Crawford withdraws earnings guidance amid pandemic

Claims management firm Crawford & Co. withdrew its 2020 earnings guidance on Monday due to the effect of the coronavirus pandemic.

In a statement, Harsha V. Agadi, president and CEO of Atlanta-based Crawford, said the company is well-positioned to manage through the crisis but “the short-term impact has made it necessary to reassess our business outlook. As a result, we are withdrawing our prior full year 2020 guidance.”

The uncertainly surrounding the duration and impact of the pandemic makes it “difficult to quantify how the ongoing situation will impact our clients and their needs, and the subsequent effect on our global business operations,” he said.

In early March, Crawford said it expected to report revenue before reimbursements between $1 billion and $1.05 billion in 2020 and net income between $37.5 million and $42.5 million.

In 2019, Crawford reported revenue before reimbursements of $1.01 billion and net income of $12.5 million.

Crawford operates the second-largest third-party administrator, according to Business Insurance’s most recent ranking, and is the largest publicly traded independent claims management firm.

More insurance and risk management news on the coronavirus crisis here.