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Claims management firm Crawford & Co. on Monday reported a $2.62 million profit for the second quarter of 2019 compared with a $2.43 million loss in the same period last year, which was affected by the sale of a legal administrative services unit.
Atlanta-based Crawford reported total revenue of $267.8 million, down 8.7% compared with the same period last year, in part due to currency fluctuations, lower weather-related business and lost accounts.
On a conference call with analysts on Tuesday, Crawford President and CEO Harsha V. Agadi said the firm is increasing its targeted specialization efforts, has recently won several new insurer accounts, is investing in technology, decreasing its reliance on revenue from weather-related business and aiming for long-term revenue growth of 5% a year.
Crawford launched three “industry verticals” last year — construction, hospitality and transportation — and plans to add real estate and retail as targeted industries shortly, he said.
“Through growth driven by the traction that we are seeing in our industry solutions, we have reduced our weather-related volatility. As we continue to grow the recurring segments of our business, we expect our weather-related business to be an important but less material component of our overall business,” said Mr. Agadi, who has introduced various changes at Crawford since being named to lead the company in 2016.
For its loss adjusting unit, Crawford Claims Solutions, the firm reported revenue before reimbursements of $86 million in the second quarter, down 7.6% from the 2018 period, partially due to decreased weather-related activity in the United States, Crawford’s earnings statement said.
Broadspire Services Inc., Crawford’s third-party administration business, reported second-quarter 2019 revenue before reimbursements of $99.5 million, down 3% on the prior-year period largely due to currency fluctuation and lost business. Mr. Agadi said Broadspire lost two clients at the end of 2018 but has added 15 clients this year, and revenue from the new clients will be reflected in future quarterly results.
Crawford Specialty Solutions, which includes complex claims services and repair services, reported second-quarter revenue of $71.4 million, down 14.3% compared with last year, in part due to currency fluctuations. The unit’s profitability was affected by a settlement with three executives of its Garden City Group legal administrative services unit, which was sold last year. Crawford cut its overall profit outlook in June 2019 citing the $11.2 million settlement award.
For the first half of 2019, Crawford’s revenue fell 10.2% compared with the same period last year to $524.2 million, and profit increased 39.8% to $8.4 million.
Claims management firm Crawford & Co. on Monday cut its 2019 profit outlook, citing an $11.2 million arbitration award to three executives who left its former Garden City Group business unit in 2015.