the

STRENGTH

of

WORKING

TOGETHER

SM

Third Quarter 2008

Earnings Conference Call

Monday, November 3, 2008

Exhibit 99.2

2

Third Quarter Earnings Review

November 3,

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:

This

presentation

contains

forward-looking

statements,

including

statements

about

the

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.

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,

and

the

risks

and

uncertainties

involved

in

forward-looking

statements,

please

read

Crawford

&

Company

reports

filed

with

the

United

States

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.

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.

Segment

revenues

and

expenses

do

not

include

reimbursements

for

out-of-pocket

expenses.

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

Sustained 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 goals for 2009 to 2011

5

Third Quarter 2008 Overview

•

Strong performance in a difficult operating

environment

Revenue growth of 8.6% over 2007 quarter

Net income up 100% over 2007 quarter

•

Sustained growth internationally and in U.S.

Property & Casualty offset declines in other

businesses

International revenue growth of 19.3% over 2007

quarter

U.S. Property & Casualty revenue up 12.5% with

catastrophe revenue up $2.9 million.

•

Improved earnings per share to $0.13 from $0.07

Improved operating margins in U.S. Property &

Casualty, International Operations, and Legal

Settlement Administration.

•

Improvement in cash and balance sheet metrics

$29.3 million improvement in cash flow from

operations over prior year-to-date period

200

210

220

230

240

250

260

270

3Q 2008

3Q 2007

Revenue

$ in millions

0

1

2

3

4

5

6

7

3Q 2008

3Q 2007

Net Income

$ in millions

$266.9

$245.8

$6.9

$3.5

the

STRENGTH

of

WORKING

TOGETHER

SM

Third Quarter 2008

Financial Review

7

Third Quarter 2008 Financials

Three Months Ended September 30

2008

2007

% Change

Revenues:

Revenues Before Reimbursements

$266,916

$245,774

9%

Reimbursements

24,416

20,196

21%

Total Revenues

291,332

265,970

10%

Costs and Expenses:

Cost of Services Provided, Before Reimbursements

196,874

185,533

6%

Reimbursements

24,416

20,196

21%

Total Cost of Services

221,290

205,729

8%

Selling, General, and Administrative Expenses

56,222

53,159

6%

Corporate Interest Expense, Net

4,334

4,572

-5%

Total Costs and Expenses

281,846

263,460

7%

Income Before Income Taxes

9,486

2,510

278%

Provision for Income Taxes

2,564

(943)

372%

Net Income

$6,922

$3,453

100%

Earnings Per Share:

Basic

$0.14

$0.07

100%

Diluted

$0.13

$0.07

86%

CRAWFORD  &  COMPANY

CONDENSED CONSOLIDATED STATEMENTS  OF  INCOME

Unaudited

(In Thousands, Except Earnings Per Share and Percentages)

8

60

70

80

90

100

110

120

3Q 2008

3Q 2007

Revenue

0

2

4

6

8

10

3Q 2008

3Q 2007

Operating Earnings

$ in millions

$ in millions

Third Quarter 2008 Financials

$115.4

$96.7

$8.6

$6.3

Operating earnings improve on both revenue and

margin gains.

Revenue increased 14.6% on a constant dollar basis.

Summary Results, International Operations

For the quarters ended September 30, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

115,362

$   

96,735

$   

19.3%

Total Operating Expenses

106,768

90,455

18.0%

Operating Earnings

8,594

$       

6,280

$     

36.8%

Operating Margin

7.4%

6.5%

9

40

50

60

70

80

90

3Q 2008

3Q 2007

Revenue

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

3Q 2008

3Q 2007

Operating Earnings

$ in millions

$ in millions

Third Quarter 2008 Financials

$76.9

$78.4

$1.4

$1.1

Operating margin and earnings decline due to

contracting revenue base.

Worker’s compensation market continues to be

challenging due to claim frequency declines.

Summary Results, Broadspire

For the quarters ended September 30, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

%

Change

Revenues

76,911

$     

78,434

$   

-1.9%

Total Operating Expenses

75,832

77,003

-1.5%

Operating Earnings

1,079

$       

1,431

$     

-24.6%

Operating Margin

1.4%

1.8%

10

17

17.5

18

18.5

19

19.5

20

20.5

21

3Q 2008

3Q 2007

Revenue

0

0.5

1

1.5

2

2.5

3

3Q 2008

3Q 2007

Operating Earnings

$ in millions

$ in millions

Third Quarter 2008 Financials

$18.4

$20.6

$2.1

$2.9

Operating earnings increase 34% despite lower

revenue due to improvements in cost control.

Backlog of $43.5 million.

Summary Results, Legal Settlement Administration

For the quarters ended September 30, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

18,416

$     

20,622

$   

-10.7%

Total Operating Expenses

15,563

18,496

-15.9%

Operating Earnings

2,853

$       

2,126

$     

34.2%

Operating Margin

15.5%

10.3%

11

0

10

20

30

40

50

60

3Q 2008

3Q 2007

Revenue

0

1

2

3

4

5

6

7

3Q 2008

3Q 2007

Operating Earnings

$ in millions

$ in millions

Third Quarter 2008 Financials

$50.0

$56.2

$3.5

$6.8

Operating earnings up 93% on revenue growth and

technology-led operating efficiencies.

Catastrophe revenue up $2.9 million from hurricanes

Gustav and Ike.

Cases

up over 15% in quarter.

Summary Results, U.S. Property & Casualty

For the quarters ended September 30, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

56,227

$     

49,983

$   

12.5%

Total Operating Expenses

49,446

46,469

6.4%

Operating Earnings

6,781

$       

3,514

$     

93.0%

Operating Margin

12.1%

7.0%

12

Third Quarter 2008 Financials

Crawford & Company

Balance Sheet Highlights

As of September 30, 2008 and December 31, 2007

In thousands, except percentages

Unaudited

    September 30,

    December 31,

                 2008

                 2007

Change

Cash and cash equivalents

$56,819

$50,855

$5,964

Accounts receivable, net

178,429

178,528

(99)

Unbilled revenues

131,752

136,652

(4,900)

     Total receivables

310,181

315,180

(4,999)

Deferred revenues, net                   

99,567

111,036

(11,469)

Accrued pension liabilities

52,190

76,977

(24,787)

Current portion of long-term debt, capital leases

and short-term borrowings

30,199

31,864

(1,665)

Long-term debt

181,790

183,449

(1,659)

     Total debt

211,989

215,313

(3,324)

Total stockholders' equity

281,822

254,215

27,607

Net debt*

155,170

164,458

(9,288)

Total debt / capitalization

43%

46%

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

net of cash and cash equivalents.

13

Third Quarter 2008 Financials

Crawford & Company

Free Cash Flow

(a non-GAAP measurement)

For the year-to-date periods ended September 30, 2008 and 2007

In thousands

Unaudited

     September 30,

     September 30,

              2008

             2007

Variance

Net Income

$23,922

$12,812

$11,110

   Depreciation / Non-Cash Items

22,737

22,146

591

   Special Credits

-

(8,824)

8,824

   Change in Working Capital

1,382

(21,713)

23,095

   U.S. Pension Contributions

(14,916)

(549)

(14,367)

Cash Flow from Operating Activities

33,125

3,872

29,253

   Capital Expenditures for PP&E

(12,753)

(15,614)

2,861

   Internally Developed Software

(9,133)

(5,452)

(3,681)

   Mandatory Principal Payments

(1,575)

(1,575)

-

Free Cash Flow (non-GAAP)

$9,664

($18,769)

$28,433

the

STRENGTH

of

WORKING

TOGETHER

SM

Third Quarter 2008

Operations Review

15

Third Quarter 2008 Highlights

150

155

160

165

170

3Q 2008

3Q 2007

International Claims

Claims referred in 000s

159.4

168.4

•

International Operations

Strong global revenue growth of

19.3%.

Operating margin increased to

7.4% in 2008 from 6.5% in 2007.

Claims referred decreased 5.3%

due to absence of 2007 CAT

claims.

Revenue increased 14.6% on a

constant dollar basis.

Strong working capital

management.

16

Third Quarter 2008 Highlights

•

U.S. Property & Casualty

Revenue growth of 12.5%.

Operating margin increased to

12.1% in 2008 from 7.0% in 2007.

Catastrophe revenue up $2.9

million.

Technology-driven efficiencies

realized.

Claims referred increased 15.6%

due to increases in property and

CAT related claims.

75

85

95

105

115

125

135

3Q 2008

3Q 2007

U.S. P&C Claims

Claims referred in 000s

134.0

116.0

17

Crawford U.S. Catastrophe (CAT) Activity

0

5

10

15

2008

2007

CAT Cases

12.5

6.5

0

10

20

30

2008

2007

CAT Cases

20.2

9.9

0

2

4

6

8

2008

2007

CAT Revenues

$6.3

$3.4

$ in millions

0

5

10

15

2008

2007

CAT Revenues

$11.6

$6.5

$ in millions

Quarter ended Sept. 30:

Nine months ended Sept. 30:

In 000s

In 000s

18

Third Quarter 2008 Highlights

Claims referred in 000s

63.1

70.3

•

Broadspire

Revenue decline of 1.9%

Operating earnings of $1.1 million in the

quarter.

RiskTech

deployment on schedule

93% retention rate.

Worker’s Comp market continues

challenging as claims referred declined

10.3%.

Strong client retention and cross-selling

partially offset run-off revenue decline.

55

57

59

61

63

65

67

69

71

3Q 2008

3Q 2007

Broadspire

Claims

19

Third Quarter 2008 Highlights

•

Legal Settlement Administration

Revenue declined 10.7%.

Operating margin increased to 15.5%

from 10.3% in 2007 through strong

cost management.

Backlog of $43.5 million.

20

25

30

35

40

45

50

3Q 2008

3Q 2007

Backlog

Backlog in millions

$43.5

$39.1

20

Outlook

•

Full Year 2008:

–

Consolidated

revenue

before

reimbursements

between

$1.04

billion

and

$1.05

billion.

–

Consolidated

operating

earnings

between

$68.1

million

and

$72.4

million.

–

After

reflecting

stock-based

compensation

expense,

net

corporate

interest

expense,

customer-relationship

intangible

amortization

expense,

special

credits

and

charges

and

income

taxes,

consolidated

net

income

on

a

GAAP

basis

between

$28.3

million

and

$30.4

million.

–

Earnings

per

share

of

$.54

to

$.58.

•

2009:

–

While

our

practice

continues

to

be

to

provide

initial

earnings

guidance

for

the

coming

year

with

our

fourth

quarter

earnings

release,

our

10-Q

that

will

be

filed

with

the

SEC

next

week

will

discuss

the

expectation

of

increases

in

our

defined

benefit

plan

expense

and

funding

in

the

U.S.

and

U.K.

in

2009.

This

anticipated

pension

expense

increase

is

a

result

of

the

recent

stock

market

declines

and

downturns

in

the

global

economy

which

have

negatively

affected

the

asset

values

in

our

pension

plans

as

they

have

affected

many

other

companies.

We

cannot

specifically

determine

the

impact

at

this

time,

but

we

believe

that

it

is

likely

to

materially

affect

reported

results

in

fiscal

2009.

the

STRENGTH

of

WORKING

TOGETHER

SM