Crawford & Co reports record 2024 revenue of $1.29 billion

By David Bull

March 4 - (The Insurer) - Claims specialist Crawford & Company grew revenue before reimbursements by 2% last year to a record $1.29 billion, but net income was down 13% to $26.6 million for the period.

Consolidated adjusted operating earnings were also down 13% to $74.7 million, with consolidated adjusted Ebitda down 8% to $108.7 million.

For the fourth quarter, revenue before reimbursements was up 17% to $347.3 million, with net income up 813% to $5.7 million.

Consolidated adjusted operating earnings climbed 140% to $18.7 million, with consolidated adjusted Ebitda up 78% to $27.9 million.

Commenting on the performance, the firm’s president and CEO Rohit Verma said: “Our fourth quarter performance delivered a strong close to 2024, reflecting revenue growth across all business lines and margin expansion in our North America Loss Adjusting, International Operations and Platform Solutions segments.

“As we expected, after a relatively quiet year, we saw increased claims activity during the fourth quarter in the aftermath of Hurricanes Helene and Milton, which represented the first meaningful increase in outsourced claims activity since the third quarter of 2023.”