Crawford & Company (CRD) realigns segments and recasts 2024–2025 performance

Rhea-AI Filing Summary

Crawford & Company has realigned its management structure and updated its reportable segments to U.S. Property & Casualty, Broadspire, and International Operations. Historical results for 2024 and 2025 have been recast to this new structure.

Under the revised presentation, revenues before reimbursements for 2025 were $1,265,721 thousand with net income attributable to shareholders of $19,634 thousand, compared with 2024 revenues before reimbursements of $1,292,510 thousand and net income attributable to shareholders of $26,596 thousand. The company states these changes do not affect previously reported consolidated income statements, balance sheets, or cash flows.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

2025 revenues before reimbursements: $1,265,721 thousand 2024 revenues before reimbursements: $1,292,510 thousand 2025 net income attributable to shareholders: $19,634 thousand +5 more

8 metrics

2025 revenues before reimbursements $1,265,721 thousand Year ended December 31, 2025 under revised segments

2024 revenues before reimbursements $1,292,510 thousand Year ended December 31, 2024 under revised segments

2025 net income attributable to shareholders $19,634 thousand Year ended December 31, 2025

2024 net income attributable to shareholders $26,596 thousand Year ended December 31, 2024

2025 segment operating earnings $106,266 thousand Total of all reportable segments for 2025

2024 segment operating earnings $101,207 thousand Total of all reportable segments for 2024

2025 U.S. Property & Casualty revenue $307,999 thousand Revenues before reimbursements, year ended 2025

2025 Broadspire revenue $430,351 thousand Revenues before reimbursements, year ended 2025

Key Terms

segment operating earnings, allocated corporate, shared services, and administrative costs, non-service pension costs, contingent earnout adjustments, +1 more

5 terms

segment operating earnings financial

"Segment Operating Earnings | | $ | 29,111 | | $ | 53,242 | | $ | 23,913 | | $ | 106,266"

allocated corporate, shared services, and administrative costs financial

"Allocated corporate, shared services, and administrative costs (3) | | | 51,913 | | | 81,294 | | | 78,135"

non-service pension costs financial

"Non-service pension costs | | | (2,333 | ) | | | (2,354 | ) | | | (2,363 | )"

Non-service pension costs are the parts of a company’s pension expense that don’t come from employees’ current work — for example interest on the pension debt, gains or losses from changes in assumptions, and returns on plan investments. Think of it like the interest, investment swings and one-time adjustments on a mortgage: they change reported profit and the pension balance sheet even though they aren’t tied to pay for current work, so investors watch them to understand hidden funding risk and volatility.

contingent earnout adjustments financial

"Contingent earnout adjustments | | | (363 | ) | | | (80 | ) | | | (60 | ) | | | (34 | )"

reimbursements financial

"Reimbursements | | | 11,307 | | | | 11,598 | | | | 10,636 | | | | 11,565"

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 31, 2026

CRAWFORD & COMPANY

(Exact Name of Registrant as Specified in Its Charter)

Georgia

(State or Other Jurisdiction of Incorporation)

1-10356		58-0506554
(Commission File Number)		(IRS Employer Identification No.)
5335 Triangle Parkway, Peachtree Corners, Georgia		30092
(Address of Principal Executive Offices)		(Zip Code)

(404) 300-1000

(Registrant's Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Act of 1934.

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 provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock — $1.00 Par Value	CRD-A	New York Stock Exchange, Inc.
Class B Common Stock — $1.00 Par Value	CRD-B	New York Stock Exchange, Inc.

Item 7.01. Regulation FD Disclosure

Segment Realignment

In connection with the realignment of management responsibilities on 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 the North America Loss Adjusting segment.

The Company’s financial statements for the succeeding interim and annual periods will disclose the reportable segments under the new basis with prior periods restated to reflect the change. Attached hereto as Exhibit 99.1 and incorporated herein by this reference are the historical Results of Operations and Reportable Segment Information for 2025 and 2024 and for each quarter of 2025 and 2024 revised to conform to the current presentation of the Company’s reportable segments.

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.

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 acquisition-related intangible assets.

As part of our segment realignment, costs of certain administrative functions such as aspects of management, sales and client development, and information technology that were previously included in "Direct Compensation, Fringe Benefits & Non-Employee Labor" in the Results of Operations and “Direct Compensation” in Reportable Segment Information are now recorded as indirect costs and allocated to each reportable segment and are included in "Expenses Other Than Direct Compensation, Fringe Benefits & Non-Employee Labor" in the Results of Operations and “Allocated corporate, shared services, and administrative costs” in the Reportable Segment Information.

Certain prior year and quarterly amounts among the Company's reportable segments have been reclassified to conform to the current presentation. These changes have no impact on the Company’s historical consolidated statements of operations, balance sheets, or cash flows.

Item 9.01. Financial Statements and Exhibits

(d) The following exhibits are being filed herewith:

Exhibit No.		Description
99.1		Schedule of Revised Reportable Segment Data
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

The information contained in this current report on Form 8-K and in the accompanying exhibits shall not be incorporated by reference into any filing of the Company with the SEC, whether made before or after the date hereof, regardless of any general incorporation by reference language in such filing, unless expressly incorporated by specific reference to such filing. The information, including the exhibits hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CRAWFORD & COMPANY
	(Registrant)
	By:		/s/ HOLLY B. BOUDREAU
			Holly B. Boudreau
			Executive Vice President -
			Chief Financial Officer
Dated: March 31, 2026

3

Exhibit 99.1

CRAWFORD & COMPANY
Results of Operations By Quarter (Unaudited)
Revised for Realignment of Reportable Segments
2025 Quarterly Period		First				Second				Third				Fourth				Full Year
(Dollars in thousands)
Revenues:
U.S. Property and Casualty		$	82,190			$	82,500			$	76,227			$	67,082			$	307,999
Broadspire			103,672				108,158				110,618				107,903				430,351
International Operations			126,170				132,339				135,326				133,536				527,371
Total Revenues before reimbursements			312,032				322,997				322,171				308,521				1,265,721
Reimbursements			11,307				11,598				10,636				11,565				45,106
Total Revenues			323,339				334,595				332,807				320,086				1,310,827
Direct Compensation, Fringe Benefits & Non-Employee Labor:
U.S. Property and Casualty			50,788				51,000				47,170				46,173				195,131
% of related revenues before reimbursements			61.8	%			61.8	%			61.9	%			68.8	%			63.4	%
Broadspire			58,343				60,694				62,828				62,629				244,494
% of related revenues before reimbursements			56.3	%			56.1	%			56.8	%			58.0	%			56.8	%
International Operations			86,467				88,165				91,119				88,022				353,773
% of related revenues before reimbursements			68.5	%			66.6	%			67.3	%			65.9	%			67.1	%
Total			195,598				199,859				201,117				196,824				793,398
% of Revenues before reimbursements			62.7	%			61.9	%			62.4	%			63.8	%			62.7	%
Expenses Other than Direct Compensation, Fringe Benefits & Non-Employee Labor:
U.S. Property and Casualty			21,622				24,049				19,257				18,829				83,757
% of related revenues before reimbursements			26.3	%			29.2	%			25.3	%			28.1	%			27.2	%
Broadspire			33,352				33,262				32,504				33,497				132,615
% of related revenues before reimbursements			32.2	%			30.8	%			29.4	%			31.0	%			30.8	%
International Operations			37,483				36,843				36,555				38,804				149,685
% of related revenues before reimbursements			29.7	%			27.8	%			27.0	%			29.1	%			28.4	%
Total before reimbursements			92,457				94,154				88,316				91,130				366,057
% of Revenues before reimbursements			29.6	%			29.2	%			27.4	%			29.5	%			28.9	%
Reimbursements			11,307				11,598				10,636				11,565				45,106
Total			103,764				105,752				98,952				102,695				411,163
% of Revenues			32.1	%			31.6	%			29.7	%			32.1	%			31.4	%
Segment Operating Earnings:
U.S. Property and Casualty			9,780				7,451				9,800				2,080				29,111
% of related revenues before reimbursements			11.9	%			9.0	%			12.9	%			3.1	%			9.5	%
Broadspire			11,977				14,202				15,286				11,777				53,242
% of related revenues before reimbursements			11.6	%			13.1	%			13.8	%			10.9	%			12.4	%
International Operations			2,220				7,331				7,652				6,710				23,913
% of related revenues before reimbursements			1.8	%			5.5	%			5.7	%			5.0	%			4.5	%
(Deduct) Add:
Unallocated corporate and shared costs, net			(6,133	)			(6,988	)			(6,147	)			(4,725	)			(23,993	)
Net corporate interest expense			(3,944	)			(3,858	)			(3,788	)			(3,097	)			(14,687	)
Non-service pension costs			(2,333	)			(2,354	)			(2,363	)			(2,363	)			(9,413	)
Stock option expense			(184	)			(214	)			(52	)			(159	)			(609	)
Amortization of acquisition-related intangible assets			(1,800	)			(1,825	)			(2,126	)			(2,680	)			(8,431	)
Restructuring and other costs, net			—				—				—				(13,996	)			(13,996	)
Contingent earnout adjustments			(363	)			(80	)			(60	)			(34	)			(537	)
Income (loss) before income taxes			9,220				13,665				18,202				(6,487	)			34,600
Provision for income taxes			(2,480	)			(5,845	)			(5,813	)			(786	)			(14,924	)
Net income (loss)			6,740				7,820				12,389				(7,273	)			19,676
Net (income) loss attributable to noncontrolling interests			(56	)			(38	)			19				33				(42	)
Net income (loss) attributable to shareholders of Crawford & Company		$	6,684			$	7,782			$	12,408			$	(7,240	)		$	19,634

1

CRAWFORD & COMPANY
Results of Operations By Quarter (Unaudited)
Revised for Realignment of Reportable Segments
2024 Quarterly Period		First				Second				Third				Fourth				Full Year
(Dollars in thousands)
Revenues:
U.S. Property and Casualty		$	78,212			$	85,320			$	93,693			$	108,617			$	365,842
Broadspire			101,509				104,423				106,467				104,783				417,182
International Operations			121,933				124,484				129,215				133,854				509,486
Total Revenues before reimbursements			301,654				314,227				329,375				347,254				1,292,510
Reimbursements			11,419				12,626				13,351				11,064				48,460
Total Revenues			313,073				326,853				342,726				358,318				1,340,970
Direct Compensation, Fringe Benefits & Non-Employee Labor:
U.S. Property and Casualty			50,256				54,931				60,893				75,224				241,304
% of related revenues before reimbursements			64.3	%			64.4	%			65.0	%			69.3	%			66.0	%
Broadspire			57,384				58,343				59,983				60,371				236,081
% of related revenues before reimbursements			56.5	%			55.9	%			56.3	%			57.6	%			56.6	%
International Operations			82,513				82,075				86,596				88,500				339,684
% of related revenues before reimbursements			67.7	%			65.9	%			67.0	%			66.1	%			66.7	%
Total			190,153				195,349				207,472				224,095				817,069
% of Revenues before reimbursements			63.0	%			62.2	%			63.0	%			64.5	%			63.2	%
Expenses Other than Direct Compensation, Fringe Benefits & Non-Employee Labor:
U.S. Property and Casualty			22,284				24,997				22,649				22,180				92,110
% of related revenues before reimbursements			28.5	%			29.3	%			24.2	%			20.4	%			25.2	%
Broadspire			31,254				29,855				32,361				33,627				127,097
% of related revenues before reimbursements			30.8	%			28.6	%			30.4	%			32.1	%			30.5	%
International Operations			39,247				38,410				38,913				38,457				155,027
% of related revenues before reimbursements			32.2	%			30.9	%			30.1	%			28.7	%			30.4	%
Total before reimbursements			92,785				93,262				93,923				94,264				374,234
% of Revenues before reimbursements			30.8	%			29.7	%			28.5	%			27.1	%			29.0	%
Reimbursements			11,419				12,626				13,351				11,064				48,460
Total			104,204				105,888				107,274				105,328				422,694
% of Revenues			33.3	%			32.4	%			31.3	%			29.4	%			31.5	%
Segment Operating Earnings:
U.S. Property and Casualty			5,672				5,392				10,151				11,213				32,428
% of related revenues before reimbursements			7.3	%			6.3	%			10.8	%			10.3	%			8.9	%
Broadspire			12,871				16,225				14,123				10,785				54,004
% of related revenues before reimbursements			12.7	%			15.5	%			13.3	%			10.3	%			12.9	%
International Operations			173				3,999				3,706				6,897				14,775
% of related revenues before reimbursements			0.1	%			3.2	%			2.9	%			5.2	%			2.9	%
(Deduct) Add:
Unallocated corporate and shared costs, net			(6,635	)			(3,548	)			(6,145	)			(10,169	)			(26,497	)
Net corporate interest expense			(3,596	)			(4,256	)			(4,682	)			(4,328	)			(16,862	)
Non-service pension costs			(2,473	)			(2,399	)			(2,441	)			(2,451	)			(9,764	)
Stock option expense			(167	)			(139	)			(188	)			(80	)			(574	)
Amortization of acquisition-related intangible assets			(1,868	)			(1,856	)			(1,932	)			(1,841	)			(7,497	)
Contingent earnout adjustments			(151	)			(430	)			2,128				(448	)			1,099
Income before income taxes			3,826				12,988				14,720				9,578				41,112
Provision for income taxes			(1,047	)			(4,486	)			(5,333	)			(3,717	)			(14,583	)
Net income			2,779				8,502				9,387				5,861				26,529
Net (income) loss attributable to noncontrolling interests			58				82				66				(139	)			67
Net income attributable to shareholders of Crawford & Company		$	2,837			$	8,584			$	9,453			$	5,722			$	26,596

2

CRAWFORD & COMPANY
Disaggregated Revenues Within Reportable Segments
By Quarter (Unaudited)
2025 Quarterly Period		First				Second				Third				Fourth				Full Year
(Dollars in thousands)
U.S. Property & Casualty		$	82,190			$	82,500			$	76,227			$	67,082			$	307,999
Broadspire			103,672				108,158				110,618				107,903				430,351
International Operations			126,170				132,339				135,326				133,536				527,371
Total Revenues before Reimbursements		$	312,032			$	322,997			$	322,171			$	308,521			$	1,265,721
U.S. Property & Casualty
Global Technical Services		$	26,776			$	26,481			$	26,632			$	22,924			$	102,813
Claims Solutions			31,188				28,324				27,890				25,519				112,921
Contractor Connection			16,901				18,480				16,516				14,816				66,713
Catastrophe Services			7,325				9,215				5,189				3,823				25,552
Total U.S. Property & Casualty		$	82,190			$	82,500			$	76,227			$	67,082			$	307,999
Broadspire
Claims Management		$	49,654			$	51,991			$	53,383			$	52,387			$	207,415
Medical Management			46,730				48,626				50,018				49,070				194,444
Subrogation			7,288				7,541				7,217				6,446				28,492
Total Broadspire		$	103,672			$	108,158			$	110,618			$	107,903			$	430,351
International Operations
UK		$	44,342			$	44,322			$	45,476			$	45,272			$	179,412
Europe			26,184				27,369				26,801				28,893				109,247
Australia			19,048				21,607				24,116				21,864				86,635
Canada			21,776				23,269				22,473				21,635				89,153
Asia			6,167				7,236				8,077				7,643				29,123
Latin America			8,653				8,536				8,383				8,229				33,801
Total International Operations		$	126,170			$	132,339			$	135,326			$	133,536			$	527,371

3

CRAWFORD & COMPANY
Disaggregated Revenues Within Reportable Segments
By Quarter (Unaudited)
2024 Quarterly Period		First				Second				Third				Fourth				Full Year
(Dollars in thousands)
U.S. Property & Casualty		$	78,212			$	85,320			$	93,693			$	108,617			$	365,842
Broadspire			101,509				104,423				106,467				104,783				417,182
International Operations			121,933				124,484				129,215				133,854				509,486
Total Revenues before Reimbursements		$	301,654			$	314,227			$	329,375			$	347,254			$	1,292,510
U.S. Property & Casualty
Global Technical Services		$	24,636			$	25,235			$	27,460			$	28,757			$	106,088
Claims Solutions			28,888				28,594				28,395				29,314				115,191
Contractor Connection			16,945				18,118				17,051				15,472				67,586
Catastrophe Services			7,743				13,373				20,787				35,074				76,977
Total U.S. Property & Casualty		$	78,212			$	85,320			$	93,693			$	108,617			$	365,842
Broadspire
Claims Management		$	48,398			$	49,858			$	50,293			$	50,248			$	198,797
Medical Management			45,900				47,229				48,716				47,432				189,277
Subrogation			7,211				7,336				7,458				7,103				29,108
Total Broadspire		$	101,509			$	104,423			$	106,467			$	104,783			$	417,182
International Operations
UK		$	40,255			$	41,420			$	42,265			$	44,417			$	168,357
Europe			23,621				24,453				25,116				27,512				100,702
Australia			19,661				22,316				23,530				23,481				88,988
Canada			23,841				22,201				23,474				21,363				90,879
Asia			5,369				5,604				5,847				7,646				24,466
Latin America			9,186				8,490				8,983				9,435				36,094
Total International Operations		$	121,933			$	124,484			$	129,215			$	133,854			$	509,486

4

CRAWFORD & COMPANY
Case Volume and Full Time Equivalent Data
By Quarter (Unaudited)
2025 Quarterly Period		First				Second				Third				Fourth				Full Year
CASE VOLUME ANALYSIS
U.S. Property & Casualty			97,624				92,810				89,932				80,967				361,333
Broadspire			146,931				149,904				149,213				138,590				584,638
International Operations			140,964				135,673				126,230				139,339				542,206
Total Company			385,519				378,387				365,375				358,896				1,488,177
U.S. Property & Casualty
Global Technical Services			8,680				11,308				7,654				9,974				37,616
Claims Solutions			56,926				48,245				45,673				45,170				196,014
Contractor Connection			27,465				28,190				29,304				24,187				109,146
Catastrophe Services			4,553				5,067				7,301				1,636				18,557
Total U.S. Property & Casualty			97,624				92,810				89,932				80,967				361,333
Broadspire
Claims Management			99,251				99,171				102,302				93,537				394,261
Medical Management			38,212				41,449				40,307				38,013				157,981
Subrogation			9,468				9,284				6,604				7,040				32,396
Total Broadspire			146,931				149,904				149,213				138,590				584,638
International Operations
UK			31,081				27,691				27,616				30,632				117,020
Europe			47,163				45,597				40,827				54,528				188,115
Australia			8,496				13,979				10,154				8,206				40,835
Canada			23,659				25,094				23,974				22,465				95,192
Asia			7,097				8,083				8,194				8,499				31,873
Latin America			23,468				15,229				15,465				15,009				69,171
Total International Operations			140,964				135,673				126,230				139,339				542,206
AVERAGE FULL TIME EQUIVALENT EMPLOYEE DATA
U.S. Property & Casualty			1,811				1,822				1,713				1,672				1,755
Broadspire			2,841				2,879				2,901				2,940				2,890
International Operations			4,430				4,406				4,300				4,249				4,346
Administration			893				885				874				871				881
Total Company			9,975				9,992				9,788				9,732				9,872

5

CRAWFORD & COMPANY
Case Volume and Full Time Equivalent Data
By Quarter (Unaudited)
2024 Quarterly Period		First				Second				Third				Fourth				Full Year
CASE VOLUME ANALYSIS
U.S. Property & Casualty			101,363				99,849				110,058				106,033				417,303
Broadspire			145,587				148,643				150,640				138,725				583,595
International Operations			161,239				144,264				141,813				149,727				597,043
Total Company			408,189				392,756				402,511				394,485				1,597,941
U.S. Property & Casualty
Global Technical Services			7,986				8,514				9,491				9,528				35,519
Claims Solutions			28,364				28,046				27,216				26,371				109,997
Contractor Connection			33,069				29,138				31,360				28,137				121,704
Catastrophe Services			31,944				34,151				41,991				41,997				150,083
Total U.S. Property & Casualty			101,363				99,849				110,058				106,033				417,303
Broadspire
Claims Management			94,265				97,163				100,121				90,047				381,596
Medical Management			41,433				41,404				40,680				39,847				163,364
Subrogation			9,889				10,076				9,839				8,831				38,635
Total Broadspire			145,587				148,643				150,640				138,725				583,595
International Operations
UK			39,988				33,033				28,343				28,650				130,014
Europe			42,689				46,189				46,244				46,845				181,967
Australia			20,321				12,616				9,239				8,632				50,808
Canada			25,587				22,984				28,995				19,742				97,308
Asia			6,304				5,701				7,346				8,030				27,381
Latin America			26,350				23,741				21,646				37,828				109,565
Total International Operations			161,239				144,264				141,813				149,727				597,043
AVERAGE FULL TIME EQUIVALENT EMPLOYEE DATA
U.S. Property & Casualty			1,939				1,962				2,106				2,253				2,065
Broadspire			2,750				2,760				2,808				2,843				2,790
International Operations			4,453				4,530				4,546				4,524				4,513
Administration			827				851				873				893				861
Total Company			9,969				10,103				10,333				10,513				10,229

6

CRAWFORD & COMPANY
Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
		Three Months Ended March 31, 2025
		U.S. Property & Casualty			Broadspire			International Operations			Total
		(Dollars In thousands)
Revenues before reimbursements		$	82,190		$	103,672		$	126,170		$	312,032
Less:
Segment Expenses:
Compensation			41,563			45,051			65,619			152,233
Benefits and payroll taxes			7,673			10,383			12,319			30,375
Non-employee labor			1,552			2,909			8,529			12,990
Total Compensation			50,788			58,343			86,467			195,598
Office rent and occupancy			1,167			2,154			4,136			7,457
Other office operating expense (1)			3,790			3,468			8,316			15,574
Depreciation			1,803			1,447			1,008			4,258
Professional fees			574			4,239			2,384			7,197
Cost of risk			142			1,072			(335	)		879
Other, net (2)			831			304			1,876			3,011
Total Other Operating Expense			8,307			12,684			17,385			38,376
Allocated corporate, shared services, and administrative costs (3)			13,315			20,668			20,098			54,081
Total Segment Expenses			72,410			91,695			123,950			288,055
Segment Operating Earnings		$	9,780		$	11,977		$	2,220		$	23,977
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4)												(6,133	)
Net corporate interest expense												(3,944	)
Non-service pension costs												(2,333	)
Stock option expense												(184	)
Amortization of acquisition-related intangible assets												(1,800	)
Contingent earnout adjustments												(363	)
Income before income taxes												9,220
Income taxes												(2,480	)
Net Income												6,740
Net Income Attributable to Noncontrolling Interests												(56	)
Net Income Attributable to Shareholders of Crawford & Company											$	6,684

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

(2) Other, net primarily includes bank service charges and advertising expenses.

(3) 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.

(4) 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.

7

CRAWFORD & COMPANY
Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
		Three Months Ended June 30, 2025
		U.S. Property & Casualty			Broadspire			International Operations			Total
		(Dollars In thousands)
Revenues before reimbursements		$	82,500		$	108,158		$	132,339		$	322,997
Less:
Segment Expenses:
Compensation			41,545			47,026			68,387			156,958
Benefits and payroll taxes			7,601			10,622			12,471			30,694
Non-employee labor			1,854			3,046			7,307			12,207
Total Compensation			51,000			60,694			88,165			199,859
Office rent and occupancy			1,145			2,163			4,140			7,448
Other office operating expense (1)			3,787			3,317			8,574			15,678
Depreciation			1,817			1,448			1,074			4,339
Professional fees			533			4,995			821			6,349
Cost of risk			787			1,039			730			2,556
Other, net (2)			2,160			340			1,860			4,360
Total Other Operating Expense			10,229			13,302			17,199			40,730
Allocated corporate, shared services, and administrative costs (3)			13,820			19,960			19,644			53,424
Total Segment Expenses			75,049			93,956			125,008			294,013
Segment Operating Earnings		$	7,451		$	14,202		$	7,331		$	28,984
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4)												(6,988	)
Net corporate interest expense												(3,858	)
Non-service pension costs												(2,354	)
Stock option expense												(214	)
Amortization of acquisition-related intangible assets												(1,825	)
Contingent earnout adjustments												(80	)
Income before income taxes												13,665
Income taxes												(5,845	)
Net Income												7,820
Net Income Attributable to Noncontrolling Interests												(38	)
Net Income Attributable to Shareholders of Crawford & Company											$	7,782

8

CRAWFORD & COMPANY
Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
		Three Months Ended September 30, 2025
		U.S. Property & Casualty			Broadspire			International Operations			Total
		(Dollars In thousands)
Revenues before reimbursements		$	76,227		$	110,618		$	135,326		$	322,171
Less:
Segment Expenses:
Compensation			38,096			49,028			69,975			157,099
Benefits and payroll taxes			7,272			10,831			12,794			30,897
Non-employee labor			1,802			2,969			8,350			13,121
Total Compensation			47,170			62,828			91,119			201,117
Office rent and occupancy			1,119			2,154			4,228			7,501
Other office operating expense (1)			3,499			3,444			8,448			15,391
Depreciation			1,814			1,448			1,060			4,322
Professional fees			550			5,086			2,010			7,646
Cost of risk			558			793			1,257			2,608
Other, net (2)			(1,077	)		(2	)		189			(890	)
Total Other Operating Expense			6,463			12,923			17,192			36,578
Allocated corporate, shared services, and administrative costs (3)			12,794			19,581			19,363			51,738
Total Segment Expenses			66,427			95,332			127,674			289,433
Segment Operating Earnings		$	9,800		$	15,286		$	7,652		$	32,738
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4)												(6,147	)
Net corporate interest expense												(3,788	)
Non-service pension costs												(2,363	)
Stock option expense												(52	)
Amortization of acquisition-related intangible assets												(2,126	)
Contingent earnout adjustments												(60	)
Income before income taxes												18,202
Income taxes												(5,813	)
Net Income												12,389
Net Loss Attributable to Noncontrolling Interests												19
Net Income Attributable to Shareholders of Crawford & Company											$	12,408

9

CRAWFORD & COMPANY
Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
		Three Months Ended December 31, 2025
		U.S. Property & Casualty			Broadspire			International Operations			Total
		(Dollars In thousands)
Revenues before reimbursements		$	67,082		$	107,903		$	133,536		$	308,521
Less:
Segment Expenses:
Compensation			37,965			48,807			67,293			154,065
Benefits and payroll taxes			7,259			10,913			12,972			31,144
Non-employee labor			949			2,909			7,757			11,615
Total Compensation			46,173			62,629			88,022			196,824
Office rent and occupancy			929			2,039			4,146			7,114
Other office operating expense (1)			3,460			3,458			8,752			15,670
Depreciation			1,670			1,424			1,066			4,160
Professional fees			558			4,572			2,102			7,232
Cost of risk			980			572			1,216			2,768
Other, net (2)			(752	)		347			2,492			2,087
Total Other Operating Expense			6,845			12,412			19,774			39,031
Allocated corporate, shared services, and administrative costs (3)			11,984			21,085			19,030			52,099
Total Segment Expenses			65,002			96,126			126,826			287,954
Segment Operating Earnings		$	2,080		$	11,777		$	6,710		$	20,567
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4)												(4,725	)
Net corporate interest expense												(3,097	)
Non-service pension costs												(2,363	)
Stock option expense												(159	)
Amortization of acquisition-related intangible assets												(2,680	)
Restructuring and other costs, net												(13,996	)
Contingent earnout adjustments												(34	)
Loss before income taxes												(6,487	)
Income taxes												(786	)
Net Loss												(7,273	)
Net Loss Attributable to Noncontrolling Interests												33
Net Loss Attributable to Shareholders of Crawford & Company											$	(7,240	)

10

CRAWFORD & COMPANY
Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
		Year Ended December 31, 2025
		U.S. Property & Casualty			Broadspire			International Operations			Total
		(Dollars In thousands)
Revenues before reimbursements		$	307,999		$	430,351		$	527,371		$	1,265,721
Less:
Segment Expenses:
Compensation			159,169			189,912			271,274			620,355
Benefits and payroll taxes			29,805			42,749			50,556			123,110
Non-employee labor			6,157			11,833			31,943			49,933
Total Compensation			195,131			244,494			353,773			793,398
Office rent and occupancy			4,360			8,510			16,650			29,520
Other office operating expense (1)			14,536			13,687			34,090			62,313
Depreciation			7,104			5,767			4,208			17,079
Professional fees			2,215			18,892			7,317			28,424
Cost of risk			2,467			3,476			2,868			8,811
Other, net (2)			1,162			989			6,417			8,568
Total Other Operating Expense			31,844			51,321			71,550			154,715
Allocated corporate, shared services, and administrative costs (3)			51,913			81,294			78,135			211,342
Total Segment Expenses			278,888			377,109			503,458			1,159,455
Segment Operating Earnings		$	29,111		$	53,242		$	23,913		$	106,266
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4)												(23,993	)
Net corporate interest expense												(14,687	)
Non-service pension costs												(9,413	)
Stock option expense												(609	)
Amortization of acquisition-related intangible assets												(8,431	)
Restructuring and other costs, net												(13,996	)
Contingent earnout adjustments												(537	)
Income before income taxes												34,600
Income taxes												(14,924	)
Net Income												19,676
Net Income Attributable to Noncontrolling Interests												(42	)
Net Income Attributable to Shareholders of Crawford & Company											$	19,634

11

CRAWFORD & COMPANY
Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
		Three Months Ended March 31, 2024
		U.S. Property & Casualty			Broadspire			International Operations			Total
		(Dollars In thousands)
Revenues before reimbursements		$	78,212		$	101,509		$	121,933		$	301,654
Less:
Segment Expenses:
Compensation			40,335			44,110			64,548			148,993
Benefits and payroll taxes			8,055			10,146			12,406			30,607
Non-employee labor			1,866			3,128			5,559			10,553
Total Compensation			50,256			57,384			82,513			190,153
Office rent and occupancy			1,183			2,338			4,646			8,167
Other office operating expense (1)			3,065			3,058			8,442			14,565
Depreciation			1,720			1,291			909			3,920
Professional fees			416			4,206			2,783			7,405
Cost of risk			577			708			945			2,230
Other, net (2)			1,298			202			2,231			3,731
Total Other Operating Expense			8,259			11,803			19,956			40,018
Allocated corporate, shared services, and administrative costs (3)			14,025			19,451			19,291			52,767
Total Segment Expenses			72,540			88,638			121,760			282,938
Segment Operating Earnings		$	5,672		$	12,871		$	173		$	18,716
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4)												(6,635	)
Net corporate interest expense												(3,596	)
Non-service pension costs												(2,473	)
Stock option expense												(167	)
Amortization of acquisition-related intangible assets												(1,868	)
Contingent earnout adjustments												(151	)
Income before income taxes												3,826
Income taxes												(1,047	)
Net Income												2,779
Net Loss Attributable to Noncontrolling Interests												58
Net Income Attributable to Shareholders of Crawford & Company											$	2,837

12

CRAWFORD & COMPANY
Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
		Three Months Ended June 30, 2024
		U.S. Property & Casualty			Broadspire			International Operations			Total
		(Dollars In thousands)
Revenues before reimbursements		$	85,320		$	104,423		$	124,484		$	314,227
Less:
Segment Expenses:
Compensation			44,657			45,042			64,062			153,761
Benefits and payroll taxes			8,090			10,204			12,222			30,516
Non-employee labor			2,184			3,097			5,791			11,072
Total Compensation			54,931			58,343			82,075			195,349
Office rent and occupancy			1,040			2,353			4,043			7,436
Other office operating expense (1)			3,789			2,975			8,525			15,289
Depreciation			1,674			1,196			861			3,731
Professional fees			529			4,368			3,020			7,917
Cost of risk			216			625			1,287			2,128
Other, net (2)			2,458			348			2,096			4,902
Total Other Operating Expense			9,706			11,865			19,832			41,403
Allocated corporate, shared services, and administrative costs (3)			15,291			17,990			18,578			51,859
Total Segment Expenses			79,928			88,198			120,485			288,611
Segment Operating Earnings		$	5,392		$	16,225		$	3,999		$	25,616
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4)												(3,548	)
Net corporate interest expense												(4,256	)
Non-service pension costs												(2,399	)
Stock option expense												(139	)
Amortization of acquisition-related intangible assets												(1,856	)
Contingent earnout adjustments												(430	)
Income before income taxes												12,988
Income taxes												(4,486	)
Net Income												8,502
Net Loss Attributable to Noncontrolling Interests												82
Net Income Attributable to Shareholders of Crawford & Company											$	8,584

13

CRAWFORD & COMPANY
Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
		Three Months Ended September 30, 2024
		U.S. Property & Casualty			Broadspire			International Operations			Total
		(Dollars In thousands)
Revenues before reimbursements		$	93,693		$	106,467		$	129,215		$	329,375
Less:
Segment Expenses:
Compensation			49,567			46,432			67,201			163,200
Benefits and payroll taxes			8,352			10,399			11,734			30,485
Non-employee labor			2,974			3,152			7,661			13,787
Total Compensation			60,893			59,983			86,596			207,472
Office rent and occupancy			1,134			2,319			4,575			8,028
Other office operating expense (1)			3,854			3,233			8,728			15,815
Depreciation			1,614			1,159			893			3,666
Professional fees			487			4,789			2,934			8,210
Cost of risk			619			1,379			1,042			3,040
Other, net (2)			1,249			152			2,441			3,842
Total Other Operating Expense			8,957			13,031			20,613			42,601
Allocated corporate, shared services, and administrative costs (3)			13,692			19,330			18,300			51,322
Total Segment Expenses			83,542			92,344			125,509			301,395
Segment Operating Earnings		$	10,151		$	14,123		$	3,706		$	27,980
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4)												(6,145	)
Net corporate interest expense												(4,682	)
Non-service pension costs												(2,441	)
Stock option expense												(188	)
Amortization of acquisition-related intangible assets												(1,932	)
Contingent earnout adjustments												2,128
Income before income taxes												14,720
Income taxes												(5,333	)
Net Income												9,387
Net Loss Attributable to Noncontrolling Interests												66
Net Income Attributable to Shareholders of Crawford & Company											$	9,453

14

CRAWFORD & COMPANY
Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
		Three Months Ended December 31, 2024
		U.S. Property & Casualty			Broadspire			International Operations			Total
		(Dollars In thousands)
Revenues before reimbursements		$	108,617		$	104,783		$	133,854		$	347,254
Less:
Segment Expenses:
Compensation			62,931			47,041			68,558			178,530
Benefits and payroll taxes			9,470			10,557			11,944			31,971
Non-employee labor			2,823			2,773			7,998			13,594
Total Compensation			75,224			60,371			88,500			224,095
Office rent and occupancy			1,057			2,428			4,359			7,844
Other office operating expense (1)			3,931			3,320			8,972			16,223
Depreciation			2,081			1,154			857			4,092
Professional fees			716			4,795			3,357			8,868
Cost of risk			415			3,827			1,586			5,828
Other, net (2)			676			61			(638	)		99
Total Other Operating Expense			8,876			15,585			18,493			42,954
Allocated corporate, shared services, and administrative costs (3)			13,304			18,042			19,964			51,310
Total Segment Expenses			97,404			93,998			126,957			318,359
Segment Operating Earnings		$	11,213		$	10,785		$	6,897		$	28,895
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4)												(10,169	)
Net corporate interest expense												(4,328	)
Non-service pension costs												(2,451	)
Stock option expense												(80	)
Amortization of acquisition-related intangible assets												(1,841	)
Contingent earnout adjustments												(448	)
Income before income taxes												9,578
Income taxes												(3,717	)
Net Income												5,861
Net Income Attributable to Noncontrolling Interests												(139	)
Net Income Attributable to Shareholders of Crawford & Company											$	5,722

15

CRAWFORD & COMPANY
Reportable Segment Information (Unaudited)
Revised for Realignment of Reportable Segments
		Year Ended December 31, 2024
		U.S. Property & Casualty			Broadspire			International Operations			Total
		(Dollars In thousands)
Revenues before reimbursements		$	365,842		$	417,182		$	509,486		$	1,292,510
Less:
Segment Expenses:
Compensation			197,490			182,625			264,369			644,484
Benefits and payroll taxes			33,967			41,306			48,306			123,579
Non-employee labor			9,847			12,150			27,009			49,006
Total Compensation			241,304			236,081			339,684			817,069
Office rent and occupancy			4,414			9,438			17,623			31,475
Other office operating expense (1)			14,639			12,586			34,667			61,892
Depreciation			7,089			4,800			3,520			15,409
Professional fees			2,148			18,158			12,094			32,400
Cost of risk			1,827			6,539			4,860			13,226
Other, net (2)			5,681			763			6,130			12,574
Total Other Operating Expense			35,798			52,284			78,894			166,976
Allocated corporate, shared services, and administrative costs (3)			56,312			74,813			76,133			207,258
Total Segment Expenses			333,414			363,178			494,711			1,191,303
Segment Operating Earnings		$	32,428		$	54,004		$	14,775		$	101,207
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4)												(26,497	)
Net corporate interest expense												(16,862	)
Non-service pension costs												(9,764	)
Stock option expense												(574	)
Amortization of acquisition-related intangible assets												(7,497	)
Contingent earnout adjustments												1,099
Income before income taxes												41,112
Income taxes												(14,583	)
Net Income												26,529
Net Loss Attributable to Noncontrolling Interests												67
Net Income Attributable to Shareholders of Crawford & Company											$	26,596

16

FAQ

What segment changes did Crawford & Company (CRD) announce?

Crawford & Company reorganized its reportable segments into U.S. Property & Casualty, Broadspire, and International Operations. The change reflects a January 1, 2026 management realignment, and prior-period 2024 and 2025 segment results have been revised to match the new structure for comparability.

How did Crawford & Company (CRD) perform in 2025 under the new segments?

In 2025, revenues before reimbursements were $1,265,721 thousand and net income attributable to shareholders was $19,634 thousand. Segment operating earnings totaled $106,266 thousand across U.S. Property & Casualty, Broadspire, and International Operations under the revised segment reporting basis.

How do Crawford & Company’s 2025 results compare with 2024?

For 2025, revenues before reimbursements were $1,265,721 thousand versus $1,292,510 thousand in 2024. Net income attributable to shareholders was $19,634 thousand in 2025 compared with $26,596 thousand in 2024, based on the recast segment presentation.

What businesses are included in Crawford & Company’s U.S. Property & Casualty segment?

The U.S. Property & Casualty segment includes U.S. Loss Adjusting, Global Technical Services, Claims Solutions, Contractor Connection, and Catastrophe Services. Contractor Connection and Catastrophe Services were previously reported in the Platform Solutions segment before the realignment effective January 1, 2026.

What does the Broadspire segment cover for Crawford & Company (CRD)?

Broadspire provides third party administration and related services for workers' compensation, auto and liability, disability and medical management, accident and health, plus subrogation. Its subrogation operations were previously reported within the Platform Solutions segment before being grouped into Broadspire.

Did Crawford & Company’s segment realignment change its consolidated financial results?

No, the company states the segment changes do not impact historical consolidated statements of operations, balance sheets, or cash flows. Only the allocation of revenues and expenses among the U.S. Property & Casualty, Broadspire, and International Operations segments has been revised and restated.

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