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Daily Insurance Industry News
Tuesday 21st of May 2019
November 5, 2010

Crawford & Company returns to profitability

by Richard Kilner

Story link: Crawford & Company returns to profitability

Crawford & Company has reported its financial results for Q3 2010, including net income of $13m, a welcome return to the black after a net loss of $39.5m in the same quarter last year.

It also marks a return to profitability in 2010, following a Q2 loss of $2.5m.

The firm recorded diluted earnings per share of $0.24, a dollar better than the $0.76 loss per share of the same quarter last year.

Consolidated revenues before reimbursements rose to $254.5m, a 4% rise from the $245.8m revenues generated in Q3 2009.

Chief Executive Officer Jeffrey T. Bowman was broadly positive about the quarterly results, and stated the firm faced challenges regarding its North American property & casualty business, due to benign weather conditions.

Bowman said that overall the firm continued to improve its offering to clients through utilisation of new technology and an innovative approach to service provision.

 

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