Crawford & Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Crawford & Co. has submitted its annual 10-K filing for fiscal year 2023, detailing financial performance and operational segments.</b>

AI Summary

CRAWFORD & CO (CRD-B) filed a Annual Report (10-K) with the SEC on March 4, 2024. Crawford & Co. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes data related to various segments such as Platform Solutions, Contractor Connection, North America Loss Adjusting, and International Operations. Specific financial instruments and assets like Common Class A and B stock, cash and cash equivalents, and short-term investments are detailed. The report references specific dates for events and authorizations, including repurchase authorizations from 2019 and 2021. Entities and plans mentioned include crda:VanDijk, crda:PraxisConsultingInc, and crda:BosboonExpert, along with various US GAAP and company-specific tags.

Why It Matters

For investors and stakeholders tracking CRAWFORD & CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Crawford & Co.'s financial health and operational activities for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed segment information and financial instrument data within the filing are essential for understanding the company's revenue streams, asset composition, and strategic focus areas.

Risk Assessment

Risk Level: medium — CRAWFORD & CO shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the absence of specific financial performance metrics (revenue, net income, EPS) in the provided text prevents a deeper assessment of the company's current financial health, necessitating a medium risk rating.

Analyst Insight

Investors should review the full 10-K filing to analyze Crawford & Co.'s detailed financial statements, management discussion, and risk factors to make informed investment decisions.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240304 — Filing Date (FILED AS OF DATE)
• 0000025475 — Central Index Key (FILER)
• 6411 — Standard Industrial Classification (SIC Code)
• 580506554 — IRS Number (Tax ID)
• 30092 — ZIP Code (Business Address)
• 4043001000 — Business Phone (Contact Number)
• 128 — Public Document Count (Filing Metadata)

Key Players & Entities

• CRAWFORD & CO (company) — FILER
• GA (company) — STATE OF INCORPORATION
• PEACHTREE CORNERS (company) — BUSINESS ADDRESS CITY
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240304 (date) — FILED AS OF DATE
• crda:PlatformSolutionsMember (company) — Segment
• crda:VanDijk (company) — Entity
• crda:PraxisConsultingInc (company) — Entity

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-04: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $1.00 — ich Registered Class A Common Stock — $1.00 Par Value CRD-A New York Stock Exch
• $1.267 billion — total revenues before reimbursements of $1.267 billion. Shares of the Company's two classes

Filing Documents

• crda-20231231.htm (10-K) — 5295KB
• crda-ex10_16.htm (EX-10.16) — 1894KB
• crda-ex10_17.htm (EX-10.17) — 6KB
• crda-ex19_1.htm (EX-19.1) — 80KB
• crda-ex21_1.htm (EX-21.1) — 14KB
• crda-ex23_1.htm (EX-23.1) — 8KB
• crda-ex31_1.htm (EX-31.1) — 15KB
• crda-ex31_2.htm (EX-31.2) — 15KB
• crda-ex32_1.htm (EX-32.1) — 9KB
• crda-ex32_2.htm (EX-32.2) — 9KB
• crda-ex97_1.htm (EX-97.1) — 20KB
• img5652799_0.jpg (GRAPHIC) — 226KB
• img94327233_0.jpg (GRAPHIC) — 133KB
• 0000950170-24-024987.txt (&nbsp;) — 25737KB
• crda-20231231.xsd (EX-101.SCH) — 2461KB
• crda-20231231_htm.xml (XML) — 5528KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 13 Item 1C. Cybersecurity 13 Item 2.

Properties

Properties 15 Item 3.

Legal Proceedings

Legal Proceedings 15 Item 4. Mine Safety Disclosures 15 PART II Item 5. Market for the Registrant's Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities 16 Item 6. Reserved 17 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 56 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 106 Item 9A.

Controls and Procedures

Controls and Procedures 106 Item 9B. Other Information 107 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 107 PART III Item 10. Directors, Executive Officers and Corporate Governance 109 Item 11.

Executive Compensation

Executive Compensation 109 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 109 Item 13. Certain Relationships and Related Transactions, and Director Independence 109 Item 14. Principal Accountant Fees and Services 109 PART IV Item 15. Exhibits, Financial Statement Schedules 110 Item 16. Form 10-K Summary 111

Signatures

Signatures 112 We use the terms "Crawford", "the Company", "the Registrant", "we", "us" and "our" to refer to the business of Crawford & Company, its subsidiaries, and variable interest entities. Cautionary Statement Concerning Forward-Looking Statements This report contains and incorporates by reference forward-looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Statements contained or incorporated by reference in this report that are not statements of historical fact are forward-looking statements made pursuant to the "safe harbor" provisions thereof. These statements may relate to, among other things, our expected future operating results and financial condition, our ability to grow our revenues and reduce our operating expenses, expectations regarding our anticipated contributions to our underfunded defined benefit pension plans, collectability of our billed and unbilled accounts receivable, financial results from our recent acquisitions, our continued compliance with the financial and other covenants contained in our financing agreements, and our other long-term capital resource and liquidity requirements. These statements may also relate to our business strategies, goals and expectations concerning our market position, future operations, margins, case volumes, profitability, contingencies, liquidity position, and capital resources. The words "anticipate", "believe", "could", "would", "should", "estimate", "expect", "intend", "may", "plan", "goal", "strategy", "predict", "project", "will" and similar terms and phrases, or the negatives thereof, identify forward-looking statements in this report and in the statements incorporated by reference in this report. These risks and uncertainties include, but are not limited to, those described in Part I, "Item 1A. Risk Factors" and elsewhere in this report and

BUSINESS

ITEM 1. BUSINESS Headquartered in Atlanta, Georgia, and founded in 1941, the Company is the world's largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations with an expansive global network serving clients in more than 70 countries. For the year ended December 31, 2023, the Company reported total revenues before reimbursements of $1.267 billion. Shares of the Company's two classes of common stock are traded on the New York Stock Exchange ("NYSE") under the symbols CRD-A and CRD-B. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B), and protections for the non-voting Class A Common Stock (CRD-A). More information is available on the Company's website www.crawco.com. The information contained on, or hyperlinked from, the Company's website is not a part of, and is not incorporated by reference into, this report. DESCRIPTION OF SERVICES We deliver services to our clients through a geographic reporting structure consisting of four operating segments as follows: North America Loss Adjusting, which services the North American property and casualty market, provides claims management services to insurance carriers and self-insured entities related to property and casualty losses. International Operations, which services the global property and casualty market in the U.K., Europe, Australia, Asia and Latin America. The International Operations include all operations within the respective countries, including Loss Adjusting and Crawford Legal Services. Broadspire, which provides third party administration, medical management and technology solutions for workers' compensation, auto and liability, disability and accident claims to corporations, brokers and insurers in the U.S. Platform Solutions provides services to the property and casualty insurance company markets and consumer markets through service li

View Full Filing

View this 10-K filing on SEC EDGAR