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Daily Insurance Industry News
Friday 26th of April 2019
November 10, 2009

Crawford and Company reveal Q3 losses

by Richard Kilner

Story link: Crawford and Company reveal Q3 losses

Crawford & Company has announced its financial results for the third quarter.

The firm saw revenues decline from $266.9m in Q3 2008 to $245.8m in the third quarter of this year, a fall attributed to lower revenues in Broadspire and the Property & Casualty segments, as well as foreign currency changes.

Net income also fell from the corresponding period in 2008, when $6.9m was made, to a loss of $39.5m this quarter, largely due to a non-cash impairment charge of $46.9m.

This is the second successive quarter the firm has made a net loss, with a loss of $88.1m incurred during the second quarter.

Chief Executive Officer Jeffrey T. Bowman has said that the present results reflect the challenging nature of the economy, and has said that there are some positive indicators despite revenue and income falling.

 

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