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Insurers hire Crawford & Company to investigate losses, assess claims and help resolve them rather than do all that work themselves. Businesses that bear their own insurance risks also pay Crawford to manage claims. It typically charges a fee per claim, so the flow of cases referred by clients is central to revenue.
Most revenue comes from loss adjusting in North America and overseas, together with Broadspire’s claims and medical management services. Broadspire handles matters such as workplace injury and disability claims, reviews medical bills and coordinates treatment and rehabilitation. A smaller business, Contractor Connection, connects insurers and consumers with repair contractors and earns a fee for each project sold by its contractors.
Demand depends on how many claims arise and how much work clients outsource. Weather and disasters affect property claims, while employment and workplace injuries influence other case volumes. No customer dominates company-wide revenue, but Platform Solutions, which includes Contractor Connection, relies on a small number of significant customers. Handling personal information across borders also subjects Crawford’s international services to data-transfer rules that constrain how it moves that information.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Crawford’s results hinge on insurers’ and self-insured employers’ outsourcing decisions and claim referrals, while weather disasters and workplace injuries drive demand beyond the casualty-services overlap shown here.
CorVel competes with Crawford’s Broadspire for insurers’ and self-insured employers’ spending on workers’ compensation claims handling, medical bill review and management of claimants’ treatment and rehabilitation. Watch CorVel’s bundled claims-management programs for self-insured employers: they cover several of the services those customers can buy from Broadspire.
Arthur J. Gallagher & Co. competes with Crawford for fees from self-insured organizations that outsource property and casualty claim settlement and administration. Its risk management segment is the business to watch, rather than brokerage, which helps clients arrange insurance: risk management generated about 13% of Gallagher’s revenue in 2025, versus about 87% from brokerage.
Fed Interest Rate Decision
Crawford & Co. handles claims for insurers and self-insured clients, while its $189 million of variable-rate borrowing means higher interest rates can raise what it pays to lenders and reduce earnings.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates can increase interest expense on Crawford & Co.'s variable-rate debt, leaving less earnings after interest; the effect depends on how the debt reprices.
If it comes in below expectations
Lower rates can reduce interest expense as Crawford & Co.'s variable-rate debt reprices, leaving more earnings after interest.
Arthur J. Gallagher & Co. earningsAJG
Arthur J. Gallagher’s risk-management business serves self-insured organizations, so its report will show the demand for outsourced property and casualty claims work in the market where Crawford competes.
Focus on Gallagher’s risk-management business, not brokerage, which accounts for most of its revenue. Stronger risk-management activity would indicate firm demand from self-insured organizations for outsourced claims services and a larger pool of work Crawford can pursue. Weaker activity would point to softer demand, but would not establish Crawford’s own referrals or wins.
Crawford & Company earningsThis company
Crawford charges for claims and related services, and its report will show whether recurring claims and medical-management work can offset fewer catastrophe-related assignments.
Compare revenue and segment operating earnings in Broadspire and International Operations with results in North America Loss Adjusting and Platform Solutions. Continued growth in the first two alongside stabilization in the latter two would show recurring claims and medical-management work can cushion fewer catastrophe assignments. If growth also weakens in the first two, or Platform Solutions keeps falling, revenue and segment operating earnings remain exposed to swings in catastrophe work.
Non Farm Payrolls (Oct)
The monthly jobs report tracks changes in the number of jobs, and Crawford & Co. says employment levels affect claim volumes; more or fewer claims can change the per-claim fees it earns from insurers and self-insured clients.
If payrolls show stronger job growth, Crawford & Co. could see more workplace-injury claims and related per-claim fees; weaker job growth could mean fewer such claims and less fee revenue. Employment is only one influence on claim volume.
