on these assets impacts the Company's future net periodic benefit cost, as well as amounts recognized in its Consolidated Balance Sheets. The Company uses the fair value hierarchy to measure the fair value of assets held by its U.S. and U.K. defined benefit pension plans.

The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.S. Qualified Plan at December 31, 2025 and 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31,** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Asset Category: |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $**388** | $**—** | $**—** | $**388** | $2551 | $— | $— | $2551 |
| Short-term investment funds | **—** | **9903** | **—** | **9903** |  | 5782 |  | 5782 |
| Common Collective Equity funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. | **—** | **21707** | **—** | **21707** |  | 24304 |  | 24304 |
| &nbsp;&nbsp;&nbsp;&nbsp;International | **—** | **13399** | **—** | **13399** |  | 14039 |  | 14039 |
| Common Collective Fixed Income Funds and Fixed Income Securities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. | **50619** | **122346** | **—** | **172965** | 46572 | 135047 |  | 181619 |
| &nbsp;&nbsp;&nbsp;&nbsp;International | **—** | **24533** | **—** | **24533** |  | 22040 |  | 22040 |
| Alternative strategy funds | **—** | **8536** | **1527** | **10063** |  | 500 | 10528 | 11028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Plan Assets | $**51007** | $**200424** | $**1527** | **252958** | $49124 | $201712 | $10528 | 261364 |
| Other plan liabilities, net (a) |  |  |  | **(34957)** |  |  |  | (31891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Plan Assets |  |  |  | $**218001** |  |  |  | $229473 |

---

*(a) net amounts payable for unsettled security transactions.*

------

The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.K. plans at December 31, 2025 and 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31,** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Asset Category: |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $**1475** | $**—** | $**—** | $**1475** | $701 | $— | $— | $701 |
| Common Collective Fixed Income Funds and Fixed Income Securities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investment funds: | **—** | **43338** | **—** | **43338** |  | 46997 |  | 46997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government securities | **64635** | **16325** | **—** | **80960** | 61246 | 16762 |  | 78008 |
| Alternative strategy funds | **9389** | **30581** | **3248** | **43218** | 8090 | 32998 | 2284 | 43372 |
| Real estate funds | **—** | **—** | **—** | **—** |  |  | 666 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**75499** | $**90244** | $**3248** | $**168991** | $70037 | $96757 | $2950 | $169744 |

---

Short-term investment funds consist primarily of funds with a maturity of 60 days or less and are valued at amortized cost which approximates fair value.

Equity securities consist primarily of common collective funds (Level 2). Common collective funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.

Fixed income securities consist of money market funds, government securities, corporate bonds and debt securities, mortgage-backed securities and other common collective funds. Government securities are valued by third-party pricing sources and are valued daily in an active market (Level 1). Corporate bonds are valued using either the yields currently available on comparable securities of issuers with similar credit ratings or using a discounted cash flows approach that utilizes observable inputs, such as current yields of similar instruments, and includes adjustments for valuation adjustments from internal pricing models which use observable inputs such as issuer details, interest rates, yield curves, default rates and quoted prices for similar assets (Level 2). Mortgage-backed securities are valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models (Level 2). Other common collective funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date (Level 2).

Alternative strategy funds are valued by third-party pricing sources and are valued daily using quoted prices in active markets (Level 1) or are valued using observable inputs, including net asset value information and other market-corroborated data, to estimate fair value as of the measurement date (Level 2). Alternative strategy funds may include derivative instruments such as futures, forward contracts, options and swaps and are used to help manage risks. Derivative instruments are generally valued by the investment managers or in certain instances by third party pricing sources (Level 2) or may, due to the inherent uncertainty of valuation for those investments, differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material (Level 3).

Real estate funds are primarily property unit trusts whose values are primarily reported by the fund manager and are based on valuation of the underlying investments which include inputs such as cost, discounted cash flows, independent appraisals and market-based comparable data (Level 3). The fair values may, due to the inherent uncertainty of valuation for those investments, differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

------

Changes in fair value related to assets still held at the reporting date are included in "Accumulated Other Comprehensive Loss" on the Consolidated Balance Sheet. The following table provides a reconciliation of the beginning and ending balance of Level 3 assets within the Company's U.S. and U.K. pension plans during the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **U.S** | **U.K.** |
|  | **(in thousands)** | **(in thousands)** |
| Balance at December 31, 2023 | $11299 | $4927 |
| Actual return on plan assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Related to assets still held at the reporting date | (1350) | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related to assets sold during the period | (264) | 63 |
| Purchases, sales and settlements, net | 843 | (3113) |
| Transfers into Level 3 |  | 966 |
| Balance at December 31, 2024 | 10528 | 2950 |
| **Actual return on plan assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Related to assets still held at the reporting date** | **419** | **496** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Related to assets sold during the period** | **30** | **(85)** |
| **Purchases, sales and settlements, net** | **449** | **(113)** |
| **Transfers out of Level 3** | **(9899)** | **—** |
| **Balance at December 31, 2025** | $**1527** | $**3248** |

---

**12. Segment and Geographic Information**

The Company has four reportable segments consisting of North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions. The Company's reportable segments are comprised of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•North America Loss Adjusting, which services the North American property and casualty market. This is comprised of Loss Adjusting operations in the U.S. and Canada, including Global Technical Services and Field Operations. The Canadian operations include all operations within that country including third party administration and Contractor Connection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•International Operations, which services the global property and casualty market outside North America, is comprised of Loss Adjusting operations in the U.K., Europe, Australia, Asia and Latin America, and includes Crawford Legal Services. International Operations includes all operations within the respective countries, including Loss Adjusting, Global Technical Services, Legal Services, third party administration, and where applicable, Contractor Connection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Broadspire, which provides third party administration for workers' compensation, auto and liability, disability absence management, medical management, and accident and health to corporations, brokers and insurers in the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Platform Solutions, which consists of the Contractor Connection, Networks, and Subrogation service lines in the U.S. The Networks service line includes Catastrophe operations.

The Platform Solutions reportable segment represents the aggregation of certain service line operating segments. Intersegment sales are recorded at cost and are not material.

Effective January 1, 2024, the Company combined the operating segments within North America Loss Adjusting and International Operations, and accordingly, there are no operating segments within these reportable segments to aggregate.

The Company's four reportable segments represent components of the business for which separate financial information is available, and which is evaluated regularly by the chief operating decision maker ("CODM"). The Company's CEO is considered the CODM as he is responsible for strategic decisions including the allocation of resources to each reporting segment and the assessment of their performance. Specifically, he assesses the financial health of each segment, reviews budgeting and resource allocation, directs all strategic planning, reviews investments for new products and technology allocations, evaluates pricing strategies and cash flow management, and oversees risk management for each segment. The CEO regularly meets with the segment managers to discuss financial performance, operational issues and revenue forecasts. Additionally, the segment managers create segment-level budgets and forecasts and receive incentive compensation derived from the operating results of the segments. These financial packages are discussed in the meetings with the CEO. On December 31, 2025, Mr. Rohit Verma resigned from the Company and his position as President and CEO. On January 1, 2026, Mr. Bruce Swain was appointed interim President and CEO.

------

Operating earnings is the primary financial performance measure used by the Company's senior management and the CODM to evaluate the financial performance of the Company's four reportable segments and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate reportable segment operating performance using the same criteria used by the Company's senior management and CODM. The CODM considers revenues before reimbursements and operating earnings when making decisions about the allocation of operating and capital resources. Operating earnings will differ from net income computed in accordance with GAAP since operating earnings represent segment earnings before certain unallocated corporate administrative costs, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, non-service pension costs, income taxes, restructuring and other costs, net, and net income or loss attributable to noncontrolling interests.

Segment operating earnings includes allocations of certain corporate and shared costs. If the Company changes its allocation methods or changes the types of costs that are allocated to its four reportable segments, prior period amounts presented in the current period financial statements are adjusted to conform to the current allocation process.

In the normal course of its business, the Company sometimes pays for certain out-of-pocket expenses that are thereafter reimbursed by its clients. Under GAAP, these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in the Company's consolidated results of operations. However, in evaluating segment results, Company management excludes these reimbursements and related expenses from segment results, as they offset each other.

------

Financial information as of and for the years ended December 31, 2025, 2024, and 2023 related to the Company's reportable segments is presented below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **North America<br>Loss Adjusting** | **International<br>Operations** | **Broadspire** | **Platform<br>Solutions** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Revenues before reimbursements** | $**304887** | $**438218** | $**401859** | $**120757** | $**1265721** |
| Less: |  |  |  |  |  |
| **Segment Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation | **177950** | **218369** | **188867** | **56001** | **641187** |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits and payroll taxes | **33939** | **42510** | **38450** | **9928** | **124827** |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-employee labor | **5956** | **31554** | **17042** | **2771** | **57323** |
| **Total Compensation** | **217845** | **292433** | **244359** | **68700** | **823337** |
| &nbsp;&nbsp;&nbsp;&nbsp; Office rent and occupancy | **4370** | **13670** | **8329** | **3458** | **29827** |
| &nbsp;&nbsp;&nbsp;&nbsp; Other office operating expense <sup>(1)</sup> | **17510** | **28085** | **17335** | **7439** | **70369** |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | **4309** | **4013** | **5747** | **6647** | **20716** |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | **1705** | **6991** | **17730** | **2500** | **28926** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of risk | **1696** | **2027** | **3656** | **1846** | **9225** |
| &nbsp;&nbsp;&nbsp;&nbsp; Other, net <sup>(2)</sup> | **479** | **4416** | **1310** | **3181** | **9386** |
| **Total Other Operating Expense** | **30069** | **59202** | **54107** | **25071** | **168449** |
| Allocated corporate, shared services, and administrative costs <sup>(3)</sup> | **35999** | **61460** | **48785** | **19423** | **165667** |
| **Total Segment Expenses** | **283913** | **413095** | **347251** | **113194** | **1157453** |
| **Segment Operating Earnings** | $**20974** | $**25123** | $**54608** | $**7563** | $**108268** |
| **Reconciliation of segment operating earnings:** |  |  |  |  |  |
| Unallocated corporate administrative costs <sup>(4)</sup> |  |  |  |  | **(25995)** |
| Net corporate interest expense |  |  |  |  | **(14687)** |
| Non-service pension costs |  |  |  |  | **(9413)** |
| Stock option expense |  |  |  |  | **(609)** |
| Amortization of acquisition-related intangible assets |  |  |  |  | **(8431)** |
| Contingent earnout adjustments |  |  |  |  | **(537)** |
| Restructuring and other costs, net |  |  |  |  | **(13996)** |
| Income before income taxes |  |  |  |  | **34600** |
| Income taxes |  |  |  |  | **(14924)** |
| **Net Income** |  |  |  |  | **19676** |
| **Net Income Attributable to Noncontrolling Interests** |  |  |  |  | **(42)** |
| **Net Income Attributable to Shareholders of Crawford & Company** |  |  |  |  | $**19634** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **North America<br>Loss Adjusting** | **International<br>Operations** | **Broadspire** | **Platform<br>Solutions** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Revenues before reimbursements** | $312158 | $418607 | $388074 | $173671 | $1292510 |
| Less: |  |  |  |  |  |
| **Segment Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation | 184732 | 208200 | 181355 | 91457 | 665744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits and payroll taxes | 35659 | 39082 | 36769 | 14480 | 125990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-employee labor | 5790 | 26411 | 17159 | 5849 | 55209 |
| **Total Compensation** | 226181 | 273693 | 235283 | 111786 | 846943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Office rent and occupancy | 4595 | 14340 | 9247 | 3554 | 31736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other office operating expense <sup>(1)</sup> | 16015 | 28289 | 16200 | 9067 | 69571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 3149 | 3314 | 4767 | 6807 | 18037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 1869 | 11685 | 17414 | 2166 | 33134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of risk | 1116 | 4363 | 6451 | 1398 | 13328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other, net <sup>(2)</sup> | 2464 | 5466 | 1170 | 3991 | 13091 |
| **Total Other Operating Expense** | 29208 | 67457 | 55249 | 26983 | 178897 |
| Allocated corporate, shared services, and administrative costs <sup>(3)</sup> | 38596 | 56456 | 45113 | 23729 | 163894 |
| **Total Segment Expenses** | 293985 | 397606 | 335645 | 162498 | 1189734 |
| Segment Operating Earnings | $18173 | $21001 | $52429 | $11173 | $102776 |
| **Reconciliation of segment operating earnings:** |  |  |  |  |  |
| Unallocated corporate administrative costs <sup>(4)</sup> |  |  |  |  | (28066) |
| Net corporate interest expense |  |  |  |  | (16862) |
| Non-service pension costs |  |  |  |  | (9764) |
| Stock option expense |  |  |  |  | (574) |
| Amortization of acquisition-related intangible assets |  |  |  |  | (7497) |
| Contingent earnout adjustments |  |  |  |  | 1099 |
| Income before income taxes |  |  |  |  | 41112 |
| Income taxes |  |  |  |  | (14583) |
| **Net Income** |  |  |  |  | 26529 |
| **Net Loss Attributable to Noncontrolling Interests** |  |  |  |  | 67 |
| **Net Income Attributable to Shareholders of Crawford & Company** |  |  |  |  | $26596 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **North America<br>Loss Adjusting** | **International<br>Operations** | **Broadspire** | **Platform<br>Solutions** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Revenues before reimbursements** | $303629 | $382393 | $355650 | $225459 | $1267131 |
| Less: |  |  |  |  |  |
| **Segment Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation | 177254 | 200877 | 168216 | 121779 | 668126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits and payroll taxes | 32539 | 36383 | 32478 | 17602 | 119002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-employee labor | 4849 | 19300 | 16559 | 8420 | 49128 |
| **Total Compensation** | 214642 | 256560 | 217253 | 147801 | 836256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Office rent and occupancy | 4637 | 15501 | 9796 | 3739 | 33673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other office operating expense <sup>(1)</sup> | 14186 | 25951 | 14279 | 9299 | 63715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 2098 | 3155 | 5664 | 5570 | 16487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 1493 | 10484 | 15565 | 2137 | 29679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of risk | 1368 | 3929 | 3600 | 1006 | 9903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other, net <sup>(2)</sup> | 3052 | 6445 | 860 | 4322 | 14679 |
| **Total Other Operating Expense** | 26834 | 65465 | 49764 | 26073 | 168136 |
| Allocated corporate, shared services, and administrative costs <sup>(3)</sup> | 38968 | 49187 | 46760 | 23044 | 157959 |
| **Total Segment Expenses** | 280444 | 371212 | 313777 | 196918 | 1162351 |
| Segment Operating Earnings | $23185 | $11181 | $41873 | $28541 | $104780 |
| **Reconciliation of segment operating earnings:** |  |  |  |  |  |
| Unallocated corporate administrative costs <sup>(4)</sup> |  |  |  |  | (19419) |
| Net corporate interest expense |  |  |  |  | (17036) |
| Non-service pension costs |  |  |  |  | (8601) |
| Stock option expense |  |  |  |  | (552) |
| Amortization of acquisition-related intangible assets |  |  |  |  | (7790) |
| Contingent earnout adjustments |  |  |  |  | (4025) |
| Income before income taxes |  |  |  |  | 47357 |
| Income taxes |  |  |  |  | (17097) |
| **Net Income** |  |  |  |  | 30260 |
| **Net Loss Attributable to Noncontrolling Interests** |  |  |  |  | 349 |
| **Net Income Attributable to Shareholders of Crawford & Company** |  |  |  |  | $30609 |

---

<sup>(1)</sup> Other office and operating expenses include travel and entertainment, automobile expenses, office operating expenses and data processing costs.

<sup>(2)</sup> Other, net primarily includes bank service charges and advertising expenses.

<sup>(3)</sup> Allocated corporate, shared services, and administrative costs, comprise of expenses for administrative functions, including direct compensation, payroll taxes, and benefits which are allocated to each segment based on usage.

<sup>(4)</sup> Unallocated corporate and shared costs and credits represent expenses for the Company's chief executive officer and Board of Directors, certain adjustments to self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.

Segment assets consist of accounts receivable, less allowance for expected credit losses, unbilled revenues at estimated billable amounts, goodwill and intangible assets arising from business acquisitions, net. Assets for the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North America Loss Adjusting** | **International Operations** | **Broadspire** | **Platform<br>Solutions** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **2025** |  |  |  |  |  |
| **Assets** | $**96020** | $**144167** | $**72777** | $**72578** | $**385542** |
| 2024 |  |  |  |  |  |
| Assets | 106657 | 149441 | 73114 | 94845 | 424057 |

---

------

Revenues by geographic region and major service line for the North America Loss Adjusting, International Operations, Broadspire and Platform Solutions segments are shown in Note 2, "Revenue Recognition."

Capital expenditures for the years ended December 31, 2025, 2024, and 2023 are shown in the following table:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **2023** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| North America Loss Adjusting | $**7070** | $4458 | $3052 |
| International Operations | **1321** | 2225 | 1061 |
| Broadspire | **14620** | 12643 | 12494 |
| Platform Solutions | **3538** | 5405 | 4815 |
| Corporate | **12000** | 16916 | 15174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total capital expenditures | $**38549** | $41647 | $36596 |

---

The total of the Company's reportable segments' revenues before reimbursements reconciled to total consolidated revenues for the years ended December 31, 2025, 2024, and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31,** | **2025** | **2024** | **2023** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Segments' revenues before reimbursements | $**1265721** | $1292510 | $1267131 |
| Reimbursements | **45106** | 48460 | 49788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated revenues | $**1310827** | $1340970 | $1316919 |

---

The Company's reportable segments' total assets reconciled to consolidated total assets of the Company at 2025 and 2024 are presented in the following table:

---

| | | |
|:---|:---|:---|
| **December 31,** | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| Assets of reportable segments | $**385542** | $424057 |
| Corporate assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **64079** | 55412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | **4350** | 5337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | **41362** | 40334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net property and equipment | **16649** | 20554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use asset, net | **66322** | 78808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized software costs, net | **112812** | 111854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets | **24684** | 25305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets | **48500** | 42094 |
| Total corporate assets | **378758** | 379698 |
| Total assets | $**764300** | $803755 |

---

Revenues and long-lived assets for the U.S., U.K. and Canada are set out below as these countries are material for geographical area disclosure. For the purposes of these geographic area disclosures, long-lived assets consist of the net property and equipment, capitalized software costs, net and operating lease right-of-use, net line items on the Company's Consolidated Balance Sheets and excludes intangible assets and goodwill.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S.** | **U.K.** | **Canada** | **All Other<br>International** | **Total<br>Company** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **2025** |  |  |  |  |  |
| **Revenues before reimbursements** | $**738350** | $**179412** | $**89153** | $**258806** | $**1265721** |
| **Long-lived assets** | **125570** | **21133** | **14974** | **34106** | **195783** |
| 2024 |  |  |  |  |  |
| Revenues before reimbursements | 783024 | 168357 | 90879 | 250250 | 1292510 |
| Long-lived assets | 140701 | 23101 | 16676 | 30737 | 211215 |

---

------

**13. Restructuring and Other Costs, Net**

During the fourth quarter of 2025, the Company executed a restructuring plan to improve its operational efficiencies to further support its corporate strategy. The Company incurs costs associated with restructuring initiatives intended to improve operating performance, profitability, and efficiency of business processes. The Company incurred pre-tax restructuring costs of $13,996,000 in 2025. There were no restructuring programs or costs incurred during 2024 or 2023.

Restructuring costs include asset impairments, lease termination costs, severance and termination costs, and loss on sale or disposal of a business. Asset impairments, including costs incurred for obsolete software, are related to decisions to close certain operations. Lease termination costs are related to the exit of certain leased facilities. Severance and termination costs relate to efforts to consolidate and streamline various functions of our workforce, both in operations and administrative functions.

The Company records restructuring charges when they are probable and estimable. Restructuring costs are accrued when the Company announces a restructuring event or communicates the employee termination, and the amounts can be reasonably estimated. Restructuring expenses are included in "Restructuring costs" in the Consolidated Statements of Operations. Restructuring costs are not charged to our segments.

The Company's restructuring and other costs, net are comprised of the following:

---

| | |
|:---|:---|
| **Year ended December 31** | **2025** |
|  | **(In thousands)** |
| Asset impairments | $**8918** |
| Lease termination costs | **2932** |
| Severance and termination costs | **1622** |
| Loss on sale of business | **524** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total restructuring and other costs, net** | $**13996** |

---

The following table summarizes the remaining costs in the Company's accrued restructuring balances as of December 31, 2025. Severance and termination costs are included in "Accrued compensation and related costs" and lease termination costs are included in current and noncurrent "Operating lease liability" in the Consolidated Balance Sheets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restructuring Charges** | **Accrued compensation and related costs** | **Operating lease liability** | **Other accrued liabilities** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Balance at December 31, 2024 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Additions** | **1291** | **3868** | **289** | **5448** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjustments to accruals** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash payments** | **—** | **—** | **—** | **—** |
| **Balance at December 31, 2025** | $**1291** | $**3868** | $**289** | $**5448** |

---

**14. Client Funds**

The Company maintains funds in custodial accounts at financial institutions to administer claims for certain clients. These funds are not available for the Company's general operating activities and, as such, have not been recorded in the accompanying Consolidated Balance Sheets. The amount of these funds totaled $456,043,000 at December 31, 2025.

**15. Commitments and Contingencies**

As part of the Company's Credit Facility, the Company maintains a letter of credit facility to satisfy certain of its own contractual requirements. At December 31, 2025, the aggregate committed amount of letters of credit outstanding under the facility was $8,457,000.

From time to time, the Company enters into certain agreements for the purchase or sale of assets or businesses that contain provisions that may require the Company to make additional payments in the future depending upon the achievement of specified operating results of the acquired company, or provide the Company with an option or similar right to purchase additional assets.

------

In the normal course of its business, the Company is sometimes named as a defendant or responsible party in suits or other actions by insureds or claimants contesting decisions made by the Company or its clients with respect to the settlement of claims. Additionally, certain clients of the Company have in the past brought, and may, in the future bring, claims for indemnification on the basis of alleged actions by the Company, its agents, or its employees in rendering services to clients. The majority of these claims are of the type covered by insurance maintained by the Company. However, the Company is responsible for the deductibles and self-insured retentions under various insurance coverages. In the opinion of Company management, adequate provisions have been made for such known and probable risks. No assurances can be provided, however, that the result of any such action, claim or proceeding, now known or occurring in the future, will not result in a material adverse effect on our business, financial condition or results of operations.

The Company is subject to numerous federal, state, and foreign labor, employment, worker health and safety, antitrust and competition, environmental and consumer protection, import/export, anti-corruption, and other laws. From time to time the Company faces claims and investigations by employees, former employees, and governmental entities under such laws or employment contracts with such employees or former employees. Such claims, investigations, and any litigation involving the Company could divert management's time and attention from the Company's business operations and could potentially result in substantial costs of defense, settlement or other disposition, which could have a material adverse effect on the Company's results of operations, financial position, and cash flows. In the opinion of Company management, adequate provisions have been made for any items that are probable and reasonably estimable.

**16. Subsequent Events**

*Segment Realignment*

In connection with the realignment of management responsibilities effective January 1, 2026, the Company updated its reportable segments. The Company's revised reportable segments are comprised of the following:

• U.S. Property & Casualty, provides claims management services to insurance carriers and self-insured entities related to property and casualty losses. This is comprised of U.S. Loss Adjusting which includes Global Technical Services and Claims Solutions. This reportable segment also includes Networks which consists of the Contractor Connection and Catastrophe Services operations previously reported within the Platform Solutions Segment.

• Broadspire, which provides third party administration for workers' compensation, auto and liability, disability management, medical management, and accident and health to corporations, brokers and insurers as well as subrogation services in the U.S. Broadspire includes the subrogation operations that were previously reported within the Platform Solutions Segment.

• International Operations, which services the global property and casualty market outside the U.S., includes all operations within the U.K., Europe, Australia, Asia, Latin America and the Canadian operations that were previously reported within North America Loss Adjusting.

The succeeding interim and annual periods reporting will disclose the reportable segments under the new basis with prior periods restated to reflect the change.

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Directors

Crawford & Company:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated balance sheet of Crawford & Company and subsidiaries (the Company) as of December 31, 2025, the related consolidated statements of operations, comprehensive income, shareholders' investment, and cash flows for the year then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 2, 2026 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

*Critical Audit Matter*

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Testing of revenue*

As discussed in Note 2 to the consolidated financial statements, the Company reported revenues before reimbursements of $304.9 million in its North America Loss Adjusting segment, $438.2 million in its International Operations segment, $401.9 million in its Broadspire segment, and $120.8 million in its Platform Solutions segment.

We identified the evaluation of the sufficiency of audit evidence over certain revenue streams as a critical audit matter. Subjective auditor judgment was required in evaluating the sufficiency of audit evidence over certain revenue streams due to the volume of revenue streams involved in the process and the complexity of related IT systems. This included determining the revenue streams over which procedures were to be performed and evaluating the nature and extent of evidence over each revenue stream. Additionally, IT professionals with specialized skills and knowledge were required to assist with the determination of IT systems subject to testing and performance and evaluation of certain procedures.

------

The following are the primary procedures we performed to address this critical audit matter. We applied auditor judgment to determine the nature and extent of procedures to be performed over revenue, including the determination of revenue streams and related IT systems to test. For each revenue stream where procedures were performed, we evaluated the design and tested the operating effectiveness of certain internal controls related to the Company's revenue recognition process. This included controls over the IT systems and automated and manual process level controls related to processing and recording of revenue. For revenue streams identified for testing, we involved IT professionals with specialized skills and knowledge, who assisted in testing certain IT applications used by the Company in its revenue recognition processes and the transfer of relevant revenue data between certain systems used in the revenue recognition processes. For revenue streams identified for testing, we performed one or more of the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•performed a software-assisted data analysis to test relationships among certain revenue transactions. For certain revenue transactions identified through these procedures, we compared the amounts recognized for consistency with underlying documentation, including contracts or payment and transaction support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•selected a sample of transactions and assessed the recorded amounts by comparing the recorded revenue to underlying documentation, including the contract with the customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assessed the recorded revenue by comparing total cash received during the year, adjusted for reconciling items, to the revenue recognized. Such assessment also evaluated the relevance and reliability of reconciling items by comparing to underlying documentation, including the changes in accounts receivable, unbilled revenue, and deferred revenue.

We evaluated the sufficiency of audit evidence obtained by assessing the results of the procedures performed, including the appropriateness of the nature and extent of such evidence.

/s/ KPMG LLP

We have served as the Company's auditor since 2025.

Atlanta, Georgia

March 2, 2026

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Directors of Crawford & Company

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheet of Crawford & Company (the Company) as of December 31, 2024, the related consolidated statements of operations, statements of comprehensive income, shareholders' investment and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We served as the Company's auditor from 2002 through 2025.

Atlanta, Georgia

March 2, 2026

------

**ITEM 9. *CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE***

Not applicable.

**ITEM 9A. *CONTROLS AND PROCEDURES***

***Evaluation of Disclosure Controls and Procedures***

The Registrant maintains a set of disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act"), designed to ensure that information required to be disclosed by the Registrant in reports that it files or submits under the Exchange Act is recorded, processed, summarized or reported within the time periods specified in SEC rules and regulations.

Management necessarily applies its judgment in assessing the costs and benefits of such controls and procedures, which, by their nature, can provide only reasonable assurance regarding management's control objectives. The Company's management, including the Interim Chief Executive Officer and the Chief Financial Officer, does not expect that its disclosure controls and procedures can prevent all possible errors or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. Judgments in decision-making can be faulty and breakdowns can occur because of simple errors or mistakes. Additionally, controls can be circumvented by the individual acts of one or more persons. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and while the Company's disclosure controls and procedures are designed to be effective under circumstances where they should reasonably be expected to operate effectively, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Because of the inherent limitations in any control system, misstatements due to possible errors or fraud may occur and not be detected.

The Registrant's management, with the participation of the Interim Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Registrant's disclosure controls and procedures as of December 31, 2025. Based on that evaluation, the Registrant's Interim Chief Executive Officer and Chief Financial Officer concluded that the Registrant's disclosure controls and procedures were effective as of December 31, 2025.

***Report of Management on Internal Control over Financial Reporting***

The management of Crawford & Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company's internal control over financial reporting includes those policies and procedures that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)pertain to maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and disposition of the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the Company are made only in accordance with authorizations of the Company's management and directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in *Internal Control-Integrated Framework* (2013 framework). Based on this assessment, management of the Company determined the Company's internal control over financial reporting was effective as of December 31, 2025.

------

The Company's independent registered public accounting firm, for the fiscal year ended December 31, 2025, KPMG LLP, was appointed by the Audit Committee. KPMG LLP has audited and reported on the consolidated financial statements of Crawford & Company and the Company's internal control over financial reporting, each as contained in this Annual Report on Form 10-K.

***Changes in Internal Control over Financial Reporting***

There were no changes in the Registrant's internal control over financial reporting during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**ITEM 9B. OTHER INFORMATION**

During the three months ended December 31, 2025, none of the Company's directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any "non-Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Directors

Crawford & Company:

*Opinion on Internal Control Over Financial Reporting*

We have audited Crawford & Company and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, the related consolidated statements of operation, comprehensive income, shareholders' investment, and cash flows for the year then ended, and the related notes (collectively, the consolidated financial statements), and our report dated March 2, 2026 expressed an unqualified opinion on those consolidated financial statements.

*Basis for Opinion*

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

*Definition and Limitations of Internal Control Over Financial Reporting*

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Atlanta, Georgia

March 2, 2026

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**PART III**

**ITEM 10. *DIRECTORS, EXECUTIVE*** ***OFFICERS AND CORPORATE GOVERNANCE***

Information required by this Item will be included under the captions "Election of Directors — Nominee Information", "Section 16(a) Beneficial Ownership Reporting Compliance," "Executive Officers," "Corporate Governance—Standing Committees and Attendance at Board and Committee Meetings," and "Corporate Governance — Corporate Governance Guidelines, Committee Charters and Code of Business Conduct" of the Registrant's Proxy Statement for its 2026 Annual Meeting of Shareholders (the "Proxy Statement") to be filed within 120 days after December 31, 2025, and is incorporated herein by reference.

The Registrant has adopted a Code of Business Conduct and Ethics for its CEO, CFO, principal accounting officer and all other officers, directors and employees of the Registrant. The Code of Business Conduct and Ethics, as well as the Registrant's Corporate Governance Guidelines and Committee Charters, are available at www.crawco.com. Any amendment or waiver of the Code of Business Conduct and Ethics will be posted on this website within four business days after the effectiveness thereof. The Code of Business Conduct and Ethics may also be obtained without charge by writing to Corporate Secretary, Legal Department, Crawford & Company, 5335 Triangle Parkway, Peachtree Corners, Georgia, 30092.

**ITEM 11. *EXECUTIVE COMPENSATION***

The information required by this Item will be included under the captions "Compensation Discussion and Analysis," "Summary Compensation Table," "Employment and Change in Control Arrangements," "Corporate Governance—Director Compensation," "Report of the Compensation and Human Capital Committee of the Board of Directors on Executive Compensation," and "Compensation and Human Capital Committee Interlocks and Insider Participation" of the Registrant's Proxy Statement, and is incorporated herein by reference.

**ITEM 12. *SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS***

The information required by this Item will be included under the captions "Stock Ownership Information" and "Equity Compensation Plans" of the Registrant's Proxy Statement, and is incorporated herein by reference.

**ITEM 13. *CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE***

The information required by this Item will be included under the captions "Information with Respect to Certain Business Relationships and Related Transactions" and "Corporate Governance - Director Independence" of the Registrant's Proxy Statement, and is incorporated herein by reference.

**ITEM 14. *PRINCIPAL ACCOUNTANT FEES AND SERVICES***

Information regarding principal accountant fees and services will be included under the caption "Ratification of Independent Auditor — Fees Paid to Ernst & Young LLP & KPMG LLP" of the Registrant's Proxy Statement, and is incorporated herein by reference.

------

**PART IV**

**ITEM 15. *EXHIBITS, FINANCIAL STATEMENT SCHEDULES***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following documents are filed as part of this report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Financial Statements

The financial statements listed below and the related reports of Ernst & Young LLP and KPMG LLP are incorporated herein by reference and included in Item 8 of this Annual Report on Form 10-K:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Consolidated Balance Sheets as of December 31, 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024, and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024, and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Consolidated Statements of Shareholders' Investment for the Years Ended December 31, 2025, 2024, and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Notes to Consolidated Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Financial Statement Schedule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Schedule II — Valuation and Qualifying Accounts — Information required by this schedule is included under the caption "Accounts Receivable and Allowance for Expected Credit Losses " in Note 1 and also in Note 6, "Income Taxes" to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K, and is incorporated herein by reference.

Other schedules have been omitted because they are not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exhibits filed with this report.

---

| | |
|:---|:---|
| **Exhibit No.** | **Document** |
| 3.1 | [<u>Restated Articles of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 14, 2007).</u>](https://www.sec.gov/Archives/edgar/data/0000025475/000095014407004785/g07425exv3w1.htm) |
| 3.2 | [<u>Amended and restated By-laws of the Registrant, as amended (incorporated by reference to Appendix A of the Registrant's Proxy Statement filed with the Securities and Exchange Commission on April 8, 2022).</u>](https://www.sec.gov/Archives/edgar/data/25475/000110465922044046/tm223541-2_def14a.htm) |
| 4.1 | [<u>Description of Registrant's Securities.</u>](https://www.sec.gov/Archives/edgar/data/25475/000156459021010973/crda-ex41_212.htm) |
| 10.1\* | [<u>Crawford & Company Non-Employee Director Stock Plan, as amended (incorporated by reference to Appendix B to the Registrant's Proxy Statement for the Annual Meeting of Shareholders held on May 10, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000025475/000155837024004747/crda-20240510xdef14a.htm) |
| 10.2\* | [<u>Crawford & Company Supplemental Executive Retirement Plan as amended and restated December 20, 2007, effective as of January 1, 2007 (incorporated by reference to Exhibit 10.4 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2007).</u>](https://www.sec.gov/Archives/edgar/data/0000025475/000119312508057490/dex104.htm) |
| 10.3\* | [<u>Crawford & Company Deferred Compensation Plan, as amended and restated as of January 1, 2017 (incorporated by reference to Exhibit 10.3 the Registrant's Annual Report on Form 10-K for the year ended December 31, 2021.</u>](https://www.sec.gov/Archives/edgar/data/25475/000095017022003607/crda-ex10_3.htm) |
| 10.4\* | [<u>Form of Restricted Share Unit Award under the Registrant's 2016 Omnibus Stock and Incentive Plan (incorporated by reference to Exhibit 10.5 the Registrant's Annual Report on Form 10-K for the year ended December 31, 2021).</u>](https://www.sec.gov/Archives/edgar/data/25475/000095017022003607/crda-ex10_5.htm) |
| 10.5\* | [<u>Form of Performance Share Unit Award under the Registrant's 2016 Omnibus Stock and Incentive Plan (incorporated by reference to Exhibit 10.6 the Registrant's Annual Report on Form 10-K for the year ended December 31, 2021).</u>](https://www.sec.gov/Archives/edgar/data/25475/000095017022003607/crda-ex10_6.htm) |
| 10.6\* | [<u>Crawford & Company 2016 Omnibus Stock and Incentive Plan, as amended (incorporated by reference to Exhibit 10.1 to the Registrant's Registration Statement on Form S-8 (File No. 333-266665) filed with the Securities and Exchange Commission on August 8, 2022).</u>](https://www.sec.gov/Archives/edgar/data/25475/000110465922087362/tm2222708d1_ex10-1.htm) |
| 10.7\* | [<u>Crawford & Company 2016 Management Team Incentive Compensation Plan (incorporated by reference to Appendix C to the Registrant's Proxy Statement for the Annual Meeting of Shareholders held on May 11, 2016).</u>](https://www.sec.gov/Archives/edgar/data/25475/000119312516532719/d99339ddef14a.htm) |

---

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---

| | |
|:---|:---|
| **Exhibit No.** | **Document** |
| 10.8\* | [<u>Terms of Employment Agreement between W. Bruce Swain, Jr. and the Registrant, dated November 20, 2025 (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K dated November 21, 2025).</u>](https://www.sec.gov/Archives/edgar/data/25475/000110465925114794/tm2531876d1_ex10-1.htm) |
| 10.9\* | [<u>Terms of Employment Agreement between Holly B. Boudreau and the Registrant, dated November 19, 2025 (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K dated November 21, 2025).</u>](https://www.sec.gov/Archives/edgar/data/25475/000110465925114794/tm2531876d1_ex10-2.htm) |
| 10.10\* | [<u>Terms of Employment Agreement between Larry Thomas and the Registrant, dated October 28, 2020 (incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020).</u>](https://www.sec.gov/Archives/edgar/data/25475/000156459020049687/crda-ex102_261.htm) |
| 10.11\* | [<u>Terms of Employment Agreement between Andrew Bart and the Registrant, dated April 21, 2025.</u>](crda-ex10_11.htm) |
| 10.12\* | [<u>Employment Agreement between Rohit Verma and the Registrant dated April 23, 2020 (incorporated by reference to Exhibit 10.2 to the Registrant's Current Reporting on Form 8-K filed on April 27, 2020).</u>](https://www.sec.gov/Archives/edgar/data/25475/000110465920051651/tm2016941d1_ex10-2.htm) |
| 10.13\* | [<u>Terms of Employment Agreement between Michael J. Hoberman and the Registrant, dated January 14, 2026 (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K dated January 15, 2026).</u>](https://www.sec.gov/Archives/edgar/data/25475/000110465926004113/tm263247d1_ex10-1.htm) |
| 10.14 | [<u>Pledge and Security Agreement, dated as of November 5, 2021, by and among the Company, the Company's guarantor subsidiaries party thereto and Bank of America N.A. (incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021).</u>](https://www.sec.gov/Archives/edgar/data/25475/000095017021003510/crda-ex10_2.htm) |
| 10.15 | [<u>Guaranty Agreement, dated as of November 5, 2021, by Crawford & Company, the Company's guarantor subsidiaries party thereto and Bank of America N.A. (incorporated by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021).</u>](https://www.sec.gov/Archives/edgar/data/25475/000095017021003510/crda-ex10_3.htm) |
| 10.16 | [<u>Second Amendment to the Credit Agreement, dated as of January 29, 2024, among Crawford & Company, Crawford & Company Risk Services Investments Limited, Crawford & Company (Canada) Inc. and Crawford & Company (Australia) Pty. Ltd., as borrowers, the lenders party thereto, Bank of America, N.A., as Administrative Agent, Australian Security Trustee, U.K. Security Trustee, Swing Line Lender and an L/C Issuer, and the other Swing Line Lenders from time to time party hereto (incorporated by reference to Exhibit 10.16 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2023).</u>](https://www.sec.gov/Archives/edgar/data/0000025475/000095017024024987/crda-ex10_16.htm) |
| 10.17 | [<u>Third Amendment to the Credit Agreement, dated as of December 2, 2025, among Crawford & Company, Crawford & Company EMEA/AP Management LTD, Crawford & Company (Canada) Inc. and Crawford & Company (Australia) Pty. Ltd., as borrowers, the lenders party thereto, Bank of America, N.A., as Administrative Agent, Australian Security Trustee, U.K. Security Trustee, Swing Line Lender and an L/C Issuer, and the other L/C Issuers party hereto (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K dated December 8, 2025).</u>](https://www.sec.gov/Archives/edgar/data/25475/000110465925119103/tm2531876d2_ex10-1.htm) |
| 10.18 | [<u>Director Compensation Summary Term Sheet.</u>](crda-ex10_18.htm) |
| 19.1 | [<u>Insider Trading Policy (incorporated by reference to Exhibit 97.1 to the Registrant's Annual Report on 10-K for the year ended December 31, 2023).</u>](https://www.sec.gov/Archives/edgar/data/0000025475/000095017024024987/crda-ex19_1.htm) |
| 21.1 | [<u>Subsidiaries of Crawford & Company.</u>](crda-ex21_1.htm) |
| 23.1 | [<u>Consent of Independent Registered Public Accounting Firm.</u>](crda-ex23_1.htm) |
| 23.2 | [<u>Consent of Independent Registered Public Accounting Firm.</u>](crda-ex23_2.htm) |
| 31.1 | [<u>Certification of the Interim Chief Executive Officer pursuant to Rule 13a-19(a).</u>](crda-ex31_1.htm) |
| 31.2 | [<u>Certification of the Chief Financial Officer pursuant to Rule 13a-19(a).</u>](crda-ex31_2.htm) |
| 32.1 | [<u>Certification of the Interim Chief Executive Officer pursuant to Section 1350.</u>](crda-ex32_1.htm) |
| 32.2 | [<u>Certification of the Chief Financial Officer pursuant to Section 1350.</u>](crda-ex32_2.htm) |
| 97.1 | [<u>Executive Compensation Clawback and Recoupment Policy (incorporated by reference to Exhibit 97.1 to the Registrant's Annual Report on 10-K for the year ended December 31, 2023).</u>](https://www.sec.gov/Archives/edgar/data/25475/000095017024024987/crda-ex97_1.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Management contract or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 601 of Regulation S-K.

**ITEM 16. *FORM 10-K SUMMARY***

None.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  | CRAWFORD & COMPANY | CRAWFORD & COMPANY |
| Date | March 2, 2026 | By | /s/ W. Bruce Swain |
|  |  |  | W. BRUCE SWAIN, Interim President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  |  | NAME AND TITLE |
| Date | March 2, 2026 | /s/ W. Bruce Swain |
|  |  | W. BRUCE SWAIN, Interim President and Chief Executive Officer (Principal Executive Officer) and Director |
| Date | March 2, 2026 | /s/ Holly B. Boudreau |
|  |  | HOLLY B. BOUDREAU, Executive Vice President - Chief Financial Officer (Principal Financial Officer) |
| Date | March 2, 2026 | /s/ Anthony P. Belcastro |
|  |  | ANTHONY P. BELCASTRO, Senior Vice President, Controller, and Chief Accounting Officer (Principal Accounting Officer) |
| Date | March 2, 2026 | /s/ Dame Inga K. Beale |
|  |  | DAME INGA K. BEALE, Director |
| Date | March 2, 2026 | /s/ Cameron M. Bready |
|  |  | CAMERON M. BREADY, Director |
| Date | March 2, 2026 | /s/ Jesse C. Crawford |
|  |  | JESSE C. CRAWFORD, Director |
| Date | March 2, 2026 | /s/ Jesse C. Crawford, Jr. |
|  |  | JESSE C. CRAWFORD, JR, Director |
| Date | March 2, 2026 | /s/ Fred R. Donner |
|  |  | FRED R. DONNER, Director |
| Date | March 2, 2026 | /s/ Lisa G. Hannusch |
|  |  | LISA G. HANNUSCH, Director |
| Date | March 2, 2026 | /s/ Joel T. Murphy |
|  |  | JOEL T. MURPHY, Director |
| Date | March 2, 2026 | /s/ Rahul Patel |
|  |  | RAHUL PATEL, Director |
| Date | March 2, 2026 | /s/ Amy T. Shore |
|  |  | AMY T. SHORE, Director |

---

------

## Exhibit 10.11

![img124784575_0.jpg](img124784575_0.jpg)**Exhibit 10.11**

&nbsp;&nbsp;**DATED 1 April 2025**<br>

(1) CRAWFORD & COMPANY (AUSTRALIA) PTY LTD

**- and -**

(2) Andrew Bart

&nbsp;&nbsp; <br>**CONTRACT OF EMPLOYMENT**<br>

Tel: +44 (0) 8700 111 111Fax: +44 (0) 121 262 5794 KMD/DMA/391307/1/AUM/1217981487.1

------

**CONTENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. DEFINITIONS AND INTERPRETATION 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Interpretation 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. APPOINTMENT 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. PROBATIONARY PERIOD 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. TERM 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Reporting line 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. WORKING TIME 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Place of Work and Travel 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Changes 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. DUTIES 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. REMUNERATION AND EXPENSES 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. mobile phone/Laptop [if applicable] 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. company car 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. car ALLOWANCE 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. SUPERANNUATION CONTRIBUTIONS 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. LEAVE 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. CONFIDENTIAL INFORMATION…………………………………………………………………………………………….13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Intellectual Property and Moral Rights 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Termination of Employment 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Post-Employment Restraints 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Privacy and Surveillance 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Common Law Duties not Limited 20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Statements and Further Assistance 20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. JURISDICTION 20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Notices 20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Entire Agreement and Implied Term 21

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Severance 21

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Holds the Benefit of this Document on Trust 21

------

**This CONTRACT OF EMPLOYMENT** is made on 01 April 2025

**BETWEEN:** 

**(1) CRAWFORD & COMPANY (Australia) Pty Ltd** (ABN 11 002 317 133) of Level 3, 324 St Kilda Road, Southbank VIC 3006 (**"Company"**); and

**(2) MR Andrew bart** of **38 Bellambi Street, Northbridge NSW 2063** (**"Employee"**)

**IT IS AGREED:**

1. DEFINITIONS AND INTERPRETATION

In this agreement:

1.1 The following terms have the following meanings:

**"Appointment"** means the employment of the Employee under the terms of this agreement;

**"Board"** means the Board of Directors of the Company from time to time;

**"Businesses"** means any trade or other commercial activity which is carried on by the Company or a Group Company, or which the Company or a Group Company shall have determined to carry on with a view to profit in the immediate or foreseeable future.

"**Capacity**" means being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in partnership or association with anybody else;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an agent, representative, director, officer or employee of anybody else;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a member, shareholder or holder of any other security in or from anybody else; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a trustee of, or consultant or adviser to, anybody else.

**"Client"** means any person who at the date of termination of the Appointment, or at any time during the 12 months immediately prior to such termination, was a client or customer of the Company or any Group Company and from whom the Employee had obtained business on behalf of the Company or any Group Company or to whom the Employee had provided or arranged the provision of goods or services on behalf of the Company or any Group Company or for whom the Employee had management responsibility or about whom the Employee had access to Confidential Information;

**"Confidential Information"** means and shall include any information relating to the business and/or the financial affairs of the Company and/or the Group and the Company's and/or any Group Company's agents, advisers, officers, consultants, employees, Clients (or Potential Clients) or suppliers, and in particular shall include:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business methods and information of the Company and any Group Company, including prices charged, discounts given to Clients or Potential Clients or obtained from suppliers, product development, marketing and advertising programmes, costings, budgets, turnover, sales targets or other financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) lists and particulars of the Company's and any Group Company's suppliers, Clients and Potential Clients and the individual contacts at such suppliers, Clients and Potential Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) details and terms of the Company's and any Group Company's agreements with suppliers, Clients and Potential Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) personal data relating to officers or employees of the Group and/or any Client or Potential Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) secret manufacturing or production processes and know-how or trade secrets employed by the Company, any Group Company and its and/or their suppliers, Clients or Potential Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Company Intellectual Property and all Intellectual Property Rights of the Company, any Group Company and its and/or their suppliers, Clients or Potential Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any promotions or future promotions or marketing or publicity exercises planned by the Company and/or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any budgets or business plans of the Company and/or any Group Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any information which may affect the value of the business or the shares of the Company and/or any Group Company,

whether such information is oral or in electronic or written form or otherwise, whether it is or was marked as confidential and whether or not such information is identified or treated by the Company and/or any Group Company as being confidential;

**"Garden Leave"** means any period in respect of which the Company has exercised its rights under clause 18.2;

**"Group"** means the Company and each of its Related Bodies Corporate;

**"Hardware"** means any computer, laptop, telephone (mobile or otherwise), machine or other device used to communicate or hold information which is provided by any Group Company to the Employee;

**"Information or Communication Technology"** means Hardware and Software;

**"Intellectual Property Rights"** means patents, Inventions, copyright and related rights, trade marks, trade names, service marks and domain names, rights in get-up, goodwill, rights to sue for passing off, design rights, semi-conductor topography rights, database rights, confidential information, moral rights, proprietary rights and any other

------

intellectual property rights in each case whether registered or unregistered and including all applications or rights to apply for, and renewals or extensions of such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world;

**"Potential Client"** means any person with whom either the Employee, or any other employee of the Company or any Group Company for whom the Employee had, at the date of the negotiations, management responsibility, carried out negotiations on behalf of the Company or any Group Company at any time during the period of three months immediately prior to the date of termination of the Appointment with a view to such person becoming a Client of the Company or of any Group Company;

**"Moral Rights"** means the right of attribution of authorship, the right not to have authorship falsely attributed and the right of integrity of authorship, as defined in the *Copyright Act 1968* (Cth).

**"Personal Information"** has the same meaning as is given to that expression in the *Privacy Act 1988* (Cth).

**"Related Bodies Corporate"** has the meaning given to it by the *Corporations Act 2001* (Cth).

**"Relevant Period"** means the period commencing 12 months prior to the Termination Date.

**"Restraint Area"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Commonwealth of Australia and each other jurisdiction in which the Businesses in which the Employee was involved has been conducted by the Company in the two years prior to the Termination Date; or, if that is not enforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Commonwealth of Australia; or, if that is not enforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the States of New South Wales, Queensland and Victoria; or, if that is not enforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) within a 15 kilometre radius of the location of the employment as at the Termination Date.

------

**"Restricted Business"** means a business (or part of a business) that competes with a business (or part of a business) of the Company or any Group Company for which during the Relevant Period the Employee has performed duties or had responsibilities in the Employee's employment with the Company or in relation to which during the Relevant Period the Employee has acquired Confidential Information.

**"Restraint Period"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) twelve months after the Termination Date, or if that is not enforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) nine months after the Termination Date, or if that is not enforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) six months after the Termination Date, or if that is not enforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) three months after the Termination Date, or if that is not enforceable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) one month after the Termination Date.

**"Restricted Person"** means any person firm or company with whom or of which the Employee dealt or of whom or of which the Employee had knowledge by virtue of his or her duties in the Relevant Period and to whom or of which a Group Company shall at any time during the Relevant Period have supplied any Restricted Services or be negotiating with or in material discussions with a Group Company for the supply of Restricted Services.

**"Restricted Services"** means any services of a kind which have been provided by a Group Company in the ordinary course of the Businesses at any time during the Relevant Period and in respect of which or the marketing of which the Employee's duties were directly concerned or for which the Employee was responsible or materially involved during the Relevant Period or in relation to which the Employee possessed Confidential Information at the Termination Date.

**"Restricted Shareholding"** means the direct or indirect control or ownership (whether jointly or alone) of shares in a company which, together with shares held by any person acting in concert with the Employee carry 25% or more of the voting rights of that company.

**"Salary"** means the basic salary payable to the Employee under this agreement from time to time and does not include any benefits (or the value of benefits, bonus, commission or other remuneration payable to the Employee).

**"Software"** means any software, whether owned by or licensed to a Group Company or otherwise, including any updates, supplements, add-on components or internet-based services to, or in connection with, any software, which is provided by any Group Company to the Employee (including by being installed on any Hardware);

**"Sensitive Information"** has the same meaning as is given to that expression in the *Privacy Act 1988* (Cth).

**"Termination Date"** means the date on which the employment terminates.

------

2. Interpretation

2.1 In this Agreement, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 a reference to termination of this Agreement includes a reference to termination of the contract of employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 headings are for convenience only and do not affect the interpretation of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 words importing the singular include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 words importing a gender include any gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 cognate or derivative parts of speech and grammatical forms of a word or phrase which are defined in this Agreement have a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6 an expression importing a natural person includes any company, partnership, joint venture, association, corporation or other body corporate and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7 a reference to a party to a document includes that party's successors and permitted assignees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.8 a reference to a statute, regulation, proclamation, ordinance or by-laws varying, consolidating or replacing it includes all regulations, proclamations, ordinances and by-laws issued under that statute; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.9 a reference to a document or agreement includes all amendments or supplements to, or replacements or notations of, that document or agreement.

3. APPOINTMENT

3.1 The Company shall employ the Employee and the Employee shall be employed by the Company on a full-time basis in the capacity of Chief Executive Officer – International Operations and/or in such other position or capacity with such job title and powers as the Company may from time to time reasonably decide and subject to the terms and conditions set out in this agreement.

3.2 The Employee warrants that:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 all information that the Employee has provided to the Company, such as information about education, qualifications or work experience is accurate and has been given on a bona fide basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 the Employee does not have an obligation to, or restriction imposed by, a person or company, including a previous employer, which would prevent the Employee from signing this Agreement, commencing employment with the Company on the Commencement Date, or from performing any work for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 by entering into this agreement he/she will not be in breach of any express or implied terms of any contract or of any other obligation binding upon him/her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4 he/she satisfies the necessary immigration requirements of and is entitled to work in Australia and will notify the Company immediately if he/she ceases to be so entitled during the Appointment.

4. PROBATIONARY PERIOD

# The Employee will not be subject to a probationary period.
5. TERM

The appointment is a continuation of employment; the terms shall commence on 1 April 2025 and shall continue, unless terminated in accordance with clauses 18 of this agreement. However, for purposes of calculating the Employee's employment entitlements, the Company recognises that the Employee has been continuously employed by the Company since 01 April 2025. The company will recognise that the employee has been employed under various entities of the Group Company since 1 October 1992, for service recognition only.

6. Reporting line

## The role reports to the Chief Executive Officer. Reporting lines may alter dependant on Company structure and at the sole and absolute discretion of the Company.
7. WORKING TIME

7.1 The Employee's normal hours of work will be 8:30am - 5.00pm Monday to Friday/dependant on client needs and workload and you will be advised of such.

7.2 The Employee will be required to work such additional hours outside usual business hours as are necessary and reasonable to perform their duties. The Employee will not be entitled to any additional remuneration for working additional hours, as this has been taken into account in setting the Employee's remuneration.

------

8. Place of Work and Travel

8.1 The Employee's primary place of work will be Sydney, Australia but he/she may be required to work at other locations from time to time.

8.2 The Employee may be required, as part of the Employee's duties, to travel both within and outside Australia. The Employee will not be entitled to additional remuneration for such travel, but travel expenses for approved travel will be paid for by the Company in accordance with the Company's travel policy and clause 11 of this Agreement (expenses).

9. Changes

9.1 The Company may make reasonable changes to the Employee's duties, title, status, reporting structure or the location of the employment at any time. A reasonable change of this kind will not be a ground for termination of the employment. The terms and conditions set out in this Agreement will continue to govern the Employee's employment with the Company after such a reasonable change is made unless the Employee and the Company agree, in writing, to vary the terms of this Agreement.

10. DUTIES

10.1 The Employee must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 serve the Company faithfully and diligently and exercise all due care and skill in performing the duties and exercising the powers, which from time to time may be assigned to the Employee by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2 devote the whole of the Employee's working time, ability and attention to his/her duties and responsibilities under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3 use the Employee's best endeavours to promote the interests of the Company and the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4 act in the best interests of the Company at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.5 comply with the reasonable and lawful directions given from time to time by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.6 take all necessary steps to ensure that the Company complies with all regulatory, legal and licence requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.7 immediately notify the Company if the Employee becomes aware of or involved in anything which adversely affects or may adversely affect the business, interests or reputation of the Company, any Group Company or any of the Group's employees;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.8 co-operate with the Company in any investigation which it may decide to carry out; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.9 disclose to the Company's Board all companies of which the Employee is a director and not become a non-executive director of companies other than the Company or its related bodies corporate without the consent of the Company.

10.2 The Employee must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 undertake any appointment or position (including directorship) or work or advise or provide services to, or be engaged, or associated with any business or activity that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1.1 results in the business or activity competing with the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1.2 adversely affects the Group or its reputation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1.3 hinders the Employee's performance of his/her duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2 be directly or indirectly interested in any business, other than through the Employee holding or being interested in bona fide investments representing not more than three per cent of any class of shares or securities in any company, whether or not listed or dealt in on any recognised stock exchange, without the prior written consent of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3 knowingly do, or willingly permit to be done, anything to prejudice or cause loss or injury to the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.4 other than as set out in this Agreement, accept any payment or other benefit from any person as an inducement or reward for any act or omission in connection with the business and affairs of the Group or the duties assigned to the Employee by the Company from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.5 unlawfully discriminate or sexually harass another person or engage in other inappropriate behaviour; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.6 use internet, email or voicemail at the Company's workplace for excessive personal use or to view or distribute offensive or illegal material.

10.3 The obligations and duties owed by the Employee to the Company under the terms of this Agreement shall be owed by the Employee to any entity, division or business within the Group for which the Employee performs work.

11. REMUNERATION AND EXPENSES

11.1 The Company shall pay to the Employee a Salary at a rate of AU$745,000 (or equivalent in local currency) gross per annum, plus superannuation, or at such other rate as may from time to time be agreed between the Company and the Employee.

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11.2 The Salary shall be deemed to accrue evenly from day to day and shall be payable in arrears by equal fortnightly instalments into a bank account nominated by the Employee.

11.3 The Employee's Salary is inclusive, and in satisfaction, of any and all entitlements the Employee may have under any modern award, industrial instrument or at law, including but not limited to minimum wage rates, penalties, allowances, overtime and loadings (including annual leave ladings).

11.4 The Company shall reimburse the Employee for all reasonable and authorised out of pocket expenses (including hotel and travelling expenses) wholly, necessarily and exclusively incurred by the Employee in the dicharge of his/her duties, subject to the production of appropriate receipts or such other evidence as the Company may reasonably require as proof of such expenses and in accordance with the Company's rules and policies relating to expenses as may be in force from time to time. The Employee shall submit all expenses in a timely manner, and in any event by the end of the month in which they were incurred. If the Employee is provided with a credit or charge card by the Company this must only be used for expenses which he/she incurs in performing the Appointment.

11.4 The Employee shall be eligible to participate in the Crawford & Company Short Term Incentive Plan ("STIP"), on such terms and subject to such conditions as may be determined from time to time by the Crawford & Company board of directors ("Crawford Board"), the Board or any remuneration committee thereof (as applicable). The Employee's annual STIP target bonus is 57.5% of Employee's Base Salary, with a maximum STIP bonus of 115% of Employee's Base Salary. For the avoidance of doubt, any STIP bonus will be payable in accordance with the STIP terms and will be inclusive of superannuation and subject to applicable withholding taxes. The STIP is entirely discretionary and non-contractual and no STIP may be payable in some years. Crawford & Company or the Company may amend, modify or discontinue the STIP at any time including for such changes to have retrospective effect and for such changes to cap or limit the amount payable to the Employee.

11.5 The Employee understands and acknowledges that any award of bonus will be made solely at the absolute discretion of the Company and/or the Group based on various factors, including but not limited to individual performance, the overall profitability of the Company and/or the Group's business, as well as the Company and/or the Group's policy applicable in each year and such other factors as the Company considers appropriate in its sole discretion. If the Company makes a bonus award in respect of a particular year, it shall not be obliged to make subsequent bonus awards in respect of subsequent years.

11.6 The Company will only consider the Employee's entitlement for bonus where on the payment date the Employee:

&nbsp;&nbsp;&nbsp;&nbsp;11.6.1 continues to be employed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;11.6.2 is not subject to any notice or resignation or termination, whether given by the Employee or received from the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;11.6.3 are not under suspension of employment;

&nbsp;&nbsp;&nbsp;&nbsp;11.6.4 has not been terminated for any reason.

11.7 Subject to the approval of the Crawford Board, the Employee is eligible to participate in the Crawford & Company Long Term Incentive Plan (**"LTIP"**), on such terms and subject to such conditions as may be determined from time to time by the Crawford Board, the Board or any remuneration committee thereof (as applicable). For the avoidance of doubt, LTIP awards are granted pursuant to the terms of the LTIP by the Crawford Board. To the extent earned, awards are paid as soon as reasonably practicable after the Crawford Board certifies the previous year's financial results. The LTIP is entirely discretionary and non-contractual and no LTIP may be payable in some years. Crawford & Company or the Company may amend, modify or discontinue the LTIP at any time including for such changes to have retrospective effect and for such changes to cap or limit the amount payable to the Employee.

11.8 The Employee is eligible to participate in the Crawford & Company 2016 Omnibus Stock and Incentive Plan, on such terms and subject to such conditions as may be determined from time to time by the Crawford Board, the Board or any remuneration committee thereof (as applicable). The Crawford & Company 2016 Omnibus Stock and Incentive Plan is entirely discretionary and non-contractual and no awards may be made. Crawford & Company or the Company may amend, modify or discontinue the Crawford & Company 2016 Omnibus Stock and Incentive Plan at any time including for such changes to have retrospective effect and for such changes to cap or limit the amount payable to the Employee.

11.9 The Company shall honour all of the terms set forth in the Crawford Repatriation Letter ("Repatriation Letter") dated 21 February 2025 and signed by the Employee on 21 February 2025. A copy of the Repatriation Letter is set out in Schedule A.

12. mobile phone/Laptop

12.1 The Employee shall be provided with a mobile phone/laptop for use in the course of employment and for reasonable private use. The conditions of use are outlined in Company policy in place from time to time.

13. CAR ALLOWANCE

13.1 As an alternative to the benefit of a motor car, the Employee will receive a car allowance in lieu of a company motor car for use as the Employee's own car of AUD $31,500 gross per annum, plus superannuation, which shall be payable together with and in the same manner as the Salary in accordance with clause 11.1. The car allowance shall not be treated as part of the Employee's Salary for any purpose and in the event of any payment in lieu of notice of termination, shall not be payable. The Company reserves the right to vary or withdraw the car allowance payable to the Employee in any way at any time, including by reducing the amount payable.

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14. Superannuation Contributions

14.1 In addition to the base salary, the Company will contribute the amount required to avoid any charge under the *Superannuation Guarantee (Charge) Act 1992* (Cth), to a complying superannuation fund nominated by the Employee in writing. If the Employee does not nominate such a fund, the Company will make contributions into the Employee's stapled superannuation fund. If the Company is notified that the Commissioner of Taxation has not identified any stapled superannuation fund belonging to the Employee, the Company will make contributions into the Company's default complying superannuation fund on the Employee's behalf.

14.2 The Employee may elect to salary sacrifice for superannuation contributions into a complying fund.

14.3 If the Employee elects to participate in the salary sacrifice arrangement, the Employee agrees to indemnity, and keep indemnified, the Company against any liability in the event of any fines, penalties, interest or other consequences caused by a delay in making the salary sacrifice payment to a third party. The Company undertakes not to delay unreasonably the payment of any account tendered in accordance with a salary sacrifice arrangement.

15. Leave

**Annual Leave**

15.1 The Employee is entitled to 25 days paid annual leave for each year of service with the Company in accordance with applicable legislation. The leave accrues on a pro rata basis and is cumulative.

15.2 Annual leave will be taken at a mutually convenient time, as agreed between the Employee and the Company.

**Personal/Carer's Leave**

15.3 The Employee is entitled to 10 days' paid personal/carer's leave for each year of service with the Company in accordance with applicable legislation. The leave accrues on a pro rata basis and is cumulative.

15.4 The Employee is entitled to take this leave when absent from work due to a personal illness or injury and also for the purpose of caring for a member of the Employee's immediate family or household who requires the Employee's care and support because of a personal illness, personal injury or an unexpected emergency affecting the member.

15.5 If the Employee has used up their accrued entitlement to paid personal/carer's leave, the Employee is entitled to take up to two days' unpaid carer's leave for each occasion when a member of their immediate family or household requires the Employee's care or support because of a personal illness or injury or an unexpected emergency affecting the member.

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15.6 The Company requires the Employee to notify the Company as soon as possible if the Employee is going to be absent from work on personal/carer's leave and the Employee may be required to produce a medical certificate for any sick leave in excess of one day and a statutory declaration for any carer's leave taken.

15.7 Untaken personal/carer's leave will not be paid out on termination of employment.

**Compassionate Leave**

15.8 The Employee will be entitled to up to two days' compassionate leave without loss of pay.

**Long Service Leave**

15.9 Long service leave is provided in accordance with applicable legislation.

16. CONFIDENTIAL INFORMATION

16.1 The Employee shall not at any time during the Appointment, nor at any time after its termination, except as reasonably required for the purposes of and during the Appointment, directly or indirectly use or disclose any Confidential Information except if it falls within one of the following exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.1 the disclosure is required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.2 the prior written consent of the Company is obtained; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.3 the disclosure is in the proper performance of the Employee's duties to the Company's agents, employees or advisers who enter into an undertaking of confidentiality if reasonably required to do so by the Company.

16.2 The Employee must not make a copy or other record of Confidential Information except in the proper performance of the Employee's duties.

16.3 The Employee shall not make any public statement, adverse or otherwise (whether written or oral), to the media or otherwise relating to the affairs of the Company or any Group Company and shall not write any article for publication on any matter concerned with the business or other affairs of the Company or the Group without the prior written consent of the Company or the Board.

16.4 The Employee must not use Confidential Information for a purpose other than for the benefit of the Company or a Group Company.

16.5 If the Confidential Information is lawfully within the public domain, then to the extent that the Confidential Information is public the Employee's obligations under this clause 16 will cease.

16.6 If the Employee is uncertain as to whether certain information is Confidential Information, the Employee will treat that information as Confidential Information unless the Employee is advised in writing by the Company to the contrary.

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16.7 The Employee agrees that the Employee's obligations under this clause 16 will survive the termination of the employment and will be enforceable at any time at law or in equity and will continue to the benefit of and be enforceable by the Company.

17. Intellectual Property and Moral Rights

17.1 The Employee acknowledges that the Company is the absolute owner of all Intellectual Property Rights in the Works and the Inventions.

17.2 The Employee must immediately and fully disclose to the Company all Works and the Inventions whether capable of attracting Intellectual Property Rights or not.

17.3 The Employee agrees to do all such things as may be requested by the Company to confirm or protect the Company's title in the Intellectual Property Rights in the Works and the Inventions, including by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.1 assigning to the Company all the Employee's existing and future Intellectual Property Rights in the Works and the Inventions (whether during the employment or after the Termination Date) at the Company's expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.2 applying, executing any instrument and undertaking to do all things reasonably requested by the Company to vest the registration of title or other similar protection to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.3 ensuring all Intellectual Property Rights in the Works and the Inventions become the absolute property of the Company.

17.4 The assignment in clause 17.3.1 is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4.1 without restriction as to use or territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4.2 in perpetuity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4.3 effective without any further payment to the Employee, whether by way of royalty or otherwise, in consideration for the assignment.

17.5 The Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.1 irrevocably and unconditionally consents to all or any acts or omissions by the Company or the Group, which may infringe the Employee's Moral Rights in any of the Works and the Inventions and agrees to take no action or proceedings against the Company or the Group for such breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.2 waives any and all existing and future Moral Rights in the Works and the Inventions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.3 acknowledges that he/she have given this consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.3.1 voluntarily; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.3.2 without reliance on any statement or representation made by the Company, or anyone acting on its behalf.

**Continuing Obligations**

17.6 The Employee agrees that his/her obligations under this clause 17 will survive the termination of the employment and will be enforceable at any time at law or in equity and will continue to the benefit of and be enforceable by the Company.

18. Termination of Employment

18.1 The Employee's employment may be terminated by either party by giving 12 months written notice to the other party, or in the case of the Company, by paying to the Employee Salary only in lieu of notice for all or part of the notice period.

18.2 During part or all of the period of notice referred to in clause 18.1, or if the Employee has been suspended in accordance with clause 18.6, at any time during that suspension period, the Company may, without limiting the Company's rights, require the Employee to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.1 not contact or deal with (or attempt to contact or deal with) any Client, supplier, agent, distributor, shareholder, officer, employee or other business contact of the Company or any Group Company without the prior written consent of the Company or the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.2 not (unless otherwise requested) enter onto the premises of the Company or any Group Company without the prior written consent of the Company or the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.3 not commence any other employment or engagement, including the taking up of any directorships or consultancy services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.4 provide such assistance as the Company or any Group Company may require to effect an orderly handover of his/her responsibilities to any individual or individuals appointed by the Company or any Group Company to take over his/her role or responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.5 make himself/herself available to deal with requests for information, provide assistance, be available for meetings and to advise on matters relating to work.

18.3 During any period of Garden Leave, the employee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.1 continue to receive the Salary and other contractual benefits under this agreement in the usual way and subject to the terms of any benefit arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.2 remain an employee of the Company and remain bound by his/her duties and obligations, whether under this agreement or otherwise, which shall continue in full force and effect.

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18.4 In the event that the Company exercises its rights under clause 18.2 of this agreement then any Garden Leave shall be set off against and therefore reduce the period for which the restrictions in clause 19 of this agreement apply.

**Termination without notice**

18.5 Notwithstanding any of the other provisions of this Agreement, the Company may terminate the employment without notice if any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5.1 The Employee commits any act of dishonesty or other misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5.2 The Employee commits a serious or persistent breach of any of the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5.3 The Employee neglects or fails (otherwise than by reason of accident or ill health), or refuses to carry out the duties under this Agreement or refuses or fails to comply with any lawful directions given by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5.4 The Employee is in material breach of a Company policy or procedure including, but not limited to, the Company's sexual harassment, discrimination and general harassment policies or procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5.5 The Employee is charged with a criminal offence which is likely to affect adversely the Company's or any Group Company's reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5.6 The Employee acts in a manner (whether in the course of his/her duties or otherwise) which does or, in the reasonable opinion of the Company, is likely to bring him/her or the Company or any Group Company into serious disrepute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5.7 The Employee becomes bankrupt, or enter into a composition with creditors, or assigns his/her estate for the benefit of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5.8 The Employee becomes subject to protection in accordance with a law relating to mental health or guardianship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5.9 The Employee is precluded by the *Corporations Act 2001* (Cth) from taking part in the management of a corporation, or is disqualified from holding office as a director of any company by virtue of any legislation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5.10 any other act which at common law would entitle the Company to end the employment summarily.

18.6 The Company may suspend the Employee, on full pay, while it conducts an investigation into any allegations of serious misconduct.

**Obligations on termination**

18.7 On termination of this Agreement, the Employee must return to the Company all property which belongs to the Company or any Group Company including, but not limited to, all Confidential Information, books, software, computers, documents,

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## papers, materials, credit cards, cars, petrol cards, mobile telephones and keys held by the Employee or under the Employee's control.
18.8 If requested by the Company, instead of delivering the Confidential Information to the Company, destroy the Confidential Information (in the case of data stored electronically or in other form, by erasing it from the media on which it is stored such that it cannot be recovered or in any way reconstructed or reconstituted) and certify in writing to the Company that the Confidential Information, including all copies, has been destroyed.

**Set-off**

18.9 Subject to applicable law, the Company may withhold and retain any amounts which might otherwise be owed to the Employee to offset any amounts of debt owed by the Employee to the Company or any money advanced to the Employee.

**Resignation from Office**

18.10 If, on termination of this Agreement, the Employee is a director or hold some other office with, or other appointment of, the Company or of any Group Company, the Employee must resign as officer of the Company.

**No Compensation**

18.11 If this Agreement is terminated by the Company under this clause 18, the Employee acknowledges and agrees that the Employee has no further claim against the Group for compensation for loss of office in respect of the termination.

19. Post-Employment Restraints

**Scope of restraint**

19.1 The Employee shall not directly or indirectly, whether on his/her own behalf or on behalf of another person, firm or company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.1 for the Restraint Period, but running concurrently with the notice of termination of Appointment period, and in the Restraint Area:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.1.1 seek, canvass or solicit any business, work, services, orders or custom, customers, suppliers, distributors or licensees for any Restricted Services from any Restricted Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.1.2 solicit or entice away or seek to entice away from the Company or hire any person employed or engaged by the Company in any of the Businesses in a senior managerial, technical, supervisory, sales or marketing capacity, or who had significant direct dealings with customers of the Businesses, or who by reason of such employment or engagement is likely to have knowledge of any trade secrets or Confidential Information of the Company, and was a person with whom the Employee dealt during the

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Relevant Period in the course of performing the Employee's duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.1.3 interfere or seek to interfere, directly or indirectly, with the relationship between the Company or a Group Company and its customers, suppliers, distributors, licensees, officers, employees, contractors or agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.2 at any time after the Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.2.1 induce or seek to induce by any means involving the disclosure or use of Confidential Information any Restricted Person to cease dealing with the Company or to restrict or vary the terms upon which it deals with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.2.2 be held out or represented by the Employee or any other person, as being in any way connected with or interested in the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.2.3 disclose to any person or make use of any Confidential Information.

**Acknowledgements**

19.2 The Employee acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.1 each of the prohibitions and restrictions contained in this clause 19 are reasonable and necessary having regard to the interests of the Company and the Group and the nature of the Employee's duties with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.2 the prohibitions and restraints contained in this clause 19 do not unreasonably restrict the Employee's right to practise his/her profession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.3 the remuneration and other benefits payable to the Employee include consideration in respect of the Employee's obligations under this clause 19;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.4 each of the prohibitions and restrictions in clause 19 are intended to be separate and severable. If any of these are found to be unenforceable in whole or in part, the enforceability of the remainder of that prohibition or restriction will not be affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.5 if there is any inconsistency or contradiction between the prohibitions and restrictions which are not invalid or unenforceable, the prohibition or restraint with the longest Restraint Period and the widest Restraint Area, to the exclusion of any other prohibition or restraint, constitutes the restraint agreed between the Employee and the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.6 if the Employee breaches his/her obligations under this clause 19 then, in addition and without prejudice to any other remedy which the Company may

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have, the Company is entitled to seek and obtain interlocutory and permanent injunctive relief in any court of competent jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.7 nothing in this agreement does, or intends, to prevent the Employee disclosing his/her remuneration or any terms and conditions of employment necessary to determine remuneration outcomes.

19.3 The Employee agrees that his/her obligations under this clause 19 will survive the termination of the employment.

20. Privacy and Surveillance

**Privacy**

20.1 The Employee consents to the Company collecting, using, disclosing to third parties and transferring overseas to any other Group Company the Employee's Personal Information and Sensitive Information for the purpose of the employment and for purposes related to that purpose.

**Surveillance**

20.2 From the Commencement Date, on an on-going basis, the Employee's computer use, including internet and email use, may be subject to monitoring through the use of software, in accordance with Company policy and applicable legislation. The Employee may also be subject camera surveillance through visible cameras while on the Company's premises.

20.3 The Company will monitor messages sent and received via any Information or Communication Technology and may access and disclose to management the content of messages in order to ensure that the Employee is complying with the Company's policies.

20.4 In particular, the Employee should be aware that no email, voicemail or other communication sent or received through any Information of Communication Technology is private, and also that emails, voicemails or other communications, or any document created on the Company's computer systems, however confidential or damaging, may have to be disclosed in court or other proceedings. An email, voicemail or other communication which has been deleted can still be retrieved and may be monitored for training or quality control purposes.

20.5 The Company further reserves and intends to exercise its right to monitor and disclose to management all use of the internet through its Information or Communication Technology to the extent authorised by law.

20.6 The Employee hereby consents to any such monitoring and/or disclosure as is referred to in this clause 20.

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21. Common Law Duties not Limited

21.1 Nothing in this Agreement limits the Employee's duties to the Company that are implied at common law.

22. Statements and Further Assistance

22.1 After the Termination Date, the Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.1 will not at any time make any adverse, untrue or misleading statement about the Company or a Group Company or the officers or employees of any of them, or represent themselves as being connected with the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.2 will co-operate with the Company or a Group Company by providing such reasonable assistance as may be required in connection with any claim made by or against the Company or any Group Company, where the Company considers that the Employee has knowledge or information which is relevant to any such claim. The provision of such assistance may include attending meetings, giving and signing statements and attending hearings.

23. JURISDICTION

23.1 The interpretation and enforcement of this Agreement shall be subject to the laws specified in the state or territory in which the Employee predominantly works in Australia. The parties submit to the non-exclusive jurisdiction of that state or territory's courts and courts of appeal from them. The parties will not object to the exercise of jurisdiction by those courts on any basis.

24. Notices

24.1 All notices and other communications relating to the employment will be deemed to have been given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1.1 if by delivery, when delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1.2 if by facsimile transmission, when despatched; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1.3 if by post, postage prepaid, on the day on which in the ordinary course of post it would be delivered.

25. Entire Agreement and Implied Term

25.1 This agreement constitutes the entire agreement and understanding between the parties in respect of the matters dealt with in it and supersedes, cancels and nullifies any previous agreement between the parties or any of them relating to such matters notwithstanding the terms of any previous agreement or arrangement expressed to survive termination. For the avoidance of doubt, any previous contract of employment between the parties, or between the Employee and any other Group Company, is hereby terminated with immediate effect.

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25.2 Each of the parties acknowledges and agrees that in entering into this agreement it does not rely on, and shall have no remedy in respect of, any statement, representation, warranty or understanding (whether negligently or innocently made) other than as expressly set out in this agreement. The only remedy available to any party in respect of any such statement, representation, warranty or understanding shall be for breach of contract under the terms of this agreement.

25.3 Notwithstanding the duties and obligations the Employee owes the Company under this Agreement and otherwise, the parties agree to exclude from this Agreement and the employment any implied duty of mutual trust and confidence the Company may owe the Employee.

25.4 Nothing in this clause 25 shall operate to exclude any liability for fraud.

26. Severance

26.1 Any provision of this Agreement which is or becomes illegal, void or unenforceable in any jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.1 is severable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.2 will be ineffective and severable in that jurisdiction to the extent of the illegality, voidness or unenforceability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.3 will not invalidate the remaining provisions of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.4 will not affect the validity or enforceability of that provision in any other jurisdiction.

27. Holds the Benefit of this Document on Trust

27.1 Insofar as this Agreement relates to a Group Company, the Employee agrees that the Company holds the benefits of this Agreement insofar as they relate to a Group Company, on trust for the Group Company and that the Company may enforce this Agreement on behalf of a Group Company. Further, any Group Company may enforce this Agreement in respect of those provisions of this Agreement insofar as it relates to any of them.

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**Execution**

Executed as an Agreement.

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| | |
|:---|:---|
| &nbsp;&nbsp;Signed for and on behalf of **Crawford & Company (Australia) Pty Ltd** (ABN 11 002 317 133) <br>| &nbsp;&nbsp;Director – Crawford & Company EMEA/A-P Holdings Limited |
| &nbsp;&nbsp;/s/ Tami Stevenson | &nbsp;&nbsp;<br>Signature of authorised person |
| &nbsp;&nbsp;Tami Stevenson | &nbsp;&nbsp;<br>Name of authorised person (print) |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Signed** by **Andrew Bart** in the presence of:<br>/s/ Davina Wilson<br>Davina Wilson<br>| &nbsp;&nbsp;)/s/ Andrew Bart) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . <br>Signature of Andrew Bart |

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**<u>SCHEDULE A</u>**

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## Exhibit 10.18

**Exhibit 10.18**

**Director Compensation Summary Term Sheet**

During calendar year 2025, each non-employee member of the Board was entitled to receive an aggregate of $195,000 in cash and restricted stock. The cash portion of the compensation was paid quarterly in $18,750 increments. The remainder of such compensation was paid in restricted shares of the Company's Class A common stock, and vested on December 31, 2025 to individuals who were on the Board on December 31, 2025.

In addition to the foregoing, for 2025, the Chair of each Committee was paid an additional retainer per quarter as follows: Executive Committee $3,000; Governance Committee $3,125; Compensation Committee $3,750; and Audit Committee $6,250. In addition to the amounts set forth above, the Chair of the Board was entitled to receive an annual retainer of $100,000, payable quarterly in cash payments.

During calendar year 2026, each non-employee member of the Board is entitled to receive an aggregate of $195,000 in cash and restricted stock. The cash portion of the compensation will be paid quarterly in $18,750 increments. The remainder of such compensation will be paid in restricted shares of the Company's Class A common stock, and will vest on December 31, 2026 to individuals who are on the Board on December 31, 2026.

In addition to the foregoing, for 2026 the Chair of each Committee will be paid an additional retainer per quarter as follows: Executive Committee $3,000; Governance Committee $3,125; Compensation Committee $3,750; and Audit Committee $6,250. In addition to the amounts set forth above, the Chair of the Board is entitled to receive an annual retainer of $100,000, payable quarterly in cash payments.

------

## Exhibit 19.1

![img94327233_0.jpg](img94327233_0.jpg)

**Exhibit 19.1**

**Insider Trading Policy**

# _________________________________________________
**Introduction** This Policy concerns the handling of Material, Nonpublic Information relating to Crawford & Company (the "Company") or other companies with which we deal and with respect to transactions in the Company's and such other companies' securities.

__________________________________________________________________

**Policy Applicability of Policy** 

The Policy applies to all transactions in the Company's securities, including common stock, options for common stock, and any other securities the Company may issue from time to time, such as preferred stock, warrants and convertible debentures, as well as to derivative securities relating to the Company's stock, whether or not issued by the Company, such as exchange-traded options.

The Policy applies to all officers of the Company, all members of the Company's Board of Directors, and all employees of, and consultants and contractors to, the Company and its subsidiaries, affiliates and other business units who receive or have access to Material Nonpublic Information regarding the Company. Each provision of this policy that applies to the persons described in the preceding sentence also applies to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•members of their immediate families with whom they share a household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other persons with whom they share a household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons who principally rely on the employee, officer or director for their financial support, regardless of where those persons reside; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any person or entity over which they have control or influence with respect to a transaction in securities (*i.e.*, a trustee of a trust or an executor of an estate).

All of the persons described above are referred to in this Policy as "Insiders." This Policy also applies to any person who receives Material Nonpublic Information from any Insider.

**Definition of Material Nonpublic Information** 

It is not possible to define all categories of material information. However, information should be regarded as ***material*** if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a reasonable investor would consider it important in making a decision on whether to buy, sell or hold the security;

Page 1 of NUMPAGES \\* Arabic \\* MERGEFORMAT 9 Adopted by Board of Directors 2/9/2023

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![img94327233_0.jpg](img94327233_0.jpg)

**Exhibit 19.1**

**Insider Trading Policy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a reasonable investor would view the information as significantly altering the total mix of information in the marketplace about the company that issued the security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the information could reasonably be expected to have a substantial effect on the price of the security.

Information is ***nonpublic*** until it has been "***publicly disclosed,"*** meaning that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•is published in such a way as to provide broad, non-exclusionary distribution of the information to the public; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•has been in the public domain for a sufficient period of time to be absorbed by the market and reflected in the price of the related securities.

Examples of public disclosure include the issuance of a press release or the filing of an appropriate report with the U.S. Securities and Exchange Commission (the "SEC"). Information is generally considered to be ***"nonpublic"*** until the expiration of a period of **two full trading days after the information is released to the general public.** However, this period varies depending on the type of information released, the market's expectations relating to the subject matter of the release, and the market's reaction after the information is released.

Examples of material, nonpublic information might include information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's financial or operating results, whether for completed periods or relating to expectations for future periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the gain or loss of a substantial supplier or customer or any significant change in the business relationship with such a business partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of completion or opening of a property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identification of a new development opportunity or commencement of development activities for a property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company entering into or the termination of any significant contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a material impairment or change in the value of the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the filing of litigation or claims against the Company, developments in pending litigation, or other contingent liabilities affecting the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•negotiation of a joint venture, merger or acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•news of a significant sale of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in top management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•significant labor negotiations or disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•significant accounting developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in dividend policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the declaration of a stock split; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the offering of additional securities.

Page 2 of NUMPAGES \\* Arabic \\* MERGEFORMAT 9 Adopted by Board of Directors 2/9/2023

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![img94327233_0.jpg](img94327233_0.jpg)

**Exhibit 19.1**

**Insider Trading Policy**

Information may be material whether it is favorable or unfavorable to the Company. The list of examples provided above is merely illustrative, and there are many other types of information and events that may be material at any particular time, depending on the circumstances.

Where there is any possibility that certain information may be considered "material," you should treat it as such, and you are obligated to confer with the Company's General Counsel for a definitive ruling.

**General Policy**

It is the Policy of the Company to prohibit the unauthorized disclosure of any nonpublic information acquired in the workplace and the misuse of Material Nonpublic Information in securities trading.

**Specific Policies** 

<u>Trading on Material Nonpublic Information</u>

No Insider shall engage in any transaction involving a purchase or sale of the Company's securities, including any offer to purchase or offer to sell, while in possession of Material Nonpublic Information concerning the Company.

<u>Tipping</u> 

No Insider shall disclose ("tip") Material Nonpublic Information to any other person (including family members) where such information may be used by such person (or someone known to such person) to his or her profit by trading in the securities or companies to which such information relates, nor shall such Insider or related person make recommendations or express opinions on the basis of Material Nonpublic Information as to trading in the Company's securities.

<u>Confidentiality of Nonpublic Information</u>

Nonpublic information relating to the Company is the property of the Company and the unauthorized disclosure of such information is forbidden.

<u>Prohibitions on Certain Transactions</u>

Because of the unique potential for abuse of Material Nonpublic Information, it is also the Company's policy that officers and directors of the Company may not engage in "short sales" of the Company's securities. "Short sales" are those sales in which the seller attempts to profit from an anticipated drop in market price by selling securities he does not own and covering the sales with securities bought after the price declines. Short sales and buying or selling puts or calls (including "covered calls") or other derivative securities are prohibited. Officers and directors also are prohibited from purchasing financial instruments (including prepaid variable forward contracts, equity swaps, collars, exchange funds, and

Page 3 of NUMPAGES \\* Arabic \\* MERGEFORMAT 9 Adopted by Board of Directors 2/9/2023

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![img94327233_0.jpg](img94327233_0.jpg)

**Exhibit 19.1**

**Insider Trading Policy**

options) that are designed to hedge or offset any decrease in the market value of the Company's securities that are held directly or indirectly by an officer or director. Officers and directors of the Company also are prohibited from holding the Company's securities in a margin account or pledging the Company's securities as collateral for a loan. Officers and directors of the Company are also prohibited from entering into any other transaction or arrangement in such person may be called upon to supply or acquire the Company's securities at a time or upon an event not within the control of such person unless such transaction or arrangement has been approved by the Board of Directors. The reason for these prohibitions is that such officers or directors may be called upon to participate in the transaction or arrangement at a time that that individual possesses inside information, thereby putting both the Company and the Insider at risk of violating statutes or regulations concerning insider trading in the Company's securities with no way to avoid such a violation. The above restrictions also apply to each officer's and director's spouse, other persons living in such person's household and minor children, and entities over which such person exercises control.

**Potential Criminal and Civil Liability and/or Disciplinary Action**

<u>Liability for Insider Trading</u>

Insiders may be subject to both significant fines and prison terms for engaging in transactions in the Company's securities at a time when they have knowledge of nonpublic information regarding the Company.

<u>Liability for Tipping</u>

Insiders may also be liable for improper transactions by any person (commonly referred to as a "tippee") to whom they have disclosed nonpublic information regarding the Company or to whom they have made recommendations or expressed opinions on the basis of such information as to trading in the Company's securities. The SEC has imposed large penalties even when the disclosing person did not profit from the trading. The SEC, the stock exchanges, and the National Association of Securities Dealers, Inc. use sophisticated electronic surveillance techniques to uncover insider trading.

<u>Possible Disciplinary Actions</u>

Employees of the Company who violate this Policy shall also be subject to disciplinary action by the Company, which may include, but not be limited to, ineligibility for future participation in the Company's equity incentive plans and/or termination of employment.

**Guidelines** 

<u>Pre-clearance of Trades</u> 

Page 4 of NUMPAGES \\* Arabic \\* MERGEFORMAT 9 Adopted by Board of Directors 2/9/2023

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![img94327233_0.jpg](img94327233_0.jpg)

**Exhibit 19.1**

**Insider Trading Policy**

The Company has determined that all officers and directors of the Company should refrain from trading in the Company's securities without first complying with the Company's "pre-clearance" process. **Each officer and director must obtain approval from the Company's General Counsel (or, if none, to the Company's Chief Financial Officer) prior to commencing any transaction (including any gift) in the Company's securities.** These procedures also apply to transactions by such person's spouse, other persons living in such person's household and minor children, and by entities over which such person exercises control. The Company may find it necessary, from time to time, to require compliance with the pre-clearance process from certain employees, consultants and contractors other than and in addition to officers and directors. Unless revoked (or subject to cutoff upon closing of a trading window), a grant of approval will normally remain valid until the close of trading two business days following the day on which approval was granted. If the transaction does not occur during such two-day period, pre-clearance must be re-requested.

<u>Mandatory Trading Window for Officers, Directors and Certain Employees, Recommended For All Employees</u>*<u>.</u>* 

All directors, officers and employees having access to the Company's internal financial statements or other Material Nonpublic Information shall refrain from conducting transactions involving the purchase or sale of the Company's securities other than during the period (the "trading window") described below. It is expected that the securities market's trading window generally will open two full trading days after our quarterly release of earnings and will close two weeks prior to the end of the following quarter. For example, if our first quarter were to end on March 31, and we were to release information regarding our results after the close of business on April 20, the trading window would open on the morning of April 23, and would remain open through June 16. However, you should not expect that the window will open on any particular date or remain open for any minimum period of time. Significant corporate developments may require changes to the schedule, including closing the window at the Company's option at any time. If the Company closes a trading window, the Company will provide all Insiders with notification that the trading window has closed until further notice is provided.

From time to time, the Company may also recommend or require that directors, officers, selected employees, and others suspend trading because of developments known to the Company and not yet disclosed to the public. In such event, such persons are advised not to engage in any transaction involving the purchase or sale of the Company's securities during such period and should not disclose to others the fact of such suspension of trading.

Page 5 of NUMPAGES \\* Arabic \\* MERGEFORMAT 9 Adopted by Board of Directors 2/9/2023

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![img94327233_0.jpg](img94327233_0.jpg)

**Exhibit 19.1**

**Insider Trading Policy**

All employees, whether or not subject to the trading windows or pre-clearance procedures described in this Policy, are reminded that the safest time for transactions in Company securities will generally be a few days after the release by the Company of financial information relating to a completed quarter. The appearance of improper trading may increase as the Company approaches the end of the next fiscal quarter.

It should be noted, however, that even during the trading window, any person possessing Material Nonpublic Information concerning the Company should not engage in any transactions in the Company's securities, whether or not the Company has recommended a suspension of trading to that person. **Trading in the Company's securities during the trading window should not be considered a "safe harbor," and does not negate the need for officers and directors to obtain pre-clearance of transactions. All directors, officers and other persons should use good judgment at all times.** 

<u>Individual Responsibility</u>

Every officer, director and employee has the individual responsibility to comply with this Policy against insider trading, regardless of whether the Company has a mandatory trading window for that Insider or any other Insiders of the Company.

An Insider may, from time to time, have to forgo a proposed transaction in the Company's securities even if he or she planned to make the transaction before learning of the Material Nonpublic Information and even though the Insider believes he or she may suffer an economic loss or forgo anticipated profit by waiting. While this might be unfortunate for the individual Insider, it is important that employees abide by the provisions of this Policy.

Any employee with any questions regarding trading in the Company's securities should contact the Company's General Counsel.

**Applicability of Policy to Inside Information Regarding Other Companies**

This Policy and the guidelines described herein also apply to Material Nonpublic Information relating to other companies, including the Company's customers, vendors or suppliers ("business partners"), when that information is obtained in the course of employment with, or other services performed on behalf of, the Company. Civil and criminal penalties, and termination of employment, may result from trading on inside information regarding the Company's business partners. All employees should treat Material Nonpublic Information about the Company's business partners with the same care required with respect to information related directly to the Company.

Page 6 of NUMPAGES \\* Arabic \\* MERGEFORMAT 9 Adopted by Board of Directors 2/9/2023

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![img94327233_0.jpg](img94327233_0.jpg)

**Exhibit 19.1**

**Insider Trading Policy**

**Certain Exceptions** 

For purposes of this Policy, the Company considers the exercise of stock options for cash under the Company's stock option plans or the purchase of shares under the Company's employee stock purchase plan (but, in each case, not the sale of any such shares) exempt from this Policy, since the other party to the transaction is the Company itself and the price does not vary with the market but is fixed by the terms of the option agreement or the plan.

The trading restrictions in this Policy do not apply to transactions under a pre-existing written plan, contract, instruction, or arrangement under Rule 10b5-1 under the Securities Exchange Act of 1934 (an "Approved 10b5-1 Plan") that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)has been reviewed and approved at least one month (the "cooling-off period") in advance of any trades thereunder by the Company's General Counsel (or, if materially revised or amended, such revisions or amendments have been reviewed and approved by the Company's General Counsel at least one month in advance of any subsequent trades), *provided however* that the cooling-off period applicable to officers and directors shall continue until the later of (i) 90 days after the adoption or modification of the such Approved 10b5-1 Plan or (ii) two business days following the filing of the Form 10-Q or Form 10-K for the fiscal quarter such Approved 10b5-1 Plan was adopted or modified, but in no event shall the cooling-off period exceed 120 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)was entered into in good faith by the Insider at a time when the Insider was not in possession of Material Nonpublic Information about the Company, such Insider will continue to act in good faith throughout the duration of such plan, and such plan is not part of a scheme to evade the prohibitions of Exchange Act Rule 10b5-1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)is the only Rule 10b5-1 plan entered into by the Insider with respect to purchases or sales of the Company's securities, and such plan does not employ multiple trading arrangements, such as but not limited to, trading arrangements designed to exploit Material Nonpublic Information by setting up trades timed to occur around dates on which the Company will likely release Material Nonpublic Information (such as earnings releases); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)gives a third party the discretionary authority to execute such purchases and sales, outside the control of the Insider, so long as such third party does not possess any Material Nonpublic

Page 7 of NUMPAGES \\* Arabic \\* MERGEFORMAT 9 Adopted by Board of Directors 2/9/2023

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![img94327233_0.jpg](img94327233_0.jpg)

**Exhibit 19.1**

**Insider Trading Policy**

Information about the Company; or explicitly specifies the security or securities to be purchased or sold, the number of shares, the prices and/or dates of transactions, or other formula(s) describing such transactions.

**Additional Information - Directors and Officers** 

Directors and officers of the Company must also comply with the reporting obligations and limitations on short-swing transactions set forth in Section 16 of the U.S. Securities Exchange Act of 1934, as amended. The practical effect of these provisions is that officers and directors who purchase and sell the Company's securities within a six-month period must disgorge all profits (which includes the avoidance of a loss) to the Company whether or not they had knowledge of any Material Nonpublic Information. Under these provisions, and so long as certain other criteria are met, neither the receipt of an option under the Company's option plans, or the exercise of that option, nor the receipt of stock under the Company's employee stock purchase plan is deemed a purchase under Section 16; however, the sale of any such shares is a sale under Section 16. Moreover, no officer or director may ever make a short sale of the Company's stock.

# _______________________________________________
**Scope** This policy applies to all Crawford employees. Failure to comply with this policy may result in disciplinary action up to and including termination.

# __________________________________________________________________
**Contact** For more information on this policy, contact the General Counsel or the Global Ethics and Compliance Office.

_________________________________________________________________

Page 8 of NUMPAGES \\* Arabic \\* MERGEFORMAT 9 Adopted by Board of Directors 2/9/2023

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## Exhibit 21.1

**Exhibit 21.1**

**SUBSIDIARIES \***

---

| | |
|:---|:---|
|  | **Jurisdiction in** |
| **Subsidiary** | **Which Organized** |
| Crawford & Company International, Inc.  | Georgia |
| Broadspire Services, Inc.  | Delaware |
| Crawford Catastrophe Services, LLC | Delaware |
| Crawford & Company Adjusters Limited | England |
| Crawford & Company Adjusters (UK) Limited | England |
| Crawford & Company (Canada), Inc.  | Canada |
| Crawford & Company (Australia) Pty Limited | Australia |
| Crawford & Company EMEA/A-P Holdings Limited | United Kingdom |
| Crawford & Company Risk Services Investments Ltd | United Kingdom |

---

\* Excludes subsidiaries which, if considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary for the year ended December 31, 2025.

------

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statements (Nos. 333-287470, 333-281251, 333-266665, 333-240324, 333-213010, 333-161279, and 333-161278) on Form S-8 of our reports dated March 2, 2026, with respect to the consolidated financial statements of Crawford & Company and the effectiveness of internal control over financial reporting.

/s/ KPMG LLP

Atlanta, Georgia

March 2, 2026

------

## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the following Registration Statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Registration Statement (Form S-8 No. 333-161278) pertaining to the Crawford & Company International Employee Stock Purchase Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Registration Statement (Form S-8 No. 333-161279) pertaining to the Crawford & Company Non-Employee Director Stock Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Registration Statement (Form S-8 No. 333-213010) pertaining to the Crawford & Company 2016 Omnibus Stock and Incentive Plan and the Crawford & Company 2016 Employee Stock Purchase Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Registration Statement (Form S-8 No. 333-240324) pertaining to the 2019 Crawford & Company U.K. Sharesave Scheme,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Registration Statement (Form S-8 No. 333-266665) pertaining to the Crawford & Company 2016 Omnibus Stock and Incentive Plan, as Amended,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Registration Statement (Form S-8 No. 333-281251) pertaining to the Crawford & Company Non-Employee Director Stock Plan, as Amended, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Registration Statement (Form S-8-No. 333-287470) pertaining to the Crawford & Company 2016 Employee Stock Purchase Plan, as Amended

of our reports dated March 2, 2026, with respect to the consolidated financial statements of Crawford & Company and the effectiveness of internal control over financial reporting of Crawford & Company included in this Annual Report (Form 10-K) of Crawford & Company for the year ended December 31, 2025.

/s/ Ernst & Young LLP

Atlanta, Georgia

March 2, 2026

------

## Exhibit 31.1

**Exhibit 31.1**

**SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, W. Bruce Swain, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 10-K of Crawford & Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 2, 2026 | /s/ W. Bruce Swain  |
|  |  | W. Bruce Swain |
|  |  | Interim President and Chief Executive Officer <br>(Principal Executive Officer)  |

---

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## Exhibit 31.2

**Exhibit 31.2**

**SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, Holly B. Boudreau, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 10-K of Crawford & Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 2, 2026 | /s/ Holly B. Boudreau  |
|  |  | Holly B. Boudreau |
|  |  | Executive Vice President and Chief<br>Financial Officer (Principal Financial Officer)  |

---

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Crawford & Company (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, W. Bruce Swain, Interim Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 780(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | March 2, 2026 | /s/ W. Bruce Swain  |
|  |  | W. Bruce Swain |
|  |  | Interim President and Chief Executive Officer  |
|  |  | (Principal Executive Officer) |

---

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Crawford & Company (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Holly B. Boudreau, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 780(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | March 2, 2026 | /s/ Holly B. Boudreau |
|  |  | Holly B. Boudreau |
|  |  | Executive Vice President and Chief Financial Officer  |
|  |  | (Principal Financial Officer) |

---

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## Exhibit 97.1

**Exhibit 97.1**

**Crawford & Company**

**Executive Compensation Clawback and Recoupment Policy**

This Executive Compensation Clawback and Recoupment Policy (the "Policy") is approved by the Compensation Committee (the "Committee") of the Board of Directors (the "Board") of Crawford & Company (the "Company").

**<u>Defined Terms</u>**

"Affected Officers" means all current and former Section 16 Officers of the Company.

"Erroneously Awarded Compensation" means the amount of Incentive Compensation received that exceeds the amount of Incentive Compensation that otherwise would have been received had it been determined based on the restated amounts (computed without regard to any taxes paid). If the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in an accounting restatement, the amount of Erroneously Awarded Compensation shall be determined by the Committee in its sole discretion based on its reasonable estimate of the effect of the accounting restatement on the Financial Reporting Measure upon which the Incentive Compensation was received.

"Financial Reporting Measure" means any measure that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measure that is derived wholly or in part from such measures. Financial Reporting Measures include (but are not limited to) the Company's stock price, total shareholder return ("TSR"), revenues, operating earnings, margin, net income, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), funds from operations, liquidity measures (such as working capital or operating cash flow), return measures (such as return on invested capital or return on assets), and earnings measures (such as earnings per share). A Financial Reporting Measure need not be presented within the financial statements or included in a filing with the SEC.

"Incentive Compensation" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure. Incentive Compensation includes (but is not limited to) annual bonuses and other short- and long-term cash incentives, as well as compensation and benefits under the Crawford & Company Short-Term Incentive Plan, the Crawford & Company 2016 Omnibus Stock and Incentive Plan, the Crawford & Company 2016 Management Team Incentive Compensation Plan and the Crawford & Company Deferred Compensation Plan for Eligible Employees and Eligible Directors, each as it may be amended from time to time, any successor to any such plan, and other Company plans or programs providing similar incentive compensation or benefits. Incentive Compensation is deemed "received" in the Company's fiscal period during which the Financial Reporting Measure specified in the compensation award is attained, even if the payment or grant of the compensation occurs after the end of that period.

"NYSE" means the New York Stock Exchange LLC.

"Required Restatement Date" means the date that the Company is required to prepare an accounting restatement, meaning the earlier to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)The date on which the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an accounting restatement; and

ii)The date on which a court, regulator, or other legally authorized body directs the Company to prepare an accounting restatement.

"SEC" means the U.S. Securities and Exchange Commission.

"Section 16 Officer" means an officer of the Company as defined under Section 16 of the Securities Exchange Act of 1934, including the president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president of the issuer in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policymaking functions for the issuer. Executive officers of the Company's parent(s) or subsidiaries are deemed Section 16 Officers of the Company if they perform such policy making functions for the Company.

Originally Adopted December 12, 2018, and Amended and Restated July 28, 2023

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**Exhibit 97.1**

**<u>Applicability</u>**

This Policy applies to all Affected Officers.

This Policy applies to all Incentive Compensation received by an Affected Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)After beginning service as an Affected Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Who served as an Affected Officer at any time during the performance period for that Incentive Compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)While the Company has a class of securities listed on a national securities exchange or a national securities association; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)During the three completed fiscal years immediately preceding the Required Restatement Date, as well as any transition period that results from a change in the Company's fiscal year within or immediately following those three completed fiscal years.

**<u>Statement of Policy</u>**

If the Company is required to restate financial results as filed with the SEC due to material noncompliance with any financial reporting requirement under federal securities laws, the Company will require each Affected Officer to promptly forfeit, and promptly repay to the Company all of such Affected Officer's Erroneously Awarded Compensation, to the extent previously paid, as necessary to comply with the requirements of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"), the SEC Rules promulgated thereunder and the NYSE Listed Company Manual. The Company may, to the extent permitted by applicable law, set off the amounts of any required recoupment under this Policy against any amounts otherwise owed by the Company to an Affected Officer, but only to the extent any such offset complies with the requirements of Section 409A of the Internal Revenue Code.

In addition, regardless of whether there is an accounting restatement, the Committee may recover Incentive Compensation from an Affected Officer if the Board or Committee determines in their sole discretion that an Affected Officer has engaged in fraud, theft, misappropriation, embezzlement, dishonesty, or other misconduct ("Misconduct") to the material detriment of the Company. The Incentive Compensation recoverable in this circumstance will be based on the Committee's determination of the harm caused by the Affected Officer's conduct and the Incentive Compensation awarded to the Affected Officer with a vesting or performance period during which the conduct took place. The Company's foregoing right to recover Incentive Compensation is in addition to, and not in lieu of, any other relief available to the Company due to the Affected Officer's Misconduct.

Further, the Committee will cause the Company to recover compensation amounts of Affected Officers to the extent required by Section 304 of the Sarbanes-Oxley Act of 2002 ("SOX"), or otherwise by applicable law. This Policy shall automatically be deemed to have been modified, without further action, to the extent necessary to satisfy requirements of Dodd-Frank, SOX or any other applicable law, regulation, or stock exchange listing requirement (as in effect from time to time).

Affected Officers agree to facilitate the Company's compliance with its disclosure obligations related to this Policy in accordance with the requirements of the federal securities laws and applicable stock exchange listing rules.

This Policy shall supersede, to the maximum extent permissible, the terms of any Company compensation or benefit plan, program or agreement that are contrary to or inconsistent with this Policy.

An Affected Officer's loss of Erroneously Awarded Compensation shall not be eligible for indemnification by the Company.

The Committee or its delegate shall provide notice and seek written acknowledgement of this Policy from each Affected Officer as soon as practicable after the later of the adoption of this Policy and the date on which the employee is designated as an Affected Officer; failure to obtain such acknowledgement shall have no impact on the enforceability of this Policy.

Originally Adopted December 12, 2018, and Amended and Restated July 28, 2023

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