• The 'ADP' for managing complex insurance claims and risk management for businesses.
• An 'Angi' or 'HomeAdvisor' specifically for connecting insurance companies with a managed network of vetted contractors for property repairs, especially after disasters.

• Claims Adjusting Services: Provides claims management services for insurance companies and self-insured entities across various insurance types including property, public liability, automobile, and marine.
• Third-Party Administration (TPA) Services: Offers comprehensive claims and risk management for self-insured or commercially-insured corporations, including desktop claim adjusting, loss reporting, and administration for workers' compensation, auto, liability, disability, and health products.
• Contractor Network and Management Services: Delivers outsourced contractor management services and solutions, such as Contractor Connection, for various loss types ranging from high-frequency claims to large complex repairs and disaster recovery.

Crawford (CRD-A) primarily sells its claims management and outsourcing solutions to other companies. The provided background description does not list specific customer company names. Instead, it details the major categories of businesses that Crawford serves:

• Insurance Carriers and Companies: This includes various insurance providers that utilize Crawford's services for claims management, loss adjusting (e.g., property, public liability, automobile, marine insurances), and related solutions.
• Brokers: Companies that act as intermediaries in the insurance market, for whom Crawford provides solutions.
• Corporations and Self-Insured Entities: These are businesses, whether self-insured or commercially-insured, that use Crawford's TPA Solutions for claims and risk management, workers' compensation, auto and liability, disability absence and medical management, and other related services.

The key risks to Crawford & Company (CRD-A) are:

1. Carrier Insourcing and Soft Near-Term Volume: A significant risk to Crawford's business is the potential for insurance carriers to insource claims management functions, leading to reduced demand for Crawford's outsourcing solutions. This is compounded by a general soft near-term volume, which directly impacts the company's revenue streams.
2. Sensitivity to Weather-Related Activity: Crawford's business, particularly its Platform Solutions segment, is heavily influenced by natural disasters such as fires, hailstorms, hurricanes, earthquakes, and floods. Lower weather-related activity can lead to a decrease in claims volume, resulting in reduced revenue for the company.
3. Intense Competition and the Need for Technology Adaptation: The claims management industry is competitive, and Crawford faces risks from intense competition. Furthermore, the company must continually adapt to technological advancements and digitize its processes to maintain operational efficiency and competitive advantage. A failure to embrace technology could impact its ability to effectively manage claims and compete in the market.

The rapid advancement and adoption of artificial intelligence (AI) and automation technologies by insurance carriers and self-insured entities pose a clear emerging threat. These technologies are increasingly capable of automating various aspects of the claims management process, including initial loss reporting, damage assessment (via computer vision analyzing photos/videos), fraud detection, and even the adjudication and settlement of high-frequency, low-complexity claims. As insurers build or integrate these AI-powered platforms, their reliance on third-party adjusters, desktop claim evaluators, and certain third-party administration (TPA) services, which form the core of Crawford's Loss Adjusting and TPA Solutions segments, could diminish significantly.

Addressable Markets for Crawford & Company's Main Products and Services:

• Global Insurance Claims Services Market: This market, which encompasses claims management and outsourcing solutions, was valued at $193.8 billion in 2022 and is projected to reach $638.3 billion by 2032.
• Global Claims Management Solution Market: For technology-driven claims management solutions, the global market size was approximately $15.76 billion in 2024 and is forecasted to grow to $22.34 billion by 2030.
• Global Insurance Third-Party Administrator (TPA) Market: The global TPA market, which includes various claims and risk management services offered by Crawford, was estimated at $513.23 billion in 2024 and is projected to expand to $820.39 billion by 2033.
  • U.S. Insurance Third-Party Administrator Market: Specifically in the U.S., this market was valued at $156.08 billion in 2020 and is projected to reach $243.26 billion by 2030.
  • US Healthcare Insurance Third-Party Administrator Market: A segment of the TPA market relevant to Crawford's health-related TPA services was valued at approximately $64.92 billion in 2024 and is expected to reach $144.86 billion by 2031.
  • Europe Insurance Third-Party Administration Market: In Europe, the market was valued at $15.67 billion in 2023.
• Global Contractor Management Service Market: This market, which aligns with Crawford's Contractor Connection and Networks services, was estimated at $15 billion in 2025 and is projected to grow to $50 billion by 2033.

Crawford & Company (CRD-A) anticipates several key drivers to fuel its revenue growth over the next two to three years:

• Continued Growth in Broadspire Segment: The Broadspire segment, which provides third-party administration for workers' compensation, auto and liability, and other benefits, is expected to be a significant contributor to future revenue. It has consistently demonstrated mid-single-digit growth and achieved record full-year revenue and earnings in 2025. Management considers Broadspire a "core profit engine" due to its recurring revenue and less reliance on weather-related events.
• Profitable Market Share Expansion and New Business: A primary strategic goal for Crawford is the expansion of profitable market share, supported by a focus on continuously improving its go-to-market strategy. The company successfully added $98 million in new business during 2025, indicating its ability to attract new clients and assignments.
• Increasing Demand for Complex Claims and Global Technical Services: The growing complexity of risks globally is expanding the market for major and complex loss claims. Crawford is well-positioned to capitalize on this trend, as clients increasingly seek partners with deep technical expertise and global coordination capabilities to manage high-severity, intricate claims. The company's global technical services team is highlighted as a leader in this specialized market.
• Operational Streamlining and Enhanced Client Focus: Recent strategic restructuring, including the implementation of a new global operating structure and the exit from lower-margin legal advisory services, is intended to improve operational efficiency and enhance client outcomes. This streamlining is expected to support scalable growth across its business segments, allowing for better revenue capture and improved service delivery.

Share Repurchases

• On October 30, 2025, the Board of Directors authorized an increase of two million shares to the share purchase program, extending its termination date to December 31, 2027.
• This program was initially established on November 4, 2021, and further expanded on February 10, 2022, with an aggregate authorization to repurchase up to seven million shares of common stock.
• 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, totaling $10.5 million in share repurchases.
• In 2024, Crawford & Company repurchased 409,610 shares of CRD-B.

Outbound Investments

• Crawford & Company completed several acquisitions in the last few years, including Tecse, Inarges, and Cortes y Botella in November 2024.
• Other acquisitions include Bosboon and Praxis Consulting in October 2021, and edjuster in August 2021.
• The company averaged 1.2 acquisitions annually between 2020 and 2025, with peak acquisition years in 2024 and 2021, each having three acquisitions.

Capital Expenditures

• In the last 12 months, as of December 31, 2025, capital expenditures amounted to -$7.01 million.
• The company's capital management approach supports investments in its workforce, technology, and client solutions to strengthen its market position.