Crawford Revenues Jump in Q4

Crawford & Co., the provider of claims management services to insurance companies and self-insured entities, reported that
fourth quarter 2008 consolidated revenues before reimbursements totaled $262.9 million compared to $245.2 million in the 2007 fourth quarter.

Fourth quarter 2008 net income was $8.3 million, more than 150 percent over the $3.3 million generated in the 2007 fourth quarter. Net income in the 2008 fourth quarter included a $2.5 million non-taxable gain on the sale of a business in a Holland subsidiary and restructuring costs of $2.2 million.

Full year 2008 consolidated revenues before reimbursements totaled a record of $1.05 billion compared to $975.1 million in 2007. Net income in 2008 was $32.3 million, up 100 percent from 2007 net income of $16.1 million.

U.S. Property & Casualty
Revenues from U.S. property/ casualty business before reimbursements were $59.8 million in the fourth quarter of 2008, increasing 35.2 percent from $44.2 million in the 2007 fourth quarter. Revenues generated by the company’s catastrophe adjuster group were $11.3 million in the 2008 fourth quarter, compared to $1.8 million in the 2007 period. Operating earnings in the 2008 fourth quarter in the U.S. property/ casualty segment improved to $4.8 million, or 8.0 percent of revenues, compared to an operating loss of ($466,000), or (1.1%) of revenues in the 2007 fourth quarter.

Source: Crawford & Co.