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 3, 2020

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.)
5335 Triangle Parkway, Peachtree Corners, Georgia	30092
(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))

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     ☐

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.     ☐

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock — $1.00 Par Value	CRD-A	New York Stock Exchange, Inc.
Class B Common Stock — $1.00 Par Value	CRD-B	New York Stock Exchange, Inc.

ITEM 2.02. Results of Operations and Financial Condition

On August 3, 2020, Crawford & Company (the "Company") issued a press release containing information about the Company's financial results for the second quarter 2020. 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.crawco.com a presentation designed to enhance the information presented at its quarterly earnings conference call on Tuesday, August 4, 2020 at 8:30 a.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

(d) The following exhibits are being filed herewith:

Exhibit No.	Description
99.1	Press Release dated August 3, 2020
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.

2

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: August 3, 2020

3

EX-99.1

Exhibit 99.1

           

Crawford & Company®

5335 Triangle Parkway

Peachtree Corners, GA 30092

FOR IMMEDIATE RELEASE

CRAWFORD & COMPANY REPORTS 2020 SECOND QUARTER RESULTS

OPERATING PERFORMANCE HIGHLIGHTS RESILIENCE OF COMPANY

ATLANTA, (August 3, 2020) -- Crawford & Company® (NYSE: CRD-A and CRD-B), the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporates, today announced its financial results for thesecond quarterendedJune 30, 2020.

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.

GAAP Consolidated Results

Second Quarter 2020

• Revenues before reimbursements of $234.4 million, compared with $256.9 million for the 2019 second quarter

• Net income attributable to shareholders of $5.9 million, compared with $2.6 million in the same period last year

• Diluted earnings per share of $0.11 for CRD-A and $0.11 for CRD-B, compared with $0.06 for CRD-A and $0.04 for CRD-B in the prior year second quarter

Non-GAAP Consolidated Results

Second Quarter 2020

Non-GAAP results for the 2020 second quarter have been presented on a constant dollar basis to 2019 and exclude the non-cash income tax impact of the first quarter 2020 goodwill impairment of $2.2 million and the loss on disposition of business of $0.3 million. Non-GAAP consolidated results for the 2019 quarter exclude arbitration and claim settlements of $11.4 million.

• Revenues before reimbursements, on a non-GAAP basis, of $240.2 million, compared with $256.9 million for the 2019 second quarter

• Net income attributable to shareholders, on a non-GAAP basis, totaled $8.8 million in the 2020 second quarter, compared with $11.0 million in the same period last year

• Diluted earnings per share, on a non-GAAP basis, of $0.16 for CRD-A and $0.16 for CRD-B in the 2020 second quarter, compared with $0.21 for CRD-A and $0.19 for CRD-B in the prior year second quarter

• Consolidated adjusted operating earnings, on a non-GAAP basis, were $18.7 million, or 7.8% of non-GAAP revenues, in the 2020 second quarter, compared with $22.5 million, or 8.8% of revenues, in the 2019 second quarter

• Consolidated adjusted EBITDA, a non-GAAP financial measure, was $25.9 million, or 10.8% of non-GAAP revenues, in the 2020 second quarter, compared with $31.2 million, or 12.1% of revenues, in the 2019 second quarter

Management Comments

Mr. Rohit Verma, chief executive officer of Crawford & Company, stated, “Our second quarter 2020 operating results were below 2019 levels, however, we consider the operating earnings of $18.7 million generated for the quarter to be a strong result considering the current global economic backdrop.  These operating earnings represent a significant improvement over the $7.0 million we reported in this year’s first quarter. While we saw weakness in our Broadspire business due to the economic downturn, our loss adjusting businesses capitalized on the new business wins over the last two years which had been suppressed due to lack of weather activity. Our momentum is strong, but could be dampened by the increasing COVID-19 infection rate in the U.S. and the possibility of future waves globally.”

Mr. Verma concluded, “I would like to thank all our employees and our customers. Our employees have demonstrated strong commitment to our purpose, enabling the highest level of service even in these difficult times. I am thankful to our customers who continue to place their confidence and trust in us, giving us the opportunity to live our purpose of restoring and enhancing, lives businesses and communities.”

Segment Results for the Second Quarter

Crawford TPA Solutions

Crawford TPA Solutions segment revenues before reimbursements were $86.7 million in the 2020 second quarter, decreasing from $99.5 million in the 2019 second quarter. Absent foreign currency rate fluctuations of $(0.9) million, second quarter 2020 revenues would have been $87.6 million, down 12.0% from prior year second quarter.

Excluding centralized indirect support costs, gross profit decreased to $19.8 million, or a gross margin of 22.8% in 2020 from $23.7 million, or a gross margin of 23.8% in 2019. After allocation of indirect costs, Crawford TPA Solutions recorded operating earnings of $3.2 million in the second quarter of 2020 representing an operating margin of 3.7% compared with $5.0 million, or 5.1% of revenues, in the 2019 second quarter.

Crawford Claims Solutions

Crawford Claims Solutions revenues before reimbursements were $81.5 million in the second quarter of 2020, decreasing from $86.0 million in the second quarter of 2019. Absent foreign currency rate fluctuations of $(2.8) million, second quarter 2020 revenues would have been $84.3 million, down 2.0% from the prior year second quarter.

Excluding centralized indirect support costs, gross profit decreased to $19.0 million, or a gross margin of 23.3% in 2020 from $19.6 million, or a gross margin of 22.7% in 2019. After the allocation of indirect costs, the segment had operating earnings of $2.8 million in the 2020 second quarter increasing over the $1.7 million in the second quarter of 2019. The operating margin was 3.4% in the 2020 quarter and 2.0% in the 2019 quarter.

Crawford Specialty Solutions

Crawford Specialty Solutions revenues before reimbursements were $66.2 million in the second quarter of 2020, down from $71.4 million in the same period of 2019. Absent foreign exchange rate fluctuations of $(2.2) million, revenues would have been $68.4 million for the three months ended June 30, 2020, decreasing 4.2% compared with prior year second quarter revenues.

Excluding indirect support costs, gross profit decreased to $25.1 million, or a gross margin of 37.9% in the 2020 quarter, from $25.2 million, or a gross margin of 35.3%, in the 2019 period. After allocation of indirect costs, operating earnings were $14.0 million in the 2020 second quarter increasing over the $12.6 million in the 2019 period. The segment’s operating margin for the 2020 quarter was 21.1% as compared with 17.7% in the 2019 quarter.

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Unallocated Corporate and Shared Costs and Credits, Net

Unallocated corporate costs were $1.7 million in the second quarter of 2020, compared with credits of $3.2 million in the same period of 2019. The increase for the three months ended June 30, 2020 was due to CEO transition costs, severance costs, and an increase in self-insurance expenses, partially offset by a credit from the Canada Emergency Wage Subsidy and a decrease in defined benefit pension expense.

Income Tax Impact of First Quarter Goodwill Impairment

The Company recognized a non-cash goodwill impairment in the 2020 first quarter, totaling $17.7 million, related to its Crawford Claims Solutions segment. Due to the non-discrete income tax treatment of the goodwill impairment, the initial income tax benefit related to the impairment will normalize during the remainder of the year, resulting in a lower full year income tax benefit. During the 2020 second quarter, the impact of this treatment decreased the income tax benefit by $2.2 million, or $0.04 per share.

Subsequent Event

On June 12, 2020, the Company sold its 51% interest in Lloyd Warwick International for cash proceeds of $19.6 million and payment of $3.6 million intercompany indebtedness. Due to the two-month reporting lag for reporting its international results, this transaction will be recognized in the 2020 third quarter. Based on preliminary analysis we estimate this transaction will result in a gain between $10.0 to $12.0 million in the third quarter, or $0.19 to $0.23 per diluted share.

COVID-19

The Company estimates that COVID-19 negatively impacted its revenues in the range of $22.0 to $26.0 million for the three months ended June 30, 2020, and negatively impacted its revenues in the range of $25.0 to $29.0 million for the six months ended June 30, 2020. The Company expects the ongoing global economic slowdown resulting from COVID-19 could have a material impact to its results of operations, financial condition, and cash flow in one or more future quarters.

Balance Sheet and Cash Flow

The Company’s consolidated cash and cash equivalents position as of June 30, 2020, totaled $60.0 million, compared with $51.8 million at December 31, 2019. The Company’s total debt outstanding as of June 30, 2020, totaled $195.6 million, compared with $177.0 million at December 31, 2019.

The Company’s operations provided $12.0 million of cash during 2020, compared with $8.7 million provided in 2019. The increase in cash provided by operating activities was primarily due to improved collections in billed and unbilled receivables offset by an increase in pension contributions and lower operating earnings. Free cash flow decreased by $2.9 million compared with 2019, reflecting higher software development and capital expenditures in 2020 compared with 2019.

The Company made $3.0 million in contributions to its U.S. defined benefit pension plan and $0.3 million to its U.K. plans for 2020, compared with no contributions to the U.S. plan and $0.3 million to the U.K. plans in 2019.

During 2020, the Company repurchased 155,351 shares of CRD-A and 161,459 of CRD-B at an average cost of $8.42 per share. The total cost of share repurchases during 2020 was $2.7 million. The Company has placed a hold on its current share repurchase plan and did not repurchase any shares during the 2020 second quarter.

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Conference Call

As previously announced, Crawford & Company will host a conference call on August 4, 2020 at 8:30 a.m. Eastern Time to discuss its second quarter 2020 results. The conference call can be accessed live by dialing 1-800-374-2518 and using Conference ID 3377243. A presentation for tomorrow’s call can also be found on the investor relations portion of the Company’s website, http://www.crawco.com. The call will be recorded and available for replay through September 4, 2020. You may dial 1-855-859-2056 to listen to the replay.

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 U.S. generally accepted accounting principles (“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, goodwill impairment, restructuring costs, arbitration and claims settlement, loss on disposition of business, income taxes, and net income or loss attributable to noncontrolling interests and redeemable noncontrolling interests.

Gross profit is defined as revenues less direct expenses which exclude indirect overhead expenses allocated to the business. Indirect expenses consist of centralized administrative support costs, regional and local shared services that are allocated to each segment based on usage.

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. 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 recurring adjustments for depreciation and amortization, net corporate interest expense, income taxes, stock-based compensation expense and foreign exchange fluctuations. Additionally, adjustments for non-recurring expenses for goodwill impairment, restructuring costs, arbitration and claim settlements and loss on disposition of business have been included in the calculation of adjusted EBITDA.

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.

Page 4 of 15

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.

A significant portion of our operations are international. These international operations subject us to foreign exchange fluctuations. The following table illustrates revenue as a percentage of total revenue for the major currencies of the geographic areas that Crawford does business:

		Three Months Ended										Six Months Ended
(in thousands)		June 30, 2020					June 30, 2019					June 30, 2020					June 30, 2019
Geographic Area	Currency	USD equivalent		% of total			USD equivalent		% of total			USD equivalent		% of total			USD equivalent		% of total
U.S.	USD	$	131,888		56.3	%	$	146,525		57.0	%	$	266,336		56.4	%	$	286,115		56.5	%
U.K.	GBP		32,561		13.9	%		31,534		12.3	%		64,943		13.8	%		63,123		12.8	%
Canada	CAD		20,852		8.9	%		28,803		11.2	%		46,072		9.8	%		58,687		12.1	%
Australia	AUD		18,779		8.0	%		19,319		7.5	%		34,324		7.3	%		35,574		6.6	%
Europe	EUR		14,019		6.0	%		13,320		5.2	%		27,408		5.8	%		26,185		5.2	%
Rest of World	Various		16,317		6.9	%		17,380		6.8	%		32,864		6.9	%		34,255		6.8	%
Total Revenues, before reimbursements		$	234,416		100.0	%	$	256,881		100.0	%	$	471,947		100.0	%	$	503,939		100.0	%

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Following is a reconciliation of segment and consolidated operating earnings to net income (loss) attributable to shareholders of Crawford & Company on a GAAP basis:

	Three months ended						Six months ended
(in thousands)	June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Operating earnings:
Crawford TPA Solutions	$	3,171		$	5,026		$	9,456		$	11,759
Crawford Claims Solutions		2,789			1,710			(890	)		1,397
Crawford Specialty Solutions		13,993			12,612			20,950			24,807
Unallocated corporate and shared costs, net		(1,709	)		3,170			(4,259	)		(744	)
Consolidated operating earnings		18,244			22,518			25,257			37,219
(Deduct) add:
Net corporate interest expense		(2,452	)		(2,468	)		(4,676	)		(5,184	)
Stock option expense		(286	)		(413	)		(576	)		(898	)
Amortization expense		(2,732	)		(2,802	)		(5,488	)		(5,600	)
Goodwill impairment		—			—			(17,674	)		—
Restructuring costs		—			—			(5,714	)		—
Arbitration and claim settlements		—			(11,352	)		—			(11,352	)
Loss on disposition of business		(341	)		—			(341	)		—
Income tax (provision) benefit		(6,311	)		(2,859	)		2,175			(5,792	)
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests		(224	)		18			1,536			358
Net income (loss) attributable to shareholders of Crawford & Company	$	5,898		$	2,642		$	(5,501	)	$	8,751

Following is a reconciliation of net income (loss) attributable to shareholders of Crawford & Company on a GAAP basis to non-GAAP adjusted EBITDA:

	Three months ended				Six months ended
(in thousands)	June 30, 2020		June 30, 2019		June 30, 2020			June 30, 2019
Net income (loss) attributable to shareholders of Crawford & Company	$	5,898	$	2,642	$	(5,501	)	$	8,751
Add (Deduct):
Depreciation and amortization		9,390		10,226		19,450			19,850
Stock-based compensation		1,118		1,646		1,998			1,399
Net corporate interest expense		2,452		2,468		4,676			5,184
Goodwill impairment		—		—		17,674			—
Restructuring costs		—		—		5,714			—
Arbitration and claim settlements		—		11,352		—			11,352
Loss on disposition of business		341		—		341			—
Income tax provision (benefit)		6,311		2,859		(2,175	)		5,792
Foreign exchange fluctuations		358		—		374			—
Non-GAAP adjusted EBITDA	$	25,868	$	31,193	$	42,551		$	52,328

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Following is a reconciliation of operating cash flow to free cash flow for the six months ended June 30, 2020 and 2019:

Six months ended
(in thousands)	June 30, 2020			June 30, 2019			Change
Net Cash Provided by Operating Activities	$	12,032		$	8,739		$	3,293
Less:
Property & Equipment Purchases, net		(5,476	)		(3,729	)		(1,747	)
Capitalized Software (internal and external costs)		(8,823	)		(4,369	)		(4,454	)
Free Cash Flow	$	(2,267	)	$	641		$	(2,908	)

Following are the reconciliations of GAAP Revenue, Operating Earnings, Pretax Earnings (Loss), Net Income (Loss) and Earnings (Loss) Per Share to related non-GAAP Adjusted figures, which reflect 2020 on a constant dollar basis before goodwill impairment, restructuring costs, and loss on disposition of business and for 2019 exclude the results of the arbitration and claim settlements:

Three Months Ended June 30, 2020
(in thousands)	Revenues		Non-GAAP Operating earnings		Pretax earnings		Net income attributable to Crawford & Company(1)		Diluted earnings per CRD-A share(1)		Diluted earnings per CRD-B share(1)
GAAP	$	234,416	$	18,244	$	12,433	$	5,898	$	0.11	$	0.11
Adjustments:
Income tax impact of first quarter goodwill impairment		—		—		—		2,206		0.04		0.04
Loss on disposition of business		—		—		341		265		—		—
Foreign exchange fluctuations		5,832		407		358		384		0.01		0.01
Non-GAAP Adjusted	$	240,248	$	18,651	$	13,132	$	8,753	$	0.16	$	0.16

Three Months Ended June 30, 2019
(in thousands)	Revenues		Non-GAAP Operating earnings		Pretax earnings		Net income attributable to Crawford & Company		Diluted earnings per CRD-A share		Diluted earnings per CRD-B share
GAAP	$	256,881	$	22,518	$	5,483	$	2,642	$	0.06	$	0.04
Adjustments:
Arbitration and claim settlements		—		—		11,352		8,389		0.15		0.15
Non-GAAP Adjusted	$	256,881	$	22,518	$	16,835	$	11,031	$	0.21	$	0.19

Six Months Ended June 30, 2020
(in thousands)	Revenues		Non-GAAP Operating earnings		Pretax (loss) income			Net (loss) income attributable to Crawford & Company(1)			Diluted (loss) earnings per CRD-A share(1)			Diluted (loss) earnings per CRD-B share(1)
GAAP	$	471,947	$	25,257	$	(9,212	)	$	(5,501	)	$	(0.10	)	$	(0.12	)
Adjustments:
Goodwill impairment		—		—		17,674			11,339			0.21			0.21
Restructuring costs		—		—		5,714			3,263			0.06			0.06
Loss on disposition of business		—		—		341			265			0.01			0.01
Foreign exchange fluctuations		7,100		416		374			374			0.01			0.01
Non-GAAP Adjusted	$	479,047	$	25,673	$	14,891		$	9,740		$	0.19		$	0.17

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Six Months Ended June 30, 2019
(in thousands)	Revenues		Non-GAAP Operating earnings		Pretax earnings		Net income attributable to Crawford & Company		Diluted earnings per CRD-A share		Diluted earnings per CRD-B share
GAAP	$	503,939	$	37,219	$	8,393	$	8,751	$	0.18	$	0.14
Adjustments:
Arbitration and claim settlements		—		—		11,352		8,389		0.15		0.15
Non-GAAP Adjusted	$	503,939	$	37,219	$	19,745	$	17,140	$	0.33	$	0.29

⁽¹⁾ The income tax impact of goodwill impairment is based on the estimated annual effective income tax rate. Due to the non-discrete income tax treatment of the first quarter goodwill impairment, the income tax benefit will normalize as income is earned during the remainder of the year, resulting in a lower full year income tax benefit.

Following is information regarding the weighted average shares used in the computation of basic and diluted earnings (loss) per share:

	Three months ended				Six months ended
(in thousands)	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
GAAP
Weighted-Average Shares Used to Compute Basic Earnings (Loss) Per Share:
Class A Common Stock		30,521		30,799		30,541		30,729
Class B Common Stock		22,510		23,021		22,544		23,193
Weighted-Average Shares Used to Compute Diluted Earnings (Loss) Per Share:
Class A Common Stock		30,690		31,113		30,541		31,110
Class B Common Stock		22,510		23,021		22,544		23,193
Non-GAAP (2)
Weighted-Average Shares Used to Compute Diluted Earnings Per Share:
Class A Common Stock		30,690		31,113		30,747		31,110
Class B Common Stock		22,510		23,021		22,544		23,193

⁽²⁾ The Company had a net loss for GAAP reporting for the six months ended June 30, 2020, resulting in no additional dilutive securities added to the basic weighted average shares in calculating diluted weighted average shares for GAAP reporting as their impact would be anti-dilutive. As the Company has Non-GAAP positive net income for the six months ended June 30, 2020, these dilutive securities were added back to calculate Non-GAAP earnings per share.

Further information regarding the Company’s operating results for the quarter ended June 30, 2020, financial position as of June 30, 2020, and cash flows for the quarter ended June 30, 2020, is shown on the attached unaudited condensed consolidated financial statements.

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About Crawford & Company

Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) isthe world's largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporates with an expansive global network serving clientsin more than70countries. 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. More information is available at www.crawco.com.

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.crawco.com.

Page 9 of 15

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In Thousands, Except Per Share Amounts and Percentages)

Three Months Ended June 30,	2020			2019			% Change
Revenues:
Revenues Before Reimbursements	$	234,416		$	256,881			(9	)%
Reimbursements		8,459			10,965			(23	)%
Total Revenues		242,875			267,846			(9	)%
Costs and Expenses:
Costs of Services Provided, Before Reimbursements		163,598			174,927			(6	)%
Reimbursements		8,459			10,965			(23	)%
Total Costs of Services		172,057			185,892			(7	)%
Selling, General, and Administrative Expenses		55,508			60,184			(8	)%
Corporate Interest Expense, Net		2,452			2,468			(1	)%
Arbitration and Claim Settlements		—			11,352		nm
Loss on Disposition of Business		341			—		nm
Total Costs and Expenses		230,358			259,896			(11	)%
Other Expense, net		(84	)		(2,467	)		(97	)%
Income Before Income Taxes		12,433			5,483			127	%
Provision for Income Taxes		6,311			2,859			121	%
Net Income		6,122			2,624			133	%
Net (Income) Loss Attributable to Noncontrolling Interests and Redeemable Noncontrolling Interests		(224	)		18			(1344	)%
Net Income Attributable to Shareholders of Crawford & Company	$	5,898		$	2,642			123	%
Earnings Per Share - Basic:
Class A Common Stock	$	0.11		$	0.06			83	%
Class B Common Stock	$	0.11		$	0.04			175	%
Earnings Per Share - Diluted:
Class A Common Stock	$	0.11		$	0.06			83	%
Class B Common Stock	$	0.11		$	0.04			175	%
Cash Dividends Per Share:
Class A Common Stock	$	0.03		$	0.07			(57	)%
Class B Common Stock	$	0.03		$	0.05			(40	)%

nm = not meaningful

Page 10 of 15

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In Thousands, Except Per Share Amounts and Percentages)

Six Months Ended June 30,	2020			2019			% Change
Revenues:
Revenues Before Reimbursements	$	471,947		$	503,939			(6	)%
Reimbursements		16,974			20,284			(16	)%
Total Revenues		488,921			524,223			(7	)%
Costs and Expenses:
Costs of Services Provided, Before Reimbursements		341,202			352,815			(3	)%
Reimbursements		16,974			20,284			(16	)%
Total Costs of Services		358,176			373,099			(4	)%
Selling, General, and Administrative Expenses		111,262			118,843			(6	)%
Corporate Interest Expense, Net		4,676			5,184			(10	)%
Goodwill Impairment		17,674			—		nm
Restructuring Costs		5,714			—		nm
Arbitration and Claim Settlements		—			11,352		nm
Loss on Disposition of Business		341			—		nm
Total Costs and Expenses		497,843			508,478			(2	)%
Other Expense, net		(290	)		(1,560	)		(81	)%
(Loss) Income Before Income Taxes		(9,212	)		14,185			(165	)%
(Benefit) Provision for Income Taxes		(2,175	)		5,792			(138	)%
Net (Loss) Income		(7,037	)		8,393			(184	)%
Net Loss Attributable to Noncontrolling Interests and Redeemable Noncontrolling Interests		1,536			358			329	%
Net (Loss) Income Attributable to Shareholders of Crawford & Company	$	(5,501	)	$	8,751			(163	)%
(Loss) Earnings Per Share - Basic:
Class A Common Stock	$	(0.10	)	$	0.18			(156	)%
Class B Common Stock	$	(0.12	)	$	0.14			(186	)%
(Loss) Earnings Per Share - Diluted:
Class A Common Stock	$	(0.10	)	$	0.18			(156	)%
Class B Common Stock	$	(0.12	)	$	0.14			(186	)%
Cash Dividends Per Share:
Class A Common Stock	$	0.10		$	0.14			(29	)%
Class B Common Stock	$	0.08		$	0.10			(20	)%

nm = not meaningful

Page 11 of 15

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

As ofJune 30, 2020andDecember 31, 2019

Unaudited

(In Thousands, Except Par Values)

	June 30,			December 31,
	2020			2019
ASSETS
Current Assets:
Cash and Cash Equivalents	$	59,958		$	51,802
Accounts Receivable, Net		120,941			128,217
Unbilled Revenues, at Estimated Billable Amounts		106,335			103,894
Income Taxes Receivable		9,590			7,820
Prepaid Expenses and Other Current Assets		23,470			23,476
Total Current Assets		320,294			315,209
Net Property and Equipment		30,924			31,425
Other Assets:
Operating Lease Right-of-Use Asset, Net		106,508			102,354
Goodwill		62,086			80,642
Intangible Assets Arising from Business Acquisitions, Net		68,815			75,083
Capitalized Software Costs, Net		64,000			66,445
Deferred Income Tax Assets		18,550			17,971
Other Noncurrent Assets		76,159			70,884
Total Other Assets		396,118			413,379
Total Assets	$	747,336		$	760,013
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
Current Liabilities:
Short-Term Borrowings	$	39,887		$	28,531
Accounts Payable		31,446			34,377
Operating Lease Liability		30,027			30,765
Accrued Compensation and Related Costs		59,625			68,499
Self-Insured Risks		12,318			11,311
Income Taxes Payable		—			3,030
Other Accrued Liabilities		33,440			31,449
Deferred Revenues		27,871			28,288
Current Installments of Finance Leases		38			15
Total Current Liabilities		234,652			236,265
Noncurrent Liabilities:
Long-Term Debt and Finance Leases, Less Current Installments		155,649			148,408
Operating Lease Liability		93,109			87,064
Deferred Revenues		23,850			24,080
Accrued Pension Liabilities		58,388			65,909
Other Noncurrent Liabilities		31,895			33,410
Total Noncurrent Liabilities		362,891			358,871
Redeemable Noncontrolling Interests		173			2,310
Shareholders’ Investment:
Class A Common Stock, $1.00 Par Value		30,523			30,610
Class B Common Stock, $1.00 Par Value		22,510			22,671
Additional Paid-in Capital		65,063			63,392
Retained Earnings		236,234			249,551
Accumulated Other Comprehensive Loss		(208,835	)		(206,907	)
Shareholders’ Investment Attributable to Shareholders of Crawford & Company		145,495			159,317
Noncontrolling Interests		4,125			3,250
Total Shareholders’ Investment		149,620			162,567
Total Liabilities and Shareholders’ Investment	$	747,336		$	760,013

Page 12 of 15

CRAWFORD & COMPANY

SUMMARY RESULTS BY OPERATING SEGMENT WITH DIRECT COMPENSATION AND OTHER EXPENSES

Unaudited

(In Thousands, Except Percentages)

Three Months Ended June 30,

	Crawford TPA Solutions						%			Crawford Claims Solutions						%			Crawford Specialty Solutions						%
	2020			2019			Change			2020			2019			Change			2020			2019			Change
Revenues Before Reimbursements	$	86,725		$	99,518			(12.9	)%	$	81,451		$	86,003			(5.3	)%	$	66,240		$	71,360			(7.2	)%
Direct Compensation, Fringe Benefits & Non-Employee Labor		53,701			60,936			(11.9	)%		52,054			56,065			(7.2	)%		33,878			35,052			(3.3	)%
% of Revenues Before Reimbursements		61.9	%		61.2	%					63.9	%		65.2	%					51.1	%		49.1	%
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor		29,853			33,556			(11.0	)%		26,608			28,228			(5.7	)%		18,369			23,696			(22.5	)%
% of Revenues Before Reimbursements		34.4	%		33.7	%					32.7	%		32.8	%					27.7	%		33.2	%
Total Operating Expenses		83,554			94,492			(11.6	)%		78,662			84,293			(6.7	)%		52,247			58,748			(11.1	)%
Operating Earnings (1)	$	3,171		$	5,026			(36.9	)%	$	2,789		$	1,710			63.1	%	$	13,993		$	12,612			10.9	%
% of Revenues Before Reimbursements		3.7	%		5.1	%					3.4	%		2.0	%					21.1	%		17.7	%

Six Months Ended June 30,

	Crawford TPA Solutions						%			Crawford Claims Solutions						%			Crawford Specialty Solutions						%
	2020			2019			Change			2020			2019			Change			2020			2019			Change
Revenues Before Reimbursements	$	183,660		$	197,312			(6.9	)%	$	159,038		$	169,322			(6.1	)%	$	129,249		$	137,305			(5.9	)%
Direct Compensation, Fringe Benefits & Non-Employee Labor		112,630			119,317			(5.6	)%		105,434			111,966			(5.8	)%		69,749			70,010			(0.4	)%
% of Revenues Before Reimbursements		61.3	%		60.5	%					66.3	%		66.1	%					54.0	%		51.0	%
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor		61,574			66,236			(7.0	)%		54,494			55,959			(2.6	)%		38,550			42,488			(9.3	)%
% of Revenues Before Reimbursements		33.5	%		33.6	%					34.3	%		33.0	%					29.8	%		30.9	%
Total Operating Expenses		174,204			185,553			(6.1	)%		159,928			167,925			(4.8	)%		108,299			112,498			(3.7	)%
Operating Earnings (1)	$	9,456		$	11,759			(19.6	)%	$	(890	)	$	1,397			(163.7	)%	$	20,950		$	24,807			(15.5	)%
% of Revenues Before Reimbursements		5.1	%		6.0	%					(0.6	)%		0.8	%					16.2	%		18.1	%

⁽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, goodwill impairment, restructuring costs, loss on disposition of business, arbitration and claim settlements, and certain unallocated corporate and shared costs and credits. See page 4-5 for additional information about segment operating earnings.

Page 13 of 15

CRAWFORD & COMPANY

SUMMARY RESULTS BY OPERATING SEGMENT WITH DIRECT AND INDIRECT COSTS

Unaudited

(In Thousands, Except Percentages)

Three Months Ended June 30,

	Crawford TPA Solutions						%			Crawford Claims Solutions						%			Crawford Specialty Solutions						%
	2020			2019			Change			2020			2019			Change			2020			2019			Change
Revenues Before Reimbursements	$	86,725		$	99,518			(12.9	)%	$	81,451		$	86,003			(5.3	)%	$	66,240		$	71,360			(7.2	)%
Direct Expense		66,963			75,839			(11.7	)%		62,447			66,451			(6.0	)%		41,157			46,137			(10.8	)%
% of Revenues Before Reimbursements		77.2	%		76.2	%					76.7	%		77.3	%					62.1	%		64.7	%
Segment Gross Profit		19,762			23,679			(16.5	)%		19,004			19,552			(2.8	)%		25,083			25,223			(0.6	)%
% of Revenues Before Reimbursements		22.8	%		23.8	%					23.3	%		22.7	%					37.9	%		35.3	%
Indirect Costs		16,591			18,653			(11.1	)%		16,215			17,842			(9.1	)%		11,090			12,611			(12.1	)%
% of Revenues Before Reimbursements		19.1	%		18.7	%					19.9	%		20.7	%					16.7	%		17.7	%
Operating Earnings (1)	$	3,171		$	5,026			(36.9	)%	$	2,789		$	1,710			63.1	%	$	13,993		$	12,612			10.9	%
% of Revenues Before Reimbursements		3.7	%		5.1	%					3.4	%		2.0	%					21.1	%		17.7	%

Six Months Ended June 30,

	Crawford TPA Solutions						%			Crawford Claims Solutions						%			Crawford Specialty Solutions						%
	2020			2019			Change			2020			2019			Change			2020			2019			Change
Revenues Before Reimbursements	$	183,660		$	197,312			(6.9	)%	$	159,038		$	169,322			(6.1	)%	$	129,249		$	137,305			(5.9	)%
Direct Expense		140,657			148,170			(5.1	)%		126,247			132,693			(4.9	)%		85,164			89,641			(5.0	)%
% of Revenues Before Reimbursements		76.6	%		75.1	%					79.4	%		78.4	%					65.9	%		65.3	%
Segment Gross Profit		43,003			49,142			(12.5	)%		32,791			36,629			(10.5	)%		44,085			47,664			(7.5	)%
% of Revenues Before Reimbursements		23.4	%		24.9	%					20.6	%		21.6	%					34.1	%		34.7	%
Indirect Costs		33,547			37,383			(10.3	)%		33,681			35,232			(4.4	)%		23,135			22,857			1.2	%
% of Revenues Before Reimbursements		18.3	%		18.9	%					21.2	%		20.8	%					17.9	%		16.6	%
Operating Earnings (1)	$	9,456		$	11,759			(19.6	)%	$	(890	)	$	1,397			(163.7	)%	$	20,950		$	24,807			(15.5	)%
% of Revenues Before Reimbursements		5.1	%		6.0	%					(0.6	)%		0.8	%					16.2	%		18.1	%

⁽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, goodwill impairment, restructuring costs, loss on disposition of business, arbitration and claim settlements, and certain unallocated corporate and shared costs and credits. See page 4-5 for additional information about segment operating earnings

Page 14 of 15

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year to Date Period EndedJune 30, 2020andJune 30, 2019

Unaudited

(In Thousands)

	2020			2019
Cash Flows From Operating Activities:
Net (Loss) Income	$	(7,037	)	$	8,393
Reconciliation of Net (Loss) Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization		19,450			19,850
Goodwill Impairment		17,674			—
Stock-Based Compensation Costs		1,998			1,399
Loss on Disposition of Business		341			—
Arbitration and Claim Settlements		—			11,352
Changes in Operating Assets and Liabilities:
Accounts Receivable, Net		5,473			(4,086	)
Unbilled Revenues, Net		(7,000	)		(11,848	)
Accrued or Prepaid Income Taxes		(6,806	)		(563	)
Accounts Payable and Accrued Liabilities		(3,405	)		(16,048	)
Deferred Revenues		(457	)		962
Accrued Retirement Costs		(4,975	)		(343	)
Prepaid Expenses and Other Operating Activities		(3,224	)		(329	)
Net Cash Provided by Operating Activities		12,032			8,739
Cash Flows From Investing Activities:
Acquisitions of Property and Equipment		(5,476	)		(3,729	)
Capitalization of Computer Software Costs		(8,823	)		(4,369	)
Proceeds from sale of business component		(87	)		—
Net Cash Used in Investing Activities		(14,386	)		(8,098	)
Cash Flows From Financing Activities:
Cash Dividends Paid		(4,859	)		(6,595	)
Proceeds from Shares Purchased Under Employee Stock-Based Compensation Plans		10			850
Repurchases of Common Stock		(2,666	)		(19,585	)
Cash paid for equity investments		(292	)		—
Increases in Revolving Credit Facility Borrowings		73,340			51,408
Payments on Revolving Credit Facility Borrowings		(54,124	)		(40,611	)
Payments on Finance Lease Obligations		(10	)		(53	)
Capitalized Loan Costs		—			(8	)
Dividends Paid to Noncontrolling Interests		—			(280	)
Net Cash Provided by (Used In) Financing Activities		11,399			(14,874	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		(889	)		264
Increase (Decrease) in Cash and Cash Equivalents		8,156			(13,969	)
Cash and Cash Equivalents at Beginning of Year		51,802			53,119
Cash and Cash Equivalents at End of Period	$	59,958		$	39,150

Page 15 of 15

EX-99.2

Crawford & Company Second Quarter 2020 Earnings Conference Call

Forward-Looking Statements and Additional Information Introduction 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.crawco.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 three 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, goodwill impairment, restructuring costs, loss on disposition of business, arbitration and claim settlements, 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. Segment Gross Profit Segment gross profit is defined as revenues, less direct costs, which exclude indirect centralized administrative support costs allocated to the business. Indirect expenses consist of centralized administrative support costs, regional and local shared services that are allocated to each segment based on usage. Non-GAAP Financial Information For additional information about certain non-GAAP financial information presented herein, see the Appendix following this presentation.

1.6 Million Claims handled worldwide $18+ Billion Claims managed annually CRD-A & CRD-B Traded on NYSE 9,000 Total employees The world’s largest publicly listed independent provider of global claims management solutions. Organized across global service lines: P&C adjusting solutions (Crawford Claims Solutions) Large and complex claims (Global Technical Services) Global TPA solutions (Broadspire) Managed repair services (Contractor Connection) Introduction Crawford & Company

Introduction Non-GAAP (1) See appendix for non-GAAP explanation and reconciliation of non-GAAP measures. Second Quarter 2020 Financial Highlights GAAP $ 234.4 Million Revenues before reimbursements $ 5.9 Million Net income attributable to shareholders $ 240.2 Million Revenues before reimbursements 1 $ 18.7 Million Adjusted operating earnings 1 7.8% Adjusted operating margin 1   $ 25.9 Million Consolidated adjusted EBITDA 1 10.8% EBITDA as % of revenue 1

External Factors Weather And Economic Indicators A return to normal weather activity allowed the Company to capitalize on recent client wins We remain cautiously optimistic about the Company’s financial performance in light of the COVID-19 pandemic Catastrophic weather activity led to new business from several new large carriers Benefited from increased volume of business interruption (BI) claims in U.K. and event cancellation claims in U.K. and Europe Reduced business activity caused a slowdown in the TPA business and Canada

Impact Across Our Global Service Lines (GSLs) Claims Volume Crawford Specialty Solutions Contractor Connection Crawford TPA Solutions Crawford Claims Solutions   Momentum building from new clients, with first $1 million month in June from our major carrier win Decreased economic activity is a headwind for our TPA business Dallas claims facility is operational, expanding to fully utilize its capacity before fall WeGoLook saw the highest number of assignments in June than ever before Onboarded an additional top ten carrier in June and are receiving assignments GTS Increase in COVID-related claims for workers’ compensation from two healthcare clients Use of telemedicine during the quarter provided additional revenue stream Increased frequency of cyber claims across Asia and Europe Saw largest amount of monthly assignments in May in the business’s history Implementing our largest U.S. program win to date Growth driven by a rise in claims tied to event cancellations and COVID-19

Customer Excellence New Business Momentum Continued RFP activity, winning $23.6 million of new business Sales Pipeline Net Promoter Score Collected 238 NPS scores, marking the record for a single quarter, with an overall score of 40 New and Renewal Business Activity TPA saw several new business wins totaling $11.2 million in annualized revenue and 97% renewal rate from existing business CCS is continuing to ramp the new major carrier win from the first quarter Contractor Connection saw renewed contracts from top clients in U.S. and Canada GTS saw annual renewal revenue of $5.3 million in U.S. Over $250 million of new business in the pipeline Continued sales momentum, gaining traction from all-size carriers Signifies a high level of customer satisfaction

Disciplined Capital Allocation Our Capital Allocation Strategy Strong financial position with liquidity surpassing expectations Continuing to evaluate share repurchases as a component of our capital allocation strategy Low leverage ratio of 1.57x EBITDA Increased dividend to $0.04 per share for CRD-A and CRD-B Increased operating cash flow by 40% over last year’s levels

COVID-19 Workforce Client Impact Diversity & Inclusion Market Leadership Remain committed to protecting the safety and well-being of our workforce allowing them to successfully serve our clients Continue to deliver on our mission and promise to be there for our clients when they need to lean on us the most Foster a safe and inclusive working environment where employees can be authentic and offer unique experiences and perspectives Prioritize growth, people and system readiness, and fiscal responsibility to further advance our competitive position Update On Our Response To COVID-19 Continuing to demonstrate our resilience despite the significant challenges presented by COVID-19

(1) See appendix for non-GAAP explanation and reconciliation of non-GAAP measures. Financial Results Second Quarter 2020 Financial Summary Quarter Ended June 30, June 30, ($ in millions, except per share amounts) 2020 2019 % Change Revenues $234.4 $256.9 (9)% Non-GAAP Revenues excluding foreign exchange fluctuations(1) $240.2 $256.9 (7)% Net Income Attributable to Shareholders of Crawford & Company $5.9 $2.6 123% Diluted Earnings per Share CRD-A $0.11 $0.06 83% CRD-B $0.11 $0.04 175% Non-GAAP Diluted Earnings per Share 1 CRD-A $0.16 $0.21 (24)% CRD-B $0.16 $0.19 (16)% Adjusted Operating Earnings 1 $18.7 $22.5 (17)% Adjusted Operating Margin 1 7.8% 8.8% (100)bps Adjusted EBITDA 1 $25.9 $31.2 (17)% Adjusted EBITDA Margin 1 10.8% 12.1% (130)bps

Financial Results Crawford TPA Solutions Segment Highlights Three months ended (in thousands, except percentages) June 30, 2020 June 30, 2019 Variance 2020 Based on 2019 rates Variance Revenues $86,725 $99,518 (12.9%) $87,603 (12.0%) Direct expenses 66,963 75,840 (11.7%) 67,556 (10.9%) Gross profit 19,762 23,678 (16.5%) 20,047 (15.3%) Indirect expenses 16,591 18,652 (11.0%) 16,835 (9.7%) Operating earnings $3,171 $5,026 (36.9%) $3,212 (36.1%) Gross profit margin 22.8% 23.8% (1.0%) 22.9% (0.9%) Operating margin 3.7% 5.1% (1.4%) 3.7% (1.4%) Total cases received 183,420 197,013 (6.9%) Full time equivalent employees 3,047 3,170 (3.9%) Operating Results (2Q 2020 v. 2Q 2019) Revenues of $86.7 million versus $99.5 million Constant dollar revenues of $87.6 million Gross profit of $19.8 million versus $23.7 million Gross profit margin of 22.8% versus 23.8% Operating earnings of $3.2 million versus $5.0 million Operating margin of 3.7% versus 5.1% Highlights Renewed 97% of our revenue YTD COVID-19 prompted service innovation and increased use of telemedicine services Advancing technology solutions

Financial Results Crawford Claims Solutions Segment Highlights Three months ended (in thousands, except percentages) June 30, 2020 June 30, 2019 Variance 2020 Based on 2019 rates Variance Revenues $81,451 $86,003 (5.3%) $84,252 (2.0%) Direct expenses 62,447 66,450 (6.0%) 64,347 (3.2%) Gross profit 19,004 19,553 (2.8%) 19,905 1.8% Indirect expenses 16,215 17,843 (9.1%) 16,861 (5.5%) Operating earnings $2,789 $1,710 63.1% $3,044 78.0% Gross profit margin 23.3% 22.7% 0.6% 23.6% 0.9% Operating margin 3.4% 2.0% 1.4% 3.6% 1.6% Total cases received 109,212 121,794 (10.3%) Full time equivalent employees 2,787 2,899 (3.9%) Operating Results (2Q 2020 v. 2Q 2019) Revenues of $81.5 million versus $86.0 million Constant dollar revenues of $84.3 million Gross profit of $19.0 million versus $19.6 million Gross profit margin of 23.3% versus 22.7% Operating earnings of $2.8 million versus $1.7 million Operating margin of 3.4% versus 2.0% Highlights Continuing to ramp up major carrier win from the first quarter Strong performance in U.S. and U.K. Providing data driven, topical, and actionable insights to market Enhanced digital platform

Financial Results Crawford Specialty Solutions Segment Highlights Three months ended (in thousands, except percentages) June 30, 2020 June 30, 2019 Variance 2020 Based on 2019 rates Variance Revenues $66,240 $71,360 (7.2%) $68,393 (4.2%) Direct expenses 41,157 46,137 (10.8%) 42,585 (7.7%) Gross profit 25,083 25,223 (0.6%) 25,808 2.3% Indirect expenses 11,090 12,611 (12.1%) 11,535 (8.5%) Operating earnings $13,993 $12,612 10.9% $14,273 13.2% Gross profit margin 37.9% 35.3% 2.6% 37.7% 2.4% Operating margin 21.1% 17.7% 3.4% 20.9% 3.2% Total cases received 75,866 83,650 (9.3%) Full time equivalent employees 1,404 1,476 (4.9%) Operating Results (2Q 2020 v. 2Q 2019) Revenues of $66.2 million versus $71.4 million Constant dollar revenues of $68.4 million Gross profit of $25.1 million versus $25.2 million Gross profit margin of 37.9% versus 35.3% Operating earnings of $14.0 million versus $12.6 million Operating margin of 21.1% versus 17.7% Highlights GTS Implementing largest U.S. program to date Pursuing large scale BI opportunities Contractor Connection Saw largest monthly assignments in May in the business’s history Onboarded a top ten carrier in June Enhanced decontamination services and launched a new commercial property modification service Actively recruiting adjuster teams globally

Additional Financial Matters in the Second Quarter 2020 Financial Results Estimate negative impact on revenues of $22 to $26 million Expect ongoing global economic slowdown from the pandemic may impact results in one or more future quarters Income Tax Impact of First Quarter Goodwill Impairment Recognized non-cash goodwill impairment charge in the first quarter Unallocated Corporate and Shared Costs Canada Emergency Wage Subsidy Unallocated corporate costs of $1.7 million Sold 51% Stake in Lloyd Warwick International (LWI) Sold for initial cash proceeds of $23.2 million Increase driven by CEO transition costs, severance, and self-insurance expenses Estimated COVID-19 Impact on Revenues Second quarter operating earnings includes a total of $4.3 million in benefits from the Canada Emergency Wage Subsidy Expect to result in net gain of $10 to $12 million, transaction will be recognized in third quarter 2020 Decreased income tax benefit by $2.2 million, or $0.04 per share during the second quarter

(1) See Appendix for non-GAAP explanation and reconciliation Financial Results Balance Sheet Highlights Unaudited ($ in thousands) June 30, 2020 December 31, 2019 December 31, 2019 December 31, 2018 Change Change Cash and cash equivalents $ 59,958 $ 51,802 $ 8,156 Accounts receivable, net 120,941 128,217 (7,276 ) Unbilled revenues, net 106,335 103,894 2,441 Total receivables 227,276 232,111 (4,835 ) Goodwill 62,086 80,642 (18,556 ) Intangible assets arising from business acquisitions, net 68,815 75,083 (6,268 ) Deferred revenues 51,721 52,368 (647) Pension liabilities 58,388 65,909 (7,521 ) Short-term borrowings and current portion of finance leases 39,925 28,546 11,379 Long-term debt, less current portion 155,649 148,408 7,241 Total debt 195,574 176,954 18,620 Total stockholders' equity attributable to Crawford & Company 145,495 159,317 (13,822 ) Net debt 1 135,616 125,152 10,464

(1) See Appendix for non-GAAP explanation and reconciliation Financial Results Operating And Free Cash Flow Unaudited ($ in thousands) 2020 2019 2019 2018 Change Change Net (Loss) Income Attributable to Shareholders of Crawford & Company $ (5,501) $ 8,751 $ (14,252 ) Goodwill Impairment 17,674 — 17,674 Arbitration and Claim Settlements — 11,352 (11,352 ) Loss on Disposition of Business 341 — 341 Depreciation and Other Non-Cash Operating Items 19,912 20,891 (979 ) Billed Receivables Change 5,473 (4,086 ) 9,559 Unbilled Receivables Change (7,000 ) (11,848 ) 4,848 Change in Accrued Compensation and 401K (13,959 ) (10,401 ) (3,558 ) Change in Accrued and Prepaid Income Taxes (6,806 ) (563 ) (6,243 ) Other Working Capital Changes 5,054 (5,012 ) 10,066 U.S. and U.K. Pension Contributions (3,156 ) (345 ) (2,811 ) Cash Flows from Operating Activities 12,032 8,739 (3,293 ) Property & Equipment Purchases, net (5,476 ) (3,279 ) (1,747 ) Capitalized Software (internal and external costs) (8,823 ) (4,369 ) (4,454 ) Free Cash Flow1 $ (2,267 ) $ 641 $ (2,908 ) For the year to date periods ended June 30,

2020 Priorities Conclusion Employee Health & Safety Protect our workforce first and foremost Customer Excellence Provide best-in-class service to our clients regardless of the global environment Brands, Relationships & Differentiation Maintain industry leadership through our innovations and market leading solutions Future Growth Deliver superior results for our shareholders

9,000 50,000+ 70 $18B+ Employees Field Resources Countries Claims Managed Annually Crawford & Company The world’s largest publicly listed independent provider of global claims management and outsourcing solutions.

Appendix: Non-GAAP Financial Information

Appendix: Non-GAAP Financial Information 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. 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 and credits, but before net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, goodwill impairment, restructuring costs, loss on disposition of business, arbitration and claim settlements, income taxes and net income or loss attributable to noncontrolling interests.

Appendix: Non-GAAP Financial Information (cont.) Segment and Consolidated Gross Profit Gross profit is defined as revenues less direct expenses which exclude indirect overhead expenses allocated to the business. Indirect expenses consist of centralized administrative support costs, regional and local shared services that are allocated to each segment based on usage.   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 attributable to shareholders of the Company with recurring adjustments for depreciation and amortization, net corporate interest expense, income taxes and stock-based compensation expense and foreign exchange fluctuations. Additionally, adjustments for non-recurring expenses for goodwill impairment, restructuring costs, loss on disposition of business, and arbitration and claim settlements have been included in the calculation of adjusted EBITDA. 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. Adjusted Revenue, Operating Earnings, Pretax Earnings, Net Income, Diluted Earnings per Share and EBITDA Included in non-GAAP adjusted measurements as an add back or subtraction to GAAP measurements, are impacts of the goodwill impairment, restructuring costs, loss on disposition of business, arbitration and claim settlements, and foreign exchange impacts, 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.

Total Revenues Before Reimbursements by Major Currency The following table illustrates revenue as a percentage of total revenue in the major currencies of the geographic areas in which Crawford does business:   Three Months Ended   Six Months Ended (in thousands) June 30, 2020   June 30, 2019   June 30, 2020   June 30, 2019 Geographic Area Currency USD equivalent % of total   USD equivalent % of total   USD equivalent % of total   USD equivalent % of total U.S. USD $ 131,888 56.3% $ 146,525 57.0%   $ 266,336 56.4% $ 286,115 56.5% U.K. GBP 32,561 13.9% 31,534 12.3%   64,943 13.8% 63,123 12.8% Canada CAD 20,852 8.9% 28,803 11.2%   46,072 9.8% 58,687 12.1% Australia AUD 18,779 8.0% 19,319 7.5%   34,324 7.3% 35,574 6.6% Europe EUR 14,019 6.0% 13,320 5.2%   27,408 5.8% 26,185 5.2% Rest of World Various 16,317 6.9%   17,380 6.8%   32,864 6.9%   34,255 6.8% Total Revenues, before reimbursements $ 234,416 100.0% $ 256,881 100.0%   $ 471,947 100.0% $ 503,939 100.0%                          

Reconciliation of Non-GAAP Items Revenues, Costs of Services Provided, and Operating Earnings Quarter Ended Quarter Ended Quarter Ended Quarter Ended June 30, December 31, June 30, December 31, Unaudited ($ in thousands) 2020 2019 2019 2018 Revenues Before Reimbursements Total Revenues $ 234,416 $ 256,881 Reimbursements (8,459 ) (10,965 ) Revenues Before Reimbursements $ 242,875 $ 267,846 Costs of Services Provided, Before Reimbursements Total Costs of Services $ 163,598 $ 174,927 Reimbursements (8,459 ) (10,965 ) Costs of Services Provided, Before Reimbursements $ 172,057 $ 185,892 Quarter Ended Quarter Ended Quarter Ended Quarter Ended June 30, December 31, June 30, December 31, Unaudited ($ in thousands) 2020 2019 2019 2018 Operating Earnings: Crawford TPA Solutions $ 3,171 $ 5,026 Crawford Claims Solutions 2,789 1,710 Crawford Specialty Solutions 13,993 12,612 Unallocated corporate and shared costs and credits, net (1,709 ) 3,170 Consolidated Operating Earnings 18,244 22,518 (Deduct) Add: Net corporate interest expense (2,452 ) (2,468 ) Stock option expense (286 ) (413 ) Amortization expense (2,732 ) (2,802 ) Arbitration and claim settlements — (11,352 ) Loss on disposition of business (341 ) — Income tax provision (6,311 ) (2,859 ) Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests (224 ) 18 Net Income Attributable to Shareholders of Crawford & Company $ 5,898 $ 2,642

Reconciliation of Non-GAAP Items (cont.) Adjusted EBITDA Quarter Ended Quarter Ended June 30, December 31, June 30, December 31, Unaudited ($ in thousands) 2020 2019 2019 2018 Net income attributable to shareholders of Crawford & Company $ 5,898 $ 2,642 Add: Depreciation and amortization 9,390 10,226 Stock-based compensation 1,118 1,646 Net corporate interest expense 2,452 2,468 Arbitration and claim settlements — 11,352 Loss on disposition of business 341 — Income tax provision 6,311 2,859 Foreign exchange impacts 358 — Adjusted EBITDA $ 25,868 $ 31,193

Reconciliation of Non-GAAP Items (cont.) Net Debt June 30, December 31, December 31, December 31, Unaudited ($ in thousands) 2020 2019 2019 2018 Net Debt Short-term borrowings $ 39,887 $ 28,531 Current installments of capital leases 38 15 Long-term debt and capital leases, less current installments 155,649 148,408 Total debt 195,574 176,954 Less: Cash and cash equivalents 59,958 51,802 Net debt $ 135,616 $ 125,152

Reconciliation of Non-GAAP Items (cont.) Segment Gross Profit Three months ended Three months ended ($ in thousands) June 30, 2020 December 31, 2019 June 30, 2019 December 31, 2018 Segment gross profit: Crawford TPA Solutions $ 19,762 $ 23,678 Crawford Claims Solutions 19,004 19,553 Crawford Specialty Solutions 25,083 25,223 Segment gross profit 63,849 68,454 Segment indirect costs: Crawford TPA Solutions (16,591 ) (18,652 ) Crawford Claims Solutions (16,215 ) (17,843 ) Crawford Specialty Solutions (11,090 ) (12,611 ) Unallocated corporate and shared costs, net (1,709 ) 3,170 Consolidated operating earnings 18,244 22,518 Net corporate interest expense (2,452 ) (2,468 ) Stock option expense (286 ) (413 ) Amortization expense (2,732 ) (2,802 ) Arbitration and claim settlements — (11,352 ) Loss on disposition of business (341 ) — Income tax provision (6,311 ) (2,859 ) Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests (224 ) 18 Net income attributable to shareholders of Crawford & Company $ 5,898 $ 2,642

Reconciliation of Second Quarter Non-GAAP Results Three Months Ended June 30, 2020 Unaudited ($ in thousands) Revenues Revenues Non-GAAP Operating Earnings Non-GAAP Operating Earnings Pretax Earnings Pretax (Loss) Earnings Net Income Attributable to Crawford & Company Net (Loss) Income Attributable to Crawford & Company Diluted Earnings per CRD-A Share Diluted (Loss) Earnings per CRD-A Share Diluted Earnings per CRD-B Share Diluted (Loss) Earnings per CRD-B Share GAAP $ 234,416 $ 18,244 $ 12,433 $ 5,898 $ 0.11 $ 0.11 Adjustments: Income tax impact of first quarter goodwill impairment — — — 2,206 0.04 0.04 Loss on disposition of business — — 341 265 — — Foreign exchange fluctuations 5,832 407 358 384 0.01 0.01 Non-GAAP Adjusted $ 240,248 $ 18,651 $ 13,132 $ 8,753 $ 0.16 $ 0.16 Three Months Ended June 30, 2019 Unaudited ($ in thousands) Revenues Revenues Non-GAAP Operating Earnings Non-GAAP Operating Earnings Pretax Earnings Pretax Earnings Net Income Attributable to Crawford & Company Net Income Attributable to Crawford & Company Diluted Earnings per CRD-A Share Diluted Earnings per CRD-A Share Diluted Earnings per CRD-B Share Diluted Earnings per CRD-B Share GAAP $ 256,881 $ 22,518 $ 5,483 $ 2,642 $ 0.06 $ 0.04 Adjustments: Arbitration and claim settlements — — 11,352 8,389 0.15 0.15 Non-GAAP Adjusted $ 256,881 $ 22,518 $ 16,835 $ 11,031 $ 0.21 $ 0.19