Crawford & Company has slipped into a fourth-quarter loss as revenue fell year on year, highlighting how swings in catastrophe-linked claims can quickly reshape quarterly results for an insurer-facing services group, even when the wider year remains profitable.
For Crawford & Company, the latest results point to a business still contending with quieter volumes in parts of the US market.
For the quarter ended December 31, 2025, revenue before reimbursements dropped 11% to US$308.5 million, from US$347.3 million a year earlier. Crawford & Company recorded a net loss of US$7.2 million, or US$0.15 per diluted share for both CRD-A and CRD-B, versus net income of US$5.7 million in the prior-year quarter.
In its 2024 fourth-quarter results release, the company had said North America Loss Adjusting and Platform Solutions benefited from increased weather-related activity tied to Hurricanes Helene and Milton, making the comparison tougher when severe-storm claims were less pronounced in late 2025.
For 2025, revenue before reimbursements eased 2% to US$1.266 billion from US$1.293 billion in 2024. Net income totalled US$19.6 million, or US$0.39 per diluted share for CRD-A and US$0.40 for CRD-B, compared with US$26.6 million a year earlier.
On a non-GAAP basis, Crawford & Company said constant-dollar revenue before reimbursements was US$304.9 million for the quarter and US$1.264 billion for the year.
Consolidated adjusted operating earnings were US$15.8 million in the fourth quarter, while full-year adjusted operating earnings rose 10% to US$82.3 million.
Read more: Crawford announces global restructure
In commentary released with its third-quarter 2025 results, then-president and CEO Rohit Verma attributed revenue softness to “the continued absence of significant weather events” and lower US claims activity in North America loss adjusting and platform solutions, while also pointing to expanded client relationships and new business momentum.
Broadspire posted record quarterly revenue of US$103.4 million in that third quarter, with growth tied to medical case management and casualty claims. International operations also reached a record US$112.9 million, supported by US$3.6 million in favourable foreign exchange.
After the quarter closed, Crawford & Company said it would shift to a two-division structure - US operations and international operations - and signalled that service delivery and profitability will remain central themes in 2026 as it pursues market share gains.
