8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 8, 2017

CRAWFORD & COMPANY

(Exact Name of Registrant as Specified in Its Charter)

Georgia

(State or Other Jurisdiction of Incorporation)

1-10356	58-0506554
(Commission File Number)	(IRS Employer Identification No.)
1001 Summit Blvd., Atlanta, Georgia	30319
(Address of Principal Executive Offices)	(Zip Code)

(404) 300-1000

(Registrant's Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Act of 1934.

Emerging growth company     o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

ITEM 2.02. Results of Operations and Financial Condition

ITEM 7.01. Regulation FD Disclosure

ITEM 9.01. Financial Statements and Exhibits

SIGNATURES

EXHIBIT INDEX

EX-99.1

EX-99.2

2

ITEM 2.02. Results of Operations and Financial Condition

On May 8, 2017, Crawford & Company (the "Company") issued a press release containing information about the Company's financial results for the first quarter 2017. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by this reference.

ITEM 7.01. Regulation FD Disclosure

The Company has made available on the Company's website at www.crawfordandcompany.com a presentation designed to enhance the information presented at its quarterly earnings conference call on Monday, May 8, 2017 at 4:30 p.m. Eastern Time. A copy of the presentation is attached hereto as Exhibit 99.2 and is incorporated herein by this reference.

ITEM 9.01. Financial Statements and Exhibits

(c)	Exhibits
Exhibit No.		Description
99.1		Press Release dated May 8, 2017
99.2		Slide Presentation

The information contained in this current report on Form 8-K and in the accompanying exhibits shall not be incorporated by reference into any filing of the Company with the SEC, whether made before or after the date hereof, regardless of any general incorporation by reference language in such filing, unless expressly incorporated by specific reference to such filing. The information, including the exhibits hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

3

SIGNATURE

     Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CRAWFORD & COMPANY               (Registrant)
By:	/s/ W. BRUCE SWAIN
	W. Bruce Swain
	Executive Vice President - Chief Financial Officer

Dated: May 8, 2017

4

EXHIBIT INDEX

Number	Descriptions
99.1	Press Release dated May 8, 2017
99.2	Slide Presentation

5

EX-99.1

Crawford & Company®

1001 Summit Blvd

Atlanta, GA 30319

FOR IMMEDIATE RELEASE

CRAWFORD & COMPANY REPORTS 2017 FIRST QUARTER RESULTS

COMPANY REAFFIRMS 2017 GUIDANCE AND ANNOUNCES COST REDUCTION PLAN

ATLANTA, (May 8, 2017) -- Crawford & Company (www.crawfordandcompany.com) (NYSE: CRD-A and CRD-B), the world’s largest publicly listed independent provider of claims management solutions to insurance companies and self-insured entities, today announced its financial results for the first quarter ended March 31, 2017.

The Company’s two classes of stock are substantially identical, except with respect to voting rights and the Company’s ability to pay greater cash dividends on the non-voting Class A Common Stock (CRD-A) than on the voting Class B Common Stock (CRD-B), subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of CRD-A must receive the same type and amount of consideration as holders of CRD-B, unless different consideration is approved by the holders of 75% of CRD-A, voting as a class.

Consolidated Results

First Quarter 2017 Summary

• Revenues before reimbursements of $267.3 million, compared with $277.2 million for the 2016 period

• Revenues on a constant dollar basis, a non GAAP financial measure, of $273.3 million for the 2017 period after adjusting for $6.0 million in foreign exchange rate changes

• Net income attributable to shareholders of $7.7 million compared to $8.6 million in the same period last year

• Diluted earnings per share of $0.14 for CRD-A and $0.12 for CRD-B, compared with $0.16 for CRD-A and $0.14 for CRD-B in the prior year quarter

• Diluted earnings per share of $0.15 for CRD-A and $0.13 for CRD-B on a non-GAAP basis in the 2017 quarter, before restructuring and special charges, compared to $0.19 for CRD-A and $0.17 for CRD-B in the prior year quarter

• Consolidated operating earnings, a non-GAAP financial measure, were $18.3 million or 6.8% of revenues in the 2017first quarter, compared with $21.7 million or 7.8% of revenues in the 2016 period

• Consolidated adjusted EBITDA, a non-GAAP financial measure, was $26.6 million or 10.0% of revenues in the 2017first quarter, compared with $30.1 million or 10.9% of revenues in the 2016 period

Page 1 of 11

Mr. Harsha V. Agadi,  president and chief executive officer of Crawford & Company, stated, “When I assumed the role of chief executive officer, I was motivated by the incredible opportunities that I saw ahead for Crawford. This company has unparalleled global reach, strong client relationships, and a product suite that our customers rely upon. I also saw that Crawford’s success was being restrained by a burdensome cost structure, which combined with a reliance on severe weather events, created volatility in our results. With that in mind, over the last 18 months we have executed a strategy to reduce expenses while making targeted investments to return Crawford to top line growth.  While we have achieved a number of successes, this transformation will take time, as can be seen in our first quarter results. Our Garden City Group segment is experiencing soft market trends while managing the decline from two large projects. A stronger dollar proved to be a headwind, once again, to revenues in our International segment in the 2017 period; and our U.S. Services operating earnings were impacted by investments that we made to drive growth, including advertising to further expand Contractor Connection, as well as the operating results of WeGoLook.

“While we position Crawford to deliver revenue growth, we will also continue to aggressively manage our cost structure to drive margin expansion in this operating environment. To deliver this goal, we have implemented a cost reduction plan to remove at least $20.0 million in annualized costs from the business.  For the remainder of 2017, we expect the benefit to be at least $10.0 million and this is reflected in the guidance that we have reaffirmed today. In order to achieve these benefits, we will incur a restructuring charge of approximately $8.0 million in the 2017 second quarter.”

Mr. Agadi concluded, “Despite the headwinds evident in our results, there are a number of areas performing well in the Company and we are optimistic about the balance of the year. Importantly, we remain confident in our full year guidance which we are reaffirming today. Looking forward, our focus will be on strategic growth and leveraging our many global resources, while remaining vigilant on cost containment. My team and I are working diligently to transform Crawford for the future in order to deliver meaningful results for all stakeholders.”

Segment Results for the First Quarter

U.S. Services

U.S. Services revenues before reimbursements were $60.4 million in the first quarter of 2017, increasing 3% from $58.5 million in the first quarter of 2016. Operating earnings were $5.5 million in the 2017first quarter, compared with $9.1 million in the first quarter of 2016, representing operating margins of 9% in the 2017 period and 15% in the 2016 period.

International

First quarter 2017 revenues before reimbursements for the International segment totaled $110.6 million, compared with $117.5 million in the 2016first quarter. This decrease was primarily due to changes in foreign exchange rates which negatively impacted revenues by approximately 5%, or $6.0 million, in the 2017 period. International segment operating earnings were $9.3 million in the 2017 first quarter, compared with $7.0 million in the 2016 first quarter. The segment’s operating margin was 8% in the 2017 period compared with 6% in the 2016 period.

Broadspire

Broadspire segment revenues before reimbursements were $77.0 million in the 2017first quarter, up slightly from $76.2 million in the 2016first quarter. Broadspire recorded operating earnings of $7.1 million in the first quarter of 2017, representing an operating margin of 9%, compared with $8.7 million, or 11% of revenues, in the 2016first quarter.

Page 2 of 11

Garden City Group

Garden City Group revenues before reimbursements were $19.2 million in the first quarter of 2017, compared with $25.0 million in the same period of 2016. Operating losses were $(0.9) million in the 2017first quarter compared with earnings of $1.5 million in the 2016 period. The segment’s operating margin for the 2017 quarter was (5)% as compared to 6% in the 2016 quarter.

Unallocated Corporate and Shared Costs, Net

Unallocated corporate costs were $2.7 million in the first quarter of 2017, compared with $4.6 million in the same period of 2016. The decreased costs for the first quarter of 2017 were due to decreases in defined benefit pension expense and self-insured expenses.

Restructuring and Special Charges

The Company recorded restructuring and special charges of $0.6 million and $2.4 million in the 2017 and 2016 first quarters, respectively. Restructuring costs of $0.6 million in the 2017 quarter were comprised of costs associated with the ongoing implementation of our Global Business Services Center and Global Technology Services Center (the “Centers”) and asset impairment charges.

Balance Sheet and Cash Flow

The Company’s consolidated cash and cash equivalents position as of March 31, 2017 totaled $68.8 million compared with $81.6 million at December 31, 2016.

The Company’s operations used $20.5 million of cash during the 2017 period, compared with $5.2 million in the 2016 period. The increase in cash used in operating activities in the first three months of 2017 compared with the first three months of 2016 was primarily due to increases in accounts receivable and working capital requirements.

2017 Guidance

Crawford & Company is reaffirming its guidance for 2017 as follows:

• Consolidated revenues before reimbursements between $1.10 and $1.13 billion;

• After expected restructuring and special charges, net income attributable to shareholders of Crawford & Company between $34.0 and $39.0 million, or $0.63 to $0.73 diluted earnings per CRD-A share, and $0.55 to $0.65 diluted earnings per CRD-B share;

• Consolidated operating earnings between $90.0 and $100.0 million;

• Consolidated adjusted EBITDA between $130.0 and $140.0 million;

• Before expected restructuring and special charges, net income attributable to shareholders of Crawford & Company on a non-GAAP basis between $43.0 and $48.0 million, or $0.78 to $0.88 diluted earnings per CRD-A share, and $0.71 to $0.81 diluted earnings per CRD-B share.

The Company expects to incur restructuring and special charges in 2017 totaling approximately $13.0 million pretax. This is expected to be comprised of $3.0 million related to the Centers and $10.0 million related to other restructuring activities.

To a significant extent, Crawford’s business depends on case volumes. The Company cannot predict the future trend of case volumes for a number of reasons, including the fact that the frequency and severity of weather-related claims and the occurrence of natural and man-made disasters, which are a significant source of claims and revenue for the Company, are generally not subject to accurate forecasting.

Page 3 of 11

Conference Call

As previously announced, Crawford & Company will host a conference call today, May 8, 2017 at 4:30 p.m. Eastern Time to discuss its first quarter 2017 results. The conference call can be accessed live by dialing 1-800-374-2518 and using passcode 6372135. A presentation for today’s call can also be found on the investor relations portion of the Company’s website, http://www.crawfordandcompany.com. The call will be recorded and available for replay through June 8, 2017. You may dial 1-855-859-2056 to listen to the replay. The access code is 6372135.

Non-GAAP Presentation

In the normal course of business, our operating segments incur certain out-of-pocket expenses that are thereafter reimbursed by our clients. Under GAAP, these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in our consolidated results of operations. In the foregoing discussion and analysis of segment results of operations, we do not include a gross up of segment expenses and revenues for these pass-through reimbursed expenses. The amounts of reimbursed expenses and related revenues offset each other in our results of operations with no impact to our net income or operating earnings. A reconciliation of revenues before reimbursements to consolidated revenues determined in accordance with GAAP is self-evident from the face of the accompanying unaudited condensed consolidated statements of operations.

Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker (“CODM”) to evaluate the financial performance of our Company and operating segments, and make resource allocation and certain compensation decisions. Unlike net income, segment operating earnings is not a standard performance measure found in GAAP. We believe this measure is useful to others in that it allows them to evaluate segment and consolidated operating performance using the same criteria used by our senior management and CODM. Consolidated operating earnings represent segment earnings including certain unallocated corporate and shared costs, but before net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, restructuring and special charges, income taxes, and net income or loss attributable to noncontrolling interests. The reconciliation of operating earnings to net income attributable to shareholders of the Company on a GAAP basis is presented below.

Adjusted EBITDA is not a term defined by GAAP and as a result our measure of adjusted EBITDA might not be comparable to similarly titled measures used by other companies. However, adjusted EBITDA is used by management to evaluate, assess and benchmark our operational results and the Company believes that adjusted EBITDA is relevant and useful information widely used by analysts, investors and other interested parties. Adjusted EBITDA is defined as net income attributable to shareholders of the Company with adjustments for depreciation and amortization, net corporate interest expense, income taxes, restructuring and special charges, and stock-based compensation expense.

Unallocated corporate and shared costs and credits include expenses and credits related to our chief executive officer and Board of Directors, certain provisions for bad debt allowances or subsequent recoveries such as those related to bankrupt clients, defined benefit pension costs or credits for our frozen U.S. pension plan, certain unallocated professional fees, and certain self-insurance costs and recoveries that are not allocated to our individual operating segments. Restructuring and special charges are non-core items not directly related to our normal business or operations, or our future performance.

Page 4 of 11

Income taxes, net corporate interest expense, stock option expense, and amortization of customer-relationship intangible assets are recurring components of our net income, but they are not considered part of our segment operating earnings because they are managed on a corporate-wide basis. Income taxes are calculated for the Company on a consolidated basis based on statutory rates in effect in the various jurisdictions in which we provide services, and vary significantly by jurisdiction. Net corporate interest expense results from capital structure decisions made by senior management and the Board of Directors, affecting the Company as a whole. Stock option expense represents the non-cash costs generally related to stock options and employee stock purchase plan expenses which are not allocated to our operating segments. Amortization expense is a non-cash expense for finite-lived customer-relationship and trade name intangible assets acquired in business combinations. None of these costs relate directly to the performance of our services or operating activities and, therefore, are excluded from segment operating earnings in order to better assess the results of each segment's operating activities on a consistent basis.

Income taxes are calculated for the non-GAAP presentation of net income before restructuring and special charges based on statutory rates in effect in the various jurisdictions in which charges exist, and vary by jurisdiction.

Page 5 of 11

Following is a reconciliation of segment and consolidated operating earnings (loss) to net income attributable to shareholders of Crawford & Company on a GAAP basis. The reconciliation of 2017 guidance is to the midpoint of the

guidance range.

	Quarter ended						Full Year
(in thousands)	March 31, 2017			March 31, 2016			Guidance 2017
Operating earnings (loss):
U.S. Services	$	5,542		$	9,054
International	9,288			7,034
Broadspire	7,096			8,705
Garden City Group	(891		)	1,495
Unallocated corporate and shared costs, net	(2,742		)	(4,618		)
Consolidated operating earnings	18,293			21,670			$	95,000
(Deduct) add:
Net corporate interest expense	(2,036		)	(2,768		)	(11,000		)
Stock option expense	(417		)	(90		)	(1,575		)
Amortization expense	(2,777		)	(2,459		)	(11,700		)
Restructuring and special charges	(605		)	(2,417		)	(13,165		)
Income taxes	(4,835		)	(5,307		)	(20,960		)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	41			1			(100		)
Net income attributable to shareholders of Crawford & Company	$	7,664		$	8,630		$	36,500

Following is a reconciliation of net income attributable to shareholders of Crawford & Company on a GAAP basis to adjusted EBITDA. The reconciliation of 2017 guidance is to the midpoint of the guidance range.

	Quarter ended				Full Year
(in thousands)	March 31, 2017		March 31, 2016		Guidance 2017
Net income attributable to shareholders of Crawford & Company	$	7,664	$	8,630	$	36,500
Add:
Depreciation and amortization	10,180		10,294		47,375
Stock-based compensation	1,296		729		6,000
Net corporate interest expense	2,036		2,768		11,000
Restructuring and special charges	605		2,417		13,165
Income taxes	4,835		5,307		20,960
Adjusted EBITDA	$	26,616	$	30,145	$	135,000

Page 6 of 11

Following is information regarding the weighted average shares used in the computation of basic and diluted earnings per share.

	Quarter ended
(in thousands)	March 31, 2017	March 31, 2016
Weighted-Average Shares Used to Compute Basic Earnings Per Share:
Class A Common Stock	31,409	30,545
Class B Common Stock	24,690	24,690
Weighted-Average Shares Used to Compute Diluted Earnings Per Share:
Class A Common Stock	32,248	30,810
Class B Common Stock	24,690	24,690

Further information regarding the Company’s operating results and cash flows for the quarter ended March 31, 2017, and financial position as of March 31, 2017 is shown on the attached unaudited condensed consolidated financial statements.

About Crawford & Company

Based in Atlanta, Georgia, Crawford & Company (www.crawfordandcompany.com) is the world's largest publicly traded independent provider of claims management solutions to insurance companies and self-insured entities, with an expansive global network serving clients in more than 70 countries. The Crawford Solution®offers comprehensive, integrated claims services, business process outsourcing and consulting services for major product lines including property and casualty claims management; workers' compensation claims and medical management; and legal settlement administration.

The Company’s shares are traded on the 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 and the Company's ability to pay greater cash dividends on the non-voting Class A Common Stock than on the voting Class B Common Stock, subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of Class A Common Stock must receive the same type and amount of consideration as holders of Class B Common Stock, unless different consideration is approved by the holders of 75% of the Class A Common Stock, voting as a class.

Earnings per share may be different between CRD-A and CRD-B due to the payment of a higher per share dividend on CRD-A than CRD-B, and the impact that has on the earnings per share calculation according to generally accepted accounting principles.

FOR FURTHER INFORMATION REGARDING THIS PRESS RELEASE, PLEASE CALL BRUCE SWAIN AT (404) 300-1051.

This press release contains forward-looking statements, including statements about the expected future financial condition, results of operations and earnings outlook of Crawford & Company. Statements, both qualitative and quantitative, that are not historical facts may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from historical experience or Crawford & Company’s present expectations. Accordingly, no one should place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Crawford & Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise or not arise after the date the forward-looking statements are made. For further information regarding Crawford & Company, including factors that could cause our actual financial condition, results or earnings to differ from those described in any forward-looking statements, please read Crawford & Company’s reports filed with the SEC and available at www.sec.gov and in the Investor Relations section of Crawford & Company’s website at www.crawfordandcompany.com.

Page 7 of 11

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In Thousands, Except Per Share Amounts and Percentages)

Three Months Ended March 31,	2017		2016		% Change
Revenues:
Revenues Before Reimbursements	$	267,267	$	277,234	(4	)%
Reimbursements	12,263		13,674		(10	)%
Total Revenues	279,530		290,908		(4	)%
Costs and Expenses:
Costs of Services Provided, Before Reimbursements	192,554		201,433		(4	)%
Reimbursements	12,263		13,674		(10	)%
Total Costs of Services	204,817		215,107		(5	)%
Selling, General, and Administrative Expenses	59,992		56,797		6	%
Corporate Interest Expense, Net	2,036		2,768		(26	)%
Restructuring and Special Charges	605		2,417		(75	)%
Total Costs and Expenses	267,450		277,089		(3	)%
Other Income	378		117		223	%
Income Before Income Taxes	12,458		13,936		(11	)%
Provision for Income Taxes	4,835		5,307		(9	)%
Net Income	7,623		8,629		(12	)%
Net Loss Attributable to Noncontrolling Interests and Redeemable Noncontrolling interests	41		1		nm
Net Income Attributable to Shareholders of Crawford & Company	$	7,664	$	8,630	(11	)%
Earnings Per Share - Basic:
Class A Common Stock	$	0.15	$	0.17	(12	)%
Class B Common Stock	$	0.13	$	0.15	(13	)%
Earnings Per Share - Diluted:
Class A Common Stock	$	0.14	$	0.16	(13	)%
Class B Common Stock	$	0.12	$	0.14	(14	)%
Cash Dividends Per Share:
Class A Common Stock	$	0.07	$	0.07	—	%
Class B Common Stock	$	0.05	$	0.05	—	%

nm = not meaningful

Page 8 of 11

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31, 2017 and December 31, 2016

Unaudited

(In Thousands, Except Par Values)

	March 31,			December 31,
	2017			2016
ASSETS
Current Assets:
Cash and Cash Equivalents	$	68,797		$	81,569
Accounts Receivable, Net	164,073			153,566
Unbilled Revenues, at Estimated Billable Amounts	108,868			101,809
Income Taxes Receivable	3,782			3,781
Prepaid Expenses and Other Current Assets	24,158			24,006
Total Current Assets	369,678			364,731
Net Property and Equipment	27,236			29,605
Other Assets:
Goodwill	115,764			91,750
Intangible Assets Arising from Business Acquisitions, Net	103,864			86,931
Capitalized Software Costs, Net	82,233			80,960
Deferred Income Tax Assets	29,778			30,379
Other Noncurrent Assets	55,786			51,503
Total Other Assets	387,425			341,523
Total Assets	$	784,339		$	735,859
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
Current Liabilities:
Short-Term Borrowings	$	6,037		$	30
Accounts Payable	50,575			51,991
Accrued Compensation and Related Costs	60,370			74,466
Self-Insured Risks	13,622			14,771
Income Taxes Payable	6,673			3,527
Deferred Rent	11,697			12,142
Other Accrued Liabilities	31,943			34,922
Deferred Revenues	40,343			37,456
Current Installments of Capital Leases	648			982
Total Current Liabilities	221,908			230,287
Noncurrent Liabilities:
Long-Term Debt and Capital Leases, Less Current Installments	237,273			187,002
Deferred Revenues	24,973			25,884
Accrued Pension Liabilities	100,371			105,175
Other Noncurrent Liabilities	25,433			28,247
Total Noncurrent Liabilities	388,050			346,308
Redeemable Noncontrolling Interests	7,187			—
Shareholders’ Investment:
Class A Common Stock, $1.00 Par Value	31,527			31,296
Class B Common Stock, $1.00 Par Value	24,690			24,690
Additional Paid-in Capital	48,809			48,108
Retained Earnings	266,477			261,562
Accumulated Other Comprehensive Loss	(208,298		)	(211,773		)
Shareholders’ Investment Attributable to Shareholders of Crawford & Company	163,205			153,883
Noncontrolling Interests	3,989			5,381
Total Shareholders’ Investment	167,194			159,264
Total Liabilities and Shareholders’ Investment	$	784,339		$	735,859

Page 9 of 11

CRAWFORD & COMPANY

SUMMARY RESULTS BY OPERATING SEGMENT

Unaudited

(In Thousands, Except Percentages)

Three Months Ended March 31,

	U.S. Services						%		International						%		Broadspire						%		Garden City Group						%
	2017			2016			Change		2017			2016			Change		2017			2016			Change		2017			2016			Change
Revenues Before Reimbursements	$	60,425		$	58,504		3	%	$	110,641		$	117,522		(6	)%	$	76,979		$	76,200		1	%	$	19,222		$	25,008		(23	)%
Direct Compensation, Fringe Benefits & Non-Employee Labor	38,096			35,446			7	%	71,245			76,670			(7	)%	43,423			41,622			4	%	13,769			17,009			(19	)%
% of Revenues Before Reimbursements	63		%	61		%			64		%	65		%			56		%	55		%			72		%	68		%
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor	16,787			14,004			20	%	30,108			33,818			(11	)%	26,460			25,873			2	%	6,344			6,504			(2	)%
% of Revenues Before Reimbursements	28		%	24		%			27		%	29		%			34		%	34		%			33		%	26		%
Total Operating Expenses	54,883			49,450			11	%	101,353			110,488			(8	)%	69,883			67,495			4	%	20,113			23,513			(14	)%
Operating Earnings (Loss) (1)	$	5,542		$	9,054		(39	)%	$	9,288		$	7,034		32	%	$	7,096		$	8,705		(18	)%	$	(891	)	$	1,495		(160	)%
% of Revenues Before Reimbursements	9		%	15		%			8		%	6		%			9		%	11		%			(5		)%	6		%

NOTE: “Direct Compensation, Fringe Benefits & Non-Employee Labor” and “Expenses Other Than Direct Compensation, Fringe Benefits & Non-Employee Labor” components are not comparable across

segments, but are comparable within each segment across periods.

(1) A non-GAAP financial measurement which represents net income attributable to the applicable reporting segment excluding income taxes, net corporate interest expense, stock option expense, amortization

of customer-relationship intangible assets, restructuring and special charges, and certain unallocated corporate and shared costs. See pages 4-6 for additional information about segment operating earnings.

Page 10 of 11

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31, 2017 and March 31, 2016

Unaudited

(In Thousands)

	2017			2016
Cash Flows From Operating Activities:
Net Income	$	7,623		$	8,629
Reconciliation of Net Income to Net Cash Used In Operating Activities:
Depreciation and Amortization	10,180			10,294
Stock-Based Compensation Costs	1,296			729
Loss (Gain) on Disposals of Property and Equipment, Net	82			(175		)
Changes in Operating Assets and Liabilities, Net of Effects of Acquisitions and Dispositions:
Accounts Receivable, Net	(9,296		)	2,969
Unbilled Revenues, Net	(5,729		)	(10,887		)
Accrued or Prepaid Income Taxes	2,866			51
Accounts Payable and Accrued Liabilities	(17,028		)	(12,552		)
Deferred Revenues	1,906			(2,417		)
Accrued Retirement Costs	(10,445		)	(4,074		)
Prepaid Expenses and Other Operating Activities	(1,970		)	2,281
Net Cash Used in Operating Activities	(20,515		)	(5,152		)
Cash Flows From Investing Activities:
Acquisitions of Property and Equipment	(695		)	(1,535		)
Proceeds from Disposals of Property and Equipment	217			—
Capitalization of Computer Software Costs	(5,432		)	(4,513		)
Payments for Business Acquisitions, Net of Cash Acquired	(36,029		)	—
Cash Paid for Equity Investments	(121		)	(3,672		)
Net Cash Used In Investing Activities	(42,060		)	(9,720		)
Cash Flows From Financing Activities:
Cash Dividends Paid	(3,441		)	(3,373		)
Payments Related to Shares Received for Withholding Taxes Under Stock-Based Compensation Plans	(436		)	(4		)
Proceeds from Shares Purchased Under Employee Stock-Based Compensation Plans	37			18
Increases in Short-Term and Revolving Credit Facility Borrowings	58,727			33,193
Payments on Short-Term and Revolving Credit Facility Borrowings	(5,386		)	(34,006		)
Payments on Capital Lease Obligations	(416		)	(491		)
Other Financing Activities	—			(1,286		)
Net Cash Provided By (Used In) Financing Activities	49,085			(5,949		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	718			(1,619		)
Decrease in Cash and Cash Equivalents	(12,772		)	(22,440		)
Cash and Cash Equivalents at Beginning of Year	81,569			76,066
Cash and Cash Equivalents at End of Period	$	68,797		$	53,626

Page 11 of 11

EX-99.2

May 8, 2017 First Quarter 2017 Earnings Conference Call

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 2 • Forward-Looking Statements —This presentation contains forward-looking statements, including statements about the expected future financial condition, results of operations and earnings outlook of Crawford & Company. Statements, both qualitative and quantitative, that are not statements of historical fact may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from historical experience or Crawford & Company's present expectations. Accordingly, no one should place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Crawford & Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise or not arise after the date the forward-looking statements are made. Results for any interim period presented herein are not necessarily indicative of results to be expected for the full year or for any other future period. For further information regarding Crawford & Company, and the risks and uncertainties involved in forward-looking statements, please read Crawford & Company's reports filed with the Securities and Exchange Commission and available at www.sec.gov or in the Investor Relations section of Crawford & Company's website at www.crawfordandcompany.com. —Crawford's business is dependent, to a significant extent, on case volumes. The Company cannot predict the future trend of case volumes for a number of reasons, including the fact that the frequency and severity of weather-related claims and the occurrence of natural and man-made disasters, which are a significant source of cases and revenue for the Company, are generally not subject to accurate forecasting. • Revenues Before Reimbursements ("Revenues") —Revenues Before Reimbursements are referred to as "Revenues" in both consolidated and segment charts, bullets and tables throughout this presentation. • Segment and Consolidated Operating Earnings —Under the Financial Accounting Standards Board's Accounting Standards Codification ("ASC") Topic 280, "Segment Reporting," the Company has defined segment operating earnings as the primary measure used by the Company to evaluate the results of each of its four operating segments. Segment operating earnings represent segment earnings, including the direct and indirect costs of certain administrative functions required to operate our business, but excludes unallocated corporate and shared costs and credits, net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, restructuring and special charges, income taxes, and net income or loss attributable to noncontrolling interests and redeemable noncontrolling interests. • Earnings Per Share —The Company's two classes of stock are substantially identical, except with respect to voting rights and the Company's ability to pay greater cash dividends on the non-voting Class A Common Stock than on the voting Class B Common Stock, subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of Class A Common Stock must receive the same type and amount of consideration as holders of Class B Common Stock, unless different consideration is approved by the holders of 75% of the Class A Common Stock, voting as a class. —In certain periods, the Company has paid a higher dividend on CRD-A than on CRD-B. This may result in a different earnings per share ("EPS") for each class of stock due to the two-class method of computing EPS as required by ASC Topic 260 - "Earnings Per Share". The two-class method is an earnings allocation method under which EPS is calculated for each class of common stock considering both dividends declared and participation rights in undistributed earnings as if all such earnings had been distributed during the period. • Non-GAAP Financial Information —For additional information about certain non-GAAP financial information presented herein, see the Appendix following this presentation. FORWARD-LOOKING STATEMENTS AND ADDITIONAL INFORMATION

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 3 GLOBAL BUSINESS SERVICES LEADER • The world's largest publicly listed independent provider of global claims management solutions • Multiple globally recognized brand names: Crawford®, Broadspire®, GCG® • Clients include multinational insurance carriers, brokers and local insurance firms as well as 200 of the Fortune® 500

////////////////////////////////////////////////////////////////////////// TODAY'S AGENDA --- Welcome and Opening Comments --- First Quarter 2017 Financial Review --- 2017 Guidance and Strategic Initiatives

5 /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// FIRST QUARTER 2017 BUSINESS SUMMARY (1) See Appendix for non-GAAP explanation and reconciliation Quarter Ended March 31, March 31, ($ in millions, except per share amounts) 2017 2016 Change Revenues $267.3 $277.2 (4 )% Net Income Attributable to Shareholders of Crawford & Company $7.7 $8.6 (10 )% Diluted Earnings per Share CRD-A $0.14 $0.16 (13 )% CRD-B $0.12 $0.14 (14 )% Operating Earnings (1) $18.3 $21.7 (16 )% Operating Margin 6.8 % 7.8 % (100) bps Adjusted EBITDA (1) $26.6 $30.1 (12 )% Adjusted EBITDA Margin 10.0 % 10.9 % (90) bps

6 /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// FIRST QUARTER 2017 BUSINESS HIGHLIGHTS • First quarter results were below expectations given the challenges in our Garden City Group segment • Expense reduction plan enacted to remove at least $20 million in annual costs Company wide • U.S. Services results reflect advertising investments in Contractor Connection to penetrate insurance direct market • WeGoLook platform creating innovative and disruptive service offerings • International segment margin improvement driven by the UK, Asia-Pacific, Canada, and Hurricane Matthew • Broadspire saw strong growth in our disability product line and had a number of notable client wins, which bodes well for the future • The Garden City Group experienced a slow down in case volume and the continued run-off of two large projects; focus on returning Garden City Group to profitability

////////////////////////////////////////////////////////////////////////// FIRST QUARTER 2017 Financial Review

8 /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Unaudited ($ in thousands, except per share amounts) Three Months Ended March 31, 2017 2016 % Change Revenues Before Reimbursements $ 267,267 $ 277,234 (4 )% Costs of Services Provided, Before Reimbursements 192,554 201,433 (4 )% Selling, General, and Administrative Expenses 59,992 56,797 6 % Corporate Interest Expense, Net 2,036 2,768 (26 )% Restructuring and Special Charges 605 2,417 (75 )% Total Costs and Expenses Before Reimbursements 255,187 263,415 (3 )% Other Income 378 117 223 % Income Before Income Taxes 12,458 13,936 (11 )% Provision for Income Taxes 4,835 5,307 (9 )% Net Income 7,623 8,629 (12 )% Net Loss Attributable to Noncontrolling Interests and Redeemable Noncontrolling Interests 41 1 nm Net Income Attributable to Shareholders of Crawford & Company $ 7,664 $ 8,630 (11 )% Earnings Per Share - Diluted: Class A Common Stock $ 0.14 $ 0.16 (13 )% Class B Common Stock $ 0.12 $ 0.14 (14 )% Cash Dividends per Share: Class A Common Stock $ 0.07 $ 0.07 — % Class B Common Stock $ 0.05 $ 0.05 — % STATEMENT OF OPERATIONS HIGHLIGHTS nm = not meaningful

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 9 Revenues by Service Line ($ in millions) Cases Received by Service Line (In thousands) Operating Results (1Q 2017 v. 1Q 2016) • Revenues of $60.4 million versus $58.5 million • Operating earnings of $5.5 million versus $9.1 million • Operating earnings margin of 9.2% versus 15.5% • Cases received of 128,567 versus 94,472, primarily due to high-frequency low-complexity WeGoLook cases Highlights • Acquisition of WeGoLook ("WGL") completed • Increase in advertising expense to expand the presence of Contractor Connection in the consumer repair market • Mix shift negatively impacted operating margins U.S. Catastrophe (CAT) Adjuster Activity • CAT revenues of $13.1 million versus $14.5 million • Average CAT adjusters deployed of 408 in 2017 vs. 426 in 2016 U.S. SERVICES SEGMENT HIGHLIGHTS

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 10 Revenues by Geographic Region ($ in millions) Operating Results (1Q 2017 v. 1Q 2016) • Revenues of $110.6 million versus $117.5 million • Exchange rates reduced revenues by 5%, or $6.0 million • Operating earnings of $9.3 million versus $7.0 million • Operating earnings margin of 8.4% versus 6.0% • Cases received of 172,021 versus 177,131 Regional Highlights • Operating earnings increased in the segment due to margin improvements in the UK, Asia Pacific, Canada and the impact of Hurricane Matthew • Revenues were negatively impacted by foreign exchange rate fluctuations and a decrease in weather-related claims in the U.K. • Case volumes decreased due to exiting certain unprofitable business lines in Asia-Pacific INTERNATIONAL SEGMENT HIGHLIGHTS Cases Received (In thousands)

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 11 Revenues by Service Line ($ in millions) Broadspire Cases Received (In thousands) Operating Results (1Q 2017 v. 1Q 2016) • Revenues of $77.0 million versus $76.2 million • Operating earnings of $7.1 million versus $8.7 million • Operating earnings margin of 9.2% versus 11.4% • Cases received of 113,299 versus 108,563 Highlights • Revenue growth in disability product line • Strong pipeline of future sales opportunities being pursued • Recent client wins include Innovative Captive Strategies, Selective Insurance, Arch Travel, and Aaron's Inc. • Investments in new client-facing technologies and sales and marketing continue BROADSPIRE SEGMENT HIGHLIGHTS

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 12 Backlog ($ in millions) Operating Results (1Q 2017 v. 1Q 2016) • Revenues of $19.2 million versus $25.0 million • Operating (loss) earnings of $(0.9) million versus $1.5 million • Operating (loss) earnings margin of (4.6)% versus 6.0% • Backlog of $74 million versus $103 million Highlights • Low project volume and relative values during the 2017 quarter • Deepwater Horizon class action settlement project continues to wind down • Expense reductions recently made in response to market trends GARDEN CITY GROUP SEGMENT HIGHLIGHTS Revenues ($ in millions)

13 /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Unaudited ($ in thousands) March 31, 2017 December 31, 2016 Change Cash and cash equivalents $ 68,797 $ 81,569 $ (12,772 ) Accounts receivable, net 164,073 153,566 10,507 Unbilled revenues, net 108,868 101,809 7,059 Total receivables 272,941 255,375 17,566 Goodwill 115,764 91,750 24,014 Intangible assets arising from business acquisitions, net 103,864 86,931 16,933 Goodwill and intangible assets arising from business acquisitions 219,628 178,681 40,947 Deferred revenues 65,316 63,340 1,976 Pension liabilities 100,371 105,175 (4,804 ) Short-term borrowings and current portion of capital leases 6,685 1,012 5,673 Long-term debt, less current portion 237,273 187,002 50,271 Total debt 243,958 188,014 55,944 Total stockholders' equity attributable to Crawford & Company 163,205 153,883 9,322 Net debt (1) 175,161 106,445 68,716 Nonredeemable noncontrolling interests 7,187 — 7,187 (1) See Appendix for non-GAAP explanation and reconciliation BALANCE SHEET HIGHLIGHTS

14 /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Unaudited ($ in thousands) 2017 2016 Variance Net Income Attributable to Shareholders of Crawford & Company $ 7,664 $ 8,630 $ (966 ) Depreciation and Other Non-Cash Operating Items 11,517 10,847 670 Unbilled and Billed Receivables Change (15,025 ) (7,918 ) (7,107 ) Working Capital Change (20,388 ) (12,146 ) (8,242 ) U.S. and U.K. Pension Contributions (4,283 ) (4,565 ) 282 Cash Flows from Operating Activities (20,515 ) (5,152 ) (15,363 ) Property & Equipment Purchases, net (695 ) (1,535 ) 840 Capitalized Software (internal and external costs) (5,432 ) (4,513 ) (919 ) Free Cash Flow (1) ($26,642 ) ($11,200 ) ($15,442 ) For the year-to-date period ended March 31, OPERATING AND FREE CASH FLOW (1) See Appendix for non-GAAP explanation

15 /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Crawford & Company is reaffirming its guidance for 2017 as follows: YEAR ENDING DECEMBER 31, 2017 Low End High End Consolidated revenues before reimbursements $1.10 $1.13 billion After expected restructuring and special charges, net income attributable to shareholders of Crawford & Company $34.0 $39.0 million Diluted earnings per share--CRD-A $0.63 $0.73 per share Diluted earnings per share--CRD-B $0.55 $0.65 per share Consolidated operating earnings $90.0 $100.0 million Consolidated adjusted EBITDA $130.0 $140.0 million Before expected restructuring and special charges, net income attributable to shareholders of Crawford & Company on a non-GAAP basis $43.0 $48.0 million Diluted earnings per share--CRD-A $0.78 $0.88 per share Diluted earnings per share--CRD-B $0.71 $0.81 per share 2017 GUIDANCE The Company expects to incur restructuring and special charges in 2017 totaling approximately $13.0 million pretax. This is expected to be comprised of $3.0 million related to the Company's Global Business Services Center in Manila, Philippines and Global Technology Services Center in Pune, India (the "Centers") and $10.0 million related to other restructuring activities.

16 /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 2017 STRATEGIC INITIATIVES • Having a strong financial foundation  Implement cost reduction initiatives to drive margin expansion • Building an entrepreneurial culture  Identify attractive markets for expansion • Enhancing global capabilities  Explore strategic M&A opportunities • Delivering excellence in execution  Increase speed of doing business enterprise wide • Being a sales and service driven organization  Form a robust sales funnel and capitalize on cross-selling • Providing new products and services that matter  Deliver customized value propositions to clients

////////////////////////////////////////////////////////////////////////// Appendix FIRST QUARTER 2017

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 18 Measurements of financial performance not calculated in accordance with GAAP should be considered as supplements to, and not substitutes for, performance measurements calculated or derived in accordance with GAAP. Any such measures are not necessarily comparable to other similarly-titled measurements employed by other companies. Reimbursements for Out-of-Pocket Expenses In the normal course of our business, our operating segments incur certain out-of-pocket expenses that are thereafter reimbursed by our clients. Under GAAP, these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in our consolidated results of operations. In this presentation, we do not believe it is informative to include in reported revenues the amounts of reimbursed expenses and related revenues, as they offset each other in our consolidated results of operations with no impact to our net income or operating earnings. As a result, unless noted in this presentation, revenue and expense amounts exclude reimbursements for out-of-pocket expenses. Net Debt Net debt is computed as the sum of long-term debt, capital leases and short-term borrowings less cash and cash equivalents. Management believes that net debt is useful because it provides investors with an estimate of what the Company's debt would be if all available cash was used to pay down the debt of the Company. The measure is not meant to imply that management plans to use all available cash to pay down debt. Free Cash Flow Management believes free cash flow is useful to investors as it presents the amount of cash the Company has generated that can be used for other purposes, including additional contributions to the Company's defined benefit pension plans, discretionary prepayments of outstanding borrowings under our credit agreement, and return of capital to shareholders, among other purposes. It does not represent the residual cash flow of the Company available for discretionary expenditures. The reconciliation from Cash Flows from Operating Activities is provided on slide 14. Segment and Consolidated Operating Earnings Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker to evaluate the financial performance of our Company and operating segments, and make resource allocation and certain compensation decisions. Management believes operating earnings is useful to others in that it allows them to evaluate segment and consolidated operating performance using the same criteria our management and chief operating decision maker use. Consolidated operating earnings represent segment earnings including certain unallocated corporate and shared costs, but before net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, restructuring and special charges, income taxes, and net income or loss attributable to noncontrolling interests. APPENDIX: NON-GAAP FINANCIAL INFORMATION

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 19 Adjusted EBITDA Adjusted EBITDA is used by management to evaluate, assess and benchmark our operational results and the Company believes that adjusted EBITDA is relevant and useful information widely used by analysts, investors and other interested parties. Adjusted EBITDA is defined as net income with adjustments for depreciation and amortization, interest expense-net, income tax provision, restructuring and special charges, and non-cash stock- based compensation expense. Adjusted EBITDA is not a term defined by GAAP and as a result our measure of adjusted EBITDA might not be comparable to similarly titled measures used by other companies. Non-GAAP Adjusted Net Income and Diluted Earnings per Share Included in non-GAAP adjusted net income and diluted earnings per share are restructuring and special charges, which arise from non-core items not directly related to our normal business or operations, or our future performance. Management believes it is useful to exclude these charges when comparing net income and diluted earnings per share across periods, as these charges are not from ordinary operations. APPENDIX: NON-GAAP FINANCIAL INFORMATION (continued)

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 20 Quarter Ended Quarter Ended Full Year March 31, March 31, Guidance Unaudited ($ in thousands) 2017 2016 2017 * Revenues Before Reimbursements Total Revenues $ 279,530 $ 290,908 $ 1,183,000 Reimbursements (12,263 ) (13,674 ) (68,000 ) Revenues Before Reimbursements $ 267,267 $ 277,234 $ 1,115,000 Costs of Services Provided, Before Reimbursements Total Costs of Services $ 204,817 $ 215,107 Reimbursements (12,263 ) (13,674 ) Costs of Services Provided, Before Reimbursements $ 192,554 $ 201,433 Revenues, Costs of Services Provided, and Operating Earnings Quarter Ended Quarter Ended Full Year March 31, March 31, Guidance Unaudited ($ in thousands) 2017 2016 2017 * Operating Earnings: U.S. Services $ 5,542 $ 9,054 International 9,288 7,034 Broadspire 7,096 8,705 Garden City Group (891 ) 1,495 Unallocated corporate and shared costs (2,742 ) (4,618 ) Consolidated Operating Earnings 18,293 21,670 $ 95,000 (Deduct) add: Net corporate interest expense (2,036 ) (2,768 ) (11,000 ) Stock option expense (417 ) (90 ) (1,575 ) Amortization expense (2,777 ) (2,459 ) (11,700 ) Restructuring and special charges (605 ) (2,417 ) (13,165 ) Income taxes (4,835 ) (5,307 ) (20,960 ) Net loss (income) attributable to non-controlling interests and redeemable noncontrolling interests 41 1 (100 ) Net Income Attributable to Shareholders of Crawford & Company $ 7,664 $ 8,630 $ 36,500 RECONCILIATION OF NON-GAAP ITEMS * Midpoints of Company's Guidance, reaffirmed May 8, 2017

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 21 RECONCILIATION OF NON-GAAP ITEMS (continued) Adjusted EBITDA Quarter Ended Full Year March 31, March 31, Guidance Unaudited ($ in thousands) 2017 2016 2017 * Net income attributable to shareholders of Crawford & Company $ 7,664 $ 8,630 $ 36,500 Add: Depreciation and amortization 10,180 10,294 47,375 Stock-based compensation 1,296 729 6,000 Net corporate interest expense 2,036 2,768 11,000 Restructuring and special charges 605 2,417 13,165 Income taxes 4,835 5,307 20,960 Adjusted EBITDA $ 26,616 $ 30,145 $ 135,000 * Midpoints of Company's Guidance, reaffirmed May 8, 2017

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 22 RECONCILIATION OF NON-GAAP ITEMS (continued) Net Debt March 31, December 31, Unaudited ($ in thousands) 2017 2016 Net Debt Short-term borrowings $ 6,037 $ 30 Current installments of capital leases 648 982 Long-term debt and capital leases, less current installments 237,273 187,002 Total debt 243,958 188,014 Less: Cash and cash equivalents 68,797 81,569 Net debt $ 175,161 $ 106,445

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 23 RECONCILIATION OF NON-GAAP ITEMS (continued) Non-GAAP Adjusted Net Income and Diluted Earnings Per Share Three Months Ended March 31, 2017 Unaudited ($ in thousands) Income Before Taxes Income Taxes Net Income Net Income Attributable to Crawford & Company Diluted Earnings per CRD-A Share Diluted Earnings per CRD-B Share GAAP $ 12,458 $ (4,835 ) $ 7,623 $ 7,664 $ 0.14 $ 0.12 Add back: Restructuring and special charges 605 (198 ) 407 407 0.01 0.01 Non-GAAP Adjusted $ 13,063 $ (5,033 ) $ 8,030 $ 8,071 $ 0.15 $ 0.13 Three Months Ended March 31, 2016 Unaudited ($ in thousands) Income Before Taxes Income Taxes Net Income Net Income Attributable to Crawford & Company Diluted Earnings per CRD-A Share Diluted Earnings per CRD-B Share GAAP $ 13,936 $ (5,307 ) $ 8,629 $ 8,630 $ 0.16 $ 0.14 Add back: Restructuring and special charges 2,417 (781 ) 1,636 1,636 0.03 0.03 Non-GAAP Adjusted $ 16,353 $ (7,794 ) $ 8,559 $ 8,560 $ 0.19 $ 0.17

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 24 RECONCILIATION OF NON-GAAP ITEMS (continued) Non-GAAP Adjusted Net Income and Diluted Earnings Per Share *Full Year Guidance 2017 Unaudited ($ in thousands) Income Before Taxes Income Taxes Net Income Net Income Attributable to Crawford & Company Diluted Earnings per CRD-A Share Diluted Earnings per CRD-B Share GAAP $ 57,560 $ (20,960 ) $ 36,600 $ 36,500 $ 0.68 $ 0.60 Add back: Restructuring and special charges 13,165 (4,344 ) 8,821 8,821 0.15 0.15 Non-GAAP Adjusted $ 70,725 $ (25,304 ) $ 45,421 $ 45,321 $ 0.83 $ 0.75 * Midpoints of Company's Guidance, reaffirmed May 8, 2017