Here are 1-2 analogies to describe Crawford (CRD-A):

• Crawford is like the ADP for insurance claims, handling the complex processing, adjustment, and management of claims for insurers and businesses.
• Crawford is similar to PwC for insurance claims assessment and management, providing expert, third-party services to investigate, quantify, and resolve complex insurance losses globally.

• Claims Management & Loss Adjusting: Investigating, evaluating, and settling insurance claims for property, casualty, marine, and other specialized lines on behalf of insurers and corporations.
• Third Party Administration (TPA): Providing outsourced claims administration services for self-insured entities, captives, and large deductible programs.
• Managed Repair & Contractor Network: Managing the repair process for damaged properties, connecting policyholders with a network of vetted contractors for efficient restoration.
• Catastrophe Services: Delivering rapid response and large-scale claims handling solutions following major natural disasters or other catastrophic events.

Crawford & Company (CRD-A) primarily sells its claims management solutions and related services to other companies, not directly to individuals.

Its customer base consists of a wide range of entities within the insurance industry and beyond. The major categories of customers include:

• Insurance companies (national, regional, and global carriers)
• Insurance brokers
• Self-insured corporations and government entities

Due to the competitive nature of the industry and client confidentiality agreements, Crawford & Company does not publicly disclose the names of its specific major customer companies or their symbols.

Rohit Verma, President & Chief Executive Officer

Rohit Verma was appointed CEO in May 2020 and is also a member of the board of directors for Crawford & Company. He brings over 20 years of international strategic expertise to the company. Prior to joining Crawford, Verma served as the regional executive for the south region of Zurich North America, where he held various executive management positions including COO and CFO for a SME business. Before Zurich, he was a management consultant with McKinsey & Company and Deloitte, working on strategy and transformation for clients such as AIG, AXA Equitable, Principal, MassMutual, Northwestern Mutual, Deutsche Bank, Credit Suisse, and Zurich. He holds five patents and has authored several internet standards. He is also a member of the board of directors for Ameritas Holding Company and Ameritas Life Insurance Corp.

W. Bruce Swain, Jr., Chief Financial Officer

W. Bruce Swain, Jr. is responsible for leading all aspects of Crawford’s global finance function. He began his career with Crawford in 1993, holding several management positions within the finance division before becoming senior vice president and controller in January 2000. He assumed his current role as Chief Financial Officer and Executive Vice President in October 2006. Swain is a certified public accountant and a chartered global management accountant. He holds bachelor's and master's degrees in accountancy from the University of Mississippi.

Andrew Bart, CEO, International Operations

Andrew Bart serves as the CEO of International Operations for Crawford & Company.

Mike Hoberman, President, TPA: Broadspire, North America

Mike Hoberman is the President of TPA: Broadspire, North America at Crawford & Company.

Roberto McQuattie, Global Chief Transformation Officer

Roberto McQuattie holds the position of Global Chief Transformation Officer at Crawford & Company.

The accelerating adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies by insurance carriers and emerging insurtech companies poses a clear threat. These technologies are increasingly capable of automating various aspects of the claims process, including first notice of loss, damage assessment (e.g., using computer vision for property and auto), fraud detection, and even automated settlement for simpler claims. This trend directly challenges Crawford's core business model, which relies on providing human-driven claims management and third-party administration services, by offering a potentially faster, more efficient, and lower-cost alternative that reduces the need for traditional adjusters and outsourced solutions.

Crawford & Company (CRD-A) operates in several key markets, primarily offering claims management, third-party administration (TPA), and catastrophe services globally. Here's an overview of the addressable market sizes for their main products and services:

• Claims Management Services:
  • The global claims management market was valued at approximately USD 4.60 billion in 2023 and is projected to grow to USD 13.95 billion by 2032.
  • More broadly, the global insurance claims services market was valued at USD 198.13 billion in 2024 and is expected to grow at a CAGR of 13.3% during 2025-2030.
  • Specifically, the global healthcare claims management market size reached USD 16.8 billion in 2024 and is projected to reach USD 33.4 billion by 2033. Another estimate places the global healthcare claims management market at USD 13.1 billion in 2022, expected to reach USD 21.1 billion by 2032.
  • In the U.S., the medical claims processing services market is estimated at USD 5.7 billion in 2025.
• Third-Party Administration (TPA) Services:
  • The global insurance third-party administrator market size was valued at USD 382.52 billion in 2024 and is predicted to increase to approximately USD 831.21 billion by 2034, growing at a CAGR of 8.07%. Another source indicates a global market size of USD 432.44 billion in 2024, expected to reach USD 886.31 billion by 2033.
  • In the U.S., the insurance third-party administration market size was USD 115.14 billion in 2024 and is projected to be around USD 254.91 billion by 2034. The broader "Third-Party Administrators & Insurance Claims Adjusters" industry in the United States is estimated at $319.8 billion in 2025.
  • The U.S. healthcare insurance third-party administrator market size was valued at US$ 64.92 billion in 2024 and is expected to reach US$ 144.86 billion by 2031.
• Catastrophe Services:
  • The global catastrophe response services for insurers market size was valued at $5.2 billion in 2024 and is forecasted to reach $12.7 billion by 2033.
  • The global catastrophe insurance market was estimated at USD 210.99 billion in 2024 and is expected to reach USD 220.30 billion in 2025, further growing to USD 302.74 billion by 2032. Another projection for the global catastrophe insurance market indicates a value of $215 billion, expected to reach $360 billion by 2035.
  • In the U.S., the natural disaster & emergency relief services market size is approximately $16.0 billion in 2025.
  • The global disaster restoration services market was valued at US$ 41.2 billion in 2023 and is forecasted to expand to US$ 75.8 billion by 2034. North America's market value for these services reached $15.11 billion in 2023.

Crawford & Company (CRD-A) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Increased Claims Activity: Revenue growth is significantly influenced by claims volumes, particularly those stemming from weather-related events and other outsourced claims activity. For instance, the fourth quarter of 2024 saw revenue growth in the Platform Solutions segment due to increased activity from Hurricanes Helene and Milton. Conversely, lower claims activity can present a headwind to revenue.
2. Expansion in International Operations: The company has consistently demonstrated strong revenue growth within its International Operations segment. Key markets contributing to this growth include the U.K., Europe, Asia, and Latin America.
3. Growth in Broadspire Segment: The Broadspire segment has been a strong performer, achieving record quarterly revenues in Q3 2025 and record annual revenues in 2024. This growth is primarily fueled by increases in medical case management and casualty claims revenues.
4. New Business and Client Relationship Expansion: Crawford & Company focuses on expanding its client relationships and securing new business. Management reported adding $29 million in new business during Q3 2025, contributing to a year-to-date total of $78 million.
5. Strategic Initiatives and Investments: The company is pursuing long-term growth through strategic initiatives, including targeted mergers and acquisitions (M&A), acqui-hires to expand capabilities, and ongoing capital expenditures, all aimed at enhancing its service offerings and market position.

Share Repurchases

• On October 30, 2025, Crawford's Board of Directors authorized an increase to its share purchase program by an additional two million shares, extending the program's termination date to December 31, 2027. This expanded an initial authorization from November 4, 2021, and February 10, 2022, which allowed for the repurchase of up to an aggregate of seven million shares of common stock.
• As of October 30, 2025, approximately 634,920 shares remained under the existing share repurchase authorization prior to the new increase.
• In the third quarter of 2025, the Company repurchased 263,098 shares of CRD-A at an average cost of $10.71 per share and 12,846 shares of CRD-B at an average cost of $10.40 per share. In 2024, the total cost of share repurchases was $3.9 million, primarily consisting of 409,610 shares of CRD-B repurchased at an average cost of $9.44 per share.

Outbound Investments

• Crawford & Company's capital allocation strategy includes investing to drive innovation and accelerate growth, and to diversify business lines to improve profitability, particularly in technology-enabled solutions.
• The company reported a pretax contingent earnout expense of $0.1 million in the third quarter of 2025, related to fair value adjustments of earnout liabilities from prior acquisitions, indicating past strategic investments in other companies.

Capital Expenditures

• Capital expenditures for the last 12 months were approximately $6.98 million.
• The company's investment strategy emphasizes investing in its business and technology to drive innovation and support its technology-enabled Business Process Outsourcing (BPO) platform.
• Crawford's disciplined capital allocation strategy focuses on strengthening cash generation while investing in the rapidly changing claims administration industry, with a focus on technology.