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): August 4, 2008

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)

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:

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

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

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

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

ITEM 2.02.     Results of Operations and Financial Condition

On August 4, 2008, Crawford & Company (the “Company”) issued a press release containing information about the Company’s financial condition, results of operations, and cash flows for the second quarter of 2008. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by this reference.

The press release contains non-GAAP financial measures and a reconciliation to the related GAAP measure is included. Operating earnings is one of the key performance measures used by the Company’s senior management to evaluate the performance of its operating segments and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate its performance using the same criteria that management uses.

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, August 4, 2008 at 3:00 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 August 4, 2008
99.2	Second Quarter 2008 Earnings Conference Call 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, whether made before or after the date hereof, regardless of any general incorporation 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.

2

SIGNATURES

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: August 4, 2008

3

EXHIBIT INDEX

Number	Descriptions
99.1	Press Release issued August 4, 2008
99.2	Second Quarter 2008 Earnings Conference Call Presentation

4

EX-99.1

Exhibit 99.1

Press Release

CRAWFORD & COMPANY 1001 SUMMIT BOULEVARD P.O. BOX 5047 ATLANTA, GEORGIA 30302 (404) 256-0830

FOR IMMEDIATE RELEASE Date: August 4, 2008 From: Jeffrey T. Bowman Chief Executive Officer

Crawford Reports Substantial Improvement in 2008 Second Quarter Results

Net Income Rises 31% on Revenue Growth of 9%

Crawford & Company (www.crawfordandcompany.com) (NYSE: CRDA and CRDB), the world’s largest independent provider of claims management solutions to insurance companies and self-insured entities, today announced its financial results for the second quarter ended June 30, 2008.

Consolidated Results

Second quarter 2008 consolidated revenues before reimbursements totaled $263.3 million compared to $240.5 million in the 2007 second quarter. Second quarter 2008 net income was $7.9 million, up from $6.1 million for the 2007 second quarter. Second quarter 2008 diluted earnings per share were $0.16 compared to $0.12 in the prior-year quarter. During the 2007 second quarter, the Company recognized a previously deferred gain on the 2006 sale of its former corporate headquarters of $3.1 million, net of related income taxes, or $0.06 per share.

Crawford generated $11.0 million of cash from operations for the 2008 year-to-date period. This compares favorably to the 2007 year-to-date period, as cash used by operations through June 2007 was $6.4 million. This $17.4 million improvement was primarily due to higher net income and improved working capital management. The Company’s consolidated cash and cash equivalent position as of June 30, 2008 totaled $48.3 million compared to $45.7 million at June 30, 2007.

International Operations

Second quarter 2008 revenues before reimbursements for the International Operations segment grew 27.9% to $113.4 million from $88.7 million for the same period in 2007. Compared to the 2007 second quarter, during the current quarter the U.S. dollar was weaker against most major foreign currencies, resulting in a net exchange rate benefit in the current quarter. Excluding the benefit of exchange rate fluctuations, international revenues would have been $106.4 million in the 2008 second quarter, reflecting growth in revenues on a constant dollar basis of 20.0%. International operating expenses increased by $18.9 million in U.S. dollars, a 22.5% increase, and by 14.6% on a constant dollar basis. Operating earnings improved to $10.4 million in the current quarter, more than doubling last year’s second quarter operating earnings of $4.6 million. The related operating margin was 9.2% in the 2008 second quarter, improving from the 5.2% operating margin in the 2007 second quarter.

Page 1 of 10

Press Release

CRAWFORD & COMPANY 1001 SUMMIT BOULEVARD P.O. BOX 5047 ATLANTA, GEORGIA 30302 (404) 256-0830

U.S. Property & Casualty

U.S. Property & Casualty revenues before reimbursements were $51.2 million in the second quarter of 2008, increasing 7.2% from $47.7 million in the 2007 second quarter. Revenues generated by the Company’s catastrophe adjuster group were $3.5 million in the 2008 second quarter, compared to $1.3 million in the 2007 period. Operating earnings in the U.S. Property & Casualty segment improved to $5.1 million, or 9.9% of revenues, compared to $1.2 million, or 2.5% of revenues in the 2007 second quarter. This improvement reflects the benefits of increased efficiencies from the Company’s ongoing technology investments in this segment.

Broadspire

Revenues before reimbursements from the Broadspire segment were $79.0 million in the 2008 second quarter compared to $83.1 million in the 2007 quarter, due primarily to a reduction in revenue from existing programs, partially offset by new business gains. Operating earnings totaled $2.5 million in the 2008 second quarter, or an operating margin of 3.2% of revenues, compared to $2.8 million, or 3.3% of revenues, in the prior-year period.

Legal Settlement Administration

Legal Settlement Administration revenues before reimbursements were $19.6 million for the 2008 second quarter, compared to $21.0 million in the 2007 quarter. Operating earnings totaled $3.1 million in the 2008 second quarter, or an operating margin of 16.1% of revenues, compared to $3.0 million, or 14.4% of revenues, in the prior-year period. The segment’s awarded project backlog totaled approximately $52.8 million at June 30, 2008 as compared to $41.1 million at June 30, 2007.

Management’s Comments

Mr. Jeffrey T. Bowman, chief executive officer of Crawford & Company, stated, “Our second quarter 2008 operating results reflects the strongest second quarter performance since 2001, achieved through incremental revenues and the results of our continued focus on cost control and process improvement. This performance builds on the excellent start we had to the year.”

“Our consolidated revenues before reimbursements improved by over 9% on the strength of our international and U.S. property & casualty businesses. Selling, general and administrative (“SG&A”) costs, as a percentage of revenues before reimbursements, were down nearly a full percentage point from the prior-year quarter. We were also pleased with our earnings per share growth during the 2008 second quarter, which was up 167% over the prior year quarter, if you exclude last year’s special credit related to the sale of our former headquarters.”

Page 2 of 10

Press Release

CRAWFORD & COMPANY 1001 SUMMIT BOULEVARD P.O. BOX 5047 ATLANTA, GEORGIA 30302 (404) 256-0830

“Operating cash flow through the 2008 second quarter showed a $17.4 million improvement over the 2007 period. We are driving this Company to improve its working capital management and this improvement is a direct result of those efforts.”

Mr. Bowman concluded, “While we are pleased with our results through the first half of the year, our outlook for the remainder of 2008 will remain conservative as we continue to implement the operating plans we have outlined in support of the strategic direction of the Company. For the full year we expect a significant improvement in consolidated operating results over 2007, as we focus on improving our efficiency and maximizing the incremental margins on the sales gains we achieve. We are committed to managing our operations toward improved operating performance throughout the year, while at the same time continuing to enhance our industry-leading quality.”

Updated Guidance

Crawford & Company updated its guidance for 2008 as follows:

• Consolidated revenues before reimbursements between $1.02 billion and $1.03 billion.

• Consolidated operating earnings between $63.4 million and $68.1 million.

• After reflecting stock-based compensation expense, net corporate interest expense, intangible asset amortization expense, and income taxes, consolidated net income on a GAAP basis between $25.6 million and $27.7 million, or $0.50 to $0.54 per share.

Crawford & Company’s management will host a conference call with analysts on Monday, August 4, 2008 at 3:00 P.M. EDT to discuss quarterly earnings and other developments. The call will be recorded and available for replay through August 11, 2008. You may dial 1-800-642-1687 (706-645-9291 international) to listen to the replay. The access code is 57145572. Alternatively, please visit our web site at www.crawfordandcompany.com for a live audio web cast and related financial presentation.

On January 1, 2008 the Company’s Strategic Warranty Services unit was moved from the Legal Settlement Administration segment to the U.S. Property & Casualty segment. Prior period amounts for both segments have been restated to reflect this transfer. Subsequent to March 31, 2007, the Company changed its method of allocating certain corporate overhead costs to each of its operating segments. Prior period amounts have been restated on the same basis as the new allocation method.

Further information regarding the Company’s financial position, operating results, and cash flows for the quarter ended June 30, 2008 is shown on the attached unaudited statements. Operating earnings (a non-GAAP financial measure) is the key financial performance measure used by the Company’s senior management to evaluate the performance of its segments and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate operating performance using the same criteria that management uses. Operating earnings exclude net corporate

Page 3 of 10

Press Release

CRAWFORD & COMPANY 1001 SUMMIT BOULEVARD P.O. BOX 5047 ATLANTA, GEORGIA 30302 (404) 256-0830

interest expense, stock option expense, income tax expense, amortization of customer relationship intangible assets, unallocated corporate and shared costs and certain other charges and credits. Net corporate interest expense, stock option expense and income taxes are recurring components of the Company’s net income, but they are not considered part of operating earnings since they are managed on a corporate-wide basis. Net corporate interest expense results from capital structure decisions made by the Company, stock option expense relates to historically granted stock options which are not allocated to operating segments, and income taxes are based on statutory rates in effect in each of the locations where the Company provides services and vary throughout the world. Amortization expense relates to non-cash amortization of customer relationship intangible assets resulting from business combinations. These costs are not allocated to the segments for assessing performance. None of the aforementioned costs relate directly to the performance of the Company’s services and are therefore excluded in order to accurately assess the results of segment operating activities on a consistent basis. Certain other credits and charges represent events (gain on disposal of assets, loss on extinguishment of debt, etc.) that are not considered part of segment operating earnings since they historically have not regularly impacted the Company’s operating performance and are not expected to regularly impact future performance. Following is a reconciliation of segment operating earnings (loss) to consolidated net income on a GAAP basis and the related margins as a percentage of revenues before reimbursements for all periods presented:

	Quarter ended										Year-to-date period ended
	June 30, 2008			% Margin		June 30, 2007			% Margin		June 30, 2008			% Margin		June 30, 2007			% Margin
Operating Earnings:
U.S. property & casualty	$	5,092		9.9	%	$	1,197		2.5	%	$	11,041		11.0	%	$	4,573		4.6	%
International operations		10,446		9.2			4,566		5.2			19,433		8.8			8,530		4.9
Broadspire		2,540		3.2			2,779		3.3			4,287		2.7			2,098		1.3
Legal settlement administration		3,142		16.1			3,033		14.4			5,639		14.6			5,669		12.6
Unallocated corporate and shared (costs) credits		(2,061	)	(0.8	)		(839	)	(0.3	)		(1,410	)	(0.3	)		(2,613	)	(0.5	)
Add/(Deduct):
Other credits		—		—			4,844		2.0			—		—			8,824		1.8
Stock option expense		(279	)	(0.1	)		(346	)	(0.1	)		(474	)	(0.1	)		(641	)	(0.1	)
Amortization expense		(1,506	)	(0.6	)		(1,507	)	(0.6	)		(3,014	)	(0.6	)		(2,943	)	(0.6	)
Net corporate interest expense		(4,656	)	(1.8	)		(4,232	)	(1.8	)		(9,072	)	(1.7	)		(8,600	)	(1.8	)
Income taxes		(4,786	)	(1.8	)		(3,443	)	(1.4	)		(9,430	)	(1.8	)		(5,538	)	(1.1	)
Net income	$	7,932		3.0		$	6,052		2.5		$	17,000		3.3		$	9,359		1.9

Based in Atlanta, Georgia, Crawford & Company (www.crawfordandcompany.com) is the world’s largest independent provider of claims management and related solutions to the risk management and insurance industry as well as self-insured entities, with a global network of more than 700 locations in 63 countries. Major service lines include property and casualty claims management; warranty inspections; integrated claims and medical management for workers’ compensation; legal settlement administration, including class action and bankruptcy claims administration; and risk management information services. The Company’s shares are traded on the NYSE under the symbols CRDA and CRDB.

Page 4 of 10

Press Release

CRAWFORD & COMPANY 1001 SUMMIT BOULEVARD P.O. BOX 5047 ATLANTA, GEORGIA 30302 (404) 256-0830

Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties. The results achieved in the quarter ended June 30, 2008 are not necessarily indicative of future prospects for the Company. Actual results in future quarters may differ materially. For a discussion regarding factors which could affect the Company’s financial performance, see the Company’s Form 10-K for the year ended December 31, 2007 filed with the Securities and Exchange Commission, in particular the information under the headings “Business,” “Risk Factors,” “Legal Proceedings” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

The Company undertakes no obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. The Company’s actual results may differ materially from those projected in forward-looking statements made by, or on behalf of, the Company.

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

Page 5 of 10

Press Release

CRAWFORD & COMPANY 1001 SUMMIT BOULEVARD, ATLANTA, GEORGIA 30319 (404) 300-1000

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Unaudited

(In Thousands, Except Earnings Per Share and Percentages)

Six Months Ended June 30	2008		2007		% Change
Revenues:
Revenues Before Reimbursements	$	518,777	$	484,145	7	%
Reimbursements		45,162		34,678	30	%
Total Revenues		563,939		518,823	9	%
Costs and Expenses:
Cost of Services Before Reimbursements		377,369		361,656	4	%
Reimbursements		45,162		34,678	30	%
Total Cost of Services		422,531		396,334	7	%
Selling, General, and Administrative Expenses		105,906		107,816	-2	%
Corporate Interest Expense, Net		9,072		8,600	5	%
Total Costs and Expenses		537,509		512,750	5	%
Gain on Disposal of Subrogation Business		—		3,980	nm
Gain on Sale of Former Corporate Headquarters		—		4,844	nm
Income Before Income Taxes		26,430		14,897	77	%
Income Taxes		9,430		5,538	70	%
Net Income	$	17,000	$	9,359	82	%
Earnings Per Share - Basic and Diluted	$	0.34	$	0.19	76	%
Average Numbers of Shares Used to Compute:
Basic Earnings Per Share		50,582		50,397
Diluted Earnings Per Share		50,705		50,526

nm = not meaningful

Page 6 of 10

Press Release

CRAWFORD & COMPANY 1001 SUMMIT BOULEVARD, ATLANTA, GEORGIA 30319 (404) 300-1000

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Unaudited

(In Thousands, Except Earnings Per Share and Percentages)

Three Months Ended June 30	2008		2007		% Change
Revenues:
Revenues Before Reimbursements	$	263,265	$	240,537	9	%
Reimbursements		26,001		15,694	66	%
Total Revenues		289,266		256,231	13	%
Costs and Expenses:
Cost of Services Before Reimbursements		190,626		178,949	7	%
Reimbursements		26,001		15,694	66	%
Total Cost of Services		216,627		194,643	11	%
Selling, General, and Administrative Expenses		55,265		52,705	5	%
Corporate Interest Expense, Net		4,656		4,232	10	%
Total Costs and Expenses		276,548		251,580	10	%
Gain on Sale of Former Corporate Headquarters		—		4,844	nm
Income Before Income Taxes		12,718		9,495	34	%
Income Taxes		4,786		3,443	39	%
Net Income	$	7,932	$	6,052	31	%
Earnings Per Share - Basic and Diluted	$	0.16	$	0.12	31	%
Average Numbers of Shares Used to Compute:
Basic Earnings Per Share		50,590		50,404
Diluted Earnings Per Share		50,761		50,580

nm = not meaningful

Page 7 of 10

Press Release

CRAWFORD & COMPANY 1001 SUMMIT BOULEVARD, ATLANTA, GEORGIA 30319 (404) 300-1000

CRAWFORD & COMPANY

SUMMARY RESULTS BY OPERATING SEGMENT

Six Months Ended June 30

Unaudited

(In Thousands, Except Percentages)

	U.S. Property & Casualty						% Change		International						% Change		Broadspire						% Change		Legal Settlement Administration						% Change
	2008			2007					2008			2007					2008			2007					2008			2007
Revenues Before Reimbursements	$	100,708		$	98,744		2.0	%	$	220,143		$	172,595		27.5	%	$	159,378		$	167,658		-4.9	%	$	38,548		$	45,148		-14.6	%
Compensation & Benefits		62,162			64,674		-3.9	%		150,336			121,743		23.5	%		89,120			95,324		-6.5	%		18,077			21,257		-15.0	%
% of Revenues Before Reimbursements		61.7	%		65.5	%				68.3	%		70.6	%				55.9	%		56.9	%				46.9	%		47.1	%
Expenses Other than Reimbursements, Compensation & Benefits		27,505			29,497		-6.8	%		50,374			42,322		19.0	%		65,971			70,236		-6.1	%		14,832			18,222		-18.6	%
% of Revenues Before Reimbursements		27.3	%		29.9	%				22.9	%		24.5	%				41.4	%		41.8	%				38.5	%		40.3	%
Total Operating Expenses		89,667			94,171		-4.8	%		200,710			164,065		22.3	%		155,091			165,560		-6.3	%		32,909			39,479		-16.6	%
Operating Earnings (1)	$	11,041		$	4,573		141.4	%	$	19,433		$	8,530		127.8	%	$	4,287		$	2,098		104.3	%	$	5,639		$	5,669		-0.5	%
% of Revenues Before Reimbursements		11.0	%		4.6	%				8.8	%		4.9	%				2.7	%		1.3	%				14.6	%		12.6	%

Three Months Ended June 30

Unaudited

(In Thousands, Except Percentages)

	U.S. Property & Casualty						% Change		International						% Change		Broadspire						% Change		Legal Settlement Administration						% Change
	2008			2007					2008			2007					2008			2007					2008			2007
Revenues Before Reimbursements	$	51,198		$	47,748		7.2	%	$	113,433		$	88,655		27.9	%	$	79,065		$	83,138		-4.9	%	$	19,569		$	20,996		-6.8	%
Compensation & Benefits		31,585			31,508		0.2	%		76,479			62,857		21.7	%		43,706			45,370		-3.7	%		8,808			10,381		-15.2	%
% of Revenues Before Reimbursements		61.7	%		66.0	%				67.4	%		70.9	%				55.3	%		54.6	%				45.0	%		49.4	%
Expenses Other than Reimbursements, Compensation & Benefits		14,521			15,043		-3.5	%		26,508			21,232		24.8	%		32,819			34,989		-6.2	%		7,619			7,582		0.5	%
% of Revenues Before Reimbursements		28.4	%		31.5	%				23.4	%		23.9	%				41.5	%		42.1	%				38.9	%		36.2	%
Total Operating Expenses		46,106			46,551		-1.0	%		102,987			84,089		22.5	%		76,525			80,359		-4.8	%		16,427			17,963		-8.6	%
Operating Earnings (1)	$	5,092		$	1,197		325.4	%	$	10,446		$	4,566		128.8	%	$	2,540		$	2,779		-8.6	%	$	3,142		$	3,033		3.6	%
% of Revenues Before Reimbursements		9.9	%		2.5	%				9.2	%		5.2	%				3.2	%		3.3	%				16.1	%		14.4	%

(1) A non-GAAP financial measurement which represents 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. See page 4 for a reconciliation of Operating Earnings to Net Income computed in accordance with GAAP.

Page 8 of 10

Press Release

CRAWFORD & COMPANY 1001 SUMMIT BOULEVARD, ATLANTA, GEORGIA 30319 (404) 300-1000

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2008 and December 31, 2007

(In Thousands)

	Unaudited June 30 2008			* December 31 2007
Assets
Current Assets:
Cash and Cash Equivalents	$	48,346		$	50,855
Accounts Receivable, Net		191,980			178,528
Unbilled Revenues, Net		131,899			136,652
Prepaid Expenses and Other Current Assets		18,164			16,717
Total Current Assets		390,389			382,752
Property and Equipment		154,771			153,733
Less Accumulated Depreciation		(107,662	)		(104,467	)
Net Property and Equipment		47,109			49,266
Other Assets:
Goodwill		263,628			263,769
Intangible Assets Arising from Business Acquisitions, Net		115,325			118,678
Capitalized Software Costs, Net		43,045			40,032
Deferred Income Tax Assets		18,286			18,923
Other Noncurrent Assets		27,953			29,362
Total Other Assets		468,237			470,764
Total Assets	$	905,735		$	902,782
Liabilities and Shareholders’ Investment
Current Liabilities:
Short-Term Borrowings	$	33,387		$	29,389
Accounts Payable		42,017			39,601
Accrued Compensation and Related Costs		62,999			69,655
Other Accrued Current Liabilities		53,459			57,360
Self-Insured Risks		18,745			18,290
Accrued Income Taxes		17,553			10,435
Deferred Revenues		60,838			64,363
Current Installments of Long-Term Debt and Capital Leases		2,337			2,475
Total Current Liabilities		291,335			291,568
Noncurrent Liabilities:
Long-Term Debt and Capital Leases, Less Current Installments		182,381			183,449
Deferred Revenues		53,086			58,925
Self-Insured Risks		18,168			18,439
Postretirement Medical Benefit Obligation		2,012			1,898
Accrued Pension Liabilities		67,375			76,977
Other Noncurrent Liabilities		13,658			12,265
Total Noncurrent Liabilities		336,680			351,953
Minority Interest in Equity of Consolidated Affiliates		5,144			5,046
Shareholders’ Investment:
Class A Common Stock, $1.00 Par Value		26,192			25,935
Class B Common Stock, $1.00 Par Value		24,697			24,697
Additional Paid-in Capital		21,619			19,057
Retained Earnings		240,887			223,793
Accumulated Other Comprehensive Loss		(40,819	)		(39,267	)
Total Shareholders’ Investment		272,576			254,215
Total Liabilities and Shareholders’ Investment	$	905,735		$	902,782

* Derived from the audited Consolidated Balance Sheet

Page 9 of 10

Press Release

CRAWFORD & COMPANY 1001 SUMMIT BOULEVARD, ATLANTA, GEORGIA 30319 (404) 300-1000

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended June 30, 2008 and June 30, 2007

Unaudited

(In Thousands)

	2008			2007
Cash Flows From Operating Activities:
Net Income	$	17,000		$	9,359
Reconciliation of Net Income to Net Cash Provided By (Used In) Operating Activities:
Depreciation and Amortization		14,837			14,540
Stock-Based Compensation		2,834			1,569
Loss on Sales of Property and Equipment, Net		20			501
Gain on Sale of Subrogation Business		—			(3,980	)
Gain on 2006 Sale or Former Corporate Headquarters		—			(4,844	)
Changes in Operating Assets and Liabilities, Net of Effects of Acquisitions and Disposition:
Accounts Receivable		(11,438	)		5,133
Unbilled Revenues		4,393			(10,704	)
Accrued Income Taxes		6,591			8,102
Accounts Payable and Accrued Liabilities		(407	)		(12,228	)
Deferred Revenues		(9,274	)		(12,901	)
Retirement Plan Liabilities		(11,841	)		(596	)
Prepaid Expenses and Other Operating Activities		(1,740	)		(311	)
Net Cash Provided By (Used In) Operating Activities		10,975			(6,360	)
Cash Flows From Investing Activities:
Acquisitions of Property and Equipment, Net		(4,994	)		(6,535	)
Capitalization of Computer Software Costs		(8,028	)		(5,043	)
Proceeds from Sale of Investment Security		—			5,000
Proceeds from Sale of Subrogation Business		—			5,000
Other Investing Activities, Net		(204	)		(1,284	)
Net Cash Used In Investing Activities		(13,226	)		(2,862	)
Cash Flows From Financing Activities:
Increase (Decrease) in Short-Term Borrowings, Net		757			(1,073	)
Payments on Long-Term Debt and Capital Lease Obligations		(1,331	)		(6,328	)
Other Financing Activities, Net		(14	)		19
Net Cash Used In Financing Activities		(588	)		(7,382	)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		330			653
Decrease in Cash and Cash Equivalents		(2,509	)		(15,951	)
Cash and Cash Equivalents at Beginning of Period		50,855			61,674
Cash and Cash Equivalents at End of Period	$	48,346		$	45,723

Page 10 of 10

EX-99.2

the

STRENGTH

of

WORKING

TOGETHER

SM

Second Quarter 2008

Earnings Conference Call

Monday, August 4, 2008

Exhibit 99.2

2

Second Quarter Earnings Review

August 4,

2008

•

Founded in 1941, Crawford is the largest independent global

provider of claims management solutions and a fully

integrated global provider of these solutions 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 and included in this presentation include forward-looking statements that

involve risks and uncertainties. The Company’s actual results achieved in any future periods 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 10-K 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. On January 1, 2008 the Company’s Strategic

Warranty Services unit was moved from the Legal Settlement Administration segment to the U.S.

Property & Casualty segment.

Prior period results for both segments have been restated to reflect this

transfer.

Subsequent to March 31, 2007, the Company changed its method of allocating certain

corporate overhead costs to each of its operating segments.

Prior period results have been restated to

reflect the current allocation method.

4

“The Strength of Working Together”

“The Strength of Working Together”

is unifying the

Company around consistent goals:

Adaptive leadership team responding to changing

economic conditions

Increasing emphasis on sources of additional

revenue growth

–

Selling Crawford services into the existing client base through

key account management

Driving technology forward

–

Creating operational efficiencies

–

Global economies of scale

Being a target-driven organization

–

Setting long term goals, 2009 to 2011

5

Second Quarter 2008 Overview

•

Strong performance in a difficult operating

environment

Revenue growth of 9.4% supported by cost reduction

initiatives

Net income up 167% over 2007 quarter, adjusting for

2007 gain on sale of office building

•

Strong revenue growth internationally and in

U.S. Property & Casualty offset declines in other

businesses

International growth of 27.9%

U.S. Property & Casualty revenues up 7.2%

•

Improved earnings per share to $0.16 from $0.12

Improved operating margins

SG&A costs increased 5% but declined 90 bps as a

percent of revenue

•

Improvement in cash and balance sheet metrics

Cash flow from operations increased

200

210

220

230

240

250

260

270

2Q 2008

2Q 2007

Revenue

$ in millions

5

5.5

6

6.5

7

7.5

8

2Q 2008

2Q 2007

Net Income

$ in millions

$263.3

$240.5

$7.9

$6.1

6

Second Quarter 2008 Highlights

•

U.S. Property & Casualty

Revenue growth of 7.2%

Operating margin increased to 9.9% in 2008

from 2.5% in 2007

Catastrophe revenue up $2.2 million

Technology-driven efficiencies realized

Claims referred declined 3.4%

100

105

110

115

120

2Q 2008

2Q 2007

USP&C Claims

Claims referred in 000s

113.7

117.7

145

147

149

151

153

155

157

159

2Q 2008

2Q 2007

International Claims

Claims referred in 000s

155.4

151.3

•

International Operations

Strong global revenue growth of 27.9%

Operating margin increased to 9.2% in 2008

from 5.2% in 2007

Claims referred increased 2.7%

7

Second Quarter 2008 Highlights

•

Legal Settlement Administration

Revenue declined 6.8%

Operating margin increased to 16.1% in

2008 from 14.4% in 2007

Growing backlog of $52.8 million

30

35

40

45

50

55

60

1Q 2008

1Q 2007

Backlog

Backlog in millions

$52.8

$41.1

55

57

59

61

63

65

67

69

71

2Q 2008

2Q 2007

Broadspire Claims

Claims referred in 000s

62.9

71.0

•

Broadspire

Revenue decline of 4.9%

Positive operating earnings of $2.5 million in

the quarter

RiskTech

deployment on schedule

94% retention rate

Claims referred declined 11.4%

8

2008 Outlook

•

Consolidated revenue before reimbursements

between $1.02 billion and $1.03 billion

•

Consolidated operating earnings between $63.4

million and $68.1 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 $25.6 million and $27.7 million

•

Earnings per share of $.50 to $.54

the

STRENGTH

of

WORKING

TOGETHER

SM

Second Quarter 2008

Financial Review

10

Second Quarter 2008 Financials

Quarter Ended June 30

2008

2007

% Change

Revenues:

    Revenues Before Reimbursements

$263,265

$240,537

9%

    Reimbursements

26,001

15,694

66%

Total Revenues

289,266

256,231

13%

Costs and Expenses:

         Cost of Services Before Reimbursements

190,626

178,949

7%

         Reimbursements

26,001

15,694

66%

    Total Cost of Services

216,627

194,643

11%

    Selling, General, and Administrative Expenses

55,265

52,705

5%

    Corporate Interest Expense, Net

4,656

4,232

10%

Total Costs and Expenses

276,548

251,580

10%

    Gain on Sale of Former Corporate Headquarters

-

4,844

nm

Income Before Income Taxes

12,718

9,495

34%

Income Taxes

4,786

3,443

39%

Net Income

$7,932

$6,052

31%

Diluted Earnings Per Share - After Gain on Disposal

$0.16

$0.12

31%

Diluted Earnings Per Share - Before Gain on Disposal

$0.16

$0.06

167%

nm = not meaningful

CRAWFORD  &  COMPANY

CONDENSED CONSOLIDATED STATEMENTS  OF  INCOME

(In Thousands, Except Per Share Amounts)

Unaudited

11

60

70

80

90

100

110

120

2Q 2008

2Q 2007

Revenue

0

2

4

6

8

10

12

2Q 2008

2Q 2007

Operating Earnings

$ in millions

$ in millions

Second Quarter 2008 Financials

$113.4

$88.7

$10.4

$4.6

Revenue increased 20.0% on a constant dollar basis.

Significant client wins.

Summary Results, International

For the quarter ended June 30, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

113,433

$    

88,655

$    

27.9%

Total Operating Expenses

102,987

84,089

22.5%

Operating Earnings

10,446

$      

4,566

$      

128.8%

Operating Margin

9.2%

5.2%

12

0

10

20

30

40

50

60

2Q 2008

2Q 2007

Revenue

0

1

2

3

4

5

6

2Q 2008

2Q 2007

Operating Earnings

$ in millions

$ in millions

Second Quarter 2008 Financials

$47.7

$51.2

$1.2

$5.1

Improved margins through strong cost management.

Catastrophe revenue up $2.2 million from 2007 to 2008.

Reduction in claim referrals due to client decision to in-

source high volume, low margin vehicle claims.

Summary Results, U.S. Property & Casualty

For the quarter ended June 30, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

51,198

$      

47,748

$    

7.2%

Total Operating Expenses

46,106

46,551

-1.0%

Operating Earnings

5,092

$        

1,197

$      

325.4%

Operating Margin

9.9%

2.5%

13

0

20

40

60

80

100

2Q 2008

2Q 2007

Revenue

0

0.5

1

1.5

2

2.5

3

2Q 2008

2Q 2007

Operating Earnings

$ in millions

$ in millions

Second Quarter 2008 Financials

$79.1

$83.1

$2.8

$2.5

Worker’s Comp market continues challenging.

Strong client retention and cross-selling partially

offset run-off revenue decline.

Summary Results, Broadspire

For the quarter ended June 30, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

79,065

$      

83,138

$    

-4.9%

Total Operating Expenses

76,525

80,359

-4.8%

Operating Earnings

2,540

$        

2,779

$      

-8.6%

Operating Margin

3.2%

3.3%

14

18.5

19

19.5

20

20.5

21

2Q 2008

2Q 2007

Revenue

0

0.5

1

1.5

2

2.5

3

3.5

2Q 2008

2Q 2007

Operating Earnings

$ in millions

$ in millions

Second Quarter 2008 Financials

$19.6

$21.0

$3.0

$3.1

Improved margins through strong cost management.

Backlog of over $52 million.

Summary Results, Legal Settlement Administration

For the quarter ended June 30, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

19,569

$      

20,996

$    

-6.8%

Total Operating Expenses

16,427

17,963

-8.6%

Operating Earnings

3,142

$        

3,033

$      

3.6%

Operating Margin

16.1%

14.4%

15

Second Quarter 2008 Financials

Crawford & Company

Balance Sheet Highlights

As of June 30, 2008 and December 31, 2007

                                                            (Unaudited, in thousands)

         June 30,

    December 31,

                 2008

                 2007

Change

Cash, cash equivalents, and short-term investments

$48,346

$50,855

($2,509)

Accounts receivable, net

191,980

178,528

13,452

Work in process

131,899

136,652

(4,753)

     Total receivables

323,879

315,180

8,699

Deferred revenues, net                   

102,905

109,603

(6,698)

Pension liabilities

67,375

76,977

(9,602)

Current portion of long-term debt, capital leases

and short-term borrowings

35,724

31,864

3,860

Long-term debt

182,381

183,449

(1,068)

     Total debt

218,105

215,313

2,792

Total stockholders' equity

272,576

254,215

18,361

Net debt*

169,759

164,458

5,301

Total debt / capitalization

44%

46%

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

net of cash, cash equivalents, and short-term investments.

16

Second Quarter 2008 Financials

Free Cash Flow

For the year-to-date period ended June 30, 2008 and 2007

Unaudited

                                        (In Thousands)

      June 30,

    June 30,

          2008

        2007

Change

Net Income

$17,000

$9,359

$7,641

   Plus: Depreciation / Non-Cash Items

14,837

14,540

297

   Less: Special Credits

-

(8,824)

8,824

   Less: Working Capital Growth

(17,962)

(21,435)

3,473

   Less: U.S. Pension Contributions

(2,900)

-

(2,900)

Operating Cash Flow

10,975

(6,360)

17,335

   Less: Capital Expenditures

(7,054)

(7,039)

(15)

   Less: Internally Developed Software

(6,183)

(4,977)

(1,206)

   Less: Mandatory Principal Payments

(1,050)

(1,050)

-

Free Cash Flow

($3,312)

($19,426)

$16,114

the

STRENGTH

of

WORKING

TOGETHER

SM