the

STRENGTH of

WORKING

TOGETHER

SM

First Quarter 2008

Earnings Conference Call

Monday, May 5, 2008

Exhibit 99.2

2

First Quarter Earnings Review

May 5, 2008

•

Founded in 1941, Crawford is the largest independent global provider of

claims management solutions and a fully integrated global provider for

the growing multi-national market.

•

Crawford is divided into four reporting segments that support the

strategic positioning of the company in a changing market place:

–

U.S. Property & Casualty

•

Serves the U.S. insurance company market

–

International Operations

•

Serves the global insurance industry and multinational corporations

–

Broadspire

•

Serves large national accounts, carriers and self-insured entities

–

Legal Settlement Administration

•

Provides administration for class action settlements and bankruptcy

matters

•

The Company’s independence, global presence and diversified

business lines are key competitive advantages which set Crawford

apart

from its competitors.

3

Forward-looking Statements and Segment

Operating Earnings

Forward Looking Statements:

Some of the matters discussed in this presentation include forward-looking

statements that involve risks and uncertainties. The Company’s actual results

achieved in future quarters may differ materially from results that might be

implied by such forward-looking statements. The Company undertakes no

obligation to publicly release any revisions to any forward-looking statement

made in this presentation to reflect events or circumstances occurring after the

date of this presentation, or to reflect the occurrence of unanticipated events. 

For a complete discussion regarding factors which could affect the Company’s

financial performance, please refer to the Company’s Form 10K for the year

ended December 31, 2007 filed with the Securities and Exchange Commission,

particularly the information under the headings “Business”, “Risk Factors”,

“Legal Proceedings”, and “Management’s Discussion and Analysis of Financial

Condition and Results of Operations”.

Segment Operating Earnings:

Segment operating earnings represent earnings before net corporate interest

expense, amortization of customer-relationship intangible assets, stock option

expense, income tax expense, unallocated corporate and shared costs, and

gains on asset sales.

4

“The Strength of Working Together”

“The Strength of Working Together”

is unifying the

Company around consistent goals:

Adaptive leadership team responding to economic conditions

Increasing emphasis on sources of additional revenue growth

–

Cross selling Crawford services into the existing client base

–

Identifying new large client opportunities

–

Mid-market competition as economy weighs on “Mom & Pops”

Driving technology forward

–

Point of competitive strength

–

Firm delivery dates and increased support

Crawford continues to restore and improve its reputation

–

Quality improving at the branch level

–

Investing in training

Being a target-driven organization

–

Achieving financial goals

5

First Quarter 2008 Overview

•

Strong performance in a difficult operating

environment

Revenue growth of 4.9% supported by cost reduction

initiatives

Net Income up 174%

•

Strong revenue growth internationally offset declines

in U.S. businesses

International growth (before currency effects) of 15.8%

Revenue declines at U.S. P&C, Broadspire, and L.S.A.

•

Solid earnings per share performance at $0.18

Double-digit operating earnings in U.S. P&C and L.S.A.

All four segments reported positive operating earnings and

margin improvement

SG&A costs reduced by 8.1%

•

Planned for difficult U.S. economy

Continued growth trends internationally

Ongoing emphasis on growing existing client base through

cross selling

Focus on cost control

US claims value holding steady

0

20

40

60

80

100

120

1Q 2008

1Q 2007

Revenue

$ in millions

0

2

4

6

8

10

1Q 2008

1Q 2007

Net Income

$ in millions

$255.5

$243.6

$9.1

$3.3

6

First Quarter 2008 Highlights

•

Broadspire

Revenue decline of 5.0%

Positive operating earnings of $1.7 million in

2008

Claims frequency down 5.7% in worker’s

compensation

Increased cross selling, new RFP activity,

Expanding BPO operations

•

U.S. Property & Casualty

Revenue decline of 2.9%

Operating margin of 12.0% in 2008 from 6.6%

in 2007

Operating earnings up 76%

Property claims up 2.2%

Strong margin growth in tough environment

66

68

70

72

74

76

1Q 2008

1Q 2007

Broadspire Claims

Claims referred in 000s

69.1

75.4

85

90

95

100

105

110

1Q 2008

1Q 2007

USP&C Claims

Claims referred in 000s

93.9

106.3

7

First Quarter 2008 Highlights

•

Legal Settlement Administration

Revenue declined 21.4%

Operating margin increased to 13.2% in

2008 from 10.9% in 2007

Operating earnings declined 5.3%

Growing backlog of $50.5 million

0

10

20

30

40

50

1Q 2008

1Q 2007

Backlog

Backlog in millions

150

152

154

156

158

160

1Q 2008

1Q 2007

International Claims

Claims referred in 000s

•

International

Strong global revenue growth of 27.1%

Operating margin increased to 8.4% in 2008

from 4.7% in 2007

Operating earnings increased 127%

Strength in Canada, UK and Asia Pacific

Claims referred increased 3.4%

159.0

153.8

$50.5

$31.1

8

Updating 2008 Outlook

•

Consolidated revenue before reimbursements between $990

million and $1.02 billion

•

Consolidated operating earnings between $56.0 million and

$61.6 million

•

After reflecting stock-based compensation expense, net

corporate interest expense, amortization of customer-

relationship intangible assets and income taxes, consolidated

net income on a GAAP basis between $20.2 million and $23.3

million

•

Earnings per share of $.40 to $.46

•

Continue to focus on cost reduction

•

Continue to improve operational quality

•

Strong global growth should offset U.S. declines

•

Emphasis on expanded sales and marketing activities

the

STRENGTH of

WORKING

TOGETHER

SM

First Quarter 2008

Financial Review

10

First Quarter 2008 Financials

Quarter Ended March 31

2008

2007

% Change

Revenues:

Revenues Before Reimbursements

$255,512

$243,608

5%

Reimbursements

19,161

19,416

-1%

Total Revenues

274,673

263,024

4%

Costs and Expenses:

Cost of Services Before Reimbursements

186,743

182,707

2%

Reimbursements

19,161

19,416

-1%

Total Cost of Services

205,904

202,123

2%

Selling, General, and Administrative

50,641

55,109

-8%

Corporate Interest Expense, Net

4,416

4,368

1%

Total Costs and Expenses

260,961

261,600

0%

Gain on Disposal of Subrogation Business

-

3,978

nm

Income Before Income Taxes

13,712

5,402

154%

Income Taxes

4,644

2,095

122%

Net Income

$9,068

$3,307

174%

Earnings Per Share -

After Gain on Disposal

$0.18

$0.07

173%

Earnings Per Share -

Before Gain on Disposal

$0.18

$0.02

800%

nm = not meaningful

CRAWFORD  &  COMPANY

CONDENSED CONSOLIDATED STATEMENTS  OF  INCOME

(In Thousands, Except Per Share Amounts)

Unaudited

11

0

10

20

30

40

50

60

1Q 2008

1Q 2007

Revenue

0

1

2

3

4

5

6

1Q 2008

1Q 2007

Operating Earnings

$ in millions

$ in millions

First Quarter 2008 Financials

$51.0

$49.5

$3.4

$5.9

Improved margins through strong cost management

Catastrophe revenue flat from 2007 to 2008

Reduction in claim referrals due to major client decision

to insource

high volume, low margin vehicle claims.

U.S. Property & Casualty Summary Results

For the quarter ended March 31, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

49,510

$  

50,996

$  

-2.9%

Total Operating Expenses

43,561

47,620

-8.5%

Operating Earnings

5,949

$    

3,376

$    

76.2%

Operating Margin

12.0%

6.6%

5.4%

12

0

20

40

60

80

100

120

1Q 2008

1Q 2007

Revenue

0

2

4

6

8

10

1Q 2008

1Q 2007

Operating Earnings

$ in millions

$ in millions

First Quarter 2008 Financials

$106.7

$83.9

$9.0

$4.0

Revenue increased 15.8% on a constant dollar basis

Significant new client wins in Canada

International Summary Results

For the quarter ended March 31, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

106,710

$

83,940

$ 

27.1%

Total Operating Expenses

97,723

79,976

22.2%

Operating Earnings

8,987

$   

3,964

$   

126.7%

Operating Margin

8.4%

4.7%

3.7%

13

0

20

40

60

80

100

1Q 2008

1Q 2007

Revenue

-0.8

-0.6

-0.4

-0.2

0

0.2

0.4

0.6

0.8

1

1Q 2008

1Q 2007

Operating Earnings

$ in millions

$ in millions

First Quarter 2008 Financials

$80.3

$84.5

($0.7)

$1.7

Improved margin through strong cost management

Strong client retention

Broadspire Summary Results

For the quarter ended March 31, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

80,313

$   

84,520

$   

-5.0%

Total Operating Expenses

78,566

85,201

-7.8%

Operating Earnings (Loss)

1,747

$     

(681)

$      

356.5%

Operating Margin

2.2%

-0.8%

3.0%

14

0

5

10

15

20

25

1Q 2008

1Q 2007

Revenue

0

0.5

1

1.5

2

2.5

3

1Q 2008

1Q 2007

Operating Earnings

$ in millions

$ in millions

First Quarter 2008 Financials

$19.0

$24.2

$2.6

$2.5

Improved margins through strong cost management

Backlog of over $50 million

Legal Settlement Administration Summary Results

For the quarter ended March 31, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

18,979

$  

24,152

$  

-21.4%

Total Operating Expenses

16,482

21,516

-23.4%

Operating Earnings

2,497

$    

2,636

$    

-5.3%

Operating Margin

13.2%

10.9%

2.3%

15

First Quarter 2008 Financials

Crawford & Company

Consolidated Balance Sheet Highlights

As of March 31, 2008 and December 31, 2007

(in thousands)

Unaudited

    March 31,

    December 31,

                2008

                2007*

Change

Cash and cash equivalents

$42,841

$50,855

($8,014)

Accounts receivable, net

191,078

178,528

12,550

Work in process

130,007

136,652

(6,645)

     Total receivables

321,085

315,180

5,905

Deferred revenues, net                   

108,538

109,603

(1,065)

Pension liabilities

74,362

76,977

(2,615)

Current portion of long-term debt, capital leases

and short-term borrowings

37,328

31,864

5,464

Long-term debt

182,955

183,449

(494)

     Total debt

220,283

215,313

4,970

Total stockholders' equity

257,861

254,215

3,646

Net debt**

177,442

164,458

12,984

Total debt / capitalization

46%

46%

* Derived from the audited Consolidated Balance Sheet

**Net debt is defined by the Company as long-term debt, capital leases and short-term borrowings, 

   net of cash and cash equivalents.

16

First Quarter 2008 Financials

Crawford & Company

Free Cash Flow

For the year-to-date period ended March 31, 2008 and 2007

Unaudited

                                        (In Thousands)

    March 31,

    March 31,

              2008

             2007

Operating Cash Flow (Use)

($4,137)

($32,225)

   Less: Capital Expenditures

(2,211)

(3,293)

   Less: Capitalized Software

(4,384)

(2,675)

   Less: Required Debt Payment

(525)

(525)

Free Cash Flow (Use)

($11,257)

($38,718)

the

STRENGTH of

WORKING

TOGETHER

SM