Crawford-A 2025 Year Quarterly Report

OR Commission file number1-10356CRAWFORD & COMPANY (Exact name of Registrant as specified in its charter) 30092(Zip Code) Securities Registered Pursuant to Section 12(b) of the Act: Trading Symbol(s)CRD-ACRD-B Title of each classClass A Common Stock — $1.00 Par ValueClass B Common Stock — $1.00 Par Value Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such Yes☑ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller Large accelerated filerNon-accelerated filer ☐Accelerated filer☐Smaller reporting companyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☑ The number of shares outstanding of each class of the Registrant's common stock, as of April 28, 2025, was as follows: Class A Common Stock, $1.00 par value:30,308,751Class B Common Stock, $1.00 par value:19,144,928 CRAWFORD & COMPANYQuarterly Report on Form 10-QQuarter Ended March 31, 2025 Table of Contents Part I. Financial Information Item 1.Financial Statements:3Condensed Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2025and 20243Condensed Consolidated Statements of Comprehensive Income (unaudited) for the three months endedMarch 31, 2025 and 20244Condensed Consolidated Balance Sheets as of March 31, 2025(unaudited)and December 31, 20245Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31,2025 and 20247Condensed Consolidated Statements of Shareholders' Investment (unaudited) as of and for the threemonths ended March 31, 2025 and 20248Notes to Condensed Consolidated Financial Statements (unaudited)9Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations24Item 3.Quantitative and Qualitative Disclosures About Market Risk40Item 4.Controls and Procedures40 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSUnaudited Based in Atlanta, Georgia, Crawford & Company ("Crawford" or "the Company") is a leading global provider of claimsmanagement and outsourcing solutions to insurance companies and self-insured entities with an expansive network serving clients Shares of the Company's two classes of common stock are traded on the New York Stock Exchange ("NYSE") under the symbolsCRD-A and CRD-B. The Company's two classes of stock are substantially identical, except with respect to voting rights for theClass B Common Stock (CRD-B), and protections for the non-voting Class A Common Stock (CRD-A). More information can be 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance withU.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Qand Article 10 of Regulation S-X of the United States Securities and Exchange Commission (the "SEC"). These unauditedcondensed consolidated financial statements omit certain notes and other financial information and therefore, should be read in Due to the impact of weather activity and other macroeconomic uncertainties, the Company's operating results for the three monthsended March 31, 2025 and financial position as of March 31, 2025 are not necessarily indicative of the results or financial positionthat may be expected for the year ending December 31, 2025or for other future periods. The financial results from the Company'soperations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines, are reported and consolidated on The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financialstatements, and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, alladjustments (consisting only of normal recurring accruals and adjustments) considered necessary for a fair presentation have bee