Crawford & Co (NYSE: CRD-B)

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.

The company generates revenue by charging fees for claims adjusting services third party administration medical management technology solutions contractor network management network services and subrogation recoveries. Its primary customers are insurance carriers brokers corporations and self insured entities that rely on Crawford & Company to handle property and casualty workers compensation liability and disability claims.

The company operates through the following segments: North America Loss Adjusting International Operations Broadspire and Platform Solutions.

• North America Loss Adjusting provides claims management and adjusting services to insurance carriers and self insured entities in the United States and Canada related to property and casualty losses from physical damage to commercial and residential real property certain personal property and marine losses. This segment includes field investigation evaluation and resolution of claims as well as global technical services that handle large complex losses with industry experts in areas such as commercial property forensic accounting forensic engineering transportation retail building and construction cyber and energy. Canadian operations also include third party administration and contractor connection services.

• International Operations delivers claims management and adjusting services to insurance carriers and self insured entities in the United Kingdom Europe Australia Asia and Latin America. The segment encompasses loss adjusting global technical services third party administration contractor connection and legal services that support claim handling in various jurisdictions. Revenue is primarily derived from the global insurance carrier market.

• Broadspire offers 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 United States. Its services include claim adjudication loss mitigation medical bill review medical case management vocational rehabilitation risk management information and administration of loss funds. The segment is organized into a claims management service line covering workers compensation liability property accident and health disability and leave management and a medical management service line that applies evidence based criteria clinical expertise and technology to achieve cost effective outcomes.

• Platform Solutions provides services to property and casualty insurance company and consumer markets in the United States through the contractor connection network services and subrogation service lines. Contractor connection manages a nationwide network of approximately five thousand credentialed residential and commercial contractors to deliver repair services. Network services include catastrophe response to natural and man made disasters and staff augmentation for adjuster resources. The subrogation line offers outsourced subrogation claims management recovery and consultative services for the property and casualty insurance industry.

Crawford & Company holds a leading position in the global claims management market due to its extensive international footprint diversified service offerings and strong brand reputation. It competes with numerous smaller regional firms that may have lower price points or local market knowledge but generally lack the breadth of services and geographic reach that Crawford & Company provides. The company also faces competition from larger national and independent claims service providers that offer similar broad scopes of service. Its competitive advantages include a scalable technology platform a deep network of skilled adjusters and contractors and the ability to deliver consistent quality across multiple jurisdictions.

The customer base consists primarily of insurance carriers brokers corporations and self insured entities that require claims handling risk management and related services. No single customer accounts for ten percent or more of consolidated revenues although certain segments have concentrations where a few customers represent more than ten percent of segment revenue. The company serves a wide range of industries including commercial property residential property automotive marine and workers compensation sectors.