Weather-related claims activity and a doubling of revenue in its legal settlement division led Crawford and Company to a 22-percent increase in second-quarter consolidated revenues.
The independent provider of claims management solutions to the risk management and insurance industry said consolidated revenues before reimbursements totaled $291.7 million in the second quarter, up from $238.2 million in the 2010 second quarter. Second quarter 2011 net income attributable to Crawford & Company was $13.5 million, compared with a net loss of $2.5 million recorded in the 2010 second quarter. Second quarter 2011 diluted earnings per share were $0.25 compared with the loss per share of $(0.05) reported in the prior-year quarter.
"The Americas segment rebounded nicely from a slow start in the first quarter driven by weather-related claims increases in the U.S. and Canada," says CEO Jeffrey Bowman. "In the U.S., our catastrophe adjuster revenues exceeded $10 million in a quarter for the first time since the 2008 fourth quarter. The strong contribution margins from this revenue surge helped drive the segment's operating margin to 11 percent for the 2011 second quarter."
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