WORKING TOGETHER:

the                 Difference

Crawford

Second Quarter 2009

Earnings Conference Call

Monday, August 10, 2009

Exhibit 99.2

WORKING

TOGETHER:

the

Crawford

Difference

2

Second Quarter Earnings Review

August 10,

2009

•

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 operating 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

•

Crawford’s independence, global presence and diversified

business lines are key competitive advantages which set the

Company apart from its competitors.

WORKING

TOGETHER:

the

Crawford

Difference

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 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. 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 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:

Under Statement of Financial Accounting Standards Number 131, Disclosures about Segments of an Enterprise and

Related Information,

segment

operating

earnings

is

the

primary

measure

used

by

the

Company

to

evaluate

the

results

of each of its four operating segments. Segment operating earnings exclude income taxes, interest expense,

amortization of customer-relationship intangible assets, stock option expense, earnings or loss attributable to non-

controlling interests, and certain other nonrecuring gains and expenses.

Non-GAAP Financial Information:

For additional information about the non-GAAP financial information presented herein, see the Investor Relations

section

of

Crawford

&

Company’s

website

at

www.crawfordandcompany.com

under

the

heading

Presentations.

WORKING

TOGETHER:

the

Crawford

Difference

Working Together –

The Crawford Difference

Agenda:

•

Welcome and Opening Comments

•

Crawford System of Claims Solutions

•

Overview of 2009 Second Quarter

•

2009 Second Quarter Financial Review

•

Segment Operating Highlights

•

Outlook for Fiscal 2009

4

WORKING

TOGETHER:

the

Crawford

Difference

Opening Comments

•

Our Performance and Opening Comments

•

Economic Outlook

•

Market Trends and Discussion

•

Expansion of Broadspire Services Brand in the U.K.

5

The Crawford System of Claims Solutions

SM

The Crawford System is the most comprehensive global, integrated

solution for corporate, insurer, and re-insurer claims administration.

WORKING

TOGETHER:

the

Crawford

Difference

WORKING

TOGETHER:

the

Crawford

Difference

7

Second Quarter Overview

•

Encouraging financial performance in a

difficult operating environment

Second quarter consolidated revenue decline of

5.2% as a strong U.S. dollar negatively affected

revenues by $24.3 million

$94 million non-cash impairment of goodwill

related to the Broadspire segment reduced

earnings per share by $1.81

•

Growth in U.S. Property & Casualty

U.S. Property & Casualty revenue up 6.5%

Cases increased 2.6%

•

International Operations revenue grew 6.1%

on a constant dollar basis

Improvements in Canada and Asia Pacific

•

Large projects benefited Legal Settlement

Administration

•

Broadspire revenue down 7.6%

200

210

220

230

240

250

260

270

2Q 2009

2Q 2008

Revenue

$ in millions

0

1

2

3

4

5

6

7

8

2Q 2009

2Q 2008

Net Income Attributable to Crawford & Company before     

Goodwill Impairment

$ in millions

$249.7

$263.3

$5.9

$7.9

Revenue and Earnings Per Share Bridge

2    Quarter 2008 to 2009

8

In millions, except per share amounts

Revenues Before

Reimbursements

Net

Income

(Loss)

Attributable

to Crawford

& Company

EPS

2nd

quarter 2008 results

$263.3

$7.9

$0.16

(Less)/Add:

Foreign currency impact in 2009

(24.3)

(1.5)

(0.03)

Increase in pension expense in 2009

-

(3.0)

(0.06)

Preliminary goodwill impairment charge in

2009

-

(94.0)

(1.81)

All other operating changes

10.7

2.5

0.04

2nd

quarter 2009 results

$249.7

($88.1)

($1.70)

nd

WORKING

TOGETHER:

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Crawford

Difference

WORKING TOGETHER:

the

Difference

Crawford

Second Quarter 2009

Financial Review

WORKING

TOGETHER:

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Crawford

Difference

10

Second Quarter 2009 Financials

CRAWFORD  &  COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In Thousands, Except Earnings Per Share Amounts and Percentages)

Three Months Ended June 30

2009

2008

% Change

Revenues:

    Revenues Before Reimbursements

$249,664

$263,265

-5%

    Reimbursements

21,979

26,001

-15%

Total Revenues

271,643

289,266

-6%

Costs and Expenses:

         Costs of Services Before Reimbursements

183,884

189,461

-3%

         Reimbursements

21,979

26,001

-15%

    Total Cost of Services

205,863

215,462

-4%

    Selling, General, and Administrative

54,414

56,204

-3%

    Corporate Interest Expense, Net

3,640

4,656

-22%

    Goodwill Impairment Charge

94,000

-

nm

Total Costs and Expenses

357,917

276,322

30%

(Loss) Income Before Income Taxes

(86,274)

12,944

nm

Provision for Income Taxes

1,615

4,786

-66%

Net (Loss) Income

(87,889)

8,158

nm

Less:  Net Income Attributable to Noncontrolling Interests

(235)

(226)

4%

Net (Loss) Income Attributable to Crawford & Company

($88,124)

$7,932

nm

(Loss) Earnings Per Share - Basic and Diluted

($1.70)

$0.16

nm

WORKING

TOGETHER:

the

Crawford

Difference

11

60

70

80

90

100

110

120

2Q 2009

2Q 2008

Revenue

6

7

8

9

10

11

2Q 2009

2Q 2008

Operating Earnings

$ in millions

$ in millions

Second Quarter 2009 Financials

$96.1

$113.4

$8.2

$10.4

Summary Results, International Operations

For the quarters ended June 30, 2009 and 2008

in thousands except percentages

Unaudited

2009

2008

% Change

Revenues

96,127

$     

113,433

$ 

-15.3%

Total Operating Expenses

87,907

102,987

-14.6%

Operating Earnings

8,220

$      

10,446

$   

-21.3%

Operating Margin

8.6%

9.2%

Revenues down $24.3 million due to strong U.S. dollar

Revenue increased 6.1% on a constant dollar basis

WORKING

TOGETHER:

the

Crawford

Difference

12

0

10

20

30

40

50

60

2Q 2009

2Q 2008

Revenue

4.0

4.5

5.0

5.5

6.0

6.5

7.0

2Q 2009

2Q 2008

Operating Earnings

$ in millions

$ in millions

$51.2

$54.5

$5.1

$6.2

Catastrophe revenue up $3.7 million due to severe weather

Double-digit operating margin

Second Quarter 2009 Financials

Summary Results, U.S. Property & Casualty

For the quarters ended June 30, 2009 and 2008

in thousands except percentages

Unaudited

2009

2008

% Change

Revenues

54,547

$     

51,198

$   

6.5%

Total Operating Expenses

48,329

46,106

4.8%

Operating Earnings

6,218

$      

5,092

$     

22.1%

Operating Margin

11.4%

9.9%

WORKING

TOGETHER:

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Crawford

Difference

13

40

50

60

70

80

90

2Q 2009

2Q 2008

Revenue

$ in millions

$ in millions

$73.1

$79.1

$2.5

($0.6)

Revenues and earnings decline due to lower workers’

compensation claim referrals

Impact of economic crisis being felt most by this segment

Goodwill impairment charge due primarily to declining

U.S. employment levels and declines in stock price

Second Quarter 2009 Financials

Summary Results, Broadspire

For the quarters ended June 30, 2009 and 2008

in thousands except percentages

Unaudited

2009

2008

% Change

Revenues

73,056

$     

79,065

$   

-7.6%

Total Operating Expenses

73,662

76,525

-3.7%

Operating Earnings (Loss)

(606)

$        

2,540

$     

nm

Operating Margin

-0.8%

3.2%

-1

-

0.5

0

0.5

1

1.5

2

2.5

3

2Q 2009

2Q 2008

Operating Earnings (Loss)

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the

Crawford

Difference

14

15.0

17.0

19.0

21.0

23.0

25.0

27.0

29.0

2Q 2009

2Q 2008

Revenue

0.0

1.0

2.0

3.0

4.0

5.0

2Q 2009

2Q 2008

Operating Earnings

$ in millions

$ in millions

$25.9

$19.6

$3.1

$4.3

Revenue and operating earnings increase reflects benefit

of significant bankruptcy and securities class action

administration cases awarded in 2009

Record backlog of $62.8 million

Second Quarter 2009 Financials

Summary Results, Legal Settlement Administration

For the quarters ended June 30, 2009 and 2008

in thousands except percentages

Unaudited

2009

2008

% Change

Revenues

25,934

$     

19,569

$   

32.5%

Total Operating Expenses

21,647

16,427

31.8%

Operating Earnings

4,287

$      

3,142

$     

36.4%

Operating Margin

16.5%

16.1%

WORKING

TOGETHER:

the

Crawford

Difference

15

Second Quarter 2009 Financials

Crawford & Company

Balance Sheet Highlights

As of June 30, 2009 and December 31, 2008

(in thousands)

June 30

December 31,

2009

2008

Change

Cash and cash equivalents

$58,100

$73,124

($15,024)

Accounts receivable, net

149,099

157,430

(8,331)

Work in process

101,393

99,115

2,278

Total receivables

250,492

256,545

(6,053)

Deferred revenues, net                   

90,462

95,670

(5,208)

Pension liabilities

176,150

179,542

(3,392)

Current portion of long-term debt, capital leases

and short-term borrowings

15,021

15,650

(629)

Long-term debt, less current portion

180,066

181,206

(1,140)

Total debt

195,087

196,856

(1,769)

Total stockholders' equity*

95,559

180,359

(84,800)

Net debt**

136,987

123,732

13,255

Total debt / capitalization

67%

52%

*Reflects

retroactive

adoption

of

SFAS

160,

"Noncontrolling

Interests

in

Consolidated

Financial

Statements"

**Net

debt

is

defined

by

the

Company

as

long-term

debt,

capital

leases

and

short-term

borrowings,

net

of

cash

and

cash

equivalents

WORKING

TOGETHER:

the

Crawford

Difference

16

Second Quarter 2009 Financials

Crawford & Company

Free Cash Flow

For the year-to-date periods ended June 30, 2009 and 2008

                                        (In Thousands)

        June 30,

        June 30,

              2009

             2008

Variance

Net (Loss) Income Attributable to Crawford & Company

($85,042)

$17,000

($102,042)

   Plus: Non-Cash Preliminary Goodwill Impairment Charge

94,000

-

nm

   Plus: Depreciation and Other Non-Cash Operating Items

19,039

18,200

839

   Less: Working Capital Change

(19,221)

(21,235)

2,014

   Less: U.S. Pension Contributions

(5,100)

(2,900)

(2,200)

Operating Cash Flow

3,676

11,065

(7,389)

   Less: Capital Expenditures

(5,744)

(7,288)

1,544

   Less: Internally Developed Software

(5,666)

(5,949)

283

   Less: Mandatory Principal Payments

(1,050)

(1,050)

-

Free Cash Flow

($8,784)

($3,222)

($5,562)

Second Quarter 2009

Segment Highlights

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Crawford

Difference

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Crawford

Difference

18

Second Quarter 2009 Financials

110

120

130

140

150

160

2Q 2009

2Q 2008

International Claims

Claims referred in 000s

139.5

150.7

International Operations

Global revenue growth of 6.1% before

currency impacts

FX impact on second quarter

revenues was negative 21.4%, or

$24.3 million

Improvements in Canada and Asia

Pacific

Operating margin decreased to 8.6%

from 9.2%

Claims referred decreased 7.5% as

weather affected claims in U.K. and

Canada saw fewer auto claims

WORKING

TOGETHER:

the

Crawford

Difference

19

Second Quarter 2009 Financials

U.S. Property & Casualty

Revenue growth of 6.5%

Operating margin of 11.4%, up from

9.9% in 2008 second quarter

Technology-driven efficiencies

continue to be realized

Claims referred increased 2.6% due to

increases in property and CAT-related

claims

75

85

95

105

115

125

2Q 2009

2Q 2008

U.S. P&C Claims

Claims referred in 000s

116.7

113.7

WORKING

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the

Crawford

Difference

20

U.S. Catastrophe (CAT) Activity

0

2

4

6

8

10

2Q 2009

2Q 2008

8.5

5.6

0

2

4

6

8

2Q 2009

2Q 2008

$7.2

$3.5

$ in millions

Quarter Ended June 30:

Revenues

In 000s

U.S. Catastrophe

Catastrophe revenue up to $7.2

million from $3.5 million

CAT events totaled 18 in the 2009

period compared to 25 in 2008

2009 reflects benefit due to severe

weather in first and second quarter

Strong incremental margins

generated from CAT adjuster

revenues

Technology and process

improvements

Cases

WORKING

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the

Crawford

Difference

21

Second Quarter 2009 Highlights

Claims referred in 000s

57.2

62.9

Broadspire

Workers’

Compensation market remains

challenging due to rising U.S.

unemployment levels

Revenue decrease of 7.6% on 9.1% decline

in claims

Claim volume stabilizing in 2009 second

quarter compared to 2009 first quarter

Operating loss of $606,000 in the 2009 2  

quarter

Cost control program ongoing

RiskTech implementation continues

40

45

50

55

60

65

70

2Q 2009

2Q 2008

Broadspire

Claims

nd

WORKING

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the

Crawford

Difference

22

Second Quarter 2009 Highlights

Legal Settlement Administration

Revenue increased 32.5%

Increase in bankruptcy related

revenues led by several major cases

awarded in 2009

Continued slowdown in securities

class actions

Record backlog of $62.8 million

20

30

40

50

60

2Q 2009

2Q 2008

Backlog

Backlog in millions

$62.8

$52.8

WORKING

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the

Crawford

Difference

23

2009 Guidance

•

Full Year 2009 Guidance:

–

Consolidated revenue before reimbursements between $960 million

and $980 million

–

Consolidated operating earnings between $52.5 million and $57.8

million

–

Consolidated cash provided by operating activities between $35 and

$40 million.

–

After reflecting stock-based compensation expense, net corporate

interest expense, customer-relationship intangible amortization

expense, special credits and charges and income taxes, net loss

attributable to Crawford & Company on a GAAP basis between

($72.0) million and ($69.0) million

–

Loss per share of ($1.40) to ($1.34)

–

Before reflecting the special charge related to the preliminary

goodwill impairment, net income attributable to Crawford &

Company on a non-GAAP basis between $22.0 million and $25.0

million, or $0.41 to $0.47 diluted earnings per share

WORKING TOGETHER:

the

Crawford

Difference

Second Quarter 2009

Earnings Conference Call

Monday, August 10, 2009