Crawford & Co. Reports Strong 2010 Results

Crawford & Company, an independent provider of insurance claims management, has announced its financial results for the fourth quarter and the year in total that ended on December 31, 2010.

Consolidated revenues before reimbursements for the 2010 fourth quarter have set a new quarterly record of $301.5 million, an increase of 26 percent over the $238.4 million reported in the 2009 period. The fourth quarter's net income attributable to Crawford & Company was $14.8 million, increasing 67 percent over $8.9 million in the 2009 figures. U.S. property and casualty revenues before reimbursements were $45.2 million in the fourth quarter of 2010, a slight increase from $44.9 million in the 2009 fourth quarter, primarily because of higher catastrophe-related revenues.

The full year consolidated revenues before reimbursements are reported at more than $1 billion for 2010, increasing $60.5 million from 2009. Net income attributable to Crawford & Company in 2010 was $28.3 million, compared to a net loss in 2009 of $115.7 million. Diluted earnings per share were $0.53 for 2010, compared to a loss per share of $2.23 in the prior year. Fourth quarter 2010 diluted earnings per share was $0.28 compared to diluted earnings per share of $0.17 in the prior-year quarter, an increase of 65 percent.   

“Crawford enters 2011 in a strengthened financial position, but with a number of operational challenges ahead,” said.Jeffrey T. Bowman, chief executive officer of Crawford & Company. “The hard work in 2010 on cost control and on our balance sheet positions us to make progress in addressing these operating challenges over the next 12 months.”