CRAWFORD & CO, 10-K filed on 3/2/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Feb. 26, 2026
Jun. 30, 2025
Document Information [Line Items]        
Document Type 10-K      
Amendment Flag false      
Document Annual Report true      
Document Transition Report false      
Document Period End Date Dec. 31, 2025      
Document Fiscal Year Focus 2025      
Document Fiscal Period Focus FY      
Entity File Number 1-10356      
Entity Registrant Name CRAWFORD & CO      
Entity Incorporation, State or Country Code GA      
Entity Tax Identification Number 58-0506554      
Entity Address, Address Line One 5335 Triangle Parkway      
Entity Address, City or Town Peachtree Corners      
Entity Address, State or Province GA      
Entity Address, Postal Zip Code 30092      
City Area Code 404      
Local Phone Number 300-1000      
Entity Well-known Seasoned Issuer No      
Entity Voluntary Filers No      
Entity Current Reporting Status Yes      
Entity Interactive Data Current Yes      
Entity Filer Category Accelerated Filer      
Entity Small Business false      
Entity Emerging Growth Company false      
Entity Shell Company false      
ICFR Auditor Attestation Flag true      
Document Financial Statement Error Correction [Flag] false      
Entity Public Float       $ 239,809,090
Documents Incorporated by Reference

Portions of the Registrant's proxy statement for its 2026 annual shareholders' meeting, which proxy statement will be filed within 120 days of the Registrant's year end, are incorporated by reference into Part III hereof.

      
Current Fiscal Year End Date --12-31      
Entity Central Index Key 0000025475      
Auditor Name KPMG LLP      
Auditor Location Atlanta, Georgia      
Auditor Firm ID 185      
Auditor Opinion  

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of Crawford & Company (the Company) as of December 31, 2024, the related consolidated statements of operations, statements of comprehensive income, shareholders' investment and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

    
Ernst & Young LLP        
Document Information [Line Items]        
Auditor Name   Ernst & Young LLP    
Auditor Location   Atlanta, Georgia    
Auditor Firm ID   42    
Class A Non-Voting        
Document Information [Line Items]        
Title of 12(b) Security Class A Common Stock — $1.00 Par Value      
Trading Symbol CRD-A      
Security Exchange Name NYSE      
Entity Common Stock, Shares Outstanding     29,688,043  
Class B Voting        
Document Information [Line Items]        
Title of 12(b) Security Class B Common Stock — $1.00 Par Value      
Trading Symbol CRD-B      
Security Exchange Name NYSE      
Entity Common Stock, Shares Outstanding     18,985,060  
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from Services:      
Revenues $ 1,310,827 $ 1,340,970 $ 1,316,919
Costs and Expenses:      
Cost of services 943,739 973,423 957,847
Selling, general, and administrative expenses 294,166 299,664 286,506
Corporate interest expense, net of interest income 14,687 16,862 17,036
Restructuring and other costs, net 13,996 0 0
Total Costs and Expenses 1,266,588 1,289,949 1,261,389
Other Loss (9,639) (9,909) (8,173)
Income Before Income Taxes 34,600 41,112 47,357
Provision for Income Taxes 14,924 14,583 17,097
Net Income 19,676 26,529 30,260
Net (Income) Loss Attributable to Noncontrolling Interests (42) 67 349
Net Income Attributable to Shareholders of Crawford & Company $ 19,634 $ 26,596 $ 30,609
Class A Non-Voting      
Earnings Per Share - Basic:      
Earnings per share - basic $ 0.4 $ 0.54 $ 0.63
Earnings Per Share - Diluted:      
Earnings per share - diluted $ 0.39 $ 0.53 $ 0.61
Weighted-Average Shares Used to Compute Basic Earnings Per Share:      
Weighted-average common shares outstanding, basic 30,237 29,783 29,039
Weighted-Average Shares Used to Compute Diluted Earnings Per Share:      
Weighted-average common shares outstanding, diluted 30,771 30,404 29,799
Cash Dividends Per Share:      
Cash dividends per share $ 0.29 $ 0.28 $ 0.26
Class B Voting      
Earnings Per Share - Basic:      
Earnings per share - basic 0.4 0.54 0.63
Earnings Per Share - Diluted:      
Earnings per share - diluted $ 0.4 $ 0.54 $ 0.62
Weighted-Average Shares Used to Compute Basic Earnings Per Share:      
Weighted-average common shares outstanding, basic 19,132 19,332 19,796
Weighted-Average Shares Used to Compute Diluted Earnings Per Share:      
Weighted-average common shares outstanding, diluted 19,132 19,332 19,796
Cash Dividends Per Share:      
Cash dividends per share $ 0.29 $ 0.28 $ 0.26
Service      
Revenues from Services:      
Revenues $ 1,265,721 $ 1,292,510 $ 1,267,131
Costs and Expenses:      
Cost of services 898,633 924,963 908,059
Reimbursements      
Revenues from Services:      
Revenues 45,106 48,460 49,788
Costs and Expenses:      
Cost of services $ 45,106 $ 48,460 $ 49,788
v3.25.4
Consolidated Statements of Operations (Parentheticals) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Interest income $ 3,286 $ 3,441 $ 2,773
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 19,676 $ 26,529 $ 30,260
Other Comprehensive Income (Loss):      
Net foreign currency translation gain (loss), net of tax benefit of $0, $0 and $0, respectively 6,229 (765) 3,051
Amounts reclassified into net income for defined benefit pension plans, net of tax benefit of $2,459, $2,511, and $2,668, respectively 10,115 10,069 9,351
Net unrealized loss on defined benefit plans arising during the year, net of tax (provision) benefit of $(542), $591, and $701, respectively (884) (7,986) (15,740)
Other Comprehensive Income (Loss) 15,460 1,318 (3,338)
Comprehensive Income 35,136 27,847 26,922
Comprehensive (income) loss attributable to noncontrolling interests (117) 239 393
Comprehensive Income Attributable to Shareholders of Crawford & Company $ 35,019 $ 28,086 $ 27,315
v3.25.4
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
OCI, Tax on foreign currency translation gain (loss) $ 0 $ 0 $ 0
OCI, Tax provision on reclassification adjustments to net income (loss) for pension plans 2,459 2,511 2,668
OCI, Tax benefit on unrealized loss arising during the year for pension plans $ (542) $ 591 $ 701
v3.25.4
Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 64,079,000 $ 55,412,000
Accounts receivable, less allowance for expected credit losses of $7,244 and $8,145, respectively 115,661,000 142,064,000
Unbilled revenues, at estimated billable amounts 126,960,000 131,080,000
Income taxes receivable 4,350,000 5,337,000
Prepaid expenses and other current assets 41,362,000 40,334,000
Total Current Assets 352,412,000 374,227,000
Net Property and Equipment 16,649,000 20,554,000
Other Assets:    
Operating lease right-of-use assets, net 66,322,000 78,808,000
Goodwill 76,569,000 76,368,000
Intangible assets arising from business acquisitions, net 66,352,000 74,545,000
Capitalized software costs, net 112,812,000 111,854,000
Deferred income tax assets 24,684,000 25,305,000
Other noncurrent assets 48,500,000 42,094,000
Total Other Assets 395,239,000 408,974,000
TOTAL ASSETS 764,300,000 803,755,000
Current Liabilities:    
Short-term borrowings 38,500,000 17,822,000
Accounts payable 39,769,000 50,605,000
Accrued compensation and related costs 108,878,000 101,371,000
Self-insured risks 19,095,000 27,813,000
Income taxes payable 3,874,000 3,343,000
Operating lease liability 27,650,000 24,541,000
Other accrued liabilities 37,970,000 38,103,000
Deferred revenues 33,834,000 36,129,000
Total Current Liabilities 309,570,000 299,727,000
Noncurrent Liabilities:    
Long-term debt and finance leases, less current installments 150,593,000 200,315,000
Deferred revenues 23,259,000 23,556,000
Accrued pension liabilities 17,910,000 21,084,000
Operating lease liability 53,531,000 66,811,000
Other noncurrent liabilities 38,005,000 36,711,000
Total Noncurrent Liabilities 283,298,000 348,477,000
Shareholders' Investment:    
Additional paid-in capital 92,251,000 87,118,000
Retained earnings 233,708,000 237,948,000
Accumulated other comprehensive loss (201,740,000) (217,125,000)
Shareholders' Investment Attributable to Shareholders of Crawford & Company 173,093,000 157,210,000
Noncontrolling interests (1,661,000) (1,659,000)
Total Shareholders' Investment 171,432,000 155,551,000
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT 764,300,000 803,755,000
Class A Non-Voting    
Shareholders' Investment:    
Common stock outstanding, value 29,860,000 30,124,000
Class B Voting    
Shareholders' Investment:    
Common stock outstanding, value $ 19,014,000 $ 19,145,000
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current Assets:    
Allowance for doubtful accounts $ 7,244 $ 8,145
Class A Non-Voting    
Shareholders' Investment:    
Par or stated value per share (USD per share) $ 1 $ 1
Shares authorized (shares) 50,000 50,000
Shares issued (shares) 29,860 30,124
Shares outstanding (shares) 29,860 30,124
Class B Voting    
Shareholders' Investment:    
Par or stated value per share (USD per share) $ 1 $ 1
Shares authorized (shares) 50,000 50,000
Shares issued (shares) 19,014 19,145
Shares outstanding (shares) 19,014 19,145
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:      
Net income $ 19,676,000 $ 26,529,000 $ 30,260,000
Reconciliation of net income to net cash provided by operating activities:      
Depreciation and amortization 40,043,000 36,195,000 35,742,000
Deferred income taxes (3,328,000) (2,534,000) (12,279,000)
Stock-based compensation costs 5,193,000 5,768,000 5,603,000
Loss on disposal of property and equipment 2,718,000 102,000 646,000
Contingent earnout adjustments 537,000 (1,099,000) 4,025,000
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:      
Accounts receivable, net 26,369,000 (10,741,000) 11,663,000
Unbilled revenues, net 5,348,000 (13,691,000) 11,879,000
Accrued or prepaid income taxes 1,336,000 (2,140,000) 13,063,000
Accounts payable and accrued liabilities (9,921,000) 6,916,000 (2,822,000)
Deferred revenues (2,950,000) (1,443,000) 5,913,000
Accrued retirement costs 7,992,000 8,312,000 7,174,000
Prepaid expenses and other operating activities 8,834,000 (555,000) (7,077,000)
Net cash provided by operating activities 101,847,000 51,619,000 103,790,000
Cash Flows from Investing Activities:      
Acquisitions of property and equipment (7,014,000) (6,210,000) (4,890,000)
Capitalization of computer software costs (31,535,000) (35,437,000) (31,706,000)
Cash proceeds from disposition of business line 2,046,000 0 0
Proceeds from settlement of life insurance policies 295,000 0 0
Net cash used in investing activities (36,208,000) (41,647,000) (36,596,000)
Cash Flows from Financing Activities:      
Cash dividends paid (14,328,000) (13,755,000) (12,701,000)
Payments related to shares received for withholding taxes under employee stock-based compensation plans (1,531,000) (2,063,000) (1,947,000)
Proceeds from shares purchased under employee stock-based compensation plans 2,044,000 1,889,000 1,536,000
Repurchases of common stock (10,514,000) (3,867,000) (2,731,000)
Payments of contingent consideration on acquisitions (1,326,000) (3,348,000) (7,060,000)
Increases in short-term and revolving credit facility borrowings 54,720,000 70,197,000 37,578,000
Payments on short-term and revolving credit facility borrowings (84,449,000) (61,576,000) (69,066,000)
Payments on finance lease obligations (90,000) (240,000) (60,000)
Capitalized loan costs (2,027,000) 0 0
Other financing activities (119,000) (99,000) (229,000)
Net cash used in financing activities (57,620,000) (12,862,000) (54,680,000)
Effects of exchange rate changes on cash and cash equivalents 198,000 (326,000) 386,000
Increase (decrease) in Cash, Cash Equivalents, and Restricted Cash 8,217,000 (3,216,000) 12,900,000
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year 56,329,000 59,545,000 46,645,000
Cash, Cash Equivalents, and Restricted Cash at End of Year 64,546,000 56,329,000 59,545,000
Supplemental cash flow information:      
Income taxes paid 16,963,000 19,993,000 16,050,000
Interest paid $ 17,388,000 $ 19,324,000 $ 18,914,000
v3.25.4
Consolidated Statements of Shareholders' Investment - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance $ 155,551 $ 139,831 $ 123,378
Net income (loss) 19,676 26,529 30,260
Other comprehensive income (loss) 15,460 1,318 (3,338)
Cash dividends paid (Class A - $0.29 per share, Class B - $0.29 per share) (14,328) (13,755) (12,701)
Stock-based compensation 5,193 5,768 5,603
Repurchases of common stock (10,514) (3,867) (2,731)
Shares issued in connection with stock-based compensation plans, net 513 (174) (411)
Decrease in value of noncontrolling interest due to acquisition   23  
Dividends paid to noncontrolling interests (119) (122) (229)
Ending balance 171,432 155,551 139,831
Common Stock | Class A Non-Voting      
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance 30,124 29,525 28,764
Repurchases of common stock (837)    
Shares issued in connection with stock-based compensation plans, net 573 599 761
Ending balance 29,860 30,124 29,525
Common Stock | Class B Voting      
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance 19,145 19,555 19,848
Repurchases of common stock (131) (410) (293)
Ending balance 19,014 19,145 19,555
Additional Paid-In Capital      
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance 87,118 82,589 78,158
Stock-based compensation 5,193 5,768 5,603
Shares issued in connection with stock-based compensation plans, net (60) (773) (1,172)
Decrease in value of noncontrolling interest due to acquisition   (466)  
Ending balance 92,251 87,118 82,589
Retained Earnings      
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance 237,948 228,564 213,094
Net income (loss) 19,634 26,596 30,609
Cash dividends paid (Class A - $0.29 per share, Class B - $0.29 per share) (14,328) (13,755) (12,701)
Repurchases of common stock (9,546) (3,457) (2,438)
Ending balance 233,708 237,948 228,564
AOCL attributable to shareholders of Crawford & Company      
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance (217,125) (218,615) (215,321)
Other comprehensive income (loss) 15,385 1,490 (3,294)
Ending balance (201,740) (217,125) (218,615)
Shareholders' Investment Attributable to Shareholders of Crawford & Company      
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance 157,210 141,618 124,543
Net income (loss) 19,634 26,596 30,609
Other comprehensive income (loss) 15,385 1,490 (3,294)
Cash dividends paid (Class A - $0.29 per share, Class B - $0.29 per share) (14,328) (13,755) (12,701)
Stock-based compensation 5,193 5,768 5,603
Repurchases of common stock (10,514) (3,867) (2,731)
Shares issued in connection with stock-based compensation plans, net 513 (174) (411)
Decrease in value of noncontrolling interest due to acquisition   (466)  
Ending balance 173,093 157,210 141,618
Noncontrolling Interests      
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance (1,659) (1,787) (1,165)
Net income (loss) 42 (67) (349)
Other comprehensive income (loss) 75 (172) (44)
Decrease in value of noncontrolling interest due to acquisition   489  
Dividends paid to noncontrolling interests (119) (122) (229)
Ending balance $ (1,661) $ (1,659) $ (1,787)
v3.25.4
Consolidated Statements of Shareholders' Investment (Parentheticals) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class A Non-Voting      
Class Of Stock [Line Items]      
Cash dividends paid (in dollars per share) $ 0.29 $ 0.28 $ 0.26
Class B Voting      
Class Of Stock [Line Items]      
Cash dividends paid (in dollars per share) $ 0.29 $ 0.28 $ 0.26
v3.25.4
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 1C. CYBERSECURITY

Cybersecurity Risk Management and Strategy

We recognize the importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our clients' and our data. We have a global cybersecurity and privacy program to help effectively assess, identify, and manage cybersecurity threat risks. We have developed a list of cybersecurity risks from known threats and our own history to help identify what is most meaningful and potentially impactful to the Company. The cybersecurity and privacy initiatives to address the risks are complex, strategic, and ever evolving. Threats and risks are identified from threat intelligence sources that include our vendors, industry, and government organizations. We continuously monitor and scan the cyber landscape to review evolving threats and risks that may impact us. Information from these various sources are reviewed by our cybersecurity and risk teams to evaluate risks in line with the NIST Cybersecurity Framework. Threat intelligence from other financial institutions and industry consortiums that serve financial institutions, such as the Financial Services Information Sharing and Analysis Center, provides key information on how risks are affecting our industry, with ability to preemptively mitigate emerging threats, as discussed above in Part I, Item 1A of this Form 10-K under the heading Technology and Data Security.

We score cybersecurity risks based on the likelihood and impact on our operations. Such cybersecurity risks are integrated and evaluated as part of the global Enterprise Risk Management (“ERM”) program, which is managed by the Senior Vice President General Counsel. The Governance Committee of the Board of Directors maintains oversight of the ERM program and the Audit Committee maintains oversight of the cybersecurity program to ensure risks to the Company are managed within our risk appetite.

Our ERM program considers cybersecurity threat risks alongside other company risks as part of our overall risk assessment process when identifying and assessing material risks. Our ERM team collaborates with internal subject matter specialists, as necessary, to gather insights and report on the most significant risks. We employ a range of tools and services, including regular network and endpoint monitoring, vulnerability assessments, penetration testing, and tabletop exercises to identify threats and improve our incident response plan.

We identify and assess cybersecurity incidents based on multiple factors including information from previous events and incidents. The Cybersecurity Incident Response Team (“CSIRT”) categorizes events into four levels of severity with defined requirements to assess criticality. The CSIRT informs both our leadership as well as our SEC Cybersecurity Rules Disclosure Committee (“SCRDC”), Cybersecurity and Privacy Council and the Audit Committee of the Board on matters related to cybersecurity risks that are deemed to materially affect the Company.

We perform ongoing cybersecurity awareness training for our employees that reinforces our Global Information Security policies, standards and practices. In addition, employees receive periodic newsletters emphasizing awareness of new cybersecurity threats (e.g., phishing attempts, smishing, pretexting, and deep fakes created by artificial intelligence). This training is mandatory for all employees globally and is supplemented with periodic phishing tests. Additionally, we perform an annual external evaluation of our cybersecurity program using the NIST Cybersecurity Framework.

We regularly engage with consultants to review our cybersecurity program to help identify areas for continued focus, improvement and compliance, including review of past cybersecurity incidents in order to address known vulnerabilities. Our processes also address cybersecurity risks associated with third-party service providers, including those with access to our non-public or restricted data, including client data. Third-party risks are also included within our ERM program and are actively reported to the Audit and Governance Committees. Our Third Party Risk Management Program comprises a defined process to identify, assess, and mitigate risks by our third-party suppliers and service providers, specifically including cybersecurity and privacy risks.

We are also continuously enhancing our technology landscape and implementing several new cybersecurity technologies that will help improve the management of cybersecurity risks and threats. In the last three fiscal years, we have not experienced any cybersecurity incidents that we determined to be material, and the expenses we have incurred from cybersecurity incidents were immaterial (including no related penalties and settlements).

During the fiscal year ending December 31, 2025, we have not identified cybersecurity threats, including those arising from third parties or AI‑related risks, that we determined to have materially affected our business strategy, results of operations, or financial condition. However, cybersecurity risks, including future significant incidents or systemic third‑party events, could materially affect us in the future.

Cybersecurity Governance

Our global cybersecurity and privacy program is managed by our Chief Technology and Information Security Officer ("CISO"), Vice-President of Global IT Security, Global Chief Privacy Officer (“CPO”), and Chief Information Officer (“CIO”). We have also established a Cybersecurity and Privacy Council, which includes the CISO, CPO and CIO as well as other stakeholders, that meets to review, discuss, and manage cybersecurity and privacy risks and threats, prioritize risks, monitor risk mitigation progress, and provide periodic updates on the evolving legal landscape, as well as ongoing activities and programs, to the leadership team.

The Board of Directors provides oversight and has designated primary responsibility to the Audit Committee who oversees our information security programs including cybersecurity and is actively involved in monitoring the progress of key cybersecurity initiatives. The CISO manages the cybersecurity program in collaboration with the CIO, CPO, and our business leaders. The CISO provides regular updates to the Audit Committee, including progress on the cybersecurity initiatives, risk trends and scores, and any cybersecurity incidents. Executive leadership and the Board of Directors are regularly informed and updated on any potentially material incidents.

We also created the SEC Cybersecurity Rules Disclosure Committee ("SCRDC") composed of members from cybersecurity, privacy, legal, audit, and finance teams. This committee's objective is to review and discuss the nature of cybersecurity and privacy incidents and determine impact and materiality.

Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our CISO, CPO, CIO, and VP of Global IT Security. Our security, privacy, and IT leaders have extensive relevant work experience in various roles which includes developing cybersecurity strategy, implementing effective information and cybersecurity programs, and implementing cybersecurity and privacy solutions. These leaders have relevant degrees and certifications, including Certified Information Systems Auditor, Certified Information Systems Security Professional, Fellow of Information Privacy, and Certified Information Privacy Professional.

As described above, we have experienced professionals in the key roles of the CISO, CPO, CIO, and VP of Global IT Security. The cybersecurity and privacy offices are responsible for incident reporting and management, which includes cybersecurity threats. The Incident Response and Privacy teams meet weekly and as needed to identify, respond, contain, and coordinate events where activities threaten the security, confidentiality, integrity, and availability of our information, including client information and information systems.

Once an event materially impacts systems or data, cross-functional professionals and stakeholders evaluate the incident using key factors (e.g., type and scope of information impacted, systems impacted) and promptly inform senior leadership, the SCRDC, the Audit Committee, and the Board of Directors. Further, we may consult outside counsel or external advisors given the circumstances and situation (e.g., client, controls, location, or regulatory landscape).

Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We score cybersecurity risks based on the likelihood and impact on our operations. Such cybersecurity risks are integrated and evaluated as part of the global Enterprise Risk Management (“ERM”) program, which is managed by the Senior Vice President General Counsel. The Governance Committee of the Board of Directors maintains oversight of the ERM program and the Audit Committee maintains oversight of the cybersecurity program to ensure risks to the Company are managed within our risk appetite.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity Governance

Our global cybersecurity and privacy program is managed by our Chief Technology and Information Security Officer ("CISO"), Vice-President of Global IT Security, Global Chief Privacy Officer (“CPO”), and Chief Information Officer (“CIO”). We have also established a Cybersecurity and Privacy Council, which includes the CISO, CPO and CIO as well as other stakeholders, that meets to review, discuss, and manage cybersecurity and privacy risks and threats, prioritize risks, monitor risk mitigation progress, and provide periodic updates on the evolving legal landscape, as well as ongoing activities and programs, to the leadership team.

The Board of Directors provides oversight and has designated primary responsibility to the Audit Committee who oversees our information security programs including cybersecurity and is actively involved in monitoring the progress of key cybersecurity initiatives. The CISO manages the cybersecurity program in collaboration with the CIO, CPO, and our business leaders. The CISO provides regular updates to the Audit Committee, including progress on the cybersecurity initiatives, risk trends and scores, and any cybersecurity incidents. Executive leadership and the Board of Directors are regularly informed and updated on any potentially material incidents.

We also created the SEC Cybersecurity Rules Disclosure Committee ("SCRDC") composed of members from cybersecurity, privacy, legal, audit, and finance teams. This committee's objective is to review and discuss the nature of cybersecurity and privacy incidents and determine impact and materiality.

Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our CISO, CPO, CIO, and VP of Global IT Security. Our security, privacy, and IT leaders have extensive relevant work experience in various roles which includes developing cybersecurity strategy, implementing effective information and cybersecurity programs, and implementing cybersecurity and privacy solutions. These leaders have relevant degrees and certifications, including Certified Information Systems Auditor, Certified Information Systems Security Professional, Fellow of Information Privacy, and Certified Information Privacy Professional.

As described above, we have experienced professionals in the key roles of the CISO, CPO, CIO, and VP of Global IT Security. The cybersecurity and privacy offices are responsible for incident reporting and management, which includes cybersecurity threats. The Incident Response and Privacy teams meet weekly and as needed to identify, respond, contain, and coordinate events where activities threaten the security, confidentiality, integrity, and availability of our information, including client information and information systems.

Once an event materially impacts systems or data, cross-functional professionals and stakeholders evaluate the incident using key factors (e.g., type and scope of information impacted, systems impacted) and promptly inform senior leadership, the SCRDC, the Audit Committee, and the Board of Directors. Further, we may consult outside counsel or external advisors given the circumstances and situation (e.g., client, controls, location, or regulatory landscape).

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board of Directors provides oversight and has designated primary responsibility to the Audit Committee who oversees our information security programs including cybersecurity and is actively involved in monitoring the progress of key cybersecurity initiatives
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The CISO provides regular updates to the Audit Committee, including progress on the cybersecurity initiatives, risk trends and scores, and any cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]

The Board of Directors provides oversight and has designated primary responsibility to the Audit Committee who oversees our information security programs including cybersecurity and is actively involved in monitoring the progress of key cybersecurity initiatives. The CISO manages the cybersecurity program in collaboration with the CIO, CPO, and our business leaders. The CISO provides regular updates to the Audit Committee, including progress on the cybersecurity initiatives, risk trends and scores, and any cybersecurity incidents. Executive leadership and the Board of Directors are regularly informed and updated on any potentially material incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The CISO manages the cybersecurity program in collaboration with the CIO, CPO, and our business leaders
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our security, privacy, and IT leaders have extensive relevant work experience in various roles which includes developing cybersecurity strategy, implementing effective information and cybersecurity programs, and implementing cybersecurity and privacy solutions. These leaders have relevant degrees and certifications, including Certified Information Systems Auditor, Certified Information Systems Security Professional, Fellow of Information Privacy, and Certified Information Privacy Professional.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Executive leadership and the Board of Directors are regularly informed and updated on any potentially material incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 19,634 $ 26,596 $ 30,609
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Significant Accounting and Reporting Policies
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Significant Accounting and Reporting Policies

1. Significant Accounting and Reporting Policies

Nature of Operations

Based in Atlanta, Georgia, Crawford & Company ("Crawford" or "the Company") is the world's largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations with an expansive global network serving clients in more than 70 countries.

Shares of the Company's two classes of common stock are traded on the New York Stock Exchange ("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 for the Class B Common Stock (CRD-B), and protections for the non-voting Class A Common Stock (CRD-A). More information is found on the Company's website www.crawco.com. The information contained on, or hyperlinked from, the Company's website is not a part of, and is not incorporated by reference into, this report.

Principles of Consolidation

The accompanying consolidated financial statements were prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") and include the accounts of the Company, its majority-owned subsidiaries, and variable interest entities ("VIE") in which the Company is deemed to be the primary beneficiary. Significant intercompany transactions are eliminated in consolidation. Financial results from the Company's operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines, are reported and consolidated on a two-month delayed basis in accordance with the provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidation, in order to provide sufficient time for accumulation of their results. Accordingly, the Company's December 31, 2025, 2024, and 2023 consolidated financial statements include the financial position of such operations as of October 31, 2025 and 2024, respectively, and the results of their operations and cash flows for the fiscal years ended October 31, 2025, 2024, and 2023, respectively.

The Company has controlling ownership interests in several entities that are not wholly-owned by the Company. The financial results and financial positions of these controlled entities are included in the Company's consolidated financial statements, including the controlling interests and noncontrolling interests. The noncontrolling interests represent the equity interests in these entities that are not attributable, either directly or indirectly, to the Company. On the Company's Consolidated Statements of Operations, net income or loss is separately attributed to the controlling interests and noncontrolling interests.

Noncontrolling interests represent the minority shareholders' share of the net income or loss and shareholders' investment in consolidated subsidiaries. Noncontrolling interests are presented as a component of shareholders' investment in the Consolidated Balance Sheets and reflect the initial fair value of these investments by noncontrolling shareholders, along with their proportionate share of the income or loss of the subsidiaries, less any dividends or distributions.

The Company consolidates the results of a VIE when it is determined to be the primary beneficiary. In accordance with GAAP, in determining whether the Company is the primary beneficiary of a VIE for financial reporting purposes, it considers whether it has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether it has the obligation to absorb losses or the right to receive returns that would be significant to the VIE.

The Company consolidates the liabilities of its deferred compensation plan and the related assets, which are held in a rabbi trust and also considered a VIE of the Company. The rabbi trust was created to fund the liabilities of the Company's deferred compensation plan. The Company is considered the primary beneficiary of the rabbi trust because the Company directs the activities of the trust and can use the assets of the trust to satisfy the liabilities of the Company's deferred compensation plan. At December 31, 2025 and 2024, the liabilities of this deferred compensation plan were $6,686,000 and $6,248,000, respectively, which represented obligations of the Company rather than of the rabbi trust, and the values of the assets held in the related rabbi trust were $10,423,000 and $10,389,000, respectively. These liabilities and assets are included in "Other noncurrent liabilities" and "Other noncurrent assets" on the Company's Consolidated Balance Sheets, respectively.

Management's Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

Revenue Recognition

Revenues are recognized when control of the promised services are transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are recognized net of any sales, use or value added taxes collected from customers, which are subsequently remitted to governmental authorities. As the Company completes its performance obligations, it has an unconditional right to consideration as outlined in the Company's contracts.

The Company's North America Loss Adjusting segment generates revenue for claims management and adjusting services to insurance companies and self-insured entities related to property and casualty losses caused by physical damage to commercial and residential real property, certain types of personal property and marine losses. The Company's International Operations segment generates revenue in a similar manner as North America Loss Adjusting in the U.K., Europe, Australia, Asia and Latin America. This segment also includes Legal Services, which generates revenues for services provided to insurance companies. The Company's Broadspire segment is a third party administrator that generates revenue through its Claims Management and Medical Management service lines. The Company's Platform Solutions segment principally generates revenues through its Contractor Connection, Networks and Subrogation service lines. The Contractor Connection service line generates revenue through its independently managed contractor network of credentialed residential and commercial contractors in the U.S. See Note 2, “Revenue Recognition,” for further discussion on the Company’s revenue recognition policies.

Intersegment sales are not material and eliminate in consolidation.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The fair value of cash and cash equivalents approximates carrying value due to their short-term nature.

Cash balances that are legally restricted as to usage or withdrawal are separately included in "Prepaid expenses and other current assets" within the Consolidated Balance Sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Consolidated Statements of Cash Flows:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Cash and cash equivalents

 

$

64,079

 

 

$

55,412

 

 

$

58,363

 

Restricted cash within prepaid expenses and other current assets

 

 

467

 

 

 

917

 

 

 

1,182

 

Total cash, cash equivalents and restricted cash

 

$

64,546

 

 

$

56,329

 

 

$

59,545

 

Accounts Receivable and Allowance for Expected Credit Losses

The Company extends credit based on an evaluation of a client's financial condition and, generally, collateral is not required. Accounts receivable are typically due upon receipt of the invoice and are stated on the Company's Consolidated Balance Sheets at amounts due from clients net of an estimated allowance for expected credit losses. Accounts outstanding longer than the contractual payment terms are considered past due. The fair value of accounts receivable approximates book value due to their short-term contractual stipulations.

Unbilled revenues are stated on the Company’s Consolidated Balance Sheets, net of estimated billing adjustments and an estimated allowance for expected credit losses. Unbilled assets represent a contract asset for revenue that has been recognized in advance of billing the customer, resulting from professional services delivered that we expect and are entitled to receive as consideration under certain contracts. Billing requirements vary by contract but substantially all unbilled revenues are billed within one year.

The Company maintains an allowance for expected credit losses resulting primarily from the inability of clients to make required payments. Such losses are accounted for as bad debt expense. These allowances are established using historical write-off or adjustment information to project future experience and by considering the current creditworthiness of clients, any known specific collection problems, and an assessment of current industry and economic conditions. Actual experience may differ significantly from historical or expected loss results. The Company writes off accounts receivable and unbilled revenues when they become uncollectible, and any payments subsequently received are accounted for as recoveries.

A summary of the activities in the allowance for expected credit losses for the years ended December 31, 2025, 2024, and 2023 is as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Allowance for credit losses, January 1

 

$

9,089

 

 

$

9,530

 

 

$

9,322

 

Add/ (Deduct):

 

 

 

 

 

 

 

 

 

Provision for bad debt expense

 

 

353

 

 

 

1,341

 

 

 

626

 

Write-offs, net of recoveries

 

 

(930

)

 

 

(1,654

)

 

 

(478

)

Adjustments for business acquisitions and dispositions

 

 

(234

)

 

 

—

 

 

 

—

 

Currency translation and other changes

 

 

54

 

 

 

(128

)

 

 

60

 

Allowance for credit losses, December 31

 

$

8,332

 

 

$

9,089

 

 

$

9,530

 

 

Goodwill, Indefinite-Lived Intangible Assets, and Other Long-Lived Assets

Goodwill is an asset that represents the excess of the purchase price over the fair value of the separately identifiable net assets (tangible and intangible) acquired in business combinations. Indefinite-lived intangible assets consist of trade names associated with acquired businesses. Goodwill and indefinite-lived intangible assets are not amortized, but are subject to impairment testing at least annually. Other long-lived assets consist primarily of property and equipment, deferred income tax assets, capitalized software, and amortizable intangible assets related to customer relationships, technology, and trade names with finite lives. Other long-lived assets are evaluated for impairment when impairment indicators are identified.

Subsequent to a business acquisition in which goodwill and indefinite-lived intangibles are recorded, post-acquisition accounting requires that both be tested to determine whether there has been an impairment. The Company performs an impairment test of goodwill and indefinite-lived intangible assets at least annually on October 1 of each year. The Company regularly evaluates whether events and circumstances have occurred which indicate potential impairment of goodwill or indefinite-lived intangible assets. When factors indicate that such assets should be evaluated for possible impairment between the scheduled annual impairment tests, the Company performs an interim impairment test.

Goodwill impairment testing is performed on a reporting unit basis. If the fair value of the reporting unit exceeds its carrying value, including goodwill, goodwill is considered not impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The loss recognized cannot subsequently be reversed.

The carrying value of the reporting unit, including goodwill, is compared with the estimated fair value of the reporting unit as determined utilizing a combination of the income and market approaches. The income approach, which is a level 3 fair value measurement, is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of the cash flows. The market approach is based on the Guideline Public Company Method, which uses market pricing metrics to select multiples to value the Company's reporting units. The resulting estimated fair values of the combined reporting units are reconciled to the Company's market capitalization including an estimated implied control premium. The Company believes that the combination of these approaches is appropriate because it provides a fair value estimate based upon the combination of the reporting unit's expected long-term operating cash flow performance and multiples with which similar publicly traded companies are valued. The Company weights the income and market approaches equally.

The Company has the option to perform a qualitative assessment of goodwill prior to completing the quantitative analysis described above to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If the Company concludes that this is the case, it performs the quantitative analysis above.

If changes to the Company's reporting structure impact the composition of its reporting units, existing goodwill is reallocated to the revised reporting units based on their relative estimated fair values as determined by a combination of the income and market approaches. If all of the assets and liabilities of an acquired business are assigned to a specific reporting unit, the goodwill associated with that acquisition is assigned to that reporting unit at acquisition unless another reporting unit is also expected to benefit from the acquisition.

For impairment testing of indefinite-lived intangible assets, the carrying value is compared with the estimated fair value, which is estimated based on the present value of the after-tax cash flows attributable solely to the asset. If carrying value exceeds the estimated fair value, an impairment is recognized based on the excess. The fair values of the Company's trade names are established using the relief-from-royalty method, a form of the income approach. This method recognizes that, by virtue of owning the trade name as opposed to licensing it, a company or reporting unit is relieved from paying a royalty, usually expressed as a percentage of net sales, for the asset's use. The present value of the after-tax costs savings (i.e., royalty relief) at an appropriate discount rate including a tax amortization benefit indicates the value of the trade name. The Company determined the discount rate based on its performance compared to similar market participants, factored by risk in forecasting using a modified capital asset pricing model.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. The Company depreciates the cost of property and equipment, including assets recorded under finance leases, over the shorter of the remaining lease term or the estimated useful lives of the related assets, primarily using the straight-line method. The estimated useful lives for property and equipment classifications are as follows:

 

Classification

Estimated Useful Lives

Furniture and fixtures

3-10 years

Data processing equipment

3-5 years

Automobiles and other

3-4 years

Leasehold improvements

5-10 years

 

Property and equipment, including assets under finance leases, consisted of the following at December 31, 2025 and 2024:

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Leasehold improvements

 

$

27,347

 

 

$

30,357

 

Furniture and fixtures

 

 

16,157

 

 

 

19,690

 

Data processing equipment

 

 

44,255

 

 

 

43,562

 

Automobiles

 

 

619

 

 

 

701

 

Total property and equipment

 

 

88,378

 

 

 

94,310

 

Less accumulated depreciation

 

 

(71,729

)

 

 

(73,756

)

Net property and equipment

 

$

16,649

 

 

$

20,554

 

Depreciation on property and equipment, including property under finance leases and amortization of leasehold improvements, was $8,021,000, $8,881,000, and $10,004,000 for the years ended December 31, 2025, 2024, and 2023, respectively.

Capitalized Software

Capitalized software costs reflect costs related to internally developed or purchased software used by the Company that has expected future economic benefits. Certain internal and external costs incurred during the application development stage are capitalized. Costs incurred during the preliminary project and post implementation stages, including training and maintenance costs, are expensed as incurred. The majority of these capitalized software costs consist of internal payroll costs and external payments for software development, purchases and related services. Additionally, "Capitalized software costs, net" on the Company's Consolidated Balance Sheets includes $6,795,000 and $5,900,000 as of December 31, 2025 and 2024, respectively, related to implementation of hosting arrangement service contracts for certain software applications. Capitalized software costs are typically amortized over periods ranging from three to ten years, depending on the estimated life of each software application. Amortization expense for capitalized software was $23,589,000, $19,817,000, and $17,948,000 for the years ended December 31, 2025, 2024, and 2023, respectively.

Self-Insured Risks

The Company self-insures certain risks consisting primarily of professional liability, auto liability, and employee medical, disability, and workers' compensation liability. Insurance coverage is obtained for catastrophic property and casualty exposures, including professional liability on a claims-made basis, and those risks required to be insured by law or contract. Most of these self-insured risks are in the U.S. Provisions for claims under the self-insured programs are made based on the Company's estimates of the aggregate liabilities for claims incurred, including estimated legal fees, losses that have occurred but have not been reported to the Company, and for adverse developments on reported losses. The estimated liabilities are calculated based on historical claims experience, the expected lives of the claims, and other factors considered relevant by management. Changes in these estimates may occur as additional information becomes available. The Company believes its provisions for self-insured losses are adequate to cover the expected cost of losses incurred. However, these provisions are estimates and amounts ultimately settled may be significantly greater or less than the provisions established. The estimated liabilities for claims incurred under the Company's self-insured workers' compensation and employee disability programs are discounted at the prevailing risk-free interest rate for U.S. government securities of an appropriate duration. All other self-insured liabilities are undiscounted.

At December 31, 2025 and 2024, accrued liabilities for self-insured risks totaled $42,056,000 and $47,061,000, respectively, including current liabilities of $19,095,000 and $27,813,000, respectively. The noncurrent liabilities are included in "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets. The Company separately records a recoverable asset for the value of insurance recovery payments anticipated from its insurance carriers, which totaled $20,216,000 and $20,651,000 as of December 31, 2025 and 2024, respectively. The recoverability of each asset is based on the notification of each claim to the Company's insurers, along with its independent assessment of the claim and the fact that it only has coverage with highly rated insurance carriers. Receipts from insurance up to the amount of the loss recognized are considered recoveries, which are accounted for when receipt is probable. The current assets are included in "Prepaid expenses and other current assets" and the noncurrent assets are included in "Other noncurrent assets."

Income Taxes

The Company accounts for certain income and expense items differently for financial reporting and income tax purposes. Provisions for deferred taxes are made in recognition of these temporary differences. The most significant differences relate to accrued but unpaid compensation and loss carryforwards.

For financial reporting purposes, the provision for income taxes is the sum of income taxes both currently payable and payable on a deferred basis. Currently payable income taxes represent the liability related to the income tax returns for the current year, while the net deferred tax expense or benefit represents the change in the balance of deferred income tax assets or liabilities as reported on the Company's Consolidated Balance Sheets that are not related to balances in "Accumulated other comprehensive loss." The changes in deferred income tax assets and liabilities are determined based upon changes in the differences between the basis of assets and liabilities for financial reporting purposes and the basis of assets and liabilities for income tax purposes, measured by the enacted statutory tax rates in effect for the year in which the Company estimates these differences will reverse. The Company must estimate the timing of the reversal of temporary differences, as well as whether taxable income in future periods will be sufficient to fully recognize any gross deferred tax assets. A valuation allowance is provided when it is deemed more-likely-than-not that some portion or all of a deferred tax asset will not be realized.

Other factors which influence the effective tax rate used for financial reporting purposes include changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which it operates, the Company's ability to utilize net operating loss and tax credit carryforwards, changes in permanent reinvestment assertions, and changes in unrecognized tax benefits. See Note 6, "Income Taxes" for further discussion.

Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI in the year the tax is incurred.

Sales and Other Taxes

In certain jurisdictions, both in the U.S. and internationally, various governments and taxing authorities require the Company to assess and collect sales and other taxes, such as value added taxes, on certain services that the Company renders and bills to its customers. The majority of the Company's revenues are not currently subject to these types of taxes. These taxes are not recorded as additional revenues or expenses in the Company's Consolidated Statements of Operations, but are recorded on the Consolidated Balance Sheets as pass-through amounts until remitted.

Foreign Currency

Monetary assets and liabilities denominated in a currency that is different from a reporting entity's functional currency must be remeasured from the applicable currency to the reporting entity's functional currency. The effects of the remeasurement of these assets and liabilities are recognized in "Selling, general and administrative expenses" in the Company's Consolidated Statements of Operations. For operations outside the U.S. whose functional currency is other than the U.S. dollar, results of operations and cash flows are translated into U.S. dollars at average exchange rates during the period, and assets and liabilities are translated at end-of-period exchange rates. The resulting translation adjustments, on a net basis, are included in "Other Comprehensive Income (Loss)" in the Company's Consolidated Statements of Comprehensive Income, and the accumulated translation adjustment is reported as a component of "Accumulated other comprehensive loss" in the Company's Consolidated Balance Sheets.

Foreign currency transactions resulted in a net gain of $33,000 for the year ended December 31, 2025, and net losses of $65,000 and $691,000, for the years ended December 31 2024 and 2023, respectively.

Advertising Costs

Advertising costs are expensed in the period in which the costs are incurred. Advertising expenses were $2,426,000, $2,132,000, and $2,143,000, respectively, for the years ended December 31, 2025, 2024 and 2023.

Adoption of New Accounting Standards

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08)

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. The adoption of this guidance did not impact the Company's results of operations, financial condition, or cash flows.

Improvements to Reportable Segment Disclosures (ASU 2023-07)

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires more detailed information about a reportable segment’s expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with retrospective application required. The Company adopted this guidance as of December 31, 2024. Refer to Note 12, "Segment and Geographic Information," for updated segment disclosures.

Improvements to Income Tax Disclosures (ASU 2023-09)

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for fiscal years beginning after December 15, 2024, with prospective application permitted. The Company adopted this guidance prospectively, beginning in our 2025 annual reporting as of December 31, 2025. Refer to Note 6, "Income Taxes," for income tax-related disclosures required by this guidance.

Pending Adoption of Recently Issued Accounting Standards

Disaggregation of Income Statement Expenses (ASU 2024-03)

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires disclosures disaggregated information about certain income statement expense line items, such as inventory purchases, employee compensation, and depreciation. The new standard is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05)

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient that can be elected to be applied to accounts receivable and contract assets, which would allow entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the assets when estimating expected credit losses for such assets. Entities are required to apply the guidance on a prospective basis. The update is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating this ASU to determine the potential impact on its consolidated financial statements.

Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06)

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which provides guidance that simplifies the accounting for internal-use software by replacing stage-based rules with a principles-based approach, allowing capitalization once management authorizes funding and intends to use the software, and when it’s probable the project will be complete. Entities may elect to apply the guidance retrospectively, prospectively to software costs incurred after the adoption date (i.e. on existing, in-process software projects or new projects) or on a modified prospective basis. The Company is currently evaluating this ASU to determine the impact the adoption will have on its consolidated financial statements.
v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

2. Revenue Recognition

Revenue from Contracts with Customers

Revenues are recognized when control of the promised services is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are recognized net of any sales, use or value added taxes collected from customers, which are subsequently remitted to governmental authorities. As the Company completes its performance obligations which are identified below, it has an unconditional right to consideration as outlined in the Company's contracts. Generally, the Company's accounts receivables are expected to be collected in less than two months.

The Company's North America Loss Adjusting and International Operations segments generate revenue for adjusting services provided to insurance companies and self-insured entities related to property and casualty losses caused by physical damage to commercial and residential real property and certain types of personal property. These segments also generate revenues for claims management services provided to insurance companies and self-insured entities related to large, complex losses with technical adjusting and industry experts servicing a broad range of industries. The Company charges on a fee-per-claim basis for each optional purchase of the claims management services exercised by its customer. The Company also performs Legal Services within its International Operations segment. Revenue is recognized over time as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document and report the claim and control of these services is transferred to the customer. Revenue is recognized based on the claim type for fixed fee claims applied utilizing a portfolio approach based on time elapsed for these claims. For claims billed on a time and expense incurred basis, which are considered variable consideration, the Company recognizes revenue at the amount for which it has the right to invoice for services performed. These methods of revenue recognition are the most accurate depiction of the transfer of the claims management services to the customer. Task assignment services are single optional purchase performance obligations which are generally satisfied at a point in time when the control of the service is transferred to the customer. Therefore, revenue is recognized when the customer receives the service requested.

The following table presents North America Loss Adjusting revenues before reimbursements disaggregated by geography for the years ended December 31, 2025 and 2024:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2025

 

 

2024

 

U.S.

 

$

215,734

 

 

$

221,279

 

Canada

 

 

89,153

 

 

 

90,879

 

Total North America Loss Adjusting Revenues before Reimbursements

 

$

304,887

 

 

$

312,158

 

 

The following table presents International Operations revenues before reimbursements disaggregated by geography for the years ended December 31, 2025 and 2024:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2025

 

 

2024

 

U.K.

 

$

169,209

 

 

$

157,806

 

Europe

 

 

109,247

 

 

 

100,702

 

Australia

 

 

80,800

 

 

 

77,219

 

Asia

 

 

29,123

 

 

 

24,466

 

Latin America

 

 

31,032

 

 

 

32,924

 

International Loss Adjusting

 

 

419,411

 

 

 

393,117

 

 

 

 

 

 

 

 

U.K.

 

 

10,203

 

 

 

10,551

 

Australia

 

 

5,835

 

 

 

11,769

 

Latin America

 

 

2,769

 

 

 

3,170

 

Crawford Legal Services

 

 

18,807

 

 

 

25,490

 

Total International Operations Revenues before Reimbursements

 

$

438,218

 

 

$

418,607

 

The Broadspire segment is a third party administrator that generates revenue through its Claims Management and Medical Management service lines.

The Claims Management service line includes Workers' Compensation, Liability, Property and Disability Claims Management. This service line also performs additional services such as Accident & Health claims programs, including Affinity type claims, and disability and leave management services. Each claim referred by the customer is considered an additional optional purchase of claims management services under the agreement with the customer. The transaction price is specified in the contract and is fixed for each service. Revenue is recognized over time as services are provided as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document, and report the claim and control of these services is transferred to the customer. Revenue is recognized based on historical claim closure rates and claim type applied utilizing a portfolio approach based on time elapsed for these claims as the Company believes this is the most accurate depiction of the transfer of claims management services to its customer. Broadspire also provides claims management services on a monthly basis for which revenue is recognized over time monthly based on claims received and staff required to complete our claim handling obligations. Broadspire also provides Risk Management Information Services and Account Administration Services, and generates revenues from income earned for managing funds maintained to administer claims for its customers. For non-claim services provided in our Claims Management service line, revenue is recognized over time as services are provided and control of these services is transferred to the customer. Revenue is recognized as time elapses as this is the most accurate depiction of the transfer of the service to the customer.

The Company's obligation to manage claims under the Claims Management service line can range from less than one year, on a one- or two-year basis or for the lifetime of the claim. Under certain claims management agreements, the Company receives consideration from a customer at contract inception prior to transferring services to the customer, however, it would begin performing services immediately. The period between a customer’s payment of consideration and the completion of the promised services could be greater than one year. There is no difference between the amount of promised consideration and the cash selling price of the promised services. The fee is billed upfront by the Company in order to provide customers with simplified and predictable ways of purchasing its services and it is customary to invoice service fees when the claim is assigned. The Company considered whether a significant financing component exists and determined that there is not a significant financing component at the contract level.

The Medical Management service line offers case managers who provide administration services by proactively managing medical treatment plans for claimants while facilitating an understanding of and participation in their rehabilitation process. Revenue for Medical Management services is recognized over time as the performance obligations are satisfied through the effort expended to manage the medical treatment for claimants and control of these services is transferred to the customer. Medical Management services are generally billed based on time incurred, are considered variable consideration, and revenue is recognized at the amount for which the Company has the right to invoice for services performed. This method of revenue recognition is the most accurate depiction of the transfer of the Medical Management services to the customer. The Company also performs medical bill review services. Medical bill review services provide an analysis of medical charges for clients’ claims to identify opportunities for savings. Medical bill review services revenues are recognized over time as control of the service is transferred to the customer. Revenue is recognized based upon the transfer of the results of the medical bill review service to the customer as this is the most accurate depiction of the transfer of the service to the customer.

The following table presents Broadspire revenues before reimbursements disaggregated by service line for the years ended December 31, 2025 and 2024:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2025

 

 

2024

 

Claims Management

 

$

207,415

 

 

$

198,797

 

Medical Management

 

 

194,444

 

 

 

189,277

 

Total Broadspire Revenues before Reimbursements

 

$

401,859

 

 

$

388,074

 

The Company's Platform Solutions segment principally generates revenues through its Contractor Connection, Networks and Subrogation service lines.

The Contractor Connection service line generates revenue through its independently managed contractor network. Contractor Connection primarily generates revenue by receiving a fee for each project that is sold by its network of contractors. Revenue is recognized at a point in time once the consumer accepts the contractor's proposal as Contractor Connection’s performance obligation of referring projects to its contractors has been completed and the Company is entitled to consideration at that time. The contractor takes control of the service upon the consumer’s acceptance of the contractor’s proposal.

The Networks service line generates revenues for claims management services provided to insurance companies and self-insured entities related to property, casualty and catastrophic losses. Revenue is recognized over time as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document and report the claim and control of these services is transferred to the customer. Revenue is recognized based on the claim type for fixed fee claims, applied based on time elapsed for these claims. For claims billed on a time and expense incurred basis, which are considered variable consideration, the Company recognizes revenue at the amount for which it has the right to invoice for services performed. These methods of revenue recognition are the most accurate depiction of the transfer of the claims management services to the customer.

The Subrogation service line provides subrogation recovery and consultative services for the property and casualty insurance industry. Revenue is recognized at a point in time when the subrogation is successful and cash consideration is received.

The following table presents Platform Solutions revenues before reimbursements disaggregated by service line for the years ended December 31, 2025 and 2024:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2025

 

 

2024

 

Contractor Connection

 

$

66,713

 

 

$

67,586

 

Networks

 

 

25,552

 

 

 

76,977

 

Subrogation

 

 

28,492

 

 

 

29,108

 

Total Platform Solutions Revenues before Reimbursements

 

$

120,757

 

 

$

173,671

 

In the normal course of business, the Company's segments incur certain out-of-pocket expenses that are thereafter reimbursed by its customers. The Company controls the promised good or service before it is transferred to its customer, therefore it is a principal in the transaction. These out-of-pocket expenses and associated reimbursements are reported on a gross basis within expenses and revenues, respectively, in the Company's Consolidated Statements of Operations.

Claims Management Performance Obligations

For claims management services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional services. The Company sells multiple lines of claims processing and different levels of processing depending on the complexity of the claims. The Company typically provides a menu of offerings from which the customer chooses to purchase at its option. The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is consistent for each service irrespective of the other services or quantities requested by the customer. For example, if the Company provides claims processing for both auto and general liability, those services are priced and delivered independently. These additional services represent optional purchases of additional claims management services and do not represent arrangements with multiple performance obligations.

Performance-based fees

The Company, from time-to-time, entered into contracts with certain clients within its International Operations that provided for additional fee revenues or revenue reductions based on its efficiency in managing claim portfolios and on the basis of claim outcomes and the resulting average claim costs for the respective portfolios. These amounts were in addition to, or a reduction of, the fee revenues discussed above. These performance-based revenues, which represented variable consideration, were based on performance metrics set forth in the underlying contracts. These were generally under multi-year contracts but with discrete individual contract year measurement periods that remained subject to adjustment until claim closure. Each period, the Company based its estimates of performance-based revenues on an individual contract year basis, which were subject to adjustment in future years based on changes in average claim costs. Accordingly, the amounts represented the Company's best estimate of amounts earned using historical averages and other factors. Because the expectation of the ultimate contingent revenue amounts to be earned could vary from period to period, these estimates could change significantly from quarter to quarter, and such adjustments could occur in future periods until the individual contract year measurement period was closed. Variable consideration was recognized when the Company concluded, based on all the facts and information available at the reporting date, that it was probable that a significant revenue reversal would not occur in future periods. During 2023, the Company completed its obligations for performance-based revenues under these contracts.

Contract Balances

The timing of revenue recognition, billings and cash collections result in billed accounts receivables, unbilled accounts receivable reported as "Unbilled revenues, at estimated billable amounts," and "Deferred revenues" on the Company’s Consolidated Balance Sheets. Unbilled revenues is recorded for revenue that has been recognized in advance of billing the customer, resulting from professional services delivered that the Company expects and is entitled to receive as consideration under certain contracts. Billing requirements vary by contract but substantially all unbilled revenues are billed within one year.

When the Company receives consideration from a customer prior to transferring services to the customer under the terms of certain claims management agreements, it records deferred revenues on its Consolidated Balance Sheets, which represents a contract liability. These fixed-fee service agreements typically result from the Broadspire segment and require the Company to handle claims on either a one- or two-year basis, or for the lifetime of the claim. In cases where it handles a claim on a non-lifetime basis, the Company typically receives an additional fee on each anniversary date that the claim remains open. For service agreements where it provides services for the life of the claim, the Company is paid one upfront fee regardless of the duration of the claim. The Company recognizes deferred revenues as revenues as it performs services and transfers control of the services to the customer and satisfies the performance obligation which it determines utilizing a portfolio approach.

The Company's deferred revenues for claims handled for one or two years are not as sensitive to changes in claim closing rates since the performance obligations are satisfied within a fixed length of time. Deferred revenues for lifetime claim handling are more sensitive to changes in claim closing rates since the Company is obligated to handle these claims to conclusion with no additional fees received for long-lived claims. As of December 31, 2025, deferred revenues related to lifetime claim handling arrangements approximated $40,049,000. For all fixed fee service agreements, revenues are recognized over the expected service periods, by type of claim. Based upon its historical averages, the Company closes approximately 99% of all cases referred to it under lifetime claim service agreements within five years from the date of referral. Also, within that five-year period, the percentage of cases remaining open in any one particular year has remained relatively consistent from period to period. Each quarter the Company evaluates its historical case closing rates by type of claim utilizing a portfolio approach and adjusts deferred revenues as necessary. As a portfolio approach is utilized to recognize deferred revenues, any changes in estimates will impact timing of revenue recognition and any changes in estimates are recognized in the period in which they are determined.

The table below presents the deferred revenues balance as of January 1, 2025 and the significant activity affecting deferred revenues during the year ended December 31, 2025:

 

(In Thousands)

 

 

 

Deferred Revenue

 

 

 

Balance at January 1, 2025

 

$

59,685

 

Annual additions

 

 

99,208

 

Revenue recognized from prior periods

 

 

(32,484

)

Revenue recognized from current year additions

 

 

(69,316

)

Balance as of December 31, 2025

 

$

57,093

 

 

Remaining Performance Obligations

As of December 31, 2025, the Company had $107,400,000 of remaining performance obligations related to claims and non-claims services for which the price is fixed. Remaining performance obligations consist of deferred revenues as well as certain claims where the processing has not yet occurred. The Company expects to recognize approximately 72% of its remaining performance obligations as revenues within one year and the remaining balance thereafter.

Costs to Obtain a Contract

The Company has a sales incentive compensation program where payment is based on the revenues recognized in the period. The payment does not represent an incremental cost to the Company that provides a future benefit expected to be longer than one year and would meet the criteria to be capitalized and presented as a contract asset on the Company's Consolidated Balance Sheets.

Practical Expedients Elected

As a practical expedient, the Company does not adjust the consideration in a contract for the effects of a significant financing component it expects, at contract inception, when the period between a customer’s payment of consideration and the transfer of promised services to the customer will be one year or less. For claims management services that are billed on a time and expense incurred or per unit basis, the Company recognizes revenue at the amount to which it has the right to invoice for services performed.

The Company does not disclose the value of remaining performance obligations for (i) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed, or (ii) contracts with variable consideration allocated entirely to a single performance obligation.
v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

3. Goodwill and Intangible Assets

Goodwill

The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024:

 

 

 

North America Loss Adjusting

 

 

International Operations

 

 

Broadspire

 

 

Platform Solutions

 

 

Total

 

 

 

(In thousands)

 

Balance at December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

88,995

 

 

$

81,779

 

 

$

113,374

 

 

$

65,556

 

 

$

349,704

 

Accumulated impairment losses

 

 

(71,626

)

 

 

(81,779

)

 

 

(100,437

)

 

 

(19,138

)

 

 

(272,980

)

Net goodwill

 

$

17,369

 

 

$

-

 

 

$

12,937

 

 

$

46,418

 

 

$

76,724

 

2024 Activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency effects

 

 

(356

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(356

)

Balance at December 31, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

88,639

 

 

$

81,779

 

 

$

113,374

 

 

$

65,556

 

 

$

349,348

 

Accumulated impairment losses

 

 

(71,626

)

 

 

(81,779

)

 

 

(100,437

)

 

 

(19,138

)

 

 

(272,980

)

Net goodwill

 

$

17,013

 

 

$

-

 

 

$

12,937

 

 

$

46,418

 

 

$

76,368

 

2025 Activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency effects

 

 

201

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

201

 

Balance at December 31, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

88,840

 

 

$

81,779

 

 

$

113,374

 

 

$

65,556

 

 

$

349,549

 

Accumulated impairment losses

 

 

(71,626

)

 

 

(81,779

)

 

 

(100,437

)

 

 

(19,138

)

 

 

(272,980

)

Net goodwill

 

$

17,214

 

 

$

-

 

 

$

12,937

 

 

$

46,418

 

 

$

76,569

 

 

During 2025, the Company performed its annual goodwill impairment testing utilizing the income approach. The estimated fair value of each reporting unit tested exceeded its carrying value for all periods. The key assumptions used in estimating the fair value of its reporting units as of October 1, 2025 and 2024 include the discount rate and the terminal growth rate. The discount rates utilized in estimating the fair value of its reporting units as of October 1, 2025 and 2024 range between 13% - 15.5% and 13% - 17%, respectively, reflecting the assessment of a market participant's view of the risks associated with the projected cash flows. The terminal growth rate used in the analysis was 2.0% for all periods. The assumptions used in estimating the fair values are based on currently available data and management's best estimates of revenues, EBITDA margins, and cash flows and, accordingly, a change in market conditions or other factors could have a material effect on the estimated values. There are inherent uncertainties related to the assumptions used and to management's application of these assumptions. No goodwill impairment was identified as of December 31, 2025, 2024 and 2023.

Intangible Assets

The following is a summary of finite-lived intangible assets acquired through business acquisitions as of December 31, 2025 and 2024:

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Weighted-
Average
Amortization
Period

 

 

(In thousands, except years)

 

 

 

December 31, 2025:

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

161,103

 

 

$

(130,332

)

 

$

30,771

 

 

6.4 years

Technology-based

 

 

21,043

 

 

 

(17,626

)

 

 

3,417

 

 

2.2 years

Trade name

 

 

3,385

 

 

 

(2,252

)

 

 

1,133

 

 

2.4 years

Other

 

 

6,855

 

 

 

(6,580

)

 

 

275

 

 

1.1 years

Total

 

$

192,386

 

 

$

(156,790

)

 

$

35,596

 

 

5.0 years

December 31, 2024:

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

161,459

 

 

$

(125,639

)

 

$

35,820

 

 

7.3 years

Technology-based

 

 

21,735

 

 

 

(16,364

)

 

 

5,371

 

 

3.3 years

Trade name

 

 

5,828

 

 

 

(3,721

)

 

 

2,107

 

 

3.7 years

Other

 

 

6,795

 

 

 

(6,278

)

 

 

517

 

 

2.1 years

Total

 

$

195,817

 

 

$

(152,002

)

 

$

43,815

 

 

6.0 years

Amortization of finite-lived intangible assets was $8,431,000, $7,497,000, and $7,790,000 for the years ended December 31, 2025, 2024, and 2023, respectively. These amortization expenses were excluded from segment operating earnings (see Note 12, "Segment and Geographic Information"). Intangible assets subject to amortization are amortized on a straight-line basis over lives ranging from 2 to 20 years.

At December 31, 2025, annual estimated aggregate amortization expense for intangible assets subject to amortization for the next five years is as follows:

 

 

 

Annual
Amortization
Expense

 

Year Ending December 31,

 

(In thousands)

 

2026

 

$

6,931

 

2027

 

 

5,394

 

2028

 

 

5,394

 

2029

 

 

3,087

 

2030

 

 

2,750

 

 

The following is a summary of indefinite-lived intangible assets at December 31, 2025 and 2024:

 

 

 

Gross Carrying
Amount

 

 

Accumulated
Impairments

 

 

Net Carrying
Value

 

 

 

(In thousands)

 

December 31, 2025:

 

 

 

 

 

 

 

 

 

Trade names

 

$

32,828

 

 

$

(2,072

)

 

$

30,756

 

December 31, 2024:

 

 

 

 

 

 

 

 

 

Trade names

 

$

32,802

 

 

$

(2,072

)

 

$

30,730

 
v3.25.4
Short-Term and Long-Term Debt, Including Finance Leases
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Short-Term and Long-Term Debt, Including Finance Leases

4. Short-Term and Long-Term Debt, Including Finance Leases

Long-term debt consisted of the following at December 31, 2025 and 2024:

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Credit Facility

 

$

189,000

 

 

$

217,979

 

Finance lease and other obligations

 

 

93

 

 

 

158

 

Total long-term debt and finance leases

 

 

189,093

 

 

 

218,137

 

Less: portion of Credit Facility classified as short-term

 

 

(38,454

)

 

 

(17,740

)

Less: current installments of finance leases and other obligations

 

 

(46

)

 

 

(82

)

Total long-term debt and finance leases, less current installments

 

$

150,593

 

 

$

200,315

 

On December 2, 2025, the Company, its subsidiaries Crawford & Company EMEA/AP Management Ltd (the "U.K. Borrower"), Crawford & Company (Canada) Inc. (the "Canadian Borrower") and Crawford & Company (Australia) Pty. Ltd. (the "Australian Borrower") (the Company, together with such subsidiaries, as borrowers (the "Borrowers")), Bank of America, N.A., as administrative agent and a lender ("Bank of America"), Wells Fargo Bank, National Association and Truist Bank as co-syndication agents and lenders, HSBC Bank USA, National Association and PNC Bank, N.A., as co-documentation agents and lenders, and the other lenders party thereto, entered into an Amended and Restated Credit Facility (the "Credit Facility"), which amended and restated that certain credit agreement, dated as of November 5, 2021, as subsequently amended. In connection with the Credit Facility, the Company, the Company’s guarantor subsidiaries party thereto and Bank of America entered into a Security and Pledge Agreement (the "Security and Pledge Agreement") and a Guaranty Agreement (the "Guaranty Agreement"), each dated as of the date of the Credit Facility.

The Credit Facility consists of a $500,000,000 revolving credit facility, with a letter of credit sub-commitment of $125,000,000. The Credit Facility contains sublimits of $250,000,000 for borrowings by the U.K. Borrower, $125,000,000 for borrowings by the Canadian Borrower, and $75,000,000 for borrowings by the Australian Borrower. The Credit Facility matures, and all amounts outstanding thereunder, will be due and payable on December 2, 2030. Borrowings under the Credit Facility may be made in U.S. dollars, Euros, Canadian dollars, Yen, Australian dollars, and Sterling and, subject to the terms of the Credit Facility, other currencies.

Borrowings under the Credit Facility bear interest, at the option of the applicable Borrower, based on the Base Rate (as defined below) or Term SOFR or an alternative reference rate, in each case plus an applicable interest margin based on the Company's leverage ratio (as defined below), provided that borrowings in foreign currencies will be at an alternative reference rate. The Credit Facility defines alternative reference rates for non-U.S. Dollar currencies as Alternative Currency Term Rates or Alternative Currency Daily Rates. The interest margin for Term SOFR or alternative reference rate loans ranges from 1.00% to 1.625% and for Base Rate loans ranges from 0.00% to 0.625%. Base Rate is defined as the highest of (a) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate”, (c) the Term SOFR rate plus 1.00% and (d) 1.00%. The weighted average interest rates under the Credit Facility were 6.0%, 6.8%, and 6.6% for the years ended December 31, 2025, 2024, and 2023, respectively.

At December 31, 2025, a total of $189,000,000 was outstanding and there was an undrawn amount of $8,457,000 under the letters of credit sub-commitment of the Credit Facility. These letter of credit commitments were for the Company's own obligations. Including the amounts committed under the letter of credit sub-commitments, the available balance under the Credit Facility totaled $290,652,000 at December 31, 2025.

The obligations of the Borrowers under the Credit Facility are guaranteed by each existing material domestic subsidiary of the Company, certain other domestic subsidiaries of the Company and certain existing material foreign subsidiaries of the Company that are disregarded entities for U.S. income tax purposes (each such foreign subsidiary, a "Disregarded Foreign Subsidiary"), and such obligations are required to be guaranteed by each subsequently acquired or formed material domestic subsidiary and Disregarded Foreign Subsidiary (each, a "Guarantor"), and the obligations of the Borrowers other than the Company ("Foreign Borrowers") for which the Company is not the primary obligor are also guaranteed by the Company. In addition, (i) the Borrowers’ obligations under the Credit Facility are secured by a first priority lien (subject to liens permitted by the Credit Facility) on substantially all of the personal property of the Company and the Guarantors as set forth in the Security and Pledge Agreement and (ii) the obligations of the Foreign Borrowers are secured by a first priority lien on 100% of the capital stock of the Foreign Borrowers.

The representations, covenants and events of default in the Credit Facility are customary for financing transactions of this nature, including required compliance with a maximum leverage ratio and a minimum interest coverage ratio (each as defined below).

Under the Credit Facility, the consolidated total leverage ratio, defined as the ratio of (i) consolidated total funded debt minus unrestricted cash (generally cash held by Loan Parties in the U.S., U.K., Canada and Australia) to (ii) consolidated EBITDA, must not be greater 4.50 to 1.00 at the end of each fiscal quarter. Also, the consolidated interest coverage ratio, defined as the ratio of (a) consolidated EBITDA to (b) consolidated interest expense, must not be less than 2.50 to 1.00 for the four-quarter period ending at the end of each fiscal quarter.

At December 31, 2025, the Company was in compliance with the financial covenants under the Credit Facility. If the Company does not meet the covenant requirements in the future, it would be in default under the Credit Facility. Upon the occurrence of an event of default, the lenders may terminate the loan commitments, accelerate all loans and exercise any of their rights under the Credit Facility and ancillary loan documents.

Short-term borrowings under the Credit Facility totaled $38,454,000 and $17,740,000 at December 31, 2025 and 2024, respectively. The Company expects, but is not required, to repay all of such short-term borrowings at December 31, 2025 in 2026.

The Company's finance leases are primarily comprised of equipment leases with terms ranging from 24 to 60 months.

Interest expense, including amortization of capitalized loan costs, on the Company's short-term and long-term borrowings was $17,973,000, $20,303,000, and $19,809,000 for the years ended December 31, 2025, 2024, and 2023, respectively. Interest paid on the Company's short-term and long-term borrowings was $17,388,000, $19,324,000, and $18,914,000 for the years ended December 31, 2025, 2024, and 2023, respectively.

Principal repayments of long-term debt, including current portions, finance leases and other obligations, as of December 31, 2025 are expected to be as follows, assuming no prepayments or extensions beyond the stated maturity:

 

Year Ending December 31,

 

Long-term Debt

 

 

Finance Lease and Other Obligations

 

 

Total

 

 

 

(In thousands)

 

2026

 

$

38,454

 

 

$

46

 

 

$

38,500

 

2027

 

 

—

 

 

 

47

 

 

 

47

 

2028

 

 

—

 

 

 

—

 

 

 

—

 

2029

 

 

—

 

 

 

—

 

 

 

—

 

2030

 

 

150,546

 

 

 

—

 

 

 

150,546

 

Total

 

$

189,000

 

 

$

93

 

 

$

189,093

 
v3.25.4
Lease Commitments
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lease Commitments

5. Lease Commitments

The Company determines if an arrangement is a lease at inception. The Company's and its subsidiaries' leases include office space, computer equipment, and automobiles under operating and finance leases. These lease agreements have remaining lease terms of 1 to 10 years. Some of these lease agreements include options to extend the leases for up to 6 years, options to terminate the leases within 1 year, rental escalation clauses and periodic adjustments for inflation, all of which are considered in the determination of lease payments. These lease agreements do not contain any material residual value guarantees or material restrictive covenants.

For leases with terms greater than 12 months, the Company records the related right-of-use asset and lease liability at the present value of the fixed lease payments over the term. Variable lease payments are not included in the calculation of the right-of-use asset and lease liability. The Company does not separate non-lease components from lease components and instead accounts for each as a single lease component for all classes of its assets. The Company applies a portfolio approach to effectively account for the right-of-use asset and lease liability for certain equipment leases.

When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement.

The Company's finance leases are not material as of the year ended December 31, 2025 and are excluded from the disclosures below. The following table presents the lease-related assets and liabilities recorded on the Company's Consolidated Balance Sheets related to its operating leases:

 

(in thousands)

 

Classification on Balance Sheet

 

December 31,
2025

 

December 31,
2024

 

Assets:

 

 

 

 

 

 

 

Operating lease

 

Operating lease right-of-use assets, net

 

$

66,322

 

$

78,808

 

Liabilities:

 

 

 

 

 

 

 

Current operating lease liabilities

 

Current operating lease liabilities

 

 

27,650

 

 

24,541

 

Noncurrent operating lease liabilities

 

Noncurrent operating lease liabilities

 

 

53,531

 

 

66,811

 

Total operating lease liabilities

 

 

 

$

81,181

 

$

91,352

 

 

 

 

 

 

 

 

Weighted-Average Remaining Lease Term

 

 

 

3.70 years

 

4.40 years

 

Weighted-Average Discount Rate

 

 

 

 

6.0

%

 

5.8

%

The components of operating lease costs within the Company's Consolidated Statements of Operations consisted of the following:

 

 

 

Year Ended

 

(in thousands)

 

December 31, 2025

 

December 31, 2024

 

Operating lease cost

 

$

29,432

 

$

30,933

 

Variable lease cost

 

 

8,662

 

 

8,084

 

Sublease income

 

 

(2,112

)

 

(1,275

)

 

Supplemental cash flow information related to operating leases were as follows:

 

 

 

Year Ended

 

(in thousands)

 

December 31, 2025

 

December 31, 2024

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

Operating cash flows for operating leases

 

$

30,506

 

$

32,776

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease obligations

 

$

14,277

 

$

15,510

 

Future undiscounted operating lease payments reconciled to total operating lease liabilities are as follows:

 

(in thousands)

 

December 31, 2025

 

2026

 

$

31,588

 

2027

 

 

23,200

 

2028

 

 

14,497

 

2029

 

 

11,005

 

2030

 

 

7,058

 

Thereafter

 

 

3,303

 

Total undiscounted lease payments

 

 

90,651

 

Less imputed interest

 

 

(9,470

)

Present value of future lease payments

 

$

81,181

 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

6. Income Taxes

In December 2023, the FASB issued updated accounting guidance on disclosure for income taxes which the Company adopted prospectively as of January 1, 2025. Refer to Note 1 "Significant Accounting and Reporting Policies" for additional information regarding this new guidance.

Income before income taxes consisted of the following:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

U.S.

 

$

1,902

 

 

$

21,429

 

 

$

35,620

 

Foreign

 

 

32,698

 

 

 

19,683

 

 

 

11,737

 

Income before income taxes

 

$

34,600

 

 

$

41,112

 

 

$

47,357

 

The provision for income taxes consisted of the following:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Current:

 

 

 

 

 

 

 

 

 

U.S. federal

 

$

4,471

 

 

$

8,368

 

 

$

13,193

 

U.S. state and local

 

 

1,456

 

 

 

2,148

 

 

 

4,316

 

Foreign

 

 

12,325

 

 

 

6,601

 

 

 

11,867

 

Deferred:

 

 

 

 

 

 

 

 

 

U.S. federal

 

 

(2,229

)

 

 

(5,202

)

 

 

(7,603

)

U.S. state and local

 

 

(411

)

 

 

2,585

 

 

 

(1,849

)

Foreign

 

 

(688

)

 

 

83

 

 

 

(2,827

)

Provision for income taxes

 

$

14,924

 

 

$

14,583

 

 

$

17,097

 

A summary of net cash payments (refunds) for income taxes in 2025, is as follow:

 

Year Ended December 31,

 

2025

 

 

(In thousands)

U.S. federal

 

$3,028

U.S. state and local

 

1,238

Foreign

 

 

Australia

 

5,517

Brazil

 

2,141

Canada

 

(1,020)

Netherlands

 

1,217

Norway

 

985

Philippines

 

1,002

Other

 

2,855

Total

 

$16,963

Net cash payments for income taxes were $19,993,000 and $16,050,000 in 2024 and 2023, respectively.

The provision for income taxes is reconciled to the federal statutory income tax rate of 21% in 2025 as follows:

 

Year Ended December 31,

 

2025

(In thousands, except percentages)

 

 

 

 

U.S. federal statutory tax rate

 

$7,266

 

21.0%

State and local income tax, net of federal income tax benefit(1)

 

825

 

2.3%

Effect of cross-border tax laws(2)

 

 

 

 

Effect of branch taxes

 

644

 

1.9%

Global intangible low-taxed income ("GILTI")

 

1,504

 

4.3%

Other

 

393

 

1.1%

Tax Credits

 

 

 

 

Foreign tax

 

(3,336)

 

(9.7)%

Research and development

 

(486)

 

(1.4)%

Other

 

(37)

 

(0.1)%

Changes in valuation allowances

 

2,977

 

8.6%

Nontaxable or nondeductible items

 

 

 

 

Meals and entertainment

 

399

 

1.2%

Other

 

156

 

0.5%

Changes in unrecognized tax benefits

 

(22)

 

(0.1)%

Foreign tax effects

 

 

 

 

Australia

 

 

 

 

Changes in valuation allowances

 

1,560

 

4.5%

Statutory tax rate difference

 

555

 

1.6%

Gain (Loss) on sale of business

 

(997)

 

(2.9)%

Other

 

(81)

 

(0.2)%

Brazil

 

 

 

 

Withholding tax

 

1,866

 

5.4%

Other

 

297

 

0.8%

Chile

 

 

 

 

Withholding tax

 

613

 

1.8%

Other

 

18

 

0.0%

Germany

 

364

 

1.1%

Singapore

 

 

 

 

Changes in valuation allowances

 

364

 

1.1%

Other

 

196

 

0.6%

United Arab Emirates

 

 

 

 

Statutory tax rate difference

 

(561)

 

(1.6)%

Other

 

(14)

 

(0.0)%

United Kingdom

 

 

 

 

Statutory tax rate difference

 

439

 

1.3%

Changes in valuation allowances

 

(3,488)

 

(10.1)%

Withholding tax

 

394

 

1.1%

Other

 

1,601

 

4.6%

Other foreign jurisdictions

 

1,515

 

4.4%

Provision for income taxes

 

$14,924

 

43.1%

 

(1) State taxes in Texas, Florida, New York, and Illinois make up the majority (greater than 50%) of this category.

(2) Includes the impact of credits.

The provision for income taxes is reconciled to the federal statutory income tax rate of 21% in 2024 and 2023 as follows:

 

Year Ended December 31,

 

2024

 

2023

 

 

(In thousands)

Federal income taxes at statutory rate

 

$8,634

 

$9,945

State income taxes, net of federal benefit

 

1,890

 

2,082

Foreign taxes

 

3,024

 

5,872

Change in valuation allowance

 

2,064

 

2,131

Research and development credits

 

(789)

 

(607)

Foreign tax credits

 

(1,681)

 

(1,668)

Nondeductible meals and entertainment

 

565

 

643

Change in permanent reinvestment assertion

 

(8)

 

280

Disposals and liquidations of businesses

 

—

 

(305)

Foreign-derived intangible income deduction

 

(156)

 

(223)

Tax rate changes

 

422

 

(104)

Other

 

618

 

(949)

Provision for income taxes

 

$14,583

 

$17,097

The Company's consolidated effective income tax rate may change periodically due to changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which it operates, the Company's ability to utilize net operating loss and tax credit carryforwards, and changes in unrecognized tax benefits.

The Company’s effective income tax rate in 2025 was impacted by improved profitability in certain jurisdictions, net of global intangible low-taxed income expense and a one-time expense relating to administrative guidance issued by a foreign tax authority. The Company’s effective income tax rate in 2024 was impacted by performance in certain foreign jurisdictions and changes in valuation allowances. The Company’s effective income tax rate in 2023 was impacted by changes in domestic tax guidance and changes in valuation allowances.

The foreign tax administrative guidance issuance noted above also resulted in a one-time indirect tax expense of $3,122,000 for the year ended December 31, 2025, which is included in "Selling, general, and administrative expenses" on the Consolidated Statements of Operations.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted into law in the United States. The OBBBA contains changes to key U.S. federal income tax laws. This change was immaterial to the Company's overall income tax provision.

The Company maintained its permanent reinvestment position on a portion of prior year undistributed earnings for certain foreign operations and accrued deferred taxes attributable to the earnings that were not permanently reinvested. Beyond these earnings the Company has not changed the reinvestment assertion on its undistributed earnings or other outside basis differences of its remaining foreign subsidiaries. Excluding the operations that are not permanently reinvested, no additional income or withholding taxes have been provided for indefinitely reinvested undistributed foreign earnings, other than those previously taxed nor have any taxes been provided for outside basis difference inherent in these entities as these amounts continue to be indefinitely reinvested in foreign operations. The Company has estimated that it has book over tax basis differences of approximately $127,979,000. Due to withholding tax, basis computations, and other related tax considerations, it is not practicable to estimate any taxes to be provided on outside basis differences at this time.

Deferred income taxes consisted of the following at December 31, 2025 and 2024:

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Accounts receivable allowance

 

$

1,831

 

 

$

2,286

 

Accrued compensation

 

 

13,819

 

 

 

14,013

 

Accrued pension liabilities

 

 

1,488

 

 

 

3,314

 

Self-insured risks

 

 

4,364

 

 

 

5,551

 

Deferred revenues

 

 

4,417

 

 

 

4,684

 

Interest

 

 

2,023

 

 

 

3,223

 

Tax credit carryforwards

 

 

5,188

 

 

 

2,654

 

Loss carryforwards

 

 

38,012

 

 

 

33,315

 

Lease liability

 

 

19,577

 

 

 

23,418

 

Other

 

 

2,442

 

 

 

1,986

 

Gross deferred income tax assets

 

 

93,161

 

 

 

94,444

 

Unbilled revenues

 

 

7,004

 

 

 

5,265

 

Repatriated earnings

 

 

1,782

 

 

 

1,152

 

Depreciation and amortization

 

 

8,596

 

 

 

12,901

 

Lease right-of-use asset

 

 

15,611

 

 

 

20,054

 

Gross deferred income tax liabilities

 

 

32,993

 

 

 

39,372

 

Net deferred income tax assets before valuation allowances

 

 

60,168

 

 

 

55,072

 

Valuation allowance

 

 

(39,869

)

 

 

(35,310

)

Net deferred income tax assets

 

$

20,299

 

 

$

19,762

 

Amounts recognized in the Consolidated Balance Sheets consist of:

 

 

 

 

 

 

Long-term deferred income tax assets included in "Deferred income tax assets"

 

 

24,684

 

 

 

25,305

 

Long-term deferred income tax liabilities included in "Other noncurrent liabilities"

 

 

(4,385

)

 

 

(5,543

)

Net deferred income tax assets

 

$

20,299

 

 

$

19,762

 

At December 31, 2025, the Company had deferred tax assets related to loss carryforwards of $38,012,000, with no netting of unrecognized tax benefits applied. An estimated $32,829,000 of the deferred tax assets will not expire, and $5,183,000 will expire over the next 20 years if not utilized by the Company.

Changes in the Company's deferred tax valuation allowance are recorded as adjustments to the provision for income taxes. An analysis of the Company's deferred tax asset valuation allowances is as follows for the years ended December 31, 2025, 2024, and 2023.

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Balance, beginning of year

 

$

35,310

 

 

$

29,644

 

 

$

23,295

 

Other changes

 

 

4,559

 

 

 

5,666

 

 

 

6,349

 

Balance, end of year

 

$

39,869

 

 

$

35,310

 

 

$

29,644

 

Changes to the valuation allowance for the year ended December 31, 2025 were primarily due to foreign jurisdictions net deferred tax assets in certain of the Company's international operations, as well as a change in realization for U.S. foreign tax credits. Changes to the valuation allowance for the year ended December 31, 2024 were primarily due to foreign jurisdictions net deferred tax assets in certain of the Company's international operations, as well as a change in realization for various U.S. state loss carryforwards. Changes to the valuation allowance for the year ended December 31, 2023 were primarily due to establishments for various foreign jurisdictions net deferred tax assets in certain of the Company’s international operations.

A reconciliation of the beginning and ending balance of unrecognized income tax benefits follows:

 

 

 

(In thousands)

 

Balance at December 31, 2022

 

$

3,653

 

Additions for tax positions related to prior years

 

 

432

 

Reductions for tax positions related to prior years

 

 

(153

)

Lapses of applicable statutes of limitation

 

 

(344

)

Balance at December 31, 2023

 

$

3,588

 

Currency Translation Adjustment

 

 

2

 

Lapses of applicable statutes of limitation

 

 

(3,156

)

Balance at December 31, 2024

 

$

434

 

Settlements

 

 

(350

)

Reductions for tax positions related to prior years

 

 

(23

)

Balance at December 31, 2025

 

$

61

 

The Company accrues interest and, if applicable, penalties related to unrecognized tax benefits in income taxes. Total accrued interest expense at December 31, 2025, 2024, and 2023, was $2,000, $1,000, and $13,000, respectively.

Included in the total unrecognized tax benefits at December 31, 2025, 2024, and 2023 were $61,000, $434,000, and $685,000, respectively, of tax benefits that, if recognized, would affect the effective income tax rate.

The Company conducts business in a number of countries and, as a result, files U.S. federal and various state and foreign jurisdiction income tax returns. In the normal course of business, the Company is subject to examination by various taxing jurisdictions throughout the world. With few exceptions, the Company is no longer subject to income tax examinations for years before 2015.

Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, including interest and penalties, have been provided for any adjustments that are expected to result from those years.
v3.25.4
Retirement Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Retirement Plans

7. Retirement Plans

The Company and its subsidiaries sponsor various retirement plans. Substantially all employees in the U.S. and certain employees outside the U.S. are covered under the Company's defined contribution plans. Certain employees, retirees, and eligible dependents are also covered under the Company's defined benefit pension plans.

Employer contributions under the Company's defined contribution plans are determined annually based on employee contributions, a percentage of each covered employee's compensation, and years of service. The Company's cost for defined contribution plans totaled $31,384,000, $30,531,000, and $28,217,000 in 2025, 2024, and 2023, respectively.

The Company sponsors a qualified defined benefit pension plan in the U.S. (the "U.S. Qualified Plan") and three defined benefit pension plans in the U.K. (the "U.K. Plans"). Effective December 31, 2002, the Company elected to freeze its U.S. Qualified Plan. Benefits payable under the Company's U.S. Qualified Plan are generally based on career compensation; however, no additional benefits have accrued on this plan since December 31, 2002. The Company's U.K. Plans were closed to new participants as of October 31, 1997, but existing participants may still accrue additional limited benefits based on salary amounts in effect at the time the relevant plan was closed. Benefits payable under the U.K. Plans are generally based on an employee's final salary at the time the plan was closed. Benefits paid under the U.K. Plans are also subject to adjustments for the effects of inflation. The actuarial present value of the projected benefit payments under the U.K. Plans are based on the employees' expected dates of separation by retirement.

The Company did not make any voluntary contributions to the U.S. Qualified Plan in 2023, 2024, or 2025. Crawford expects to make discretionary contributions of $3,000,000 to the U.S. Qualified Plan in the next fiscal year to minimize future required contributions.

Certain other employees participating in Other International Plans have retirement benefits that are accounted for as defined benefit pension plans under GAAP.

External trusts are maintained to hold assets of the Company's U.S. Qualified Plan, U.K. Plans, and Other International Plans. The Company's funding policy is to make cash contributions in amounts at least sufficient to meet regulatory funding requirements and, in certain instances, to make contributions in excess thereof if such contributions would otherwise be in accordance with the Company's capital allocation plans. Assets of the plans are measured at fair value at the end of each reporting period, but the plan assets are not separately recorded on the Company's Consolidated Balance Sheets. Instead, the funded or unfunded status of the Company's U.S. Qualified Plan, U.K. Plans, and Other International Plans are recorded in "Accrued pension liabilities" or "Other noncurrent assets" on the Company's Consolidated Balance Sheets based on the projected benefit obligations less the fair values of the plans' assets.

The majority of the Company's defined benefit pension plans have projected benefit obligations in excess of the fair value of plan assets. For these plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2025 and 2024:

 

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Projected benefit obligations

 

$

265,729

 

 

$

278,389

 

Fair value of plans' assets

 

 

245,917

 

 

 

255,389

 

 

Certain of the Company's U.K. Plans have fair values of plan assets that exceed the projected benefit obligations. For these plans, and certain Other International Plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2025 and 2024:

 

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Projected benefit obligations

 

$

156,946

 

 

$

161,567

 

Fair value of plans' assets

 

 

168,991

 

 

 

170,747

 

 

In addition, the Company sponsors two frozen nonqualified, unfunded defined benefit pension plans for certain employees and retirees, which are based on career compensation. These plans were frozen effective December 31, 2002. The liabilities of these plans, which equal their projected benefit obligations, are included in "Other accrued liabilities" and "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets based on the expected timing of funding these obligations, since they are funded as needed from Company assets.

A reconciliation of the beginning and ending balances of the projected benefit obligations and the fair value of plans' assets for the Company's defined benefit pension plans as of the plans' most recent measurement dates is as follows:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Projected Benefit Obligations:

 

 

 

 

 

 

Beginning of measurement period

 

$

439,956

 

 

$

458,296

 

Service cost

 

 

1,739

 

 

 

1,531

 

Interest cost

 

 

21,929

 

 

 

23,163

 

Employee contributions

 

 

14

 

 

 

22

 

Actuarial loss (gain)

 

 

2,978

 

 

 

(3,504

)

Plan settlements

 

 

—

 

 

 

(296

)

Plan curtailments

 

 

—

 

 

 

48

 

Benefits paid

 

 

(48,120

)

 

 

(49,068

)

Foreign currency effects

 

 

4,179

 

 

 

9,764

 

End of measurement period

 

 

422,675

 

 

 

439,956

 

Fair Value of Plans' Assets:

 

 

 

 

 

 

Beginning of measurement period

 

 

426,136

 

 

 

443,157

 

Actual return on plans' assets

 

 

28,825

 

 

 

18,268

 

Employer contributions

 

 

3,753

 

 

 

3,561

 

Employee contributions

 

 

14

 

 

 

22

 

Plan settlements

 

 

—

 

 

 

(296

)

Benefits paid

 

 

(48,120

)

 

 

(49,068

)

Foreign currency effects

 

 

4,300

 

 

 

10,492

 

End of measurement period

 

 

414,908

 

 

 

426,136

 

Unfunded Status

 

$

(7,767

)

 

$

(13,820

)

 

Due to the frozen status of the U.S. Qualified Plan and the closed status of the U.K. Plans, the accumulated benefit obligations and the projected benefit obligations are not materially different.

The funded status of the Company's defined benefit pension plans recognized in the Consolidated Balance Sheets at December 31 consisted of:

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

U.S. Qualified Plan

 

$

15,378

 

 

$

18,991

 

Other international plans

 

 

2,532

 

 

 

2,092

 

Subtotal, included in "Accrued pension liabilities"

 

 

17,910

 

 

 

21,084

 

U.K. prepaid pension asset included in "Other noncurrent assets"

 

 

(12,045

)

 

 

(9,176

)

Other international plans

 

 

—

 

 

 

(4

)

Subtotal, included in "Other noncurrent assets"

 

 

(12,045

)

 

 

(9,180

)

Unfunded status of nonqualified defined benefit deferred pension plans included in "Other accrued liabilities"

 

 

199

 

 

 

201

 

Unfunded status of nonqualified defined benefit pension plans included in "Other noncurrent liabilities"

 

 

1,703

 

 

 

1,716

 

Total underfunded status

 

$

7,767

 

 

$

13,820

 

Accumulated other comprehensive loss, before income taxes

 

$

(244,882

)

 

$

(257,116

)

 

A fixed number of U.S. employees, retirees, and eligible dependents were previously covered under a frozen post-retirement medical benefits plan and are now provided Company-subsidized premiums for participation in health care exchanges. The liabilities for this plan are included in the Company's self-insured risks liabilities and are not material. This plan was frozen effective December 31, 2002.

The following tables set forth the changes in accumulated other comprehensive loss during 2025 and 2024 for the Company's defined benefit retirement plans on a combined basis:

 

 

Defined Benefit
Pension Plans

 

 

 

(In thousands)

 

Net unrecognized actuarial loss, December 31, 2023

 

$

(261,102

)

Amortization of net loss

 

 

12,580

 

Net loss arising during the year

 

 

(4,109

)

Currency translation

 

 

(4,484

)

Net unrecognized actuarial loss, December 31, 2024

 

 

(257,116

)

Amortization of net loss

 

 

12,575

 

Net gain arising during the year

 

 

982

 

Currency translation

 

 

(1,323

)

Net unrecognized actuarial loss, December 31, 2025

 

$

(244,882

)

 

 

Unrecognized losses reflect changes in the discount rates and differences between expected and actual asset returns, which are being amortized over future periods. These unrecognized losses may be recovered in future periods through actuarial gains. However, unless the minimum amount required to be amortized is below a corridor amount equal to 10.0% of the greater of the projected benefit obligation or the market-related value of plan assets, these unrecognized actuarial losses are required to be amortized and recognized in future periods. Net unrecognized actuarial losses included in accumulated other comprehensive loss and expected to be recognized in net periodic benefit costs during the year ending December 31, 2026 for the U.S. and U.K. defined benefit pension plans are $12,164,000 ($9,814,000 net of tax).

Pension expense is affected by the accounting policy used to determine the value of plan assets at the measurement date. The Company applies the expected return on plan assets using fair market value as of the annual measurement date. The fair market value method results in greater volatility to pension expense than the calculated value method. The amounts recognized in the Consolidated Balance Sheets reflect the fair value of the Company's long-term pension liabilities at the plan measurement date and the fair value of plan assets as of the balance sheet date.

Net periodic benefit cost related to all of the Company's defined benefit pension plans recognized in the Company's Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 included the following components:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Service cost

 

$

1,739

 

 

$

1,531

 

 

$

1,423

 

Interest cost

 

 

21,929

 

 

 

23,163

 

 

 

23,915

 

Expected return on assets

 

 

(24,865

)

 

 

(25,882

)

 

 

(27,168

)

Amortization of actuarial loss

 

 

12,575

 

 

 

12,580

 

 

 

12,020

 

Curtailment loss recognized

 

 

—

 

 

 

48

 

 

 

—

 

Net periodic benefit cost

 

$

11,378

 

 

$

11,440

 

 

$

10,190

 

 

Benefit cost for the U.S. Qualified Plan does not include service cost since the plan is frozen. For the years ended December 31, 2025, 2024 and 2023, the non-service components of net periodic pension cost of $9,639,000, $9,909,000, and $8,767,000, respectively, are included in "Other (Income) Loss" on the Consolidated Statement of Operations. These amounts represent the non-service pension costs of the U.S., U.K., and Other International Plans.

Over the next ten years, the following benefit payments are expected to be required to be made from the Company's U.S. and U.K. defined benefit pension plans:

 

 

Year Ending December 31,

 

Expected Benefit
Payments

 

 

 

(In thousands)

 

2026

 

$

33,764

 

2027

 

 

33,530

 

2028

 

 

33,758

 

2029

 

 

33,150

 

2030

 

 

32,707

 

2031-2035

 

 

149,299

 

 

The Company reviews its employee demographic assumptions annually and updates the assumptions as necessary. The Company updates the mortality assumptions for the U.S. plans to incorporate the current mortality tables issued by the Society of Actuaries, adjusted to reflect the Company's specific experience and future expectations. No changes were made to the mortality tables for the years ended December 31, 2023, 2024, and 2025. Certain assumptions used in computing the benefit obligations and net periodic benefit cost for the U.S. and U.K. defined benefit pension plans were as follows:

 

U.S. Qualified Plan:

 

2025

 

 

2024

 

Discount rate used to compute benefit obligations

 

 

5.24

%

 

 

5.57

%

Discount rate used to compute periodic benefit cost

 

 

5.57

%

 

 

4.94

%

Expected long-term rates of return on plans' assets

 

 

6.40

%

 

 

5.90

%

 

U.K. Defined Benefit Plans:

 

2025

 

 

2024

 

Discount rate used to compute benefit obligations

 

 

5.42

%

 

 

5.30

%

Discount rate used to compute periodic benefit cost

 

 

5.30

%

 

 

5.78

%

Expected long-term rates of return on plans' assets

 

 

5.90

%

 

 

6.20

%

 

The discount rate assumptions reflect the rates at which the Company believes the benefit obligations could be effectively settled. The discount rates were determined based on the yield for a portfolio of investment grade corporate bonds with maturity dates matched to the estimated future payments of the plans' benefit obligations.

The Company estimates the service and interest components of net periodic benefit cost for its U.S. and international pension and other postretirement benefits. This estimation approach discounts the individual expected cash flows underlying the service cost and interest cost using the applicable spot rates derived from the yield curve used to discount the cash flows used to measure the benefit obligation. For the pension plans, the weighted average spot rates used to determine 2026 interest costs are estimated to be 4.71% for the U.S. Qualified plan and 4.88% for the U.K. plans.

The expected long-term rates of return on plan assets were based on the plans' asset mix, historical returns on equity securities and fixed income investments, and an assessment of expected future returns. The expected long-term rates of return on plan assets assumption used to determine 2026 net periodic pension cost are estimated to be 6.40% and 5.90% for the U.S. Qualified Plan and U.K. plans, respectively. If actual long-term rates of return differ from those assumed or if the Company used materially different assumptions, actual funding obligations could differ materially from these estimates. Due to the frozen status of the U.S. plan and closed status of the U.K. plans, increases in compensation rates are not material to the computations of benefit obligations or net periodic benefit cost.

Plans' Assets

Asset allocations at the respective measurement dates, by asset category, for the Company's U.S. and U.K. qualified defined benefit pension plans were as follows:

 

 

 

 

U.S. Qualified Plan

 

 

U.K. Plans

 

December 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Equity securities

 

 

13.9

%

 

 

14.7

%

 

 

—

 

 

 

—

 

Fixed income securities

 

 

78.0

%

 

 

77.9

%

 

 

73.5

%

 

 

73.7

%

Alternative strategies

 

 

4.0

%

 

 

4.2

%

 

 

25.6

%

 

 

25.9

%

Cash, cash equivalents and short-term investment funds

 

 

4.1

%

 

 

3.2

%

 

 

0.9

%

 

 

0.4

%

Total asset allocation

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

Investment objectives for the Company's U.S. and U.K. pension plan assets are to ensure availability of funds for payment of plan benefits as they become due; provide for a reasonable amount of long-term growth of capital, without undue exposure to volatility; protect the assets from erosion of purchasing power; and provide investment results that meet or exceed the actuarially assumed long-term rate of return of each plan.

Alternative strategies include funds that invest in derivative instruments such as futures, forward contracts, options and swaps, hedge funds, and funds that invest in real estate. These investments are used to help manage risks.

The long-term goal for the U.S. and U.K. plans is to reach fully-funded status and to maintain that status. The investment policies recognize that the plans' asset return requirements and risk tolerances will change over time. Accordingly, reallocation of the portfolios' mix of return-seeking assets and liability-hedging assets will be performed as the plans' funded status improves.

See Note 11, "Fair Value Measurements" for the fair value disclosures of the U.S. and U.K. qualified defined benefit pension plan assets. The assets of the Company's Other International Plans are primarily insurance contracts, which are measured at contract value and are not measured at fair value. Obligations of the U.S. nonqualified plans are paid from Company assets.
v3.25.4
Common Stock and Earnings per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Common Stock and Earnings per Share

8. Common Stock and Earnings per Share

Shares of the Company's two classes of common stock 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. As described in Note 10, "Stock-Based Compensation," certain shares of CRD-A are issued with restrictions under incentive compensation plans.

Effective November 4, 2021, the Company’s Board of Directors authorized the repurchase of up to 2,000,000 shares of CRD-A or CRD-B (or a combination of the two) through December 31, 2023 (the “2021 Repurchase Authorization”). On February 10, 2022, the Company's Board of Directors authorized the addition of 5,000,000 shares of CRD-A or CRD-B (or a combination of the two) to its 2021 Repurchase Authorization. On October 30, 2025, the Company’s Board of Directors added 2,000,000 shares to this authorization and amended this authorization to allow for repurchases through December 31, 2027. Under the repurchase program, repurchases may be made in the open market or privately negotiated transactions at such times and for such prices as management deems appropriate, subject to applicable regulatory guidelines. The authorization does not obligate Crawford to acquire any stock, and purchases may be commenced or suspended at any time based on market conditions and other factors that the Company deems appropriate.

During 2025, the Company repurchased 836,859 shares of CRD-A at an average cost of $10.90 per share and 131,060 shares of CRD-B at an average cost of $10.62 per share under the 2021 Repurchase Authorization. During 2024, the Company repurchased 409,610 shares of CRD-B at an average cost of $9.44 per share under the 2021 Repurchase Authorization. There were no repurchases of CRD-A shares in 2024. At December 31, 2025, the Company had remaining authorization to repurchase 2,121,890 shares under the 2021 Repurchase Authorization.

Net Income Attributable to Shareholders of Crawford & Company per Common Share

The Company computes earnings per share of CRD-A and CRD-B using the two-class method, which allocates the undistributed earnings for each period to each class on a proportionate basis. The Company's Board of Directors has the right, but not the obligation, to declare higher dividends on CRD-A than on CRD-B, subject to certain limitations. In periods when the dividend is the same for CRD-A and CRD-B or when no dividends are declared or paid to either class, the two-class method generally will yield the same basic earnings per share for CRD-A and CRD-B. During 2025, 2024 and 2023, the Board of Directors declared an equal dividend on CRD-A and CRD-B.

The computations of basic net income attributable to shareholders of Crawford & Company per common share were as follows:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

 

(In thousands, except earnings (loss) per share)

 

Earnings per share - basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed earnings

 

$

3,250

 

 

$

2,056

 

 

$

7,787

 

 

$

5,054

 

 

$

10,649

 

 

$

7,259

 

Dividends paid

 

 

8,779

 

 

 

5,549

 

 

 

8,339

 

 

 

5,416

 

 

 

7,554

 

 

 

5,147

 

Net income available to common shareholders, basic

 

 

12,029

 

 

 

7,605

 

 

 

16,126

 

 

 

10,470

 

 

 

18,203

 

 

 

12,406

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

30,237

 

 

 

19,132

 

 

 

29,783

 

 

 

19,332

 

 

 

29,039

 

 

 

19,796

 

Earnings per share - basic

 

$

0.40

 

 

$

0.40

 

 

$

0.54

 

 

$

0.54

 

 

$

0.63

 

 

$

0.63

 

 

The computations of diluted net income attributable to shareholders of Crawford & Company per common share were as follows:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

 

(In thousands, except earnings (loss) per share)

 

Earnings per share - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed earnings

 

$

3,272

 

 

$

2,034

 

 

$

7,850

 

 

$

4,991

 

 

$

10,760

 

 

$

7,148

 

Dividends paid

 

 

8,779

 

 

 

5,549

 

 

 

8,339

 

 

 

5,416

 

 

 

7,554

 

 

 

5,147

 

Net income available to common shareholders, diluted

 

 

12,051

 

 

 

7,583

 

 

 

16,189

 

 

 

10,407

 

 

 

18,314

 

 

 

12,295

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

30,237

 

 

 

19,132

 

 

 

29,783

 

 

 

19,332

 

 

 

29,039

 

 

 

19,796

 

Weighted-average effect of dilutive securities(1)

 

 

534

 

 

 

—

 

 

 

621

 

 

 

—

 

 

 

760

 

 

 

—

 

Weighted-average number of shares outstanding, diluted

 

 

30,771

 

 

 

19,132

 

 

 

30,404

 

 

 

19,332

 

 

 

29,799

 

 

 

19,796

 

Earnings per share - diluted

 

$

0.39

 

 

$

0.40

 

 

$

0.53

 

 

$

0.54

 

 

$

0.61

 

 

$

0.62

 

Listed below are the shares excluded from the denominator in the above computation of diluted earnings per share for CRD-A because their inclusion would have been anti-dilutive:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Shares underlying stock options excluded due to the options' respective exercise prices being greater than the average stock price during the period

 

 

—

 

 

 

—

 

 

 

711

 

Performance stock grants excluded because performance conditions had not been met(1)

 

 

276

 

 

 

1,076

 

 

 

993

 
(1)
Compensation cost is recognized for these performance stock grants based on expected achievement rates; however no consideration is given for these performance stock grants when calculating earnings per share until the performance measurements are actually achieved.
v3.25.4
Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss

9. Accumulated Other Comprehensive Loss

Comprehensive income (loss) for the Company consists of the total of net income, foreign currency translation adjustments, and accrued pension and retiree medical liability adjustments. Foreign currency translation adjustments include net unrealized (loss) gain from intra-entity loans that are long-term in nature of $452,000, $(505,000), and $1,004,000 for the years ended December 31, 2025, 2024, and 2023, respectively. The changes in components of "Accumulated other comprehensive loss" ("AOCL"), net of taxes and noncontrolling interests, included in the Company's Consolidated Balance Sheets were as follows:

 

 

 

Foreign currency
translation
adjustments

 

 

Retirement
liabilities

 

 

AOCL
attributable to
shareholders of
Crawford &
Company

 

 

 

(In thousands)

 

Balance at December 31, 2023

 

$

(49,486

)

 

$

(169,129

)

 

$

(218,615

)

Other comprehensive loss before reclassifications

 

 

(593

)

 

 

—

 

 

 

(593

)

Unrealized net losses arising during the year

 

 

—

 

 

 

(7,986

)

 

 

(7,986

)

Amounts reclassified from accumulated other comprehensive income to net income (1)

 

 

—

 

 

 

10,069

 

 

 

10,069

 

Net current period other comprehensive (loss) income

 

 

(593

)

 

 

2,083

 

 

 

1,490

 

Balance at December 31, 2024

 

 

(50,079

)

 

 

(167,046

)

 

 

(217,125

)

Other comprehensive income before reclassifications

 

 

6,154

 

 

 

—

 

 

 

6,154

 

Unrealized net losses arising during the year

 

 

—

 

 

 

(884

)

 

 

(884

)

Amounts reclassified from accumulated other comprehensive income to net income (1)

 

 

—

 

 

 

10,115

 

 

 

10,115

 

Net current period other comprehensive income

 

 

6,154

 

 

 

9,231

 

 

 

15,385

 

Balance at December 31, 2025

 

$

(43,925

)

 

$

(157,815

)

 

$

(201,740

)
(1)
Retirement liabilities reclassified to net income are related to the amortization of actuarial losses and are included in "Selling, general, and administrative expenses" on the Company's Consolidated Statements of Operations. See Note 7, "Retirement Plans" for additional details.

Other comprehensive loss amounts attributable to noncontrolling interests shown in the Company's Consolidated Statements of Shareholders' Investment are foreign currency translation adjustments.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation

10. Stock-Based Compensation

The Company has various stock-based incentive compensation plans for its employees and members of its Board of Directors. Only shares of CRD-A can be issued under these plans. The fair value of an equity award is estimated on the grant date without regard to service or performance conditions. The fair value is recognized as compensation expense over the requisite service period for all awards that vest. When recognizing compensation expense, estimates are made for the number of awards that are expected to vest, and subsequent adjustments are made to reflect both changes in the number of shares expected to vest and actual vesting. Compensation expense recognized at the end of any year equals at least the portion of the grant-date value of an award that has vested at that date.

The pretax compensation expense recognized for all stock-based compensation plans was $5,193,000, $5,768,000, and $5,603,000 for the years ended December 31, 2025, 2024, and 2023, respectively. In 2025 there was a decrease in stock-based compensation expense due to adjustments made to reflect changes in the number of shares expected to vest for 2023 and 2024 performance-based grants. In 2025, the estimated achievement rates for performance-based grants granted in 2024 and 2023 were reduced to 75% and 78% vesting, respectively.

The total income tax benefit recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was approximately $1,197,000, $1,350,000, and $1,330,000 for the years ended December 31, 2025, 2024, and 2023, respectively. Some of the Company's stock-based compensation awards are granted under plans which are designed not to be taxable as compensation to the recipient based on tax laws of the U.S. or other applicable country. Accordingly, the Company does not recognize tax benefits on all of its stock-based compensation expense.

Stock Options

The Company has granted nonqualified and incentive stock options to key employees and directors. All stock options are for shares of CRD-A. Option awards are granted with an exercise price equal to the fair market value of the Company's stock on the date of grant. The Company's stock option plans have been approved by shareholders, and the Company's Board of Directors is authorized to make specific grants of stock options under active plans. Employee stock options typically are subject to graded vesting over three years (33% each year) and have a typical life of ten years. Compensation cost for stock options is recognized on an accelerated basis over the requisite service period for the entire award. No compensation expense was recorded for employee stock option awards during either of the years ended December 31, 2025 or 2024. Compensation expense of $12,000 was recognized for employee stock option awards for the year ended December 31, 2023.

A summary of option activity as of December 31, 2025, 2024 and 2023, and changes during each year, is presented below:

 

 

 

Shares

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

Aggregate
Intrinsic
Value

 

 

 

(In thousands)

 

 

 

 

 

 

 

(In thousands)

 

Outstanding at December 31, 2022

 

 

1,542

 

 

$

8.98

 

 

5.5 years

 

$

7

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

Exercised

 

 

(485

)

 

 

8.84

 

 

 

 

 

 

Forfeited or expired

 

 

(15

)

 

 

9.01

 

 

 

 

 

 

Outstanding at December 31, 2023

 

 

1,042

 

 

 

9.05

 

 

4.7 years

 

 

4,305

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

Exercised

 

 

(321

)

 

 

8.98

 

 

 

 

 

 

Forfeited or expired

 

 

(21

)

 

 

9.01

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

700

 

 

 

9.08

 

 

3.6 years

 

 

1,737

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

Forfeited or expired

 

 

—

 

 

 

—

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

700

 

 

$

9.08

 

 

2.6 years

 

$

1,520

 

Vested and Exercisable at December 31, 2025

 

 

700

 

 

$

9.08

 

 

2.6 years

 

$

1,520

 

 

There were no stock options granted in 2025, 2024 or 2023. During 2025 no options were exercised. There were 321,000 options exercised in 2024, and 485,000 options exercised in 2023. All remaining unvested options from prior awards vested in 2023. Options vested in 2023 intrinsic values of $425,000. The fair value of options that vested in 2023 was $228,000.

At December 31, 2025, there was no remaining unrecognized compensation cost related to unvested employee stock options. The fair value of each option was estimated on the date of grant using the Black-Scholes-Merton option-pricing formula.

Performance-Based Stock Grants

Performance share grants are from time to time made to certain key employees of the Company. Such grants entitle employees to earn shares of CRD-A upon the achievement of certain individual and/or corporate objectives. Grants of performance shares are made at the discretion of the Company's Board of Directors, or the Board's Compensation and Human Capital Committee, and are subject to graded or cliff vesting over three-year periods. Shares are not issued until the vesting requirements have been met. Dividends are not paid or accrued on unvested/unissued shares. The grant-date fair value of a performance share grant is based on the market value of CRD-A on the date of grant, reduced for the present value of any dividends expected to be paid on CRD-A prior to the vesting of the award. Compensation expense for each award is recognized ratably from the grant date to the vesting date for each tranche, and adjusted based on probability of achievement over the applicable performance period.

A summary of the status of the Company's nonvested performance shares as of December 31, 2025, 2024 and 2023, and changes during each year, is presented below:

 

 

 

Shares

 

 

Weighted-Average
Grant-Date
Fair Value

 

Nonvested at December 31, 2022

 

 

1,238,090

 

 

$

7.52

 

Granted

 

 

1,236,598

 

 

 

5.62

 

Vested

 

 

(456,487

)

 

 

6.90

 

Forfeited or unearned

 

 

(573,205

)

 

 

7.97

 

Nonvested at December 31, 2023

 

 

1,444,996

 

 

 

6.12

 

Granted

 

 

552,705

 

 

 

11.38

 

Vested

 

 

(354,305

)

 

 

8.29

 

Forfeited or unearned

 

 

(489,891

)

 

 

6.72

 

Nonvested at December 31, 2024

 

 

1,153,505

 

 

 

7.91

 

Granted

 

 

269,601

 

 

 

11.68

 

Vested

 

 

(738,418

)

 

 

7.00

 

Forfeited or unearned

 

 

(224,385

)

 

 

8.23

 

Nonvested at December 31, 2025

 

 

460,303

 

 

$

11.42

 

 

The total fair value of the performance shares that vested in 2025, 2024, and 2023 was $5,171,000, $2,937,000, and $3,148,000, respectively.

Compensation expense recognized for all performance shares totaled $3,573,000, $4,361,000, and $4,212,000 for the years ended December 31, 2025, 2024 and 2023, respectively. Compensation cost for these awards is net of estimated or actual award forfeitures. Certain performance awards are based on service time, with no cumulative earnings per share targets. These awards vest ratably, by tranche, from their grant date to their vesting date. As of December 31, 2025, there was an estimated $1,819,000 of unearned compensation cost for nonvested performance shares. This unearned compensation cost is expected to be fully recognized by the end of 2026.

Restricted Shares

The Company's Board of Directors may elect to issue restricted shares of CRD-A in lieu of, or in addition to, cash payments to certain key employees or directors. Employees or directors receiving these shares are subject to restrictions on their ability to transfer the shares. Such restrictions generally lapse ratably over vesting periods ranging from several months to five years. The grant-date fair value of a restricted share of CRD-A is based on the market value of the stock on the date of grant. Compensation cost is recognized on an accelerated basis over the requisite service period.

A summary of the status of the Company's restricted shares of CRD-A as of December 31, 2025, 2024 and 2023 and changes during each year, is presented below:

 

 

 

Shares

 

 

Weighted-Average
Grant-Date Fair
Value

 

Nonvested at December 31, 2022

 

 

—

 

 

$

—

 

Granted

 

 

135,456

 

 

 

5.93

 

Vested

 

 

(135,456

)

 

 

5.93

 

Forfeited or unearned

 

 

—

 

 

 

—

 

Nonvested at December 31, 2023

 

 

—

 

 

 

—

 

Granted

 

 

76,090

 

 

 

12.43

 

Vested

 

 

(61,974

)

 

 

12.36

 

Forfeited or unearned

 

 

(14,116

)

 

 

12.75

 

Nonvested at December 31, 2024

 

 

—

 

 

 

—

 

Granted

 

 

95,553

 

 

 

11.98

 

Vested

 

 

(85,620

)

 

 

11.97

 

Forfeited or unearned

 

 

(9,933

)

 

 

12.06

 

Nonvested at December 31, 2025

 

 

—

 

 

$

—

 

 

Compensation expense recognized for all restricted shares for the years ended December 31, 2025, 2024, and 2023 was $1,025,000, $766,000, and $804,000, respectively. As of December 31, 2025, there was no unearned compensation cost related to nonvested restricted shares.

Employee Stock Purchase Plans

The Company has three employee stock purchase plans: the U.S. Plan, the U.K. Plan, and the International Plan. Eligible employees in Canada, Puerto Rico, and the U.S. Virgin Islands may also participate in the U.S. Plan. The International Plan is for eligible employees located in certain other countries who are not covered by the U.S. Plan or the U.K. Plan. All plans are compensatory.

For all plans, the requisite service period is the period of time over which the employees contribute to the plans through payroll withholdings. For purposes of recognizing compensation expense, estimates are made for the total withholdings expected over the entire withholding period. The market price of a share of stock at the beginning of the withholding period is then used to estimate the total number of shares that will be purchased using the total estimated withholdings. Compensation cost is recognized ratably over the withholding period.

Under the U.S. Plan, the Company is authorized to issue up to 2,200,000 shares of CRD-A to eligible employees. Participating employees can elect to have up to 85% of $25,000 of their eligible annual earnings withheld to purchase shares at the end of the one-year withholding period which starts each July 1 and ends the following June 30. The purchase price of the stock is 85% of the lesser of the closing price of a share of such stock on the first day or the last day of the withholding period. Participating employees may cease payroll withholdings during the withholding period and/or request a refund of all amounts withheld before any shares are purchased.

During the years ended December 31, 2025, 2024 and 2023, a total of 174,366, 128,736, and 149,170 shares, respectively, of CRD-A were issued under the U.S. employee stock purchase plan to the Company's employees at average purchase prices of $7.25, $7.34, and $6.44 in 2025, 2024, and 2023, respectively. At December 31, 2025, an estimated 120,000 shares will be issued and purchased under the U.S. Plan in 2026. During the years ended December 31, 2025, 2024, and 2023, compensation expense of $408,000, $430,000, and $368,000, respectively, was recognized for the U.S. employee stock purchase plan.

Under the U.K. Plan, the Company is authorized to issue up to 2,000,000 shares of CRD-A. Under the U.K. Plan, eligible employees can elect to have up to £250 withheld from payroll each month to purchase shares after the end of a three-year savings period. The purchase price of a share of stock is 85% of the market price of the stock at a date prior to the grant date as determined under the U.K. Plan. Participating employees may cease payroll withholdings and/or request a refund of all amounts withheld before any shares are purchased.

At December 31, 2025, an estimated 250,000 shares will be eligible for purchase under the U.K. Plan at the end of the current withholding periods. This estimate is subject to change based on future fluctuations in the value of the British pound against the U.S. dollar, future changes in the market price of CRD-A, and future employee participation rates. The purchase price per share of CRD-A under the U.K. Plan ranges from $5.17 to $10.39. For the years ended December 31, 2025, 2024, and 2023, compensation expense of $187,000, $211,000, and $209,000, respectively, was recognized for the U.K. Plan. For the years ended December 31, 2025, 2024 and 2023 a total of 114,384, 138,714, and 71,642 shares, respectively, of CRD-A were issued under the U.K. Plan.

Under the International Plan, up to 1,000,000 shares of CRD-A may be issued. Participating employees can elect to have up to $21,250 of their eligible annual earnings withheld to purchase up to 5,000 shares of CRD-A at the end of the one-year withholding period which starts each July 1 and ends the following June 30. The purchase price of the stock is 85% of the lesser of the closing price for a share of such stock on the first day or the last day of the withholding period. Participating employees may cease payroll withholdings during the withholding period and/or request a refund of all amounts withheld before any shares are purchased. During 2025, 2024, and 2023, 3,929, 3,449, and 5,026 shares, respectively, were issued under the International Plan. Compensation expense was immaterial for this plan in all three years.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

11. Fair Value Measurements

GAAP defines fair value as the price that would be received to sell an asset or to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

• Level 1— Observable inputs that reflect quoted prices in active markets for identical assets or liabilities.

• Level 2 — Observable inputs other than quoted prices included in Level 1. The Company values assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.

• Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Recurring Fair Value Measurements

The following table presents the Company's financial assets and liabilities that are measured at fair value on a recurring basis, excluding assets related to the Company's defined benefit pension plans, categorized using the fair value hierarchy:

 

December 31,

 

2025

 

 

 

Quoted
Prices in
Active Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

11,729

 

 

$

—

 

 

$

—

 

 

$

11,729

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout liability (2)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

December 31,

 

2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

11,252

 

 

$

—

 

 

$

—

 

 

$

11,252

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout liability (2)

 

 

—

 

 

 

—

 

 

 

1,382

 

 

 

1,382

 

(1) The fair values of the money market funds were based on recently quoted market prices and reported transactions in an active marketplace. Money market funds are included on the Company's Consolidated Balance Sheets in "Cash and cash equivalents."

(2) The Level 3 fair value of the contingent earnout liability was estimated using internally-prepared EBITDA projections and discount rates determined using a combination of observable and unobservable market data based on changes to projections of acquired entities over the earnout periods, which spanned multiple years. The Company recognized a pretax contingent earnout expense (benefit) totaling $537,000 in 2025 and $(1,099,000) in 2024 related to the fair value adjustments of earnout liabilities. The fair value of the contingent earnout liability is included in "Other accrued liabilities" and "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets, based upon the term of the contingent earnout agreements.

The following table summarizes the change in the fair value of the Company's contingent earnout liability balance:

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Acquisition-related contingent consideration, beginning of the year

 

$

2,519

 

 

$

13,066

 

Change in fair value of contingent consideration, including foreign exchange impacts

 

 

490

 

 

 

(1,264

)

Settlement of contingent consideration

 

 

(1,326

)

 

 

(9,283

)

Acquisition-related contingent consideration, end of the year

 

$

1,683

 

 

$

2,519

 

As of December 31, 2025, an earnout liability of $1,683,000 for the 2025 earnout period is based on the actual achievement of performance targets and will be paid in 2026, thus is no longer subject to fair value measurement. Changes in fair value of contingent consideration are included in "Selling, general, and administrative expenses" on the Consolidated Statements of Operations.

Fair Value Disclosures

The categorization of assets and liabilities within the fair value hierarchy and the measurement techniques are reviewed quarterly. Any transfers between levels are deemed to have occurred at the end of the quarter.

The fair values of accounts receivable, unbilled revenues, accounts payable and short-term borrowings approximate their respective carrying values due to the short-term maturities of the instruments. The interest rate on the Company's variable rate long-term debt resets at least every 90 days; therefore, the recorded value approximates fair value. These assets and liabilities are measured within Level 2 of the fair value hierarchy.

Fair Value Measurements for Defined Benefit Pension Plan Assets

The fair value hierarchy is also applied to certain other assets that indirectly impact the Company's consolidated financial statements. Assets contributed by the Company to its defined benefit pension plans become the property of the individual plans. Even though the Company no longer has control over these assets, it is indirectly impacted by subsequent fair value adjustments to these assets. The actual return on these assets impacts the Company's future net periodic benefit cost, as well as amounts recognized in its Consolidated Balance Sheets. The Company uses the fair value hierarchy to measure the fair value of assets held by its U.S. and U.K. defined benefit pension plans.

The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.S. Qualified Plan at December 31, 2025 and 2024:

 

December 31,

 

2025

 

 

2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In thousands)

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

388

 

 

$

—

 

 

$

—

 

 

$

388

 

 

$

2,551

 

 

$

—

 

 

$

—

 

 

$

2,551

 

Short-term investment funds

 

 

—

 

 

 

9,903

 

 

 

—

 

 

 

9,903

 

 

 

—

 

 

 

5,782

 

 

 

—

 

 

 

5,782

 

Common Collective Equity funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

—

 

 

 

21,707

 

 

 

—

 

 

 

21,707

 

 

 

—

 

 

 

24,304

 

 

 

—

 

 

 

24,304

 

International

 

 

—

 

 

 

13,399

 

 

 

—

 

 

 

13,399

 

 

 

—

 

 

 

14,039

 

 

 

—

 

 

 

14,039

 

Common Collective Fixed Income Funds and Fixed Income Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

50,619

 

 

 

122,346

 

 

 

—

 

 

 

172,965

 

 

 

46,572

 

 

 

135,047

 

 

 

—

 

 

 

181,619

 

International

 

 

—

 

 

 

24,533

 

 

 

—

 

 

 

24,533

 

 

 

—

 

 

 

22,040

 

 

 

—

 

 

 

22,040

 

Alternative strategy funds

 

 

—

 

 

 

8,536

 

 

 

1,527

 

 

 

10,063

 

 

 

—

 

 

 

500

 

 

 

10,528

 

 

 

11,028

 

Total Plan Assets

 

$

51,007

 

 

$

200,424

 

 

$

1,527

 

 

 

252,958

 

 

$

49,124

 

 

$

201,712

 

 

$

10,528

 

 

 

261,364

 

Other plan liabilities, net (a)

 

 

 

 

 

 

 

 

 

 

 

(34,957

)

 

 

 

 

 

 

 

 

 

 

 

(31,891

)

Net Plan Assets

 

 

 

 

 

 

 

 

 

 

$

218,001

 

 

 

 

 

 

 

 

 

 

 

$

229,473

 

(a) net amounts payable for unsettled security transactions.

The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.K. plans at December 31, 2025 and 2024:

 

December 31,

 

2025

 

 

2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In thousands)

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,475

 

 

$

—

 

 

$

—

 

 

$

1,475

 

 

$

701

 

 

$

—

 

 

$

—

 

 

$

701

 

Common Collective Fixed Income Funds and Fixed Income Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investment funds:

 

 

—

 

 

 

43,338

 

 

 

—

 

 

 

43,338

 

 

 

—

 

 

 

46,997

 

 

 

—

 

 

 

46,997

 

Government securities

 

 

64,635

 

 

 

16,325

 

 

 

—

 

 

 

80,960

 

 

 

61,246

 

 

 

16,762

 

 

 

—

 

 

 

78,008

 

Alternative strategy funds

 

 

9,389

 

 

 

30,581

 

 

 

3,248

 

 

 

43,218

 

 

 

8,090

 

 

 

32,998

 

 

 

2,284

 

 

 

43,372

 

Real estate funds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

666

 

 

 

666

 

Total

 

$

75,499

 

 

$

90,244

 

 

$

3,248

 

 

$

168,991

 

 

$

70,037

 

 

$

96,757

 

 

$

2,950

 

 

$

169,744

 

 

Short-term investment funds consist primarily of funds with a maturity of 60 days or less and are valued at amortized cost which approximates fair value.

Equity securities consist primarily of common collective funds (Level 2). Common collective funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.

Fixed income securities consist of money market funds, government securities, corporate bonds and debt securities, mortgage-backed securities and other common collective funds. Government securities are valued by third-party pricing sources and are valued daily in an active market (Level 1). Corporate bonds are valued using either the yields currently available on comparable securities of issuers with similar credit ratings or using a discounted cash flows approach that utilizes observable inputs, such as current yields of similar instruments, and includes adjustments for valuation adjustments from internal pricing models which use observable inputs such as issuer details, interest rates, yield curves, default rates and quoted prices for similar assets (Level 2). Mortgage-backed securities are valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models (Level 2). Other common collective funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date (Level 2).

Alternative strategy funds are valued by third-party pricing sources and are valued daily using quoted prices in active markets (Level 1) or are valued using observable inputs, including net asset value information and other market-corroborated data, to estimate fair value as of the measurement date (Level 2). Alternative strategy funds may include derivative instruments such as futures, forward contracts, options and swaps and are used to help manage risks. Derivative instruments are generally valued by the investment managers or in certain instances by third party pricing sources (Level 2) or may, due to the inherent uncertainty of valuation for those investments, differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material (Level 3).

Real estate funds are primarily property unit trusts whose values are primarily reported by the fund manager and are based on valuation of the underlying investments which include inputs such as cost, discounted cash flows, independent appraisals and market-based comparable data (Level 3). The fair values may, due to the inherent uncertainty of valuation for those investments, differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

Changes in fair value related to assets still held at the reporting date are included in "Accumulated Other Comprehensive Loss" on the Consolidated Balance Sheet. The following table provides a reconciliation of the beginning and ending balance of Level 3 assets within the Company's U.S. and U.K. pension plans during the years ended December 31, 2025 and 2024:

 

 

 

U.S

 

 

U.K.

 

 

 

(in thousands)

 

Balance at December 31, 2023

 

$

11,299

 

 

$

4,927

 

Actual return on plan assets:

 

 

 

 

 

 

Related to assets still held at the reporting date

 

 

(1,350

)

 

 

107

 

Related to assets sold during the period

 

 

(264

)

 

 

63

 

Purchases, sales and settlements, net

 

 

843

 

 

 

(3,113

)

Transfers into Level 3

 

 

—

 

 

 

966

 

Balance at December 31, 2024

 

 

10,528

 

 

 

2,950

 

Actual return on plan assets:

 

 

 

 

 

 

Related to assets still held at the reporting date

 

 

419

 

 

 

496

 

Related to assets sold during the period

 

 

30

 

 

 

(85

)

Purchases, sales and settlements, net

 

 

449

 

 

 

(113

)

Transfers out of Level 3

 

 

(9,899

)

 

 

—

 

Balance at December 31, 2025

 

$

1,527

 

 

$

3,248

 
v3.25.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information

12. Segment and Geographic Information

The Company has four reportable segments consisting of North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions. The Company's reportable segments are comprised of the following:

•
North America Loss Adjusting, which services the North American property and casualty market. This is comprised of Loss Adjusting operations in the U.S. and Canada, including Global Technical Services and Field Operations. The Canadian operations include all operations within that country including third party administration and Contractor Connection.
•
International Operations, which services the global property and casualty market outside North America, is comprised of Loss Adjusting operations in the U.K., Europe, Australia, Asia and Latin America, and includes Crawford Legal Services. International Operations includes all operations within the respective countries, including Loss Adjusting, Global Technical Services, Legal Services, third party administration, and where applicable, Contractor Connection.
•
Broadspire, which provides third party administration for workers' compensation, auto and liability, disability absence management, medical management, and accident and health to corporations, brokers and insurers in the U.S.
•
Platform Solutions, which consists of the Contractor Connection, Networks, and Subrogation service lines in the U.S. The Networks service line includes Catastrophe operations.

The Platform Solutions reportable segment represents the aggregation of certain service line operating segments. Intersegment sales are recorded at cost and are not material.

Effective January 1, 2024, the Company combined the operating segments within North America Loss Adjusting and International Operations, and accordingly, there are no operating segments within these reportable segments to aggregate.

The Company's four reportable segments represent components of the business for which separate financial information is available, and which is evaluated regularly by the chief operating decision maker ("CODM"). The Company’s CEO is considered the CODM as he is responsible for strategic decisions including the allocation of resources to each reporting segment and the assessment of their performance. Specifically, he assesses the financial health of each segment, reviews budgeting and resource allocation, directs all strategic planning, reviews investments for new products and technology allocations, evaluates pricing strategies and cash flow management, and oversees risk management for each segment. The CEO regularly meets with the segment managers to discuss financial performance, operational issues and revenue forecasts. Additionally, the segment managers create segment-level budgets and forecasts and receive incentive compensation derived from the operating results of the segments. These financial packages are discussed in the meetings with the CEO. On December 31, 2025, Mr. Rohit Verma resigned from the Company and his position as President and CEO. On January 1, 2026, Mr. Bruce Swain was appointed interim President and CEO.

Operating earnings is the primary financial performance measure used by the Company's senior management and the CODM to evaluate the financial performance of the Company's four reportable segments and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate reportable segment operating performance using the same criteria used by the Company's senior management and CODM. The CODM considers revenues before reimbursements and operating earnings when making decisions about the allocation of operating and capital resources. Operating earnings will differ from net income computed in accordance with GAAP since operating earnings represent segment earnings before certain unallocated corporate administrative costs, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, non-service pension costs, income taxes, restructuring and other costs, net, and net income or loss attributable to noncontrolling interests.

Segment operating earnings includes allocations of certain corporate and shared costs. If the Company changes its allocation methods or changes the types of costs that are allocated to its four reportable segments, prior period amounts presented in the current period financial statements are adjusted to conform to the current allocation process.

In the normal course of its business, the Company sometimes pays for certain out-of-pocket expenses that are thereafter reimbursed by its clients. Under GAAP, these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in the Company's consolidated results of operations. However, in evaluating segment results, Company management excludes these reimbursements and related expenses from segment results, as they offset each other.

Financial information as of and for the years ended December 31, 2025, 2024, and 2023 related to the Company's reportable segments is presented below:

 

 

 

Year Ended December 31, 2025

 

 

 

North America
Loss Adjusting

 

International
Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

 

(In thousands)

 

Revenues before reimbursements

 

$

304,887

 

$

438,218

 

$

401,859

 

$

120,757

 

$

1,265,721

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

     Compensation

 

 

177,950

 

 

218,369

 

 

188,867

 

 

56,001

 

 

641,187

 

     Benefits and payroll taxes

 

 

33,939

 

 

42,510

 

 

38,450

 

 

9,928

 

 

124,827

 

     Non-employee labor

 

 

5,956

 

 

31,554

 

 

17,042

 

 

2,771

 

 

57,323

 

Total Compensation

 

 

217,845

 

 

292,433

 

 

244,359

 

 

68,700

 

 

823,337

 

     Office rent and occupancy

 

 

4,370

 

 

13,670

 

 

8,329

 

 

3,458

 

 

29,827

 

     Other office operating expense (1)

 

 

17,510

 

 

28,085

 

 

17,335

 

 

7,439

 

 

70,369

 

     Depreciation

 

 

4,309

 

 

4,013

 

 

5,747

 

 

6,647

 

 

20,716

 

     Professional fees

 

 

1,705

 

 

6,991

 

 

17,730

 

 

2,500

 

 

28,926

 

     Cost of risk

 

 

1,696

 

 

2,027

 

 

3,656

 

 

1,846

 

 

9,225

 

     Other, net (2)

 

 

479

 

 

4,416

 

 

1,310

 

 

3,181

 

 

9,386

 

Total Other Operating Expense

 

 

30,069

 

 

59,202

 

 

54,107

 

 

25,071

 

 

168,449

 

Allocated corporate, shared services, and administrative costs (3)

 

 

35,999

 

 

61,460

 

 

48,785

 

 

19,423

 

 

165,667

 

Total Segment Expenses

 

 

283,913

 

 

413,095

 

 

347,251

 

 

113,194

 

 

1,157,453

 

Segment Operating Earnings

 

$

20,974

 

$

25,123

 

$

54,608

 

$

7,563

 

$

108,268

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

 

 

(25,995

)

Net corporate interest expense

 

 

 

 

 

 

 

 

 

 

(14,687

)

Non-service pension costs

 

 

 

 

 

 

 

 

 

 

(9,413

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

(609

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

 

 

(8,431

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

 

 

(537

)

Restructuring and other costs, net

 

 

 

 

 

 

 

 

 

 

(13,996

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

34,600

 

Income taxes

 

 

 

 

 

 

 

 

 

 

(14,924

)

Net Income

 

 

 

 

 

 

 

 

 

 

19,676

 

Net Income Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

(42

)

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

 

 

 

 

$

19,634

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

North America
Loss Adjusting

 

International
Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

 

(In thousands)

 

Revenues before reimbursements

 

$

312,158

 

$

418,607

 

$

388,074

 

$

173,671

 

$

1,292,510

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

     Compensation

 

 

184,732

 

 

208,200

 

 

181,355

 

 

91,457

 

 

665,744

 

     Benefits and payroll taxes

 

 

35,659

 

 

39,082

 

 

36,769

 

 

14,480

 

 

125,990

 

     Non-employee labor

 

 

5,790

 

 

26,411

 

 

17,159

 

 

5,849

 

 

55,209

 

Total Compensation

 

 

226,181

 

 

273,693

 

 

235,283

 

 

111,786

 

 

846,943

 

     Office rent and occupancy

 

 

4,595

 

 

14,340

 

 

9,247

 

 

3,554

 

 

31,736

 

     Other office operating expense (1)

 

 

16,015

 

 

28,289

 

 

16,200

 

 

9,067

 

 

69,571

 

     Depreciation

 

 

3,149

 

 

3,314

 

 

4,767

 

 

6,807

 

 

18,037

 

     Professional fees

 

 

1,869

 

 

11,685

 

 

17,414

 

 

2,166

 

 

33,134

 

     Cost of risk

 

 

1,116

 

 

4,363

 

 

6,451

 

 

1,398

 

 

13,328

 

     Other, net (2)

 

 

2,464

 

 

5,466

 

 

1,170

 

 

3,991

 

 

13,091

 

Total Other Operating Expense

 

 

29,208

 

 

67,457

 

 

55,249

 

 

26,983

 

 

178,897

 

Allocated corporate, shared services, and administrative costs (3)

 

 

38,596

 

 

56,456

 

 

45,113

 

 

23,729

 

 

163,894

 

Total Segment Expenses

 

 

293,985

 

 

397,606

 

 

335,645

 

 

162,498

 

 

1,189,734

 

Segment Operating Earnings

 

$

18,173

 

$

21,001

 

$

52,429

 

$

11,173

 

$

102,776

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

 

 

(28,066

)

Net corporate interest expense

 

 

 

 

 

 

 

 

 

 

(16,862

)

Non-service pension costs

 

 

 

 

 

 

 

 

 

 

(9,764

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

(574

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

 

 

(7,497

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

 

 

1,099

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

41,112

 

Income taxes

 

 

 

 

 

 

 

 

 

 

(14,583

)

Net Income

 

 

 

 

 

 

 

 

 

 

26,529

 

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

67

 

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

 

 

 

 

$

26,596

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

North America
Loss Adjusting

 

International
Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

 

(In thousands)

 

Revenues before reimbursements

 

$

303,629

 

$

382,393

 

$

355,650

 

$

225,459

 

$

1,267,131

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

     Compensation

 

 

177,254

 

 

200,877

 

 

168,216

 

 

121,779

 

 

668,126

 

     Benefits and payroll taxes

 

 

32,539

 

 

36,383

 

 

32,478

 

 

17,602

 

 

119,002

 

     Non-employee labor

 

 

4,849

 

 

19,300

 

 

16,559

 

 

8,420

 

 

49,128

 

Total Compensation

 

 

214,642

 

 

256,560

 

 

217,253

 

 

147,801

 

 

836,256

 

     Office rent and occupancy

 

 

4,637

 

 

15,501

 

 

9,796

 

 

3,739

 

 

33,673

 

     Other office operating expense (1)

 

 

14,186

 

 

25,951

 

 

14,279

 

 

9,299

 

 

63,715

 

     Depreciation

 

 

2,098

 

 

3,155

 

 

5,664

 

 

5,570

 

 

16,487

 

     Professional fees

 

 

1,493

 

 

10,484

 

 

15,565

 

 

2,137

 

 

29,679

 

     Cost of risk

 

 

1,368

 

 

3,929

 

 

3,600

 

 

1,006

 

 

9,903

 

     Other, net (2)

 

 

3,052

 

 

6,445

 

 

860

 

 

4,322

 

 

14,679

 

Total Other Operating Expense

 

 

26,834

 

 

65,465

 

 

49,764

 

 

26,073

 

 

168,136

 

Allocated corporate, shared services, and administrative costs (3)

 

 

38,968

 

 

49,187

 

 

46,760

 

 

23,044

 

 

157,959

 

Total Segment Expenses

 

 

280,444

 

 

371,212

 

 

313,777

 

 

196,918

 

 

1,162,351

 

Segment Operating Earnings

 

$

23,185

 

$

11,181

 

$

41,873

 

$

28,541

 

$

104,780

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

 

 

(19,419

)

Net corporate interest expense

 

 

 

 

 

 

 

 

 

 

(17,036

)

Non-service pension costs

 

 

 

 

 

 

 

 

 

 

(8,601

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

(552

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

 

 

(7,790

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

 

 

(4,025

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

47,357

 

Income taxes

 

 

 

 

 

 

 

 

 

 

(17,097

)

Net Income

 

 

 

 

 

 

 

 

 

 

30,260

 

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

349

 

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

 

 

 

 

$

30,609

 

 

(1) Other office and operating expenses include travel and entertainment, automobile expenses, office operating expenses and data processing costs.

(2) Other, net primarily includes bank service charges and advertising expenses.

(3) Allocated corporate, shared services, and administrative costs, comprise of expenses for administrative functions, including direct compensation, payroll taxes, and benefits which are allocated to each segment based on usage.

(4) Unallocated corporate and shared costs and credits represent expenses for the Company's chief executive officer and Board of Directors, certain adjustments to self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.

 

Segment assets consist of accounts receivable, less allowance for expected credit losses, unbilled revenues at estimated billable amounts, goodwill and intangible assets arising from business acquisitions, net. Assets for the years ended December 31, 2025 and 2024 were as follows:

 

 

 

North America Loss Adjusting

 

 

International Operations

 

 

Broadspire

 

 

Platform
Solutions

 

 

Total

 

 

 

(In thousands)

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

$

96,020

 

 

$

144,167

 

 

$

72,777

 

 

$

72,578

 

 

$

385,542

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

106,657

 

 

 

149,441

 

 

 

73,114

 

 

 

94,845

 

 

 

424,057

 

 

 

Revenues by geographic region and major service line for the North America Loss Adjusting, International Operations, Broadspire and Platform Solutions segments are shown in Note 2, "Revenue Recognition."

Capital expenditures for the years ended December 31, 2025, 2024, and 2023 are shown in the following table:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

North America Loss Adjusting

 

$

7,070

 

 

$

4,458

 

 

$

3,052

 

International Operations

 

 

1,321

 

 

 

2,225

 

 

 

1,061

 

Broadspire

 

 

14,620

 

 

 

12,643

 

 

 

12,494

 

Platform Solutions

 

 

3,538

 

 

 

5,405

 

 

 

4,815

 

Corporate

 

 

12,000

 

 

 

16,916

 

 

 

15,174

 

Total capital expenditures

 

$

38,549

 

 

$

41,647

 

 

$

36,596

 

The total of the Company's reportable segments' revenues before reimbursements reconciled to total consolidated revenues for the years ended December 31, 2025, 2024, and 2023 was as follows:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Segments' revenues before reimbursements

 

$

1,265,721

 

 

$

1,292,510

 

 

$

1,267,131

 

Reimbursements

 

 

45,106

 

 

 

48,460

 

 

 

49,788

 

Total consolidated revenues

 

$

1,310,827

 

 

$

1,340,970

 

 

$

1,316,919

 

The Company's reportable segments' total assets reconciled to consolidated total assets of the Company at 2025 and 2024 are presented in the following table:

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Assets of reportable segments

 

$

385,542

 

 

$

424,057

 

Corporate assets:

 

 

 

 

 

 

Cash and cash equivalents

 

 

64,079

 

 

 

55,412

 

Income taxes receivable

 

 

4,350

 

 

 

5,337

 

Prepaid expenses and other current assets

 

 

41,362

 

 

 

40,334

 

Net property and equipment

 

 

16,649

 

 

 

20,554

 

Operating lease right-of-use asset, net

 

 

66,322

 

 

 

78,808

 

Capitalized software costs, net

 

 

112,812

 

 

 

111,854

 

Deferred income tax assets

 

 

24,684

 

 

 

25,305

 

Other noncurrent assets

 

 

48,500

 

 

 

42,094

 

Total corporate assets

 

 

378,758

 

 

 

379,698

 

Total assets

 

$

764,300

 

 

$

803,755

 

Revenues and long-lived assets for the U.S., U.K. and Canada are set out below as these countries are material for geographical area disclosure. For the purposes of these geographic area disclosures, long-lived assets consist of the net property and equipment, capitalized software costs, net and operating lease right-of-use, net line items on the Company's Consolidated Balance Sheets and excludes intangible assets and goodwill.

 

 

 

U.S.

 

 

U.K.

 

 

Canada

 

 

All Other
International

 

 

Total
Company

 

 

 

(In thousands)

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues before reimbursements

 

$

738,350

 

 

$

179,412

 

 

$

89,153

 

 

$

258,806

 

 

$

1,265,721

 

Long-lived assets

 

 

125,570

 

 

 

21,133

 

 

 

14,974

 

 

 

34,106

 

 

 

195,783

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues before reimbursements

 

 

783,024

 

 

 

168,357

 

 

 

90,879

 

 

 

250,250

 

 

 

1,292,510

 

Long-lived assets

 

 

140,701

 

 

 

23,101

 

 

 

16,676

 

 

 

30,737

 

 

 

211,215

 
v3.25.4
Restructuring and Other Costs, Net
 12 Months Ended
Dec. 31, 2025
Restructuring Costs [Abstract]  
Restructuring and Other Costs, Net

13. Restructuring and Other Costs, Net

During the fourth quarter of 2025, the Company executed a restructuring plan to improve its operational efficiencies to further support its corporate strategy. The Company incurs costs associated with restructuring initiatives intended to improve operating performance, profitability, and efficiency of business processes. The Company incurred pre-tax restructuring costs of $13,996,000 in 2025. There were no restructuring programs or costs incurred during 2024 or 2023.

Restructuring costs include asset impairments, lease termination costs, severance and termination costs, and loss on sale or disposal of a business. Asset impairments, including costs incurred for obsolete software, are related to decisions to close certain operations. Lease termination costs are related to the exit of certain leased facilities. Severance and termination costs relate to efforts to consolidate and streamline various functions of our workforce, both in operations and administrative functions.

The Company records restructuring charges when they are probable and estimable. Restructuring costs are accrued when the Company announces a restructuring event or communicates the employee termination, and the amounts can be reasonably estimated. Restructuring expenses are included in “Restructuring costs” in the Consolidated Statements of Operations. Restructuring costs are not charged to our segments.

The Company’s restructuring and other costs, net are comprised of the following:

 

Year ended December 31

 

2025

 

 

 

(In thousands)

 

Asset impairments

 

$

8,918

 

Lease termination costs

 

 

2,932

 

Severance and termination costs

 

 

1,622

 

Loss on sale of business

 

 

524

 

Total restructuring and other costs, net

 

$

13,996

 

The following table summarizes the remaining costs in the Company’s accrued restructuring balances as of December 31, 2025. Severance and termination costs are included in “Accrued compensation and related costs” and lease termination costs are included in current and noncurrent “Operating lease liability” in the Consolidated Balance Sheets:

 

Restructuring Charges

 

Accrued compensation and related costs

 

 

Operating lease liability

 

 

Other accrued liabilities

 

 

Total

 

 

 

(In thousands)

 

Balance at December 31, 2024

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Additions

 

 

1,291

 

 

 

3,868

 

 

 

289

 

 

 

5,448

 

Adjustments to accruals

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Cash payments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31, 2025

 

$

1,291

 

 

$

3,868

 

 

$

289

 

 

$

5,448

 
v3.25.4
Client Funds
 12 Months Ended
Dec. 31, 2025
Client Funds [Abstract]  
Client Funds

14. Client Funds

The Company maintains funds in custodial accounts at financial institutions to administer claims for certain clients. These funds are not available for the Company's general operating activities and, as such, have not been recorded in the accompanying Consolidated Balance Sheets. The amount of these funds totaled $456,043,000 at December 31, 2025.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

15. Commitments and Contingencies

As part of the Company's Credit Facility, the Company maintains a letter of credit facility to satisfy certain of its own contractual requirements. At December 31, 2025, the aggregate committed amount of letters of credit outstanding under the facility was $8,457,000.

From time to time, the Company enters into certain agreements for the purchase or sale of assets or businesses that contain provisions that may require the Company to make additional payments in the future depending upon the achievement of specified operating results of the acquired company, or provide the Company with an option or similar right to purchase additional assets.

In the normal course of its business, the Company is sometimes named as a defendant or responsible party in suits or other actions by insureds or claimants contesting decisions made by the Company or its clients with respect to the settlement of claims. Additionally, certain clients of the Company have in the past brought, and may, in the future bring, claims for indemnification on the basis of alleged actions by the Company, its agents, or its employees in rendering services to clients. The majority of these claims are of the type covered by insurance maintained by the Company. However, the Company is responsible for the deductibles and self-insured retentions under various insurance coverages. In the opinion of Company management, adequate provisions have been made for such known and probable risks. No assurances can be provided, however, that the result of any such action, claim or proceeding, now known or occurring in the future, will not result in a material adverse effect on our business, financial condition or results of operations.

The Company is subject to numerous federal, state, and foreign labor, employment, worker health and safety, antitrust and competition, environmental and consumer protection, import/export, anti-corruption, and other laws. From time to time the Company faces claims and investigations by employees, former employees, and governmental entities under such laws or employment contracts with such employees or former employees. Such claims, investigations, and any litigation involving the Company could divert management's time and attention from the Company's business operations and could potentially result in substantial costs of defense, settlement or other disposition, which could have a material adverse effect on the Company's results of operations, financial position, and cash flows. In the opinion of Company management, adequate provisions have been made for any items that are probable and reasonably estimable.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

16. Subsequent Events

Segment Realignment

In connection with the realignment of management responsibilities effective January 1, 2026, the Company updated its reportable segments. The Company's revised reportable segments are comprised of the following:

•
U.S. Property & Casualty, provides claims management services to insurance carriers and self-insured entities related to property and casualty losses. This is comprised of U.S. Loss Adjusting which includes Global Technical Services and Claims Solutions. This reportable segment also includes Networks which consists of the Contractor Connection and Catastrophe Services operations previously reported within the Platform Solutions Segment.
•
Broadspire, which provides third party administration for workers' compensation, auto and liability, disability management, medical management, and accident and health to corporations, brokers and insurers as well as subrogation services in the U.S. Broadspire includes the subrogation operations that were previously reported within the Platform Solutions Segment.
•
International Operations, which services the global property and casualty market outside the U.S., includes all operations within the U.K., Europe, Australia, Asia, Latin America and the Canadian operations that were previously reported within North America Loss Adjusting.

The succeeding interim and annual periods reporting will disclose the reportable segments under the new basis with prior periods restated to reflect the change.
v3.25.4
Significant Accounting and Reporting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Principles of Consolidation

Principles of Consolidation

The accompanying consolidated financial statements were prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") and include the accounts of the Company, its majority-owned subsidiaries, and variable interest entities ("VIE") in which the Company is deemed to be the primary beneficiary. Significant intercompany transactions are eliminated in consolidation. Financial results from the Company's operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines, are reported and consolidated on a two-month delayed basis in accordance with the provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidation, in order to provide sufficient time for accumulation of their results. Accordingly, the Company's December 31, 2025, 2024, and 2023 consolidated financial statements include the financial position of such operations as of October 31, 2025 and 2024, respectively, and the results of their operations and cash flows for the fiscal years ended October 31, 2025, 2024, and 2023, respectively.

The Company has controlling ownership interests in several entities that are not wholly-owned by the Company. The financial results and financial positions of these controlled entities are included in the Company's consolidated financial statements, including the controlling interests and noncontrolling interests. The noncontrolling interests represent the equity interests in these entities that are not attributable, either directly or indirectly, to the Company. On the Company's Consolidated Statements of Operations, net income or loss is separately attributed to the controlling interests and noncontrolling interests.

Noncontrolling interests represent the minority shareholders' share of the net income or loss and shareholders' investment in consolidated subsidiaries. Noncontrolling interests are presented as a component of shareholders' investment in the Consolidated Balance Sheets and reflect the initial fair value of these investments by noncontrolling shareholders, along with their proportionate share of the income or loss of the subsidiaries, less any dividends or distributions.

The Company consolidates the results of a VIE when it is determined to be the primary beneficiary. In accordance with GAAP, in determining whether the Company is the primary beneficiary of a VIE for financial reporting purposes, it considers whether it has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether it has the obligation to absorb losses or the right to receive returns that would be significant to the VIE.

The Company consolidates the liabilities of its deferred compensation plan and the related assets, which are held in a rabbi trust and also considered a VIE of the Company. The rabbi trust was created to fund the liabilities of the Company's deferred compensation plan. The Company is considered the primary beneficiary of the rabbi trust because the Company directs the activities of the trust and can use the assets of the trust to satisfy the liabilities of the Company's deferred compensation plan. At December 31, 2025 and 2024, the liabilities of this deferred compensation plan were $6,686,000 and $6,248,000, respectively, which represented obligations of the Company rather than of the rabbi trust, and the values of the assets held in the related rabbi trust were $10,423,000 and $10,389,000, respectively. These liabilities and assets are included in "Other noncurrent liabilities" and "Other noncurrent assets" on the Company's Consolidated Balance Sheets, respectively.
Consolidation, Variable Interest Entity, Policy The Company consolidates the liabilities of its deferred compensation plan and the related assets, which are held in a rabbi trust and also considered a VIE of the Company. The rabbi trust was created to fund the liabilities of the Company's deferred compensation plan. The Company is considered the primary beneficiary of the rabbi trust because the Company directs the activities of the trust and can use the assets of the trust to satisfy the liabilities of the Company's deferred compensation plan.
Management's Use of Estimates

Management's Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Revenue Recognition

Revenue Recognition

Revenues are recognized when control of the promised services are transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are recognized net of any sales, use or value added taxes collected from customers, which are subsequently remitted to governmental authorities. As the Company completes its performance obligations, it has an unconditional right to consideration as outlined in the Company's contracts.

The Company's North America Loss Adjusting segment generates revenue for claims management and adjusting services to insurance companies and self-insured entities related to property and casualty losses caused by physical damage to commercial and residential real property, certain types of personal property and marine losses. The Company's International Operations segment generates revenue in a similar manner as North America Loss Adjusting in the U.K., Europe, Australia, Asia and Latin America. This segment also includes Legal Services, which generates revenues for services provided to insurance companies. The Company's Broadspire segment is a third party administrator that generates revenue through its Claims Management and Medical Management service lines. The Company's Platform Solutions segment principally generates revenues through its Contractor Connection, Networks and Subrogation service lines. The Contractor Connection service line generates revenue through its independently managed contractor network of credentialed residential and commercial contractors in the U.S. See Note 2, “Revenue Recognition,” for further discussion on the Company’s revenue recognition policies.

Intersegment sales are not material and eliminate in consolidation.
Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The fair value of cash and cash equivalents approximates carrying value due to their short-term nature.

Cash balances that are legally restricted as to usage or withdrawal are separately included in "Prepaid expenses and other current assets" within the Consolidated Balance Sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Consolidated Statements of Cash Flows:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Cash and cash equivalents

 

$

64,079

 

 

$

55,412

 

 

$

58,363

 

Restricted cash within prepaid expenses and other current assets

 

 

467

 

 

 

917

 

 

 

1,182

 

Total cash, cash equivalents and restricted cash

 

$

64,546

 

 

$

56,329

 

 

$

59,545

 
Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Expected Credit Losses

The Company extends credit based on an evaluation of a client's financial condition and, generally, collateral is not required. Accounts receivable are typically due upon receipt of the invoice and are stated on the Company's Consolidated Balance Sheets at amounts due from clients net of an estimated allowance for expected credit losses. Accounts outstanding longer than the contractual payment terms are considered past due. The fair value of accounts receivable approximates book value due to their short-term contractual stipulations.

Unbilled revenues are stated on the Company’s Consolidated Balance Sheets, net of estimated billing adjustments and an estimated allowance for expected credit losses. Unbilled assets represent a contract asset for revenue that has been recognized in advance of billing the customer, resulting from professional services delivered that we expect and are entitled to receive as consideration under certain contracts. Billing requirements vary by contract but substantially all unbilled revenues are billed within one year.

The Company maintains an allowance for expected credit losses resulting primarily from the inability of clients to make required payments. Such losses are accounted for as bad debt expense. These allowances are established using historical write-off or adjustment information to project future experience and by considering the current creditworthiness of clients, any known specific collection problems, and an assessment of current industry and economic conditions. Actual experience may differ significantly from historical or expected loss results. The Company writes off accounts receivable and unbilled revenues when they become uncollectible, and any payments subsequently received are accounted for as recoveries.

A summary of the activities in the allowance for expected credit losses for the years ended December 31, 2025, 2024, and 2023 is as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Allowance for credit losses, January 1

 

$

9,089

 

 

$

9,530

 

 

$

9,322

 

Add/ (Deduct):

 

 

 

 

 

 

 

 

 

Provision for bad debt expense

 

 

353

 

 

 

1,341

 

 

 

626

 

Write-offs, net of recoveries

 

 

(930

)

 

 

(1,654

)

 

 

(478

)

Adjustments for business acquisitions and dispositions

 

 

(234

)

 

 

—

 

 

 

—

 

Currency translation and other changes

 

 

54

 

 

 

(128

)

 

 

60

 

Allowance for credit losses, December 31

 

$

8,332

 

 

$

9,089

 

 

$

9,530

 
Goodwill, Indefinite-Lived Intangible Assets, and Other Long-Lived Assets

Goodwill, Indefinite-Lived Intangible Assets, and Other Long-Lived Assets

Goodwill is an asset that represents the excess of the purchase price over the fair value of the separately identifiable net assets (tangible and intangible) acquired in business combinations. Indefinite-lived intangible assets consist of trade names associated with acquired businesses. Goodwill and indefinite-lived intangible assets are not amortized, but are subject to impairment testing at least annually. Other long-lived assets consist primarily of property and equipment, deferred income tax assets, capitalized software, and amortizable intangible assets related to customer relationships, technology, and trade names with finite lives. Other long-lived assets are evaluated for impairment when impairment indicators are identified.

Subsequent to a business acquisition in which goodwill and indefinite-lived intangibles are recorded, post-acquisition accounting requires that both be tested to determine whether there has been an impairment. The Company performs an impairment test of goodwill and indefinite-lived intangible assets at least annually on October 1 of each year. The Company regularly evaluates whether events and circumstances have occurred which indicate potential impairment of goodwill or indefinite-lived intangible assets. When factors indicate that such assets should be evaluated for possible impairment between the scheduled annual impairment tests, the Company performs an interim impairment test.

Goodwill impairment testing is performed on a reporting unit basis. If the fair value of the reporting unit exceeds its carrying value, including goodwill, goodwill is considered not impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The loss recognized cannot subsequently be reversed.

The carrying value of the reporting unit, including goodwill, is compared with the estimated fair value of the reporting unit as determined utilizing a combination of the income and market approaches. The income approach, which is a level 3 fair value measurement, is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of the cash flows. The market approach is based on the Guideline Public Company Method, which uses market pricing metrics to select multiples to value the Company's reporting units. The resulting estimated fair values of the combined reporting units are reconciled to the Company's market capitalization including an estimated implied control premium. The Company believes that the combination of these approaches is appropriate because it provides a fair value estimate based upon the combination of the reporting unit's expected long-term operating cash flow performance and multiples with which similar publicly traded companies are valued. The Company weights the income and market approaches equally.

The Company has the option to perform a qualitative assessment of goodwill prior to completing the quantitative analysis described above to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If the Company concludes that this is the case, it performs the quantitative analysis above.

If changes to the Company's reporting structure impact the composition of its reporting units, existing goodwill is reallocated to the revised reporting units based on their relative estimated fair values as determined by a combination of the income and market approaches. If all of the assets and liabilities of an acquired business are assigned to a specific reporting unit, the goodwill associated with that acquisition is assigned to that reporting unit at acquisition unless another reporting unit is also expected to benefit from the acquisition.

For impairment testing of indefinite-lived intangible assets, the carrying value is compared with the estimated fair value, which is estimated based on the present value of the after-tax cash flows attributable solely to the asset. If carrying value exceeds the estimated fair value, an impairment is recognized based on the excess. The fair values of the Company's trade names are established using the relief-from-royalty method, a form of the income approach. This method recognizes that, by virtue of owning the trade name as opposed to licensing it, a company or reporting unit is relieved from paying a royalty, usually expressed as a percentage of net sales, for the asset's use. The present value of the after-tax costs savings (i.e., royalty relief) at an appropriate discount rate including a tax amortization benefit indicates the value of the trade name. The Company determined the discount rate based on its performance compared to similar market participants, factored by risk in forecasting using a modified capital asset pricing model.
Property and Equipment

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. The Company depreciates the cost of property and equipment, including assets recorded under finance leases, over the shorter of the remaining lease term or the estimated useful lives of the related assets, primarily using the straight-line method. The estimated useful lives for property and equipment classifications are as follows:

 

Classification

Estimated Useful Lives

Furniture and fixtures

3-10 years

Data processing equipment

3-5 years

Automobiles and other

3-4 years

Leasehold improvements

5-10 years

 

Property and equipment, including assets under finance leases, consisted of the following at December 31, 2025 and 2024:

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Leasehold improvements

 

$

27,347

 

 

$

30,357

 

Furniture and fixtures

 

 

16,157

 

 

 

19,690

 

Data processing equipment

 

 

44,255

 

 

 

43,562

 

Automobiles

 

 

619

 

 

 

701

 

Total property and equipment

 

 

88,378

 

 

 

94,310

 

Less accumulated depreciation

 

 

(71,729

)

 

 

(73,756

)

Net property and equipment

 

$

16,649

 

 

$

20,554

 

Depreciation on property and equipment, including property under finance leases and amortization of leasehold improvements, was $8,021,000, $8,881,000, and $10,004,000 for the years ended December 31, 2025, 2024, and 2023, respectively.
Capitalized Software

Capitalized Software

Capitalized software costs reflect costs related to internally developed or purchased software used by the Company that has expected future economic benefits. Certain internal and external costs incurred during the application development stage are capitalized. Costs incurred during the preliminary project and post implementation stages, including training and maintenance costs, are expensed as incurred. The majority of these capitalized software costs consist of internal payroll costs and external payments for software development, purchases and related services. Additionally, "Capitalized software costs, net" on the Company's Consolidated Balance Sheets includes $6,795,000 and $5,900,000 as of December 31, 2025 and 2024, respectively, related to implementation of hosting arrangement service contracts for certain software applications. Capitalized software costs are typically amortized over periods ranging from three to ten years, depending on the estimated life of each software application. Amortization expense for capitalized software was $23,589,000, $19,817,000, and $17,948,000 for the years ended December 31, 2025, 2024, and 2023, respectively.
Self-Insured Risks

Self-Insured Risks

The Company self-insures certain risks consisting primarily of professional liability, auto liability, and employee medical, disability, and workers' compensation liability. Insurance coverage is obtained for catastrophic property and casualty exposures, including professional liability on a claims-made basis, and those risks required to be insured by law or contract. Most of these self-insured risks are in the U.S. Provisions for claims under the self-insured programs are made based on the Company's estimates of the aggregate liabilities for claims incurred, including estimated legal fees, losses that have occurred but have not been reported to the Company, and for adverse developments on reported losses. The estimated liabilities are calculated based on historical claims experience, the expected lives of the claims, and other factors considered relevant by management. Changes in these estimates may occur as additional information becomes available. The Company believes its provisions for self-insured losses are adequate to cover the expected cost of losses incurred. However, these provisions are estimates and amounts ultimately settled may be significantly greater or less than the provisions established. The estimated liabilities for claims incurred under the Company's self-insured workers' compensation and employee disability programs are discounted at the prevailing risk-free interest rate for U.S. government securities of an appropriate duration. All other self-insured liabilities are undiscounted.

At December 31, 2025 and 2024, accrued liabilities for self-insured risks totaled $42,056,000 and $47,061,000, respectively, including current liabilities of $19,095,000 and $27,813,000, respectively. The noncurrent liabilities are included in "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets. The Company separately records a recoverable asset for the value of insurance recovery payments anticipated from its insurance carriers, which totaled $20,216,000 and $20,651,000 as of December 31, 2025 and 2024, respectively. The recoverability of each asset is based on the notification of each claim to the Company's insurers, along with its independent assessment of the claim and the fact that it only has coverage with highly rated insurance carriers. Receipts from insurance up to the amount of the loss recognized are considered recoveries, which are accounted for when receipt is probable. The current assets are included in "Prepaid expenses and other current assets" and the noncurrent assets are included in "Other noncurrent assets."
Income Taxes

Income Taxes

The Company accounts for certain income and expense items differently for financial reporting and income tax purposes. Provisions for deferred taxes are made in recognition of these temporary differences. The most significant differences relate to accrued but unpaid compensation and loss carryforwards.

For financial reporting purposes, the provision for income taxes is the sum of income taxes both currently payable and payable on a deferred basis. Currently payable income taxes represent the liability related to the income tax returns for the current year, while the net deferred tax expense or benefit represents the change in the balance of deferred income tax assets or liabilities as reported on the Company's Consolidated Balance Sheets that are not related to balances in "Accumulated other comprehensive loss." The changes in deferred income tax assets and liabilities are determined based upon changes in the differences between the basis of assets and liabilities for financial reporting purposes and the basis of assets and liabilities for income tax purposes, measured by the enacted statutory tax rates in effect for the year in which the Company estimates these differences will reverse. The Company must estimate the timing of the reversal of temporary differences, as well as whether taxable income in future periods will be sufficient to fully recognize any gross deferred tax assets. A valuation allowance is provided when it is deemed more-likely-than-not that some portion or all of a deferred tax asset will not be realized.

Other factors which influence the effective tax rate used for financial reporting purposes include changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which it operates, the Company's ability to utilize net operating loss and tax credit carryforwards, changes in permanent reinvestment assertions, and changes in unrecognized tax benefits. See Note 6, "Income Taxes" for further discussion.

Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI in the year the tax is incurred.
Sales And Other Tax

Sales and Other Taxes

In certain jurisdictions, both in the U.S. and internationally, various governments and taxing authorities require the Company to assess and collect sales and other taxes, such as value added taxes, on certain services that the Company renders and bills to its customers. The majority of the Company's revenues are not currently subject to these types of taxes. These taxes are not recorded as additional revenues or expenses in the Company's Consolidated Statements of Operations, but are recorded on the Consolidated Balance Sheets as pass-through amounts until remitted.
Foreign Currency

Foreign Currency

Monetary assets and liabilities denominated in a currency that is different from a reporting entity's functional currency must be remeasured from the applicable currency to the reporting entity's functional currency. The effects of the remeasurement of these assets and liabilities are recognized in "Selling, general and administrative expenses" in the Company's Consolidated Statements of Operations. For operations outside the U.S. whose functional currency is other than the U.S. dollar, results of operations and cash flows are translated into U.S. dollars at average exchange rates during the period, and assets and liabilities are translated at end-of-period exchange rates. The resulting translation adjustments, on a net basis, are included in "Other Comprehensive Income (Loss)" in the Company's Consolidated Statements of Comprehensive Income, and the accumulated translation adjustment is reported as a component of "Accumulated other comprehensive loss" in the Company's Consolidated Balance Sheets.

Foreign currency transactions resulted in a net gain of $33,000 for the year ended December 31, 2025, and net losses of $65,000 and $691,000, for the years ended December 31 2024 and 2023, respectively.

Advertising Costs

Advertising Costs

Advertising costs are expensed in the period in which the costs are incurred. Advertising expenses were $2,426,000, $2,132,000, and $2,143,000, respectively, for the years ended December 31, 2025, 2024 and 2023.

Adoption and Pending Adoption of New Accounting Standards

Adoption of New Accounting Standards

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08)

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. The adoption of this guidance did not impact the Company's results of operations, financial condition, or cash flows.

Improvements to Reportable Segment Disclosures (ASU 2023-07)

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires more detailed information about a reportable segment’s expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with retrospective application required. The Company adopted this guidance as of December 31, 2024. Refer to Note 12, "Segment and Geographic Information," for updated segment disclosures.

Improvements to Income Tax Disclosures (ASU 2023-09)

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for fiscal years beginning after December 15, 2024, with prospective application permitted. The Company adopted this guidance prospectively, beginning in our 2025 annual reporting as of December 31, 2025. Refer to Note 6, "Income Taxes," for income tax-related disclosures required by this guidance.

Pending Adoption of Recently Issued Accounting Standards

Disaggregation of Income Statement Expenses (ASU 2024-03)

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires disclosures disaggregated information about certain income statement expense line items, such as inventory purchases, employee compensation, and depreciation. The new standard is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05)

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient that can be elected to be applied to accounts receivable and contract assets, which would allow entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the assets when estimating expected credit losses for such assets. Entities are required to apply the guidance on a prospective basis. The update is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating this ASU to determine the potential impact on its consolidated financial statements.

Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06)

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which provides guidance that simplifies the accounting for internal-use software by replacing stage-based rules with a principles-based approach, allowing capitalization once management authorizes funding and intends to use the software, and when it’s probable the project will be complete. Entities may elect to apply the guidance retrospectively, prospectively to software costs incurred after the adoption date (i.e. on existing, in-process software projects or new projects) or on a modified prospective basis. The Company is currently evaluating this ASU to determine the impact the adoption will have on its consolidated financial statements.
Earnings per Share

Net Income Attributable to Shareholders of Crawford & Company per Common Share

The Company computes earnings per share of CRD-A and CRD-B using the two-class method, which allocates the undistributed earnings for each period to each class on a proportionate basis. The Company's Board of Directors has the right, but not the obligation, to declare higher dividends on CRD-A than on CRD-B, subject to certain limitations. In periods when the dividend is the same for CRD-A and CRD-B or when no dividends are declared or paid to either class, the two-class method generally will yield the same basic earnings per share for CRD-A and CRD-B. During 2025, 2024 and 2023, the Board of Directors declared an equal dividend on CRD-A and CRD-B.
v3.25.4
Significant Accounting and Reporting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Consolidated Statements of Cash Flows:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Cash and cash equivalents

 

$

64,079

 

 

$

55,412

 

 

$

58,363

 

Restricted cash within prepaid expenses and other current assets

 

 

467

 

 

 

917

 

 

 

1,182

 

Total cash, cash equivalents and restricted cash

 

$

64,546

 

 

$

56,329

 

 

$

59,545

 
Allowance For Expected Credit Losses

A summary of the activities in the allowance for expected credit losses for the years ended December 31, 2025, 2024, and 2023 is as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Allowance for credit losses, January 1

 

$

9,089

 

 

$

9,530

 

 

$

9,322

 

Add/ (Deduct):

 

 

 

 

 

 

 

 

 

Provision for bad debt expense

 

 

353

 

 

 

1,341

 

 

 

626

 

Write-offs, net of recoveries

 

 

(930

)

 

 

(1,654

)

 

 

(478

)

Adjustments for business acquisitions and dispositions

 

 

(234

)

 

 

—

 

 

 

—

 

Currency translation and other changes

 

 

54

 

 

 

(128

)

 

 

60

 

Allowance for credit losses, December 31

 

$

8,332

 

 

$

9,089

 

 

$

9,530

 
Property and Equipment The estimated useful lives for property and equipment classifications are as follows:

 

Classification

Estimated Useful Lives

Furniture and fixtures

3-10 years

Data processing equipment

3-5 years

Automobiles and other

3-4 years

Leasehold improvements

5-10 years

 

Property and equipment, including assets under finance leases, consisted of the following at December 31, 2025 and 2024:

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Leasehold improvements

 

$

27,347

 

 

$

30,357

 

Furniture and fixtures

 

 

16,157

 

 

 

19,690

 

Data processing equipment

 

 

44,255

 

 

 

43,562

 

Automobiles

 

 

619

 

 

 

701

 

Total property and equipment

 

 

88,378

 

 

 

94,310

 

Less accumulated depreciation

 

 

(71,729

)

 

 

(73,756

)

Net property and equipment

 

$

16,649

 

 

$

20,554

 
v3.25.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue

The following table presents North America Loss Adjusting revenues before reimbursements disaggregated by geography for the years ended December 31, 2025 and 2024:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2025

 

 

2024

 

U.S.

 

$

215,734

 

 

$

221,279

 

Canada

 

 

89,153

 

 

 

90,879

 

Total North America Loss Adjusting Revenues before Reimbursements

 

$

304,887

 

 

$

312,158

 

 

The following table presents International Operations revenues before reimbursements disaggregated by geography for the years ended December 31, 2025 and 2024:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2025

 

 

2024

 

U.K.

 

$

169,209

 

 

$

157,806

 

Europe

 

 

109,247

 

 

 

100,702

 

Australia

 

 

80,800

 

 

 

77,219

 

Asia

 

 

29,123

 

 

 

24,466

 

Latin America

 

 

31,032

 

 

 

32,924

 

International Loss Adjusting

 

 

419,411

 

 

 

393,117

 

 

 

 

 

 

 

 

U.K.

 

 

10,203

 

 

 

10,551

 

Australia

 

 

5,835

 

 

 

11,769

 

Latin America

 

 

2,769

 

 

 

3,170

 

Crawford Legal Services

 

 

18,807

 

 

 

25,490

 

Total International Operations Revenues before Reimbursements

 

$

438,218

 

 

$

418,607

 

The following table presents Broadspire revenues before reimbursements disaggregated by service line for the years ended December 31, 2025 and 2024:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2025

 

 

2024

 

Claims Management

 

$

207,415

 

 

$

198,797

 

Medical Management

 

 

194,444

 

 

 

189,277

 

Total Broadspire Revenues before Reimbursements

 

$

401,859

 

 

$

388,074

 

The following table presents Platform Solutions revenues before reimbursements disaggregated by service line for the years ended December 31, 2025 and 2024:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2025

 

 

2024

 

Contractor Connection

 

$

66,713

 

 

$

67,586

 

Networks

 

 

25,552

 

 

 

76,977

 

Subrogation

 

 

28,492

 

 

 

29,108

 

Total Platform Solutions Revenues before Reimbursements

 

$

120,757

 

 

$

173,671

 
Schedule of Customer Contract Liabilities

The table below presents the deferred revenues balance as of January 1, 2025 and the significant activity affecting deferred revenues during the year ended December 31, 2025:

 

(In Thousands)

 

 

 

Deferred Revenue

 

 

 

Balance at January 1, 2025

 

$

59,685

 

Annual additions

 

 

99,208

 

Revenue recognized from prior periods

 

 

(32,484

)

Revenue recognized from current year additions

 

 

(69,316

)

Balance as of December 31, 2025

 

$

57,093

 

 
v3.25.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill

The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024:

 

 

 

North America Loss Adjusting

 

 

International Operations

 

 

Broadspire

 

 

Platform Solutions

 

 

Total

 

 

 

(In thousands)

 

Balance at December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

88,995

 

 

$

81,779

 

 

$

113,374

 

 

$

65,556

 

 

$

349,704

 

Accumulated impairment losses

 

 

(71,626

)

 

 

(81,779

)

 

 

(100,437

)

 

 

(19,138

)

 

 

(272,980

)

Net goodwill

 

$

17,369

 

 

$

-

 

 

$

12,937

 

 

$

46,418

 

 

$

76,724

 

2024 Activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency effects

 

 

(356

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(356

)

Balance at December 31, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

88,639

 

 

$

81,779

 

 

$

113,374

 

 

$

65,556

 

 

$

349,348

 

Accumulated impairment losses

 

 

(71,626

)

 

 

(81,779

)

 

 

(100,437

)

 

 

(19,138

)

 

 

(272,980

)

Net goodwill

 

$

17,013

 

 

$

-

 

 

$

12,937

 

 

$

46,418

 

 

$

76,368

 

2025 Activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency effects

 

 

201

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

201

 

Balance at December 31, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

88,840

 

 

$

81,779

 

 

$

113,374

 

 

$

65,556

 

 

$

349,549

 

Accumulated impairment losses

 

 

(71,626

)

 

 

(81,779

)

 

 

(100,437

)

 

 

(19,138

)

 

 

(272,980

)

Net goodwill

 

$

17,214

 

 

$

-

 

 

$

12,937

 

 

$

46,418

 

 

$

76,569

 

 
Schedule of Finite-Lived Intangible Assets

The following is a summary of finite-lived intangible assets acquired through business acquisitions as of December 31, 2025 and 2024:

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Weighted-
Average
Amortization
Period

 

 

(In thousands, except years)

 

 

 

December 31, 2025:

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

161,103

 

 

$

(130,332

)

 

$

30,771

 

 

6.4 years

Technology-based

 

 

21,043

 

 

 

(17,626

)

 

 

3,417

 

 

2.2 years

Trade name

 

 

3,385

 

 

 

(2,252

)

 

 

1,133

 

 

2.4 years

Other

 

 

6,855

 

 

 

(6,580

)

 

 

275

 

 

1.1 years

Total

 

$

192,386

 

 

$

(156,790

)

 

$

35,596

 

 

5.0 years

December 31, 2024:

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

161,459

 

 

$

(125,639

)

 

$

35,820

 

 

7.3 years

Technology-based

 

 

21,735

 

 

 

(16,364

)

 

 

5,371

 

 

3.3 years

Trade name

 

 

5,828

 

 

 

(3,721

)

 

 

2,107

 

 

3.7 years

Other

 

 

6,795

 

 

 

(6,278

)

 

 

517

 

 

2.1 years

Total

 

$

195,817

 

 

$

(152,002

)

 

$

43,815

 

 

6.0 years
Schedule of Finite-lived Intangible Assets, Future Amortization Expense

At December 31, 2025, annual estimated aggregate amortization expense for intangible assets subject to amortization for the next five years is as follows:

 

 

 

Annual
Amortization
Expense

 

Year Ending December 31,

 

(In thousands)

 

2026

 

$

6,931

 

2027

 

 

5,394

 

2028

 

 

5,394

 

2029

 

 

3,087

 

2030

 

 

2,750

 

 
Schedule of Indefinite-Lived Intangible Assets

The following is a summary of indefinite-lived intangible assets at December 31, 2025 and 2024:

 

 

 

Gross Carrying
Amount

 

 

Accumulated
Impairments

 

 

Net Carrying
Value

 

 

 

(In thousands)

 

December 31, 2025:

 

 

 

 

 

 

 

 

 

Trade names

 

$

32,828

 

 

$

(2,072

)

 

$

30,756

 

December 31, 2024:

 

 

 

 

 

 

 

 

 

Trade names

 

$

32,802

 

 

$

(2,072

)

 

$

30,730

 
v3.25.4
Short-Term and Long-Term Debt, Including Finance Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-term Debt Instruments

Long-term debt consisted of the following at December 31, 2025 and 2024:

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Credit Facility

 

$

189,000

 

 

$

217,979

 

Finance lease and other obligations

 

 

93

 

 

 

158

 

Total long-term debt and finance leases

 

 

189,093

 

 

 

218,137

 

Less: portion of Credit Facility classified as short-term

 

 

(38,454

)

 

 

(17,740

)

Less: current installments of finance leases and other obligations

 

 

(46

)

 

 

(82

)

Total long-term debt and finance leases, less current installments

 

$

150,593

 

 

$

200,315

 
On December 2, 2025, the Company, its subsidiaries Crawford & Company EMEA/AP Management Ltd
Schedule of Maturities of Long-Term Debt

Principal repayments of long-term debt, including current portions, finance leases and other obligations, as of December 31, 2025 are expected to be as follows, assuming no prepayments or extensions beyond the stated maturity:

 

Year Ending December 31,

 

Long-term Debt

 

 

Finance Lease and Other Obligations

 

 

Total

 

 

 

(In thousands)

 

2026

 

$

38,454

 

 

$

46

 

 

$

38,500

 

2027

 

 

—

 

 

 

47

 

 

 

47

 

2028

 

 

—

 

 

 

—

 

 

 

—

 

2029

 

 

—

 

 

 

—

 

 

 

—

 

2030

 

 

150,546

 

 

 

—

 

 

 

150,546

 

Total

 

$

189,000

 

 

$

93

 

 

$

189,093

 
v3.25.4
Lease Commitments (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lease-Related Assets and Liabilities The following table presents the lease-related assets and liabilities recorded on the Company's Consolidated Balance Sheets related to its operating leases:

 

(in thousands)

 

Classification on Balance Sheet

 

December 31,
2025

 

December 31,
2024

 

Assets:

 

 

 

 

 

 

 

Operating lease

 

Operating lease right-of-use assets, net

 

$

66,322

 

$

78,808

 

Liabilities:

 

 

 

 

 

 

 

Current operating lease liabilities

 

Current operating lease liabilities

 

 

27,650

 

 

24,541

 

Noncurrent operating lease liabilities

 

Noncurrent operating lease liabilities

 

 

53,531

 

 

66,811

 

Total operating lease liabilities

 

 

 

$

81,181

 

$

91,352

 

 

 

 

 

 

 

 

Weighted-Average Remaining Lease Term

 

 

 

3.70 years

 

4.40 years

 

Weighted-Average Discount Rate

 

 

 

 

6.0

%

 

5.8

%
Lease Cost

The components of operating lease costs within the Company's Consolidated Statements of Operations consisted of the following:

 

 

 

Year Ended

 

(in thousands)

 

December 31, 2025

 

December 31, 2024

 

Operating lease cost

 

$

29,432

 

$

30,933

 

Variable lease cost

 

 

8,662

 

 

8,084

 

Sublease income

 

 

(2,112

)

 

(1,275

)
Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to operating leases were as follows:

 

 

 

Year Ended

 

(in thousands)

 

December 31, 2025

 

December 31, 2024

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

Operating cash flows for operating leases

 

$

30,506

 

$

32,776

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease obligations

 

$

14,277

 

$

15,510

 
Operating Lease Maturities

Future undiscounted operating lease payments reconciled to total operating lease liabilities are as follows:

 

(in thousands)

 

December 31, 2025

 

2026

 

$

31,588

 

2027

 

 

23,200

 

2028

 

 

14,497

 

2029

 

 

11,005

 

2030

 

 

7,058

 

Thereafter

 

 

3,303

 

Total undiscounted lease payments

 

 

90,651

 

Less imputed interest

 

 

(9,470

)

Present value of future lease payments

 

$

81,181

 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (loss) Before Income Taxes

Income before income taxes consisted of the following:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

U.S.

 

$

1,902

 

 

$

21,429

 

 

$

35,620

 

Foreign

 

 

32,698

 

 

 

19,683

 

 

 

11,737

 

Income before income taxes

 

$

34,600

 

 

$

41,112

 

 

$

47,357

 
Schedule of Provision for Income Taxes

The provision for income taxes consisted of the following:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Current:

 

 

 

 

 

 

 

 

 

U.S. federal

 

$

4,471

 

 

$

8,368

 

 

$

13,193

 

U.S. state and local

 

 

1,456

 

 

 

2,148

 

 

 

4,316

 

Foreign

 

 

12,325

 

 

 

6,601

 

 

 

11,867

 

Deferred:

 

 

 

 

 

 

 

 

 

U.S. federal

 

 

(2,229

)

 

 

(5,202

)

 

 

(7,603

)

U.S. state and local

 

 

(411

)

 

 

2,585

 

 

 

(1,849

)

Foreign

 

 

(688

)

 

 

83

 

 

 

(2,827

)

Provision for income taxes

 

$

14,924

 

 

$

14,583

 

 

$

17,097

 
Schedule of Net Cash Payments (Refunds) For Income Taxes

A summary of net cash payments (refunds) for income taxes in 2025, is as follow:

 

Year Ended December 31,

 

2025

 

 

(In thousands)

U.S. federal

 

$3,028

U.S. state and local

 

1,238

Foreign

 

 

Australia

 

5,517

Brazil

 

2,141

Canada

 

(1,020)

Netherlands

 

1,217

Norway

 

985

Philippines

 

1,002

Other

 

2,855

Total

 

$16,963
Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes is reconciled to the federal statutory income tax rate of 21% in 2025 as follows:

 

Year Ended December 31,

 

2025

(In thousands, except percentages)

 

 

 

 

U.S. federal statutory tax rate

 

$7,266

 

21.0%

State and local income tax, net of federal income tax benefit(1)

 

825

 

2.3%

Effect of cross-border tax laws(2)

 

 

 

 

Effect of branch taxes

 

644

 

1.9%

Global intangible low-taxed income ("GILTI")

 

1,504

 

4.3%

Other

 

393

 

1.1%

Tax Credits

 

 

 

 

Foreign tax

 

(3,336)

 

(9.7)%

Research and development

 

(486)

 

(1.4)%

Other

 

(37)

 

(0.1)%

Changes in valuation allowances

 

2,977

 

8.6%

Nontaxable or nondeductible items

 

 

 

 

Meals and entertainment

 

399

 

1.2%

Other

 

156

 

0.5%

Changes in unrecognized tax benefits

 

(22)

 

(0.1)%

Foreign tax effects

 

 

 

 

Australia

 

 

 

 

Changes in valuation allowances

 

1,560

 

4.5%

Statutory tax rate difference

 

555

 

1.6%

Gain (Loss) on sale of business

 

(997)

 

(2.9)%

Other

 

(81)

 

(0.2)%

Brazil

 

 

 

 

Withholding tax

 

1,866

 

5.4%

Other

 

297

 

0.8%

Chile

 

 

 

 

Withholding tax

 

613

 

1.8%

Other

 

18

 

0.0%

Germany

 

364

 

1.1%

Singapore

 

 

 

 

Changes in valuation allowances

 

364

 

1.1%

Other

 

196

 

0.6%

United Arab Emirates

 

 

 

 

Statutory tax rate difference

 

(561)

 

(1.6)%

Other

 

(14)

 

(0.0)%

United Kingdom

 

 

 

 

Statutory tax rate difference

 

439

 

1.3%

Changes in valuation allowances

 

(3,488)

 

(10.1)%

Withholding tax

 

394

 

1.1%

Other

 

1,601

 

4.6%

Other foreign jurisdictions

 

1,515

 

4.4%

Provision for income taxes

 

$14,924

 

43.1%

 

(1) State taxes in Texas, Florida, New York, and Illinois make up the majority (greater than 50%) of this category.

(2) Includes the impact of credits.

The provision for income taxes is reconciled to the federal statutory income tax rate of 21% in 2024 and 2023 as follows:

 

Year Ended December 31,

 

2024

 

2023

 

 

(In thousands)

Federal income taxes at statutory rate

 

$8,634

 

$9,945

State income taxes, net of federal benefit

 

1,890

 

2,082

Foreign taxes

 

3,024

 

5,872

Change in valuation allowance

 

2,064

 

2,131

Research and development credits

 

(789)

 

(607)

Foreign tax credits

 

(1,681)

 

(1,668)

Nondeductible meals and entertainment

 

565

 

643

Change in permanent reinvestment assertion

 

(8)

 

280

Disposals and liquidations of businesses

 

—

 

(305)

Foreign-derived intangible income deduction

 

(156)

 

(223)

Tax rate changes

 

422

 

(104)

Other

 

618

 

(949)

Provision for income taxes

 

$14,583

 

$17,097
Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes consisted of the following at December 31, 2025 and 2024:

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Accounts receivable allowance

 

$

1,831

 

 

$

2,286

 

Accrued compensation

 

 

13,819

 

 

 

14,013

 

Accrued pension liabilities

 

 

1,488

 

 

 

3,314

 

Self-insured risks

 

 

4,364

 

 

 

5,551

 

Deferred revenues

 

 

4,417

 

 

 

4,684

 

Interest

 

 

2,023

 

 

 

3,223

 

Tax credit carryforwards

 

 

5,188

 

 

 

2,654

 

Loss carryforwards

 

 

38,012

 

 

 

33,315

 

Lease liability

 

 

19,577

 

 

 

23,418

 

Other

 

 

2,442

 

 

 

1,986

 

Gross deferred income tax assets

 

 

93,161

 

 

 

94,444

 

Unbilled revenues

 

 

7,004

 

 

 

5,265

 

Repatriated earnings

 

 

1,782

 

 

 

1,152

 

Depreciation and amortization

 

 

8,596

 

 

 

12,901

 

Lease right-of-use asset

 

 

15,611

 

 

 

20,054

 

Gross deferred income tax liabilities

 

 

32,993

 

 

 

39,372

 

Net deferred income tax assets before valuation allowances

 

 

60,168

 

 

 

55,072

 

Valuation allowance

 

 

(39,869

)

 

 

(35,310

)

Net deferred income tax assets

 

$

20,299

 

 

$

19,762

 

Amounts recognized in the Consolidated Balance Sheets consist of:

 

 

 

 

 

 

Long-term deferred income tax assets included in "Deferred income tax assets"

 

 

24,684

 

 

 

25,305

 

Long-term deferred income tax liabilities included in "Other noncurrent liabilities"

 

 

(4,385

)

 

 

(5,543

)

Net deferred income tax assets

 

$

20,299

 

 

$

19,762

 
Summary of Valuation Allowance

Changes in the Company's deferred tax valuation allowance are recorded as adjustments to the provision for income taxes. An analysis of the Company's deferred tax asset valuation allowances is as follows for the years ended December 31, 2025, 2024, and 2023.

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Balance, beginning of year

 

$

35,310

 

 

$

29,644

 

 

$

23,295

 

Other changes

 

 

4,559

 

 

 

5,666

 

 

 

6,349

 

Balance, end of year

 

$

39,869

 

 

$

35,310

 

 

$

29,644

 
Summary of Unrecognized Income Tax Benefits

A reconciliation of the beginning and ending balance of unrecognized income tax benefits follows:

 

 

 

(In thousands)

 

Balance at December 31, 2022

 

$

3,653

 

Additions for tax positions related to prior years

 

 

432

 

Reductions for tax positions related to prior years

 

 

(153

)

Lapses of applicable statutes of limitation

 

 

(344

)

Balance at December 31, 2023

 

$

3,588

 

Currency Translation Adjustment

 

 

2

 

Lapses of applicable statutes of limitation

 

 

(3,156

)

Balance at December 31, 2024

 

$

434

 

Settlements

 

 

(350

)

Reductions for tax positions related to prior years

 

 

(23

)

Balance at December 31, 2025

 

$

61

 
v3.25.4
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

The majority of the Company's defined benefit pension plans have projected benefit obligations in excess of the fair value of plan assets. For these plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2025 and 2024:

 

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Projected benefit obligations

 

$

265,729

 

 

$

278,389

 

Fair value of plans' assets

 

 

245,917

 

 

 

255,389

 
Schedule Of Fair Value Of Plan Assets In Excess Of Benefit Obligations Table Text Block

Certain of the Company's U.K. Plans have fair values of plan assets that exceed the projected benefit obligations. For these plans, and certain Other International Plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2025 and 2024:

 

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Projected benefit obligations

 

$

156,946

 

 

$

161,567

 

Fair value of plans' assets

 

 

168,991

 

 

 

170,747

 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

A reconciliation of the beginning and ending balances of the projected benefit obligations and the fair value of plans' assets for the Company's defined benefit pension plans as of the plans' most recent measurement dates is as follows:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Projected Benefit Obligations:

 

 

 

 

 

 

Beginning of measurement period

 

$

439,956

 

 

$

458,296

 

Service cost

 

 

1,739

 

 

 

1,531

 

Interest cost

 

 

21,929

 

 

 

23,163

 

Employee contributions

 

 

14

 

 

 

22

 

Actuarial loss (gain)

 

 

2,978

 

 

 

(3,504

)

Plan settlements

 

 

—

 

 

 

(296

)

Plan curtailments

 

 

—

 

 

 

48

 

Benefits paid

 

 

(48,120

)

 

 

(49,068

)

Foreign currency effects

 

 

4,179

 

 

 

9,764

 

End of measurement period

 

 

422,675

 

 

 

439,956

 

Fair Value of Plans' Assets:

 

 

 

 

 

 

Beginning of measurement period

 

 

426,136

 

 

 

443,157

 

Actual return on plans' assets

 

 

28,825

 

 

 

18,268

 

Employer contributions

 

 

3,753

 

 

 

3,561

 

Employee contributions

 

 

14

 

 

 

22

 

Plan settlements

 

 

—

 

 

 

(296

)

Benefits paid

 

 

(48,120

)

 

 

(49,068

)

Foreign currency effects

 

 

4,300

 

 

 

10,492

 

End of measurement period

 

 

414,908

 

 

 

426,136

 

Unfunded Status

 

$

(7,767

)

 

$

(13,820

)
Schedule of Net Funded Status

The funded status of the Company's defined benefit pension plans recognized in the Consolidated Balance Sheets at December 31 consisted of:

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

U.S. Qualified Plan

 

$

15,378

 

 

$

18,991

 

Other international plans

 

 

2,532

 

 

 

2,092

 

Subtotal, included in "Accrued pension liabilities"

 

 

17,910

 

 

 

21,084

 

U.K. prepaid pension asset included in "Other noncurrent assets"

 

 

(12,045

)

 

 

(9,176

)

Other international plans

 

 

—

 

 

 

(4

)

Subtotal, included in "Other noncurrent assets"

 

 

(12,045

)

 

 

(9,180

)

Unfunded status of nonqualified defined benefit deferred pension plans included in "Other accrued liabilities"

 

 

199

 

 

 

201

 

Unfunded status of nonqualified defined benefit pension plans included in "Other noncurrent liabilities"

 

 

1,703

 

 

 

1,716

 

Total underfunded status

 

$

7,767

 

 

$

13,820

 

Accumulated other comprehensive loss, before income taxes

 

$

(244,882

)

 

$

(257,116

)
Schedule of Net Unrecognized Actuarial Gain (loss)

The following tables set forth the changes in accumulated other comprehensive loss during 2025 and 2024 for the Company's defined benefit retirement plans on a combined basis:

 

 

Defined Benefit
Pension Plans

 

 

 

(In thousands)

 

Net unrecognized actuarial loss, December 31, 2023

 

$

(261,102

)

Amortization of net loss

 

 

12,580

 

Net loss arising during the year

 

 

(4,109

)

Currency translation

 

 

(4,484

)

Net unrecognized actuarial loss, December 31, 2024

 

 

(257,116

)

Amortization of net loss

 

 

12,575

 

Net gain arising during the year

 

 

982

 

Currency translation

 

 

(1,323

)

Net unrecognized actuarial loss, December 31, 2025

 

$

(244,882

)
Schedule of Defined Benefit Plans Disclosures

Net periodic benefit cost related to all of the Company's defined benefit pension plans recognized in the Company's Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 included the following components:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Service cost

 

$

1,739

 

 

$

1,531

 

 

$

1,423

 

Interest cost

 

 

21,929

 

 

 

23,163

 

 

 

23,915

 

Expected return on assets

 

 

(24,865

)

 

 

(25,882

)

 

 

(27,168

)

Amortization of actuarial loss

 

 

12,575

 

 

 

12,580

 

 

 

12,020

 

Curtailment loss recognized

 

 

—

 

 

 

48

 

 

 

—

 

Net periodic benefit cost

 

$

11,378

 

 

$

11,440

 

 

$

10,190

 
Schedule of Expected Benefit Payments

Over the next ten years, the following benefit payments are expected to be required to be made from the Company's U.S. and U.K. defined benefit pension plans:

 

 

Year Ending December 31,

 

Expected Benefit
Payments

 

 

 

(In thousands)

 

2026

 

$

33,764

 

2027

 

 

33,530

 

2028

 

 

33,758

 

2029

 

 

33,150

 

2030

 

 

32,707

 

2031-2035

 

 

149,299

 

 
Schedule of Assumptions Used Certain assumptions used in computing the benefit obligations and net periodic benefit cost for the U.S. and U.K. defined benefit pension plans were as follows:

 

U.S. Qualified Plan:

 

2025

 

 

2024

 

Discount rate used to compute benefit obligations

 

 

5.24

%

 

 

5.57

%

Discount rate used to compute periodic benefit cost

 

 

5.57

%

 

 

4.94

%

Expected long-term rates of return on plans' assets

 

 

6.40

%

 

 

5.90

%

 

U.K. Defined Benefit Plans:

 

2025

 

 

2024

 

Discount rate used to compute benefit obligations

 

 

5.42

%

 

 

5.30

%

Discount rate used to compute periodic benefit cost

 

 

5.30

%

 

 

5.78

%

Expected long-term rates of return on plans' assets

 

 

5.90

%

 

 

6.20

%
Schedule of Allocation of Plan Assets

Asset allocations at the respective measurement dates, by asset category, for the Company's U.S. and U.K. qualified defined benefit pension plans were as follows:

 

 

 

 

U.S. Qualified Plan

 

 

U.K. Plans

 

December 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Equity securities

 

 

13.9

%

 

 

14.7

%

 

 

—

 

 

 

—

 

Fixed income securities

 

 

78.0

%

 

 

77.9

%

 

 

73.5

%

 

 

73.7

%

Alternative strategies

 

 

4.0

%

 

 

4.2

%

 

 

25.6

%

 

 

25.9

%

Cash, cash equivalents and short-term investment funds

 

 

4.1

%

 

 

3.2

%

 

 

0.9

%

 

 

0.4

%

Total asset allocation

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%
v3.25.4
Common Stock and Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computations of Basic Net Income Attributable to Shareholders of Crawford & Company per Common Share

The computations of basic net income attributable to shareholders of Crawford & Company per common share were as follows:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

 

(In thousands, except earnings (loss) per share)

 

Earnings per share - basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed earnings

 

$

3,250

 

 

$

2,056

 

 

$

7,787

 

 

$

5,054

 

 

$

10,649

 

 

$

7,259

 

Dividends paid

 

 

8,779

 

 

 

5,549

 

 

 

8,339

 

 

 

5,416

 

 

 

7,554

 

 

 

5,147

 

Net income available to common shareholders, basic

 

 

12,029

 

 

 

7,605

 

 

 

16,126

 

 

 

10,470

 

 

 

18,203

 

 

 

12,406

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

30,237

 

 

 

19,132

 

 

 

29,783

 

 

 

19,332

 

 

 

29,039

 

 

 

19,796

 

Earnings per share - basic

 

$

0.40

 

 

$

0.40

 

 

$

0.54

 

 

$

0.54

 

 

$

0.63

 

 

$

0.63

 

 
Schedule of Computations of Diluted Net Income Attributable to Shareholders of Crawford & Company per Common Share

The computations of diluted net income attributable to shareholders of Crawford & Company per common share were as follows:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

 

(In thousands, except earnings (loss) per share)

 

Earnings per share - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed earnings

 

$

3,272

 

 

$

2,034

 

 

$

7,850

 

 

$

4,991

 

 

$

10,760

 

 

$

7,148

 

Dividends paid

 

 

8,779

 

 

 

5,549

 

 

 

8,339

 

 

 

5,416

 

 

 

7,554

 

 

 

5,147

 

Net income available to common shareholders, diluted

 

 

12,051

 

 

 

7,583

 

 

 

16,189

 

 

 

10,407

 

 

 

18,314

 

 

 

12,295

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

30,237

 

 

 

19,132

 

 

 

29,783

 

 

 

19,332

 

 

 

29,039

 

 

 

19,796

 

Weighted-average effect of dilutive securities(1)

 

 

534

 

 

 

—

 

 

 

621

 

 

 

—

 

 

 

760

 

 

 

—

 

Weighted-average number of shares outstanding, diluted

 

 

30,771

 

 

 

19,132

 

 

 

30,404

 

 

 

19,332

 

 

 

29,799

 

 

 

19,796

 

Earnings per share - diluted

 

$

0.39

 

 

$

0.40

 

 

$

0.53

 

 

$

0.54

 

 

$

0.61

 

 

$

0.62

 
Schedule of Antidilutive Shares Excluded from Computation of Diluted Earnings per Share

Listed below are the shares excluded from the denominator in the above computation of diluted earnings per share for CRD-A because their inclusion would have been anti-dilutive:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Shares underlying stock options excluded due to the options' respective exercise prices being greater than the average stock price during the period

 

 

—

 

 

 

—

 

 

 

711

 

Performance stock grants excluded because performance conditions had not been met(1)

 

 

276

 

 

 

1,076

 

 

 

993

 
(1)
Compensation cost is recognized for these performance stock grants based on expected achievement rates; however no consideration is given for these performance stock grants when calculating earnings per share until the performance measurements are actually achieved.
v3.25.4
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Dec. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) The changes in components of "Accumulated other comprehensive loss" ("AOCL"), net of taxes and noncontrolling interests, included in the Company's Consolidated Balance Sheets were as follows:

 

 

 

Foreign currency
translation
adjustments

 

 

Retirement
liabilities

 

 

AOCL
attributable to
shareholders of
Crawford &
Company

 

 

 

(In thousands)

 

Balance at December 31, 2023

 

$

(49,486

)

 

$

(169,129

)

 

$

(218,615

)

Other comprehensive loss before reclassifications

 

 

(593

)

 

 

—

 

 

 

(593

)

Unrealized net losses arising during the year

 

 

—

 

 

 

(7,986

)

 

 

(7,986

)

Amounts reclassified from accumulated other comprehensive income to net income (1)

 

 

—

 

 

 

10,069

 

 

 

10,069

 

Net current period other comprehensive (loss) income

 

 

(593

)

 

 

2,083

 

 

 

1,490

 

Balance at December 31, 2024

 

 

(50,079

)

 

 

(167,046

)

 

 

(217,125

)

Other comprehensive income before reclassifications

 

 

6,154

 

 

 

—

 

 

 

6,154

 

Unrealized net losses arising during the year

 

 

—

 

 

 

(884

)

 

 

(884

)

Amounts reclassified from accumulated other comprehensive income to net income (1)

 

 

—

 

 

 

10,115

 

 

 

10,115

 

Net current period other comprehensive income

 

 

6,154

 

 

 

9,231

 

 

 

15,385

 

Balance at December 31, 2025

 

$

(43,925

)

 

$

(157,815

)

 

$

(201,740

)
(1)
Retirement liabilities reclassified to net income are related to the amortization of actuarial losses and are included in "Selling, general, and administrative expenses" on the Company's Consolidated Statements of Operations. See Note 7, "Retirement Plans" for additional details.
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Summary of Option Activity

A summary of option activity as of December 31, 2025, 2024 and 2023, and changes during each year, is presented below:

 

 

 

Shares

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

Aggregate
Intrinsic
Value

 

 

 

(In thousands)

 

 

 

 

 

 

 

(In thousands)

 

Outstanding at December 31, 2022

 

 

1,542

 

 

$

8.98

 

 

5.5 years

 

$

7

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

Exercised

 

 

(485

)

 

 

8.84

 

 

 

 

 

 

Forfeited or expired

 

 

(15

)

 

 

9.01

 

 

 

 

 

 

Outstanding at December 31, 2023

 

 

1,042

 

 

 

9.05

 

 

4.7 years

 

 

4,305

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

Exercised

 

 

(321

)

 

 

8.98

 

 

 

 

 

 

Forfeited or expired

 

 

(21

)

 

 

9.01

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

700

 

 

 

9.08

 

 

3.6 years

 

 

1,737

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

Forfeited or expired

 

 

—

 

 

 

—

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

700

 

 

$

9.08

 

 

2.6 years

 

$

1,520

 

Vested and Exercisable at December 31, 2025

 

 

700

 

 

$

9.08

 

 

2.6 years

 

$

1,520

 
Nonvested Performance Shares

A summary of the status of the Company's nonvested performance shares as of December 31, 2025, 2024 and 2023, and changes during each year, is presented below:

 

 

 

Shares

 

 

Weighted-Average
Grant-Date
Fair Value

 

Nonvested at December 31, 2022

 

 

1,238,090

 

 

$

7.52

 

Granted

 

 

1,236,598

 

 

 

5.62

 

Vested

 

 

(456,487

)

 

 

6.90

 

Forfeited or unearned

 

 

(573,205

)

 

 

7.97

 

Nonvested at December 31, 2023

 

 

1,444,996

 

 

 

6.12

 

Granted

 

 

552,705

 

 

 

11.38

 

Vested

 

 

(354,305

)

 

 

8.29

 

Forfeited or unearned

 

 

(489,891

)

 

 

6.72

 

Nonvested at December 31, 2024

 

 

1,153,505

 

 

 

7.91

 

Granted

 

 

269,601

 

 

 

11.68

 

Vested

 

 

(738,418

)

 

 

7.00

 

Forfeited or unearned

 

 

(224,385

)

 

 

8.23

 

Nonvested at December 31, 2025

 

 

460,303

 

 

$

11.42

 
Restricted Shares

A summary of the status of the Company's restricted shares of CRD-A as of December 31, 2025, 2024 and 2023 and changes during each year, is presented below:

 

 

 

Shares

 

 

Weighted-Average
Grant-Date Fair
Value

 

Nonvested at December 31, 2022

 

 

—

 

 

$

—

 

Granted

 

 

135,456

 

 

 

5.93

 

Vested

 

 

(135,456

)

 

 

5.93

 

Forfeited or unearned

 

 

—

 

 

 

—

 

Nonvested at December 31, 2023

 

 

—

 

 

 

—

 

Granted

 

 

76,090

 

 

 

12.43

 

Vested

 

 

(61,974

)

 

 

12.36

 

Forfeited or unearned

 

 

(14,116

)

 

 

12.75

 

Nonvested at December 31, 2024

 

 

—

 

 

 

—

 

Granted

 

 

95,553

 

 

 

11.98

 

Vested

 

 

(85,620

)

 

 

11.97

 

Forfeited or unearned

 

 

(9,933

)

 

 

12.06

 

Nonvested at December 31, 2025

 

 

—

 

 

$

—

 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company's financial assets and liabilities that are measured at fair value on a recurring basis, excluding assets related to the Company's defined benefit pension plans, categorized using the fair value hierarchy:

 

December 31,

 

2025

 

 

 

Quoted
Prices in
Active Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

11,729

 

 

$

—

 

 

$

—

 

 

$

11,729

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout liability (2)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

December 31,

 

2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

11,252

 

 

$

—

 

 

$

—

 

 

$

11,252

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout liability (2)

 

 

—

 

 

 

—

 

 

 

1,382

 

 

 

1,382

 

(1) The fair values of the money market funds were based on recently quoted market prices and reported transactions in an active marketplace. Money market funds are included on the Company's Consolidated Balance Sheets in "Cash and cash equivalents."

(2) The Level 3 fair value of the contingent earnout liability was estimated using internally-prepared EBITDA projections and discount rates determined using a combination of observable and unobservable market data based on changes to projections of acquired entities over the earnout periods, which spanned multiple years. The Company recognized a pretax contingent earnout expense (benefit) totaling $537,000 in 2025 and $(1,099,000) in 2024 related to the fair value adjustments of earnout liabilities. The fair value of the contingent earnout liability is included in "Other accrued liabilities" and "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets, based upon the term of the contingent earnout agreements.
Schedule of change in the fair value of the Company's contingent earnout liability

The following table summarizes the change in the fair value of the Company's contingent earnout liability balance:

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Acquisition-related contingent consideration, beginning of the year

 

$

2,519

 

 

$

13,066

 

Change in fair value of contingent consideration, including foreign exchange impacts

 

 

490

 

 

 

(1,264

)

Settlement of contingent consideration

 

 

(1,326

)

 

 

(9,283

)

Acquisition-related contingent consideration, end of the year

 

$

1,683

 

 

$

2,519

 
Pension Plan Assets within Fair Value Hierarchy

The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.S. Qualified Plan at December 31, 2025 and 2024:

 

December 31,

 

2025

 

 

2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In thousands)

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

388

 

 

$

—

 

 

$

—

 

 

$

388

 

 

$

2,551

 

 

$

—

 

 

$

—

 

 

$

2,551

 

Short-term investment funds

 

 

—

 

 

 

9,903

 

 

 

—

 

 

 

9,903

 

 

 

—

 

 

 

5,782

 

 

 

—

 

 

 

5,782

 

Common Collective Equity funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

—

 

 

 

21,707

 

 

 

—

 

 

 

21,707

 

 

 

—

 

 

 

24,304

 

 

 

—

 

 

 

24,304

 

International

 

 

—

 

 

 

13,399

 

 

 

—

 

 

 

13,399

 

 

 

—

 

 

 

14,039

 

 

 

—

 

 

 

14,039

 

Common Collective Fixed Income Funds and Fixed Income Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

50,619

 

 

 

122,346

 

 

 

—

 

 

 

172,965

 

 

 

46,572

 

 

 

135,047

 

 

 

—

 

 

 

181,619

 

International

 

 

—

 

 

 

24,533

 

 

 

—

 

 

 

24,533

 

 

 

—

 

 

 

22,040

 

 

 

—

 

 

 

22,040

 

Alternative strategy funds

 

 

—

 

 

 

8,536

 

 

 

1,527

 

 

 

10,063

 

 

 

—

 

 

 

500

 

 

 

10,528

 

 

 

11,028

 

Total Plan Assets

 

$

51,007

 

 

$

200,424

 

 

$

1,527

 

 

 

252,958

 

 

$

49,124

 

 

$

201,712

 

 

$

10,528

 

 

 

261,364

 

Other plan liabilities, net (a)

 

 

 

 

 

 

 

 

 

 

 

(34,957

)

 

 

 

 

 

 

 

 

 

 

 

(31,891

)

Net Plan Assets

 

 

 

 

 

 

 

 

 

 

$

218,001

 

 

 

 

 

 

 

 

 

 

 

$

229,473

 

(a) net amounts payable for unsettled security transactions.

The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.K. plans at December 31, 2025 and 2024:

 

December 31,

 

2025

 

 

2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In thousands)

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,475

 

 

$

—

 

 

$

—

 

 

$

1,475

 

 

$

701

 

 

$

—

 

 

$

—

 

 

$

701

 

Common Collective Fixed Income Funds and Fixed Income Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investment funds:

 

 

—

 

 

 

43,338

 

 

 

—

 

 

 

43,338

 

 

 

—

 

 

 

46,997

 

 

 

—

 

 

 

46,997

 

Government securities

 

 

64,635

 

 

 

16,325

 

 

 

—

 

 

 

80,960

 

 

 

61,246

 

 

 

16,762

 

 

 

—

 

 

 

78,008

 

Alternative strategy funds

 

 

9,389

 

 

 

30,581

 

 

 

3,248

 

 

 

43,218

 

 

 

8,090

 

 

 

32,998

 

 

 

2,284

 

 

 

43,372

 

Real estate funds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

666

 

 

 

666

 

Total

 

$

75,499

 

 

$

90,244

 

 

$

3,248

 

 

$

168,991

 

 

$

70,037

 

 

$

96,757

 

 

$

2,950

 

 

$

169,744

 
Reconciliation Of Level 3 Assets The following table provides a reconciliation of the beginning and ending balance of Level 3 assets within the Company's U.S. and U.K. pension plans during the years ended December 31, 2025 and 2024:

 

 

 

U.S

 

 

U.K.

 

 

 

(in thousands)

 

Balance at December 31, 2023

 

$

11,299

 

 

$

4,927

 

Actual return on plan assets:

 

 

 

 

 

 

Related to assets still held at the reporting date

 

 

(1,350

)

 

 

107

 

Related to assets sold during the period

 

 

(264

)

 

 

63

 

Purchases, sales and settlements, net

 

 

843

 

 

 

(3,113

)

Transfers into Level 3

 

 

—

 

 

 

966

 

Balance at December 31, 2024

 

 

10,528

 

 

 

2,950

 

Actual return on plan assets:

 

 

 

 

 

 

Related to assets still held at the reporting date

 

 

419

 

 

 

496

 

Related to assets sold during the period

 

 

30

 

 

 

(85

)

Purchases, sales and settlements, net

 

 

449

 

 

 

(113

)

Transfers out of Level 3

 

 

(9,899

)

 

 

—

 

Balance at December 31, 2025

 

$

1,527

 

 

$

3,248

 
v3.25.4
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information

Financial information as of and for the years ended December 31, 2025, 2024, and 2023 related to the Company's reportable segments is presented below:

 

 

 

Year Ended December 31, 2025

 

 

 

North America
Loss Adjusting

 

International
Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

 

(In thousands)

 

Revenues before reimbursements

 

$

304,887

 

$

438,218

 

$

401,859

 

$

120,757

 

$

1,265,721

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

     Compensation

 

 

177,950

 

 

218,369

 

 

188,867

 

 

56,001

 

 

641,187

 

     Benefits and payroll taxes

 

 

33,939

 

 

42,510

 

 

38,450

 

 

9,928

 

 

124,827

 

     Non-employee labor

 

 

5,956

 

 

31,554

 

 

17,042

 

 

2,771

 

 

57,323

 

Total Compensation

 

 

217,845

 

 

292,433

 

 

244,359

 

 

68,700

 

 

823,337

 

     Office rent and occupancy

 

 

4,370

 

 

13,670

 

 

8,329

 

 

3,458

 

 

29,827

 

     Other office operating expense (1)

 

 

17,510

 

 

28,085

 

 

17,335

 

 

7,439

 

 

70,369

 

     Depreciation

 

 

4,309

 

 

4,013

 

 

5,747

 

 

6,647

 

 

20,716

 

     Professional fees

 

 

1,705

 

 

6,991

 

 

17,730

 

 

2,500

 

 

28,926

 

     Cost of risk

 

 

1,696

 

 

2,027

 

 

3,656

 

 

1,846

 

 

9,225

 

     Other, net (2)

 

 

479

 

 

4,416

 

 

1,310

 

 

3,181

 

 

9,386

 

Total Other Operating Expense

 

 

30,069

 

 

59,202

 

 

54,107

 

 

25,071

 

 

168,449

 

Allocated corporate, shared services, and administrative costs (3)

 

 

35,999

 

 

61,460

 

 

48,785

 

 

19,423

 

 

165,667

 

Total Segment Expenses

 

 

283,913

 

 

413,095

 

 

347,251

 

 

113,194

 

 

1,157,453

 

Segment Operating Earnings

 

$

20,974

 

$

25,123

 

$

54,608

 

$

7,563

 

$

108,268

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

 

 

(25,995

)

Net corporate interest expense

 

 

 

 

 

 

 

 

 

 

(14,687

)

Non-service pension costs

 

 

 

 

 

 

 

 

 

 

(9,413

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

(609

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

 

 

(8,431

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

 

 

(537

)

Restructuring and other costs, net

 

 

 

 

 

 

 

 

 

 

(13,996

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

34,600

 

Income taxes

 

 

 

 

 

 

 

 

 

 

(14,924

)

Net Income

 

 

 

 

 

 

 

 

 

 

19,676

 

Net Income Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

(42

)

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

 

 

 

 

$

19,634

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

North America
Loss Adjusting

 

International
Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

 

(In thousands)

 

Revenues before reimbursements

 

$

312,158

 

$

418,607

 

$

388,074

 

$

173,671

 

$

1,292,510

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

     Compensation

 

 

184,732

 

 

208,200

 

 

181,355

 

 

91,457

 

 

665,744

 

     Benefits and payroll taxes

 

 

35,659

 

 

39,082

 

 

36,769

 

 

14,480

 

 

125,990

 

     Non-employee labor

 

 

5,790

 

 

26,411

 

 

17,159

 

 

5,849

 

 

55,209

 

Total Compensation

 

 

226,181

 

 

273,693

 

 

235,283

 

 

111,786

 

 

846,943

 

     Office rent and occupancy

 

 

4,595

 

 

14,340

 

 

9,247

 

 

3,554

 

 

31,736

 

     Other office operating expense (1)

 

 

16,015

 

 

28,289

 

 

16,200

 

 

9,067

 

 

69,571

 

     Depreciation

 

 

3,149

 

 

3,314

 

 

4,767

 

 

6,807

 

 

18,037

 

     Professional fees

 

 

1,869

 

 

11,685

 

 

17,414

 

 

2,166

 

 

33,134

 

     Cost of risk

 

 

1,116

 

 

4,363

 

 

6,451

 

 

1,398

 

 

13,328

 

     Other, net (2)

 

 

2,464

 

 

5,466

 

 

1,170

 

 

3,991

 

 

13,091

 

Total Other Operating Expense

 

 

29,208

 

 

67,457

 

 

55,249

 

 

26,983

 

 

178,897

 

Allocated corporate, shared services, and administrative costs (3)

 

 

38,596

 

 

56,456

 

 

45,113

 

 

23,729

 

 

163,894

 

Total Segment Expenses

 

 

293,985

 

 

397,606

 

 

335,645

 

 

162,498

 

 

1,189,734

 

Segment Operating Earnings

 

$

18,173

 

$

21,001

 

$

52,429

 

$

11,173

 

$

102,776

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

 

 

(28,066

)

Net corporate interest expense

 

 

 

 

 

 

 

 

 

 

(16,862

)

Non-service pension costs

 

 

 

 

 

 

 

 

 

 

(9,764

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

(574

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

 

 

(7,497

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

 

 

1,099

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

41,112

 

Income taxes

 

 

 

 

 

 

 

 

 

 

(14,583

)

Net Income

 

 

 

 

 

 

 

 

 

 

26,529

 

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

67

 

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

 

 

 

 

$

26,596

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

North America
Loss Adjusting

 

International
Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

 

(In thousands)

 

Revenues before reimbursements

 

$

303,629

 

$

382,393

 

$

355,650

 

$

225,459

 

$

1,267,131

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

     Compensation

 

 

177,254

 

 

200,877

 

 

168,216

 

 

121,779

 

 

668,126

 

     Benefits and payroll taxes

 

 

32,539

 

 

36,383

 

 

32,478

 

 

17,602

 

 

119,002

 

     Non-employee labor

 

 

4,849

 

 

19,300

 

 

16,559

 

 

8,420

 

 

49,128

 

Total Compensation

 

 

214,642

 

 

256,560

 

 

217,253

 

 

147,801

 

 

836,256

 

     Office rent and occupancy

 

 

4,637

 

 

15,501

 

 

9,796

 

 

3,739

 

 

33,673

 

     Other office operating expense (1)

 

 

14,186

 

 

25,951

 

 

14,279

 

 

9,299

 

 

63,715

 

     Depreciation

 

 

2,098

 

 

3,155

 

 

5,664

 

 

5,570

 

 

16,487

 

     Professional fees

 

 

1,493

 

 

10,484

 

 

15,565

 

 

2,137

 

 

29,679

 

     Cost of risk

 

 

1,368

 

 

3,929

 

 

3,600

 

 

1,006

 

 

9,903

 

     Other, net (2)

 

 

3,052

 

 

6,445

 

 

860

 

 

4,322

 

 

14,679

 

Total Other Operating Expense

 

 

26,834

 

 

65,465

 

 

49,764

 

 

26,073

 

 

168,136

 

Allocated corporate, shared services, and administrative costs (3)

 

 

38,968

 

 

49,187

 

 

46,760

 

 

23,044

 

 

157,959

 

Total Segment Expenses

 

 

280,444

 

 

371,212

 

 

313,777

 

 

196,918

 

 

1,162,351

 

Segment Operating Earnings

 

$

23,185

 

$

11,181

 

$

41,873

 

$

28,541

 

$

104,780

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

 

 

(19,419

)

Net corporate interest expense

 

 

 

 

 

 

 

 

 

 

(17,036

)

Non-service pension costs

 

 

 

 

 

 

 

 

 

 

(8,601

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

(552

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

 

 

(7,790

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

 

 

(4,025

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

47,357

 

Income taxes

 

 

 

 

 

 

 

 

 

 

(17,097

)

Net Income

 

 

 

 

 

 

 

 

 

 

30,260

 

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

349

 

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

 

 

 

 

$

30,609

 

 

(1) Other office and operating expenses include travel and entertainment, automobile expenses, office operating expenses and data processing costs.

(2) Other, net primarily includes bank service charges and advertising expenses.

(3) Allocated corporate, shared services, and administrative costs, comprise of expenses for administrative functions, including direct compensation, payroll taxes, and benefits which are allocated to each segment based on usage.

(4) Unallocated corporate and shared costs and credits represent expenses for the Company's chief executive officer and Board of Directors, certain adjustments to self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.

 

Segment assets consist of accounts receivable, less allowance for expected credit losses, unbilled revenues at estimated billable amounts, goodwill and intangible assets arising from business acquisitions, net. Assets for the years ended December 31, 2025 and 2024 were as follows:

 

 

 

North America Loss Adjusting

 

 

International Operations

 

 

Broadspire

 

 

Platform
Solutions

 

 

Total

 

 

 

(In thousands)

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

$

96,020

 

 

$

144,167

 

 

$

72,777

 

 

$

72,578

 

 

$

385,542

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

106,657

 

 

 

149,441

 

 

 

73,114

 

 

 

94,845

 

 

 

424,057

 

 
Reconciliation Of Capital Expenditures From Segments To Consolidated

Capital expenditures for the years ended December 31, 2025, 2024, and 2023 are shown in the following table:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

North America Loss Adjusting

 

$

7,070

 

 

$

4,458

 

 

$

3,052

 

International Operations

 

 

1,321

 

 

 

2,225

 

 

 

1,061

 

Broadspire

 

 

14,620

 

 

 

12,643

 

 

 

12,494

 

Platform Solutions

 

 

3,538

 

 

 

5,405

 

 

 

4,815

 

Corporate

 

 

12,000

 

 

 

16,916

 

 

 

15,174

 

Total capital expenditures

 

$

38,549

 

 

$

41,647

 

 

$

36,596

 
Reconciliation of Revenues from Segments to Consolidated

The total of the Company's reportable segments' revenues before reimbursements reconciled to total consolidated revenues for the years ended December 31, 2025, 2024, and 2023 was as follows:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Segments' revenues before reimbursements

 

$

1,265,721

 

 

$

1,292,510

 

 

$

1,267,131

 

Reimbursements

 

 

45,106

 

 

 

48,460

 

 

 

49,788

 

Total consolidated revenues

 

$

1,310,827

 

 

$

1,340,970

 

 

$

1,316,919

 
Reconciliation of Assets from Segment to Consolidated

The Company's reportable segments' total assets reconciled to consolidated total assets of the Company at 2025 and 2024 are presented in the following table:

 

December 31,

 

2025

 

 

2024

 

 

 

(In thousands)

 

Assets of reportable segments

 

$

385,542

 

 

$

424,057

 

Corporate assets:

 

 

 

 

 

 

Cash and cash equivalents

 

 

64,079

 

 

 

55,412

 

Income taxes receivable

 

 

4,350

 

 

 

5,337

 

Prepaid expenses and other current assets

 

 

41,362

 

 

 

40,334

 

Net property and equipment

 

 

16,649

 

 

 

20,554

 

Operating lease right-of-use asset, net

 

 

66,322

 

 

 

78,808

 

Capitalized software costs, net

 

 

112,812

 

 

 

111,854

 

Deferred income tax assets

 

 

24,684

 

 

 

25,305

 

Other noncurrent assets

 

 

48,500

 

 

 

42,094

 

Total corporate assets

 

 

378,758

 

 

 

379,698

 

Total assets

 

$

764,300

 

 

$

803,755

 
Schedule of Disclosure on Geographic Areas, Revenue and Long-Lived Assets in Individual Foreign Countries by Country

Revenues and long-lived assets for the U.S., U.K. and Canada are set out below as these countries are material for geographical area disclosure. For the purposes of these geographic area disclosures, long-lived assets consist of the net property and equipment, capitalized software costs, net and operating lease right-of-use, net line items on the Company's Consolidated Balance Sheets and excludes intangible assets and goodwill.

 

 

 

U.S.

 

 

U.K.

 

 

Canada

 

 

All Other
International

 

 

Total
Company

 

 

 

(In thousands)

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues before reimbursements

 

$

738,350

 

 

$

179,412

 

 

$

89,153

 

 

$

258,806

 

 

$

1,265,721

 

Long-lived assets

 

 

125,570

 

 

 

21,133

 

 

 

14,974

 

 

 

34,106

 

 

 

195,783

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues before reimbursements

 

 

783,024

 

 

 

168,357

 

 

 

90,879

 

 

 

250,250

 

 

 

1,292,510

 

Long-lived assets

 

 

140,701

 

 

 

23,101

 

 

 

16,676

 

 

 

30,737

 

 

 

211,215

 
v3.25.4
Restructuring and Other Costs, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Other Costs, Net

The Company’s restructuring and other costs, net are comprised of the following:

 

Year ended December 31

 

2025

 

 

 

(In thousands)

 

Asset impairments

 

$

8,918

 

Lease termination costs

 

 

2,932

 

Severance and termination costs

 

 

1,622

 

Loss on sale of business

 

 

524

 

Total restructuring and other costs, net

 

$

13,996

 
Schedule of Restructuring Reserve Liabilities by Type ease termination costs are included in current and noncurrent “Operating lease liability” in the Consolidated Balance Sheets:

 

Restructuring Charges

 

Accrued compensation and related costs

 

 

Operating lease liability

 

 

Other accrued liabilities

 

 

Total

 

 

 

(In thousands)

 

Balance at December 31, 2024

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Additions

 

 

1,291

 

 

 

3,868

 

 

 

289

 

 

 

5,448

 

Adjustments to accruals

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Cash payments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31, 2025

 

$

1,291

 

 

$

3,868

 

 

$

289

 

 

$

5,448

 
v3.25.4
Significant Accounting and Reporting Policies - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Classofstock
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Variable Interest Entity [Line Items]      
Number of countries in which entity operates (more than) 70    
Number of classes of common stock | Classofstock 2    
Deferred compensation plan liabilities $ 6,686,000 $ 6,248,000  
Assets held in the related rabbi trust 10,423,000 10,389,000  
Revenue before reimbursements 1,310,827,000 1,340,970,000 $ 1,316,919,000
Depreciation 8,021,000 8,881,000 10,004,000
Self insurance reserve 42,056,000 47,061,000  
Self-insured risks 19,095,000 27,813,000  
Reinsurance recoverable assets 20,216,000 20,651,000  
Foreign currency transaction gain (loss) 33,000 (65,000) (691,000)
Advertising expense 2,426,000 2,132,000 2,143,000
Capitalized software      
Variable Interest Entity [Line Items]      
Implementation of hosting arrangement service contracts 6,795,000 5,900,000  
Amortization of intangible assets $ 23,589,000 $ 19,817,000 $ 17,948,000
Class A Non-Voting      
Variable Interest Entity [Line Items]      
Approval rate to waive equal consideration rights 75.00%    
v3.25.4
Significant Accounting and Reporting Policies - Schedule of reconciliation of cash, cash equivalents and restricted cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Cash and cash equivalents $ 64,079 $ 55,412 $ 58,363
Restricted cash within prepaid expenses and other current assets 467 917 1,182
Total cash, cash equivalents and restricted cash $ 64,546 $ 56,329 $ 59,545
v3.25.4
Significant Accounting and Reporting Policies - Receivables (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]      
Allowance for credit losses, January 1 $ 9,089 $ 9,530 $ 9,322
Add/ (Deduct):      
Provision for bad debt expense 353 1,341 626
Write-offs, net of recoveries (930) (1,654) (478)
Adjustments for business acquisitions and dispositions (234) 0 0
Currency translation and other changes 54 (128) 60
Allowance for credit losses, December 31 $ 8,332 $ 9,089 $ 9,530
v3.25.4
Significant Accounting and Reporting Policies - Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 88,378 $ 94,310
Less accumulated depreciation (71,729) (73,756)
Net property and equipment 16,649 20,554
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 27,347 30,357
Leasehold improvements | Maximum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 10 years  
Furniture and Fixtures    
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 16,157 19,690
Furniture and Fixtures | Minimum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 3 years  
Furniture and Fixtures | Maximum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 10 years  
Computer Equipment    
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 44,255 43,562
Computer Equipment | Minimum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 3 years  
Computer Equipment | Maximum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 5 years  
Automobiles    
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 619 $ 701
Automobiles | Minimum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 3 years  
Automobiles | Maximum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 4 years  
v3.25.4
Revenue Recognition - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Disaggregation of Revenue [Line Items]  
Accounts receivable, days sales outstanding 2 months
Billing after contract completion, years 1 year
Revenue, remaining performance obligation $ 107,400,000
Amount of performance obligation percentage intend to recognize within next year 72.00%
Revenue from contracts with customers, practical expedient, consideration adjustment period 1 year
Accounts payable days payable outstanding 1 year
Lifetime Claim  
Disaggregation of Revenue [Line Items]  
Deferred Revenue $ 40,049,000
Maximum | Broadspire  
Disaggregation of Revenue [Line Items]  
Revenue from contracts with customers, performance obligation term 2 years
Claims Management Services  
Disaggregation of Revenue [Line Items]  
Revenue remaining performance obligation expected timing of satisfaction explanation The Company's deferred revenues for claims handled for one or two years are not as sensitive to changes in claim closing rates since the performance obligations are satisfied within a fixed length of time
Percentage of closed cases 99.00%
Revenue from contracts with customers, duration, average time to close case from time of referral 5 years
Claims Management Services | Minimum  
Disaggregation of Revenue [Line Items]  
Revenue from contracts with customers, performance obligation term 1 year
Claims Management Services | Maximum  
Disaggregation of Revenue [Line Items]  
Revenue from contracts with customers, performance obligation term 2 years
v3.25.4
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenues $ 1,310,827 $ 1,340,970 $ 1,316,919
U.S.      
Disaggregation of Revenue [Line Items]      
Revenues 738,350 783,024  
Canada      
Disaggregation of Revenue [Line Items]      
Revenues 89,153 90,879  
U.K.      
Disaggregation of Revenue [Line Items]      
Revenues 179,412 168,357  
North America Loss Adjusting      
Disaggregation of Revenue [Line Items]      
Revenues 304,887 312,158  
North America Loss Adjusting | U.S.      
Disaggregation of Revenue [Line Items]      
Revenues 215,734 221,279  
North America Loss Adjusting | Canada      
Disaggregation of Revenue [Line Items]      
Revenues 89,153 90,879  
International Loss Adjusting      
Disaggregation of Revenue [Line Items]      
Revenues 419,411 393,117  
International Loss Adjusting | U.K.      
Disaggregation of Revenue [Line Items]      
Revenues 169,209 157,806  
International Loss Adjusting | Europe      
Disaggregation of Revenue [Line Items]      
Revenues 109,247 100,702  
International Loss Adjusting | Australia      
Disaggregation of Revenue [Line Items]      
Revenues 80,800 77,219  
International Loss Adjusting | Asia      
Disaggregation of Revenue [Line Items]      
Revenues 29,123 24,466  
International Loss Adjusting | Latin America      
Disaggregation of Revenue [Line Items]      
Revenues 31,032 32,924  
Crawford Legal Services      
Disaggregation of Revenue [Line Items]      
Revenues 18,807 25,490  
Crawford Legal Services | U.K.      
Disaggregation of Revenue [Line Items]      
Revenues 10,203 10,551  
Crawford Legal Services | Australia      
Disaggregation of Revenue [Line Items]      
Revenues 5,835 11,769  
Crawford Legal Services | Latin America      
Disaggregation of Revenue [Line Items]      
Revenues 2,769 3,170  
International Operations      
Disaggregation of Revenue [Line Items]      
Revenues 438,218 418,607  
Broadspire      
Disaggregation of Revenue [Line Items]      
Revenues 401,859 388,074  
Platform Solutions      
Disaggregation of Revenue [Line Items]      
Revenues 120,757 173,671  
Claims Management | Broadspire      
Disaggregation of Revenue [Line Items]      
Revenues 207,415 198,797  
Medical Management | Broadspire      
Disaggregation of Revenue [Line Items]      
Revenues 194,444 189,277  
Contractor Connection | Platform Solutions      
Disaggregation of Revenue [Line Items]      
Revenues 66,713 67,586  
Networks | Platform Solutions      
Disaggregation of Revenue [Line Items]      
Revenues 25,552 76,977  
Subrogation | Platform Solutions      
Disaggregation of Revenue [Line Items]      
Revenues $ 28,492 $ 29,108  
v3.25.4
Revenue Recognition - Schedule of Customer Contract Liabilities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Customer Contract Liabilities:  
Beginning balance $ 59,685
Annual additions 99,208
Revenue recognized from prior periods (32,484)
Revenue recognized from current year additions (69,316)
Ending balance $ 57,093
v3.25.4
Business Acquisitions and Dispositions - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]      
Business combinations, total consideration $ 1,683,000 $ 2,519,000 $ 13,066,000
Intangible assets useful lives 5 years 6 years  
Customer Relationships      
Business Acquisition [Line Items]      
Intangible assets useful lives 6 years 4 months 24 days 7 years 3 months 18 days  
v3.25.4
Business Acquisitions and Dispositions - Schedule of Valuation Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Liabilities:    
Noncontrolling interests $ (1,661) $ (1,659)
v3.25.4
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]      
Goodwill $ 349,549,000 $ 349,348,000 $ 349,704,000
Accumulated impairment losses (272,980,000) (272,980,000) (272,980,000)
Net goodwill 76,569,000 76,368,000 76,724,000
Impairment of goodwill 0 0 0
Foreign currency effects 201,000 (356,000)  
North America Loss Adjusting      
Goodwill [Roll Forward]      
Goodwill 88,840,000 88,639,000 88,995,000
Accumulated impairment losses (71,626,000) (71,626,000) (71,626,000)
Net goodwill 17,214,000 17,013,000 17,369,000
Foreign currency effects 201,000 (356,000)  
International Operations      
Goodwill [Roll Forward]      
Goodwill 81,779,000 81,779,000 81,779,000
Accumulated impairment losses (81,779,000) (81,779,000) (81,779,000)
Net goodwill 0 0 0
Foreign currency effects 0 0  
Broadspire      
Goodwill [Roll Forward]      
Goodwill 113,374,000 113,374,000 113,374,000
Accumulated impairment losses (100,437,000) (100,437,000) (100,437,000)
Net goodwill 12,937,000 12,937,000 12,937,000
Foreign currency effects 0 0  
Platform Solutions      
Goodwill [Roll Forward]      
Goodwill 65,556,000 65,556,000 65,556,000
Accumulated impairment losses (19,138,000) (19,138,000) (19,138,000)
Net goodwill 46,418,000 46,418,000 $ 46,418,000
Foreign currency effects $ 0 $ 0  
v3.25.4
Goodwill and Intangible Assets - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Oct. 01, 2025
Oct. 01, 2024
Goodwill [Line Items]          
Goodwill impairment $ 0 $ 0 $ 0    
Goodwill $ 76,569,000 76,368,000 76,724,000    
Minimum          
Goodwill [Line Items]          
Finite-lived intangible asset, useful life 2 years        
Maximum          
Goodwill [Line Items]          
Finite-lived intangible asset, useful life 20 years        
Customer relationships and trade names          
Goodwill [Line Items]          
Amortization of intangible assets $ 8,431,000 $ 7,497,000 7,790,000    
Measurement Input, Discount Rate | Minimum          
Goodwill [Line Items]          
Measurement input       0.13 0.13
Measurement Input, Discount Rate | Maximum          
Goodwill [Line Items]          
Measurement input       0.155 0.17
Terminal growth rate          
Goodwill [Line Items]          
Measurement input 0.02 0.02      
International Operations          
Goodwill [Line Items]          
Goodwill $ 0 $ 0 $ 0    
v3.25.4
Goodwill and Intangible Assets - Schedule of Acquired Finite-Lived Intangible Asset by Major Class (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 192,386 $ 195,817
Finite-Lived Intangible Assets, Accumulated Amortization (156,790) (152,002)
Net carrying value $ 35,596 $ 43,815
Weighted-average amortization period 5 years 6 years
Customer relationships    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 161,103 $ 161,459
Finite-Lived Intangible Assets, Accumulated Amortization (130,332) (125,639)
Net carrying value $ 30,771 $ 35,820
Weighted-average amortization period 6 years 4 months 24 days 7 years 3 months 18 days
Technology-based    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 21,043 $ 21,735
Finite-Lived Intangible Assets, Accumulated Amortization (17,626) (16,364)
Net carrying value $ 3,417 $ 5,371
Weighted-average amortization period 2 years 2 months 12 days 3 years 3 months 18 days
Tradenames    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 3,385 $ 5,828
Finite-Lived Intangible Assets, Accumulated Amortization (2,252) (3,721)
Net carrying value $ 1,133 $ 2,107
Weighted-average amortization period 2 years 4 months 24 days 3 years 8 months 12 days
Other    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 6,855 $ 6,795
Finite-Lived Intangible Assets, Accumulated Amortization (6,580) (6,278)
Net carrying value $ 275 $ 517
Weighted-average amortization period 1 year 1 month 6 days 2 years 1 month 6 days
v3.25.4
Goodwill and Intangible Assets - Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
2026 $ 6,931
2027 5,394
2028 5,394
2029 3,087
2030 $ 2,750
v3.25.4
Goodwill and Intangible Assets - Schedule of Acquired Indefinite-Lived Intangible Assets (Details) - Tradenames - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Acquired Indefinite-lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 32,828 $ 32,802
Accumulated Impairments (2,072) (2,072)
Net Carrying Value $ 30,756 $ 30,730
v3.25.4
Short-Term and Long-Term Debt, Including Finance Leases - Long-term debt instruments (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Credit Facility $ 189,000,000 $ 217,979,000
Finance lease and other obligations 93,000 158,000
Total long-term debt and finance leases 189,093,000 218,137,000
Less: portion of Credit Facility classified as short term (38,500,000) (17,822,000)
Less: current installments of finance leases and other obligations (46,000) (82,000)
Total long-term debt and finance leases, less current installments 150,593,000 200,315,000
Credit Facility    
Debt Instrument [Line Items]    
Less: portion of Credit Facility classified as short term $ (38,454,000) $ (17,740,000)
v3.25.4
Short-Term and Long-Term Debt, Including Finance Leases - Credit Facility (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Credit Facility $ 189,000,000 $ 217,979,000  
Credit facility, amount outstanding $ 189,000,000    
Line of credit facility, collateral, capital stock, percent 100.00%    
Debt instrument, maximum senior secured leverage ratio 4.5    
Short-term borrowings $ 38,500,000 17,822,000  
Interest expense, debt 17,973,000 20,303,000 $ 19,809,000
Interest paid 17,388,000 19,324,000 $ 18,914,000
Australian Borrower      
Debt Instrument [Line Items]      
Line of credit facility, current borrowing capacity $ 75,000,000    
Maximum      
Debt Instrument [Line Items]      
Lessee leasing arrangements, finance leases, term of contract 60 months    
Minimum      
Debt Instrument [Line Items]      
Lessee leasing arrangements, finance leases, term of contract 24 months    
Letter of credit subcommitment      
Debt Instrument [Line Items]      
Line of credit facility, current borrowing capacity $ 125,000,000    
Line of credit facility, remaining borrowing capacity 8,457,000    
Credit Facility      
Debt Instrument [Line Items]      
Line of credit facility, current borrowing capacity $ 500,000,000    
Debt instrument, basis spread on variable rate (percent) 0.50%    
Line of credit facility, remaining borrowing capacity $ 290,652,000    
Short-term borrowings $ 38,454,000 $ 17,740,000  
Weighted average interest rates 6.00% 6.80% 6.60%
Credit Facility | UK Borrower      
Debt Instrument [Line Items]      
Line of credit facility, current borrowing capacity $ 250,000,000    
Credit Facility | Canadian Borrower      
Debt Instrument [Line Items]      
Line of credit facility, current borrowing capacity $ 125,000,000    
Credit Facility | Maximum | Base Rate      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (percent) 0.625%    
Credit Facility | Maximum | Eurocurrency Rate      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (percent) 1.625%    
Credit Facility | Minimum | Base Rate      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (percent) 0.00%    
Credit Facility | Minimum | Eurocurrency Rate      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (percent) 1.00%    
v3.25.4
Short-Term and Long-Term Debt, Including Finance Leases - Schedule of Maturities of Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Long-term Debt, Fiscal Year Maturity [Abstract]    
Long-term Debt, 2026 $ 38,454  
Long-term Debt, 2027 0  
Long-term Debt, 2028 0  
Long-term Debt, 2029 0  
Long-term Debt, 2030 150,546  
Long-term Debt 189,000  
Finance Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]    
Finance Lease Obligations, 2026 46  
Finance Lease Obligations, 2027 47  
Finance Lease Obligations, 2028 0  
Finance Lease Obligations, 2029 0  
Finance Lease Obligations, 2030 0  
Finance Leases, Future Minimum Payments Due 93  
Long-term Debt and Capital Lease Obligations, Fiscal Year Maturity [Abstract]    
Total, 2026 38,500  
Total, 2027 47  
Total, 2028 0  
Total, 2029 0  
Total, 2030 150,546  
Total long-term debt and finance leases $ 189,093 $ 218,137
v3.25.4
Lease Commitments - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
Lessee, Lease, Description [Line Items]  
Renewal term 6 years
Termination period 1 year
Minimum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 10 years
v3.25.4
Lease Commitments - Lease-Related Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease right-of-use assets, net $ 66,322 $ 78,808
Current operating lease liabilities 27,650 24,541
Noncurrent operating lease liabilities 53,531 66,811
Total operating lease liabilities $ 81,181 $ 91,352
Weighted-Average Remaining Lease Term 3 years 8 months 12 days 4 years 4 months 24 days
Weighted-Average Discount Rate 6.00% 5.80%
v3.25.4
Lease Commitments - Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease cost $ 29,432 $ 30,933
Variable lease cost 8,662 8,084
Sublease income $ (2,112) $ (1,275)
v3.25.4
Lease Commitments - Supplemental Cash Flow (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating cash flows for operating leases $ 30,506 $ 32,776
Right-of-use assets obtained in exchange for lease obligations $ 14,277 $ 15,510
v3.25.4
Lease Commitments - Operating Lease Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 31,588  
2027 23,200  
2028 14,497  
2029 11,005  
2030 7,058  
Thereafter 3,303  
Total undiscounted lease payments 90,651  
Less imputed interest (9,470)  
Present value of future lease payments $ 81,181 $ 91,352
v3.25.4
Income Taxes - Income (loss) before income taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. $ 1,902 $ 21,429 $ 35,620
Foreign 32,698 19,683 11,737
Income before income taxes $ 34,600 $ 41,112 $ 47,357
v3.25.4
Income Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
U.S. federal $ 4,471 $ 8,368 $ 13,193
U.S. state and local 1,456 2,148 4,316
Foreign 12,325 6,601 11,867
Deferred:      
U.S. federal (2,229) (5,202) (7,603)
U.S. state and local (411) 2,585 (1,849)
Foreign (688) 83 (2,827)
Provision for income taxes $ 14,924 $ 14,583 $ 17,097
v3.25.4
Income Taxes - Schedule of Net Cash Payments (Refunds) For Income Taxes (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. federal $ 3,028,000    
U.S. state and local 1,238,000    
Total 16,963,000 $ 19,993,000 $ 16,050,000
Australia      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 5,517,000    
Brazil      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 2,141,000    
Canada      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign (1,020,000)    
Netherlands      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 1,217,000    
Norway      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 985,000    
Philippines      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 1,002,000    
Other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign $ 2,855,000    
v3.25.4
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Net cash payments for income taxes $ 16,963,000 $ 19,993,000 $ 16,050,000
Provision for income taxes 21.00% 21.00% 21.00%
Estimated tax over book differences $ 127,979,000    
Loss carryforwards 38,012,000    
Unrecognized tax benefits, loss carryforwards 0    
Operating loss carryforwards, not subject to expiration 32,829,000    
Operating loss carryforwards, subject to expiration $ 5,183,000    
Operating loss carryforwards, expiration period 20 years    
Unrecognized tax benefits, interest on income taxes accrued $ 2,000 $ 1,000 $ 13,000
Unrecognized tax benefits that would impact effective tax rate 61,000 $ 434,000 $ 685,000
Foreign Tax Authority      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
One-time indirect tax expense $ 3,122,000    
v3.25.4
Income Taxes - Reconciliation to federal statutory rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Federal income taxes at statutory rate $ 7,266 $ 8,634 $ 9,945
State income taxes, net of federal benefit 825 [1] 1,890 2,082
Cross-border tax laws, Effect of branch taxes [2] 644    
Cross-border tax laws, Global intangible low-taxed income ("GILTI") [2] 1,504    
Cross-border tax laws, Other [2] 393    
Foreign tax credits (3,336) (1,681) (1,668)
Research and development credits (486) (789) (607)
Tax Credits, Other (37)    
Change in valuation allowance   2,064 2,131
Foreign taxes   3,024 5,872
Gain (Loss) on sale of business   0 (305)
Other   618 (949)
Nondeductible meals and entertainment 399 565 643
Nontaxable or nondeductible, Other 156    
Changes in unrecognized tax benefits (22)    
Change in permanent reinvestment assertion   (8) 280
Foreign-derived intangible income deduction   (156) (223)
Tax rate changes   422 (104)
Provision for income taxes $ 14,924 $ 14,583 $ 17,097
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Federal income taxes at statutory rate, Percent 21.00% 21.00% 21.00%
State income taxes, net of federal benefit, Percent [1] 2.30%    
Cross-border tax laws, Effect of branch taxes, Percent [2] 1.90%    
Cross-border tax laws, Global intangible low-taxed income ("GILTI"), Percent [2] 4.30%    
Cross-border tax laws other, Percent [2] 1.10%    
Tax Credits, Foreign tax, Percent (9.70%)    
Tax Credits, Research and development, Percent (1.40%)    
Tax Credits, Other, Percent (0.10%)    
Nontaxable or nondeductible items, Meals and entertainment, Percent 1.20%    
Nontaxable or nondeductible items, Other, Percent 0.50%    
Changes in unrecognized tax benefits, Percent (0.10%)    
Provision for income taxes, Percent 43.10%    
Australia      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Change in valuation allowance $ 1,560    
Foreign taxes 555    
Gain (Loss) on sale of business (997)    
Other $ (81)    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Changes in valuation allowances, Percent 4.50%    
Statutory tax rate difference, Percent 1.60%    
Gain (Loss) on sale of business, Percent (2.90%)    
Other, Percent (0.20%)    
Brazil      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Withholding tax $ 1,866    
Other $ 297    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Other, Percent 0.80%    
Withholding tax, Percent 5.40%    
Chile      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Withholding tax $ 613    
Other $ 18    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Other, Percent 0.00%    
Withholding tax, Percent 1.80%    
Germany      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Foreign taxes $ 364    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory tax rate difference, Percent 1.10%    
Singapore      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Change in valuation allowance $ 364    
Other $ 196    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Changes in valuation allowances, Percent 1.10%    
Other, Percent 0.60%    
United Arab Emirates      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Foreign taxes $ (561)    
Other $ (14)    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory tax rate difference, Percent (1.60%)    
Other, Percent (0.00%)    
United Kingdom      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Change in valuation allowance $ (3,488)    
Foreign taxes 439    
Withholding tax 394    
Other $ 1,601    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Changes in valuation allowances, Percent (10.10%)    
Statutory tax rate difference, Percent 1.30%    
Other, Percent 4.60%    
Withholding tax, Percent 1.10%    
Other foreign jurisdictions      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Other $ 1,515    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Other, Percent 4.40%    
U.S      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Change in valuation allowance $ 2,977    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Changes in valuation allowances, Percent 8.60%    
[1]

(1) State taxes in Texas, Florida, New York, and Illinois make up the majority (greater than 50%) of this category.
[2]

(2) Includes the impact of credits.
v3.25.4
Income Taxes - Deferred income taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]        
Accounts receivable allowance $ 1,831 $ 2,286    
Accrued compensation 13,819 14,013    
Accrued pension liabilities 1,488 3,314    
Self-insured risks 4,364 5,551    
Deferred revenues 4,417 4,684    
Interest 2,023 3,223    
Tax credit carryforwards 5,188 2,654    
Loss carryforwards 38,012 33,315    
Lease liability 19,577 23,418    
Other 2,442 1,986    
Gross deferred income tax assets 93,161 94,444    
Unbilled revenues 7,004 5,265    
Repatriated earnings 1,782 1,152    
Depreciation and amortization 8,596 12,901    
Lease right-of-use asset 15,611 20,054    
Gross deferred income tax liabilities 32,993 39,372    
Net deferred income tax assets before valuation allowance 60,168 55,072    
Valuation allowance (39,869) (35,310) $ (29,644) $ (23,295)
Net deferred income tax assets 20,299 19,762    
Amounts recognized in the Consolidated Balance Sheets consist of:        
Long-term deferred income tax assets included in "Deferred income tax assets" 24,684 25,305    
Long-term deferred income tax liabilities included in "Other noncurrent liabilities" (4,385) (5,543)    
Net deferred income tax assets $ 20,299 $ 19,762    
v3.25.4
Income Taxes - Deferred tax valuation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Valuation Allowance, Deferred Tax Asset [Roll Forward]      
Balance, beginning of year $ 35,310 $ 29,644 $ 23,295
Other changes 4,559 5,666 6,349
Balance, end of year $ 39,869 $ 35,310 $ 29,644
v3.25.4
Income Taxes - Reconciliation of unrecognized tax benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized income tax benefits [Rollforward]      
Beginning of year $ 434 $ 3,588 $ 3,653
Additions for tax positions related to prior years     432
Reductions for tax positions related to prior years (23)   (153)
Settlements (350)    
Currency Translation Adjustment   2  
Lapses of applicable statutes of limitation   (3,156) (344)
Ending of year $ 61 $ 434 $ 3,588
v3.25.4
Retirement Plans - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]        
Defined contribution plan, cost recognized   $ 31,384,000 $ 30,531,000 $ 28,217,000
Defined benefit plan, voluntary contribution   $ 3,753,000 3,561,000  
Corridor amount   10.00%    
Net periodic benefit cost (income), non-service cost   $ 9,639,000 9,909,000 8,767,000
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]   Other Nonoperating Income (Expense)    
Forecast        
Defined Benefit Plan Disclosure [Line Items]        
Net unrecognized actuarial losses expected to be recognized in 2024 $ 12,164,000      
Net unrecognized actuarial losses expected to be recognized in 2024, net of tax $ 9,814,000      
U.K Plan        
Defined Benefit Plan Disclosure [Line Items]        
Discount rate used to compute periodic benefit cost   4.88%    
Expected long-term rates of return on plans' assets in next fiscal year   5.90%    
U.S.        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, voluntary contribution   $ 0 $ 0 $ 0
Defined benefit plan, discretionary contribution   $ 3,000,000    
Discount rate used to compute periodic benefit cost   4.71%    
Expected long-term rates of return on plans' assets in next fiscal year   6.40%    
v3.25.4
Retirement Plans - Projected Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
U.K Plan    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligations $ 156,946 $ 161,567
Fair value of plans' assets 168,991 170,747
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligations 265,729 278,389
Fair value of plans' assets $ 245,917 $ 255,389
v3.25.4
Retirement Plans - Reconciliation of Projected Benefit Obligation and Fair Value of Plan Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Projected Benefit Obligations:    
Beginning of measurement period $ 439,956 $ 458,296
Service cost 1,739 1,531
Interest cost 21,929 23,163
Employee contributions 14 22
Actuarial loss (gain) 2,978 (3,504)
Plan settlements 0 (296)
Plan curtailments 0 48
Benefits paid (48,120) (49,068)
Foreign currency effects 4,179 9,764
End of measurement period 422,675 439,956
Fair Value of Plans' Assets:    
Beginning of measurement period 426,136 443,157
Actual return on plans' assets 28,825 18,268
Employer contributions 3,753 3,561
Employee contributions 14 22
Plan settlements 0 (296)
Benefits paid (48,120) (49,068)
Foreign currency effects 4,300 10,492
End of measurement period 414,908 426,136
Unfunded Status $ (7,767) $ (13,820)
v3.25.4
Retirement Plans - Fund Status (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Total underfunded status $ 7,767 $ 13,820
Accumulated other comprehensive loss, before income taxes (244,882) (257,116)
Qualified Plan    
Defined Benefit Plan Disclosure [Line Items]    
U.S. Qualified Plan 17,910 21,084
U.K. prepaid pension asset included in "Other noncurrent assets" (12,045) (9,176)
Nonqualified Plan    
Defined Benefit Plan Disclosure [Line Items]    
U.S. Qualified Plan 199 201
U.K. prepaid pension asset included in "Other noncurrent assets" (12,045) (9,180)
Unfunded status of nonqualified defined benefit pension plans included in "Other noncurrent liabilities" 1,703 1,716
Total underfunded status 7,767 13,820
U.K Plan | Qualified Plan    
Defined Benefit Plan Disclosure [Line Items]    
U.S. Qualified Plan 2,532 2,092
U.K Plan | Nonqualified Plan    
Defined Benefit Plan Disclosure [Line Items]    
U.K. prepaid pension asset included in "Other noncurrent assets" 0 (4)
U.S. | Qualified Plan    
Defined Benefit Plan Disclosure [Line Items]    
U.S. Qualified Plan $ 15,378 $ 18,991
v3.25.4
Retirement Plans - AOCI (Details) - Defined Benefit Pension Plans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Net unrecognized actuarial loss at beginning of period $ (257,116) $ (261,102)
Amortization of net loss 12,575 12,580
Net loss arising during the year 982 (4,109)
Currency translation (1,323) (4,484)
Net unrecognized actuarial loss at end of period $ (244,882) $ (257,116)
v3.25.4
Retirement Plans - Schedule of Defined Benefit Plans Disclosures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]      
Service cost $ 1,739 $ 1,531  
Interest cost 21,929 23,163  
Curtailment loss recognized 0 48  
Defined Benefit Pension Plans      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]      
Service cost 1,739 1,531 $ 1,423
Interest cost 21,929 23,163 23,915
Expected return on assets (24,865) (25,882) (27,168)
Amortization of actuarial loss 12,575 12,580 12,020
Curtailment loss recognized 0 48 0
Net periodic benefit cost (credit) $ 11,378 $ 11,440 $ 10,190
v3.25.4
Retirement Plans - Schedule of Expected Benefit Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]  
2026 $ 33,764
2027 33,530
2028 33,758
2029 33,150
2030 32,707
2031-2035 $ 149,299
v3.25.4
Retirement Plans - Assumptions (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
U.K Plan    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate used to compute benefit obligations 5.42% 5.30%
Discount rate used to compute periodic benefit cost 5.30% 5.78%
Expected long-term rates of return on plans' assets 5.90% 6.20%
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate used to compute benefit obligations 5.24% 5.57%
Discount rate used to compute periodic benefit cost 5.57% 4.94%
Expected long-term rates of return on plans' assets 6.40% 5.90%
v3.25.4
Retirement Plans - Plan Asset Allocation (Details)
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 100.00% 100.00%
U.K Plan | Equity securities    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 0.00% 0.00%
U.K Plan | Fixed income securities    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 73.50% 73.70%
U.K Plan | Alternative strategies    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 25.60% 25.90%
U.K Plan | Cash, cash equivalents and short-term investment funds    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 0.90% 0.40%
U.S. | Equity securities    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 13.90% 14.70%
U.S. | Fixed income securities    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 78.00% 77.90%
U.S. | Alternative strategies    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 4.00% 4.20%
U.S. | Cash, cash equivalents and short-term investment funds    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 4.10% 3.20%
v3.25.4
Common Stock and Earnings per Share - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
Classofstock
$ / shares
shares
Dec. 31, 2024
$ / shares
shares
Oct. 30, 2025
shares
Feb. 10, 2022
shares
Nov. 04, 2021
shares
Equity, Class of Treasury Stock          
Number of classes of common stock | Classofstock 2        
Number of shares authorized to be repurchased (shares)     2,000,000    
Number of shares authorized to be repurchased in additions to 2021 plan (shares)       5,000,000  
Number of shares remaining to be repurchased (shares) 2,121,890        
Class A Non-Voting          
Equity, Class of Treasury Stock          
Approval rate to waive equal consideration rights 75.00%        
Class A Non-Voting | Repurchase Authorization 2021          
Equity, Class of Treasury Stock          
Shares repurchased (shares) 836,859        
Average cost (USD per share) | $ / shares $ 10.9        
Common Stock | Repurchase Authorization 2021          
Equity, Class of Treasury Stock          
Number of shares authorized to be repurchased (shares)         2,000,000
Class B Voting | Repurchase Authorization 2021          
Equity, Class of Treasury Stock          
Shares repurchased (shares) 131,060 409,610      
Average cost (USD per share) | $ / shares $ 10.62 $ 9.44      
v3.25.4
Common Stock and Earnings per Share - Schedule of Computations of Basic Net Income Attributable to Shareholders of Crawford & Company per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class A Non-Voting      
Numerator:      
Allocation of undistributed earnings $ 3,250 $ 7,787 $ 10,649
Dividends paid 8,779 8,339 7,554
Net Income (Loss) Available to Common Stockholders, Basic, Total $ 12,029 $ 16,126 $ 18,203
Denominator:      
Weighted-average common shares outstanding, basic 30,237 29,783 29,039
Earnings per share - basic $ 0.4 $ 0.54 $ 0.63
Class B Voting      
Numerator:      
Allocation of undistributed earnings $ 2,056 $ 5,054 $ 7,259
Dividends paid 5,549 5,416 5,147
Net Income (Loss) Available to Common Stockholders, Basic, Total $ 7,605 $ 10,470 $ 12,406
Denominator:      
Weighted-average common shares outstanding, basic 19,132 19,332 19,796
Earnings per share - basic $ 0.4 $ 0.54 $ 0.63
v3.25.4
Common Stock and Earnings per Share - Schedule of Computations of Diluted Net Income Attributable to Shareholders of Crawford & Company per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class A Non-Voting      
Numerator:      
Allocation of undistributed earnings $ 3,272 $ 7,850 $ 10,760
Dividends paid 8,779 8,339 7,554
Net income available to common shareholders, diluted $ 12,051 $ 16,189 $ 18,314
Denominator:      
Weighted-average common shares outstanding, basic 30,237 29,783 29,039
Weighted-average effect of dilutive securities 534 621 760
Weighted-average number of shares outstanding, diluted 30,771 30,404 29,799
Earnings per share - diluted $ 0.39 $ 0.53 $ 0.61
Class B Voting      
Numerator:      
Allocation of undistributed earnings $ 2,034 $ 4,991 $ 7,148
Dividends paid 5,549 5,416 5,147
Net income available to common shareholders, diluted $ 7,583 $ 10,407 $ 12,295
Denominator:      
Weighted-average common shares outstanding, basic 19,132 19,332 19,796
Weighted-average effect of dilutive securities 0 0 0
Weighted-average number of shares outstanding, diluted 19,132 19,332 19,796
Earnings per share - diluted $ 0.4 $ 0.54 $ 0.62
v3.25.4
Common Stock and Earnings per Share - Schedule of Antidilutive Shares Excluded from Computation of Diluted Earnings per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Performance Stock Grants Excluded because Performance Conditions Have Not Been Met      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Shares underlying stock options excluded [1] 276 1,076 993
Shares Underlying Stock Options Excluded      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Shares underlying stock options excluded 0 0 711
[1] Compensation cost is recognized for these performance stock grants based on expected achievement rates; however no consideration is given for these performance stock grants when calculating earnings per share until the performance measurements are actually achieved.
v3.25.4
Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Foreign Currency Translation Adjustments      
Accumulated Other Comprehensive Income Loss [Line Items]      
Adjustment for long-term intercompany transactions, net of tax $ 452,000 $ (505,000) $ 1,004,000
v3.25.4
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance $ 155,551 $ 139,831 $ 123,378
Unrealized net losses arising during the year (884) (7,986) (15,740)
Ending balance 171,432 155,551 139,831
Foreign Currency Translation Adjustments      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance (50,079) (49,486)  
Other comprehensive income (loss) before reclassifications 6,154 (593)  
Unrealized net losses arising during the year 0 0  
Amounts reclassified from accumulated other comprehensive income to net income [1] 0 0  
Net current period other comprehensive (loss) income 6,154 (593)  
Ending balance (43,925) (50,079) (49,486)
Retirement Liabilities      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance (167,046) (169,129)  
Other comprehensive income (loss) before reclassifications 0 0  
Unrealized net losses arising during the year (884) (7,986)  
Amounts reclassified from accumulated other comprehensive income to net income [1] 10,115 10,069  
Net current period other comprehensive (loss) income 9,231 2,083  
Ending balance (157,815) (167,046) (169,129)
AOCL Attributable to Shareholders of Crawford & Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance (217,125) (218,615) (215,321)
Other comprehensive income (loss) before reclassifications 6,154 (593)  
Unrealized net losses arising during the year (884) (7,986)  
Amounts reclassified from accumulated other comprehensive income to net income [1] 10,115 10,069  
Net current period other comprehensive (loss) income 15,385 1,490  
Ending balance $ (201,740) $ (217,125) $ (218,615)
[1] Retirement liabilities reclassified to net income are related to the amortization of actuarial losses and are included in "Selling, general, and administrative expenses" on the Company's Consolidated Statements of Operations. See Note 7, "Retirement Plans" for additional details.
v3.25.4
Stock-Based Compensation - Stock Options (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Stock-based compensation costs $ 5,193,000 $ 5,768,000 $ 5,603,000  
Tax benefit from compensation expense $ 1,197,000 $ 1,350,000 $ 1,330,000  
Share based award vesting period 5 years      
Class A Non-Voting        
Summary of Option Activity, Shares        
Outstanding beginning balance (in shares) 700,000 1,042,000 1,542,000  
Granted (in shares) 0 0 0  
Exercised (in shares) 0 (321,000) (485,000)  
Forfeited or expired (in shares) 0 (21,000) (15,000)  
Outstanding ending balance (in shares) 700,000 700,000 1,042,000 1,542,000
Vested and Exercisable at end of period (in shares) 700,000      
Summary of Option Activity, Weighted-Average Exercise Price        
Outstanding beginning balance, weighted-average exercise price (in usd per share) $ 9.08 $ 9.05 $ 8.98  
Granted, weighted-average exercise price (in usd per share) 0 0 0  
Exercised, weighted-average exercise price (in usd per share) 0 8.98 8.84  
Forfeited or expired, weighted-average exercise price (in usd per share) 0 9.01 9.01  
Outstanding ending balance, weighted-average exercise price (in usd per share) 9.08 $ 9.08 $ 9.05 $ 8.98
Vested and exercisable at end of period, weighted-average exercise price (in usd per share) $ 9.08      
Summary of Option Activity, Weighted-Average Remaining Contractual Term        
Outstanding, weighted-average remaining contractual term 2 years 7 months 6 days 3 years 7 months 6 days 4 years 8 months 12 days 5 years 6 months
Weighted- average remaining contractual term 2 years 7 months 6 days      
Outstanding, aggregate intrinsic value $ 1,520,000 $ 1,737,000 $ 4,305,000 $ 7,000
Vested and exercisable at end of period, aggregate intrinsic value $ 1,520,000      
2024 Performance Based Grants        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Stock option vesting per year (percent) 75.00%      
2023 Performance Based Grants        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Stock option vesting per year (percent) 78.00%      
Employee Stock Option | Class A Non-Voting        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share based award vesting period 3 years      
Stock option vesting per year (percent) 33.00%      
Stock options expiration period 10 years      
Share-based compensation expense $ 0 $ 0 $ 12,000  
Summary of Option Activity, Shares        
Granted (in shares) 0 0 0  
Exercised (in shares) 0 (321,000) (485,000)  
Summary of Option Activity, Weighted-Average Remaining Contractual Term        
Options, exercised in period, intrinsic value     $ 425,000  
Options, vested in period, fair value     $ 228,000  
Unearned compensation cost $ 0      
v3.25.4
Stock-Based Compensation - Performance-Based Stock Grants (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Share based award vesting period 5 years    
Shares      
Nonvested at the beginning of the period (in shares) 0 0 0
Granted (in shares) 95,553 76,090 135,456
Vested (in shares) (85,620) (61,974) (135,456)
Forfeited or unearned (in shares) (9,933) (14,116) 0
Nonvested at the end of the period (in shares) 0 0 0
Nonvested at the beginning of the period, weighted-average grant-date fair value (in usd per share) $ 0 $ 0 $ 0
Granted, weighted-average grant-date fair value (in usd per share) 11.98 12.43 5.93
Vested, weighted-average grant-date fair value (in usd per share) 11.97 12.36 5.93
Forfeited or unearned, weighted-average grant-date fair value (in usd per share) 12.06 12.75 0
Nonvested at the end of the period, weighted-average grant-date fair value (in usd per share) $ 0 $ 0 $ 0
Employee Stock Option | Class A Non-Voting      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Share based award vesting period 3 years    
Shares      
Share-based compensation expense $ 0 $ 0 $ 12,000
Unearned compensation cost $ 0    
Performance Stock Grants Excluded because Performance Conditions Have Not Been Met | Class A Non-Voting      
Shares      
Nonvested at the beginning of the period (in shares) 1,153,505 1,444,996 1,238,090
Granted (in shares) 269,601 552,705 1,236,598
Vested (in shares) (738,418) (354,305) (456,487)
Forfeited or unearned (in shares) (224,385) (489,891) (573,205)
Nonvested at the end of the period (in shares) 460,303 1,153,505 1,444,996
Nonvested at the beginning of the period, weighted-average grant-date fair value (in usd per share) $ 7.91 $ 6.12 $ 7.52
Granted, weighted-average grant-date fair value (in usd per share) 11.68 11.38 5.62
Vested, weighted-average grant-date fair value (in usd per share) 7 8.29 6.9
Forfeited or unearned, weighted-average grant-date fair value (in usd per share) 8.23 6.72 7.97
Nonvested at the end of the period, weighted-average grant-date fair value (in usd per share) $ 11.42 $ 7.91 $ 6.12
Fair value of performance shares vested $ 5,171,000 $ 2,937,000 $ 3,148,000
Share-based compensation expense 3,573,000 $ 4,361,000 $ 4,212,000
Unearned compensation cost $ 1,819,000    
v3.25.4
Stock-Based Compensation - Restricted Shares (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Share based award vesting period 5 years    
Shares      
Nonvested at the beginning of the period (in shares) 0 0 0
Granted (in shares) 95,553 76,090 135,456
Vested (in shares) (85,620) (61,974) (135,456)
Forfeited or unearned (in shares) (9,933) (14,116) 0
Nonvested at the end of the period (in shares) 0 0 0
Weighted-Average Grant-Date Fair Value      
Nonvested at the beginning of the period, weighted-average grant-date fair value (in usd per share) $ 0 $ 0 $ 0
Granted, weighted-average grant-date fair value (in usd per share) 11.98 12.43 5.93
Vested, weighted-average grant-date fair value (in usd per share) 11.97 12.36 5.93
Forfeited or unearned, weighted-average grant-date fair value (in usd per share) 12.06 12.75 0
Nonvested at the end of the period, weighted-average grant-date fair value (in usd per share) $ 0 $ 0 $ 0
Restricted stock | Class A Non-Voting      
Weighted-Average Grant-Date Fair Value      
Share-based compensation expense $ 1,025,000 $ 766,000 $ 804,000
Unearned compensation cost $ 0    
v3.25.4
Stock-Based Compensation - Employee Stock Purchase Plans (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
StockPurchasePlan
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2025
GBP (£)
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Number of employee stock purchase plans | StockPurchasePlan 3      
United States Stock Repurchase Program | Class A Non-Voting        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Shares authorized (in shares) 2,200,000     2,200,000
Percentage of elgible annual earnings 85.00%      
Maximum annual earnings withheld to purchase shares | $ $ 25,000      
Purchase price of stock, percent of market price (percent) 85.00%      
Shares issued (in shares) 174,366 128,736 149,170  
Purchase price of shares during period (in usd per share) | $ / shares $ 7.25 $ 7.34 $ 6.44  
Projected exercises in period (in shares) 120,000     120,000
Share-based compensation expense | $ $ 408,000 $ 430,000 $ 368,000  
U.K. Stock Repurchase Plan | Class A Non-Voting        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Shares authorized (in shares) 2,000,000     2,000,000
Purchase price of stock, percent of market price (percent) 85.00%      
Shares issued (in shares) 114,384 138,714 71,642  
Share-based compensation expense | $ $ 187,000 $ 211,000 $ 209,000  
Maximum monthly earnings withheld to purchase shares (in gbp) | £       £ 250
Estimated shares eligible for purchase (in shares) 250,000     250,000
U.K. Stock Repurchase Plan | Class A Non-Voting | Minimum        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Purchase price of shares during period (in usd per share) | $ / shares $ 5.17      
U.K. Stock Repurchase Plan | Class A Non-Voting | Maximum        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Purchase price of shares during period (in usd per share) | $ / shares $ 10.39      
International stock based compensation plan | Class A Non-Voting        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Shares authorized (in shares) 1,000,000     1,000,000
Shares issued (in shares) 3,929 3,449 5,026  
Purchase price of stock, percent of market price (percent) 85.00%      
International stock based compensation plan | Class A Non-Voting | Maximum        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Maximum annual earnings withheld to purchase shares | $ $ 21,250      
Maximum number of shares per employee 5,000      
v3.25.4
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Liabilities:    
Contingent earnout liability $ 0 $ 1,382
Quoted Prices in Active Markets (Level 1)    
Liabilities:    
Contingent earnout liability 0 0
Significant Other Observable Inputs (Level 2)    
Liabilities:    
Contingent earnout liability 0 0
Significant Unobservable Inputs (Level 3)    
Liabilities:    
Contingent earnout liability 0 1,382
Money Market Funds    
ASSETS    
Money market funds 11,729 11,252
Money Market Funds | Quoted Prices in Active Markets (Level 1)    
ASSETS    
Money market funds 11,729 11,252
Money Market Funds | Significant Other Observable Inputs (Level 2)    
ASSETS    
Money market funds 0 0
Money Market Funds | Significant Unobservable Inputs (Level 3)    
ASSETS    
Money market funds $ 0 $ 0
v3.25.4
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Parenthetical) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Pretax contingent earnout (benefit) expenses $ 537,000 $ (1,099,000)
v3.25.4
Fair Value Measurements - Schedule of change in the fair value of the Company's contingent earnout liability (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Acquisition-related contingent consideration, beginning of the year $ 2,519,000 $ 13,066,000
Change in fair value of contingent consideration, including foreign exchange impacts 490,000 (1,264,000)
Settlement of contingent consideration (1,326,000) (9,283,000)
Acquisition-related contingent consideration, end of the year $ 1,683,000 $ 2,519,000
v3.25.4
Fair Value Measurements - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt instrument, variable interest rate duration between resets 90 days    
Earnout liability $ 1,683,000 $ 2,519,000 $ 13,066,000
v3.25.4
Fair Value Measurements - Pension Plan Assets within Fair Value Hierarchy (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets $ 414,908 $ 426,136 $ 443,157
U.K Plan      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 168,991 169,744  
U.K Plan | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 1,475 701  
U.K Plan | Money Market Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 43,338 46,997  
U.K Plan | US Government Agencies Debt Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 80,960 78,008  
U.K Plan | Alternative strategies      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 43,218 43,372  
U.K Plan | Real Estate Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 666  
U.K Plan | Quoted Prices in Active Markets (Level 1)      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 75,499 70,037  
U.K Plan | Quoted Prices in Active Markets (Level 1) | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 1,475 701  
U.K Plan | Quoted Prices in Active Markets (Level 1) | Money Market Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
U.K Plan | Quoted Prices in Active Markets (Level 1) | US Government Agencies Debt Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 64,635 61,246  
U.K Plan | Quoted Prices in Active Markets (Level 1) | Alternative strategies      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 9,389 8,090  
U.K Plan | Quoted Prices in Active Markets (Level 1) | Real Estate Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
U.K Plan | Significant Other Observable Inputs (Level 2)      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 90,244 96,757  
U.K Plan | Significant Other Observable Inputs (Level 2) | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
U.K Plan | Significant Other Observable Inputs (Level 2) | Money Market Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 43,338 46,997  
U.K Plan | Significant Other Observable Inputs (Level 2) | US Government Agencies Debt Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 16,325 16,762  
U.K Plan | Significant Other Observable Inputs (Level 2) | Alternative strategies      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 30,581 32,998  
U.K Plan | Significant Other Observable Inputs (Level 2) | Real Estate Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
U.K Plan | Significant Unobservable Inputs (Level 3)      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 3,248 2,950 4,927
U.K Plan | Significant Unobservable Inputs (Level 3) | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
U.K Plan | Significant Unobservable Inputs (Level 3) | Money Market Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
U.K Plan | Significant Unobservable Inputs (Level 3) | US Government Agencies Debt Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
U.K Plan | Significant Unobservable Inputs (Level 3) | Alternative strategies      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 3,248 2,284  
U.K Plan | Significant Unobservable Inputs (Level 3) | Real Estate Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 666  
US      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 252,958 261,364  
Other plan liabilities, net [1] (34,957) (31,891)  
Net Plan Assets 218,001 229,473  
US | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 388 2,551  
US | Short-term Investments      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 9,903 5,782  
US | United States Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 172,965 181,619  
US | International Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 13,399 14,039  
US | United States Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 21,707 24,304  
US | International Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 24,533 22,040  
US | Asset Categories Other      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 10,063 11,028  
US | Quoted Prices in Active Markets (Level 1)      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 51,007 49,124  
US | Quoted Prices in Active Markets (Level 1) | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 388 2,551  
US | Quoted Prices in Active Markets (Level 1) | Short-term Investments      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Quoted Prices in Active Markets (Level 1) | United States Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 46,572  
US | Quoted Prices in Active Markets (Level 1) | International Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Quoted Prices in Active Markets (Level 1) | United States Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 50,619 0  
US | Quoted Prices in Active Markets (Level 1) | International Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Quoted Prices in Active Markets (Level 1) | Asset Categories Other      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Other Observable Inputs (Level 2)      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 200,424 201,712  
US | Significant Other Observable Inputs (Level 2) | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Other Observable Inputs (Level 2) | Short-term Investments      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 9,903 5,782  
US | Significant Other Observable Inputs (Level 2) | United States Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 21,707 135,047  
US | Significant Other Observable Inputs (Level 2) | International Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 13,399 14,039  
US | Significant Other Observable Inputs (Level 2) | United States Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 122,346 24,304  
US | Significant Other Observable Inputs (Level 2) | International Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 24,533 22,040  
US | Significant Other Observable Inputs (Level 2) | Asset Categories Other      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 8,536 500  
US | Significant Unobservable Inputs (Level 3)      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 1,527 10,528 $ 11,299
US | Significant Unobservable Inputs (Level 3) | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Unobservable Inputs (Level 3) | Short-term Investments      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Unobservable Inputs (Level 3) | United States Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Unobservable Inputs (Level 3) | International Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Unobservable Inputs (Level 3) | United States Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Unobservable Inputs (Level 3) | International Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Unobservable Inputs (Level 3) | Asset Categories Other      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets $ 1,527 $ 10,528  
[1] net amounts payable for unsettled security transactions.
v3.25.4
Fair Value Measurements - Reconciliation of Level 3 Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Beginning of measurement period $ 426,136 $ 443,157
Actual return on plan assets:    
End of measurement period 414,908 426,136
U.K Plan    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Beginning of measurement period 169,744  
Actual return on plan assets:    
End of measurement period 168,991 169,744
U.S.    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Beginning of measurement period 261,364  
Actual return on plan assets:    
End of measurement period 252,958 261,364
Significant Unobservable Inputs (Level 3) | U.K Plan    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Beginning of measurement period 2,950 4,927
Actual return on plan assets:    
Related to assets still held at the reporting date 496 107
Related to assets sold during the period (85) 63
Purchases, sales and settlements, net (113) (3,113)
Transfers into Level 3 0 966
End of measurement period 3,248 2,950
Significant Unobservable Inputs (Level 3) | U.S.    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Beginning of measurement period 10,528 11,299
Actual return on plan assets:    
Related to assets still held at the reporting date (419) (1,350)
Related to assets sold during the period 30 (264)
Purchases, sales and settlements, net 449 843
Transfers into Level 3 (9,899) 0
End of measurement period $ 1,527 $ 10,528
v3.25.4
Segment and Geographic Information - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of reportable segments 4
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description Operating earnings is the primary financial performance measure used by the Company's senior management and the CODM to evaluate the financial performance of the Company's four reportable segments and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate reportable segment operating performance using the same criteria used by the Company's senior management and CODM.
v3.25.4
Segment and Geographic Information - Financial Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 1,310,827,000 $ 1,340,970,000 $ 1,316,919,000
Depreciation 8,021,000 8,881,000 10,004,000
Reconciliation of segment operating earnings (loss):      
Net corporate interest expense (14,687,000) (16,862,000) (17,036,000)
Contingent earnout adjustments (537,000) 1,099,000 (4,025,000)
Restructuring and other costs, net 13,996,000    
Income Before Income Taxes 34,600,000 41,112,000 47,357,000
Income taxes (14,924,000) (14,583,000) (17,097,000)
Net Income 19,676,000 26,529,000 30,260,000
Net (Income) Loss Attributable to Noncontrolling Interests (42,000) 67,000 349,000
Net Income Attributable to Shareholders of Crawford & Company 19,634,000 26,596,000 30,609,000
Segment Reconciling Items      
Reconciliation of segment operating earnings (loss):      
Unallocated corporate administrative costs [1] (25,995,000) (28,066,000) (19,419,000)
Net corporate interest expense (14,687,000) (16,862,000) (17,036,000)
Non-service pension (costs) credits (9,413,000) (9,764,000) (8,601,000)
Stock option expense (609,000) (574,000) (552,000)
Amortization of acquisition-related intangible assets (8,431,000) (7,497,000) (7,790,000)
Contingent earnout adjustments (537,000) 1,099,000 (4,025,000)
Restructuring and other costs, net (13,996,000)    
Income Before Income Taxes 34,600,000 41,112,000 47,357,000
Income taxes (14,924,000) (14,583,000) (17,097,000)
Net Income 19,676,000 26,529,000 30,260,000
Net (Income) Loss Attributable to Noncontrolling Interests (42,000) 67,000 349,000
Net Income Attributable to Shareholders of Crawford & Company 19,634,000 26,596,000 30,609,000
Service      
Segment Reporting Information [Line Items]      
Revenues 1,265,721,000 1,292,510,000 1,267,131,000
Service | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 1,265,721,000 1,292,510,000 1,267,131,000
Compensation 641,187,000 665,744,000 668,126,000
Benefits and payroll taxes 124,827,000 125,990,000 119,002,000
Non-employee labor 57,323,000 55,209,000 49,128,000
Total Compensation 823,337,000 846,943,000 836,256,000
Office rent and occupancy 29,827,000 31,736,000 33,673,000
Other office operating expense [2] 70,369,000 69,571,000 63,715,000
Depreciation 20,716,000 18,037,000 16,487,000
Professional fees 28,926,000 33,134,000 29,679,000
Cost of risk 9,225,000 13,328,000 9,903,000
Other, net [3] 9,386,000 13,091,000 14,679,000
Total Other Operating Expense 168,449,000 178,897,000 168,136,000
Allocated corporate, shared services, and administrative costs [4] 165,667,000 163,894,000 157,959,000
Total Segment Expenses 1,157,453,000 1,189,734,000 1,162,351,000
Segment Operating Earnings 108,268,000 102,776,000 104,780,000
North America Loss Adjusting      
Segment Reporting Information [Line Items]      
Revenues 304,887,000 312,158,000  
North America Loss Adjusting | Service | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 304,887,000 312,158,000 303,629,000
Compensation 177,950,000 184,732,000 177,254,000
Benefits and payroll taxes 33,939,000 35,659,000 32,539,000
Non-employee labor 5,956,000 5,790,000 4,849,000
Total Compensation 217,845,000 226,181,000 214,642,000
Office rent and occupancy 4,370,000 4,595,000 4,637,000
Other office operating expense [2] 17,510,000 16,015,000 14,186,000
Depreciation 4,309,000 3,149,000 2,098,000
Professional fees 1,705,000 1,869,000 1,493,000
Cost of risk 1,696,000 1,116,000 1,368,000
Other, net [3] 479,000 2,464,000 3,052,000
Total Other Operating Expense 30,069,000 29,208,000 26,834,000
Allocated corporate, shared services, and administrative costs [4] 35,999,000 38,596,000 38,968,000
Total Segment Expenses 283,913,000 293,985,000 280,444,000
Segment Operating Earnings 20,974,000 18,173,000 23,185,000
International Operations      
Segment Reporting Information [Line Items]      
Revenues 438,218,000 418,607,000  
International Operations | Service | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 438,218,000 418,607,000 382,393,000
Compensation 218,369,000 208,200,000 200,877,000
Benefits and payroll taxes 42,510,000 39,082,000 36,383,000
Non-employee labor 31,554,000 26,411,000 19,300,000
Total Compensation 292,433,000 273,693,000 256,560,000
Office rent and occupancy 13,670,000 14,340,000 15,501,000
Other office operating expense [2] 28,085,000 28,289,000 25,951,000
Depreciation 4,013,000 3,314,000 3,155,000
Professional fees 6,991,000 11,685,000 10,484,000
Cost of risk 2,027,000 4,363,000 3,929,000
Other, net [3] 4,416,000 5,466,000 6,445,000
Total Other Operating Expense 59,202,000 67,457,000 65,465,000
Allocated corporate, shared services, and administrative costs [4] 61,460,000 56,456,000 49,187,000
Total Segment Expenses 413,095,000 397,606,000 371,212,000
Segment Operating Earnings 25,123,000 21,001,000 11,181,000
Broadspire      
Segment Reporting Information [Line Items]      
Revenues 401,859,000 388,074,000  
Broadspire | Service | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 401,859,000 388,074,000 355,650,000
Compensation 188,867,000 181,355,000 168,216,000
Benefits and payroll taxes 38,450,000 36,769,000 32,478,000
Non-employee labor 17,042,000 17,159,000 16,559,000
Total Compensation 244,359,000 235,283,000 217,253,000
Office rent and occupancy 8,329,000 9,247,000 9,796,000
Other office operating expense [2] 17,335,000 16,200,000 14,279,000
Depreciation 5,747,000 4,767,000 5,664,000
Professional fees 17,730,000 17,414,000 15,565,000
Cost of risk 3,656,000 6,451,000 3,600,000
Other, net [3] 1,310,000 1,170,000 860,000
Total Other Operating Expense 54,107,000 55,249,000 49,764,000
Allocated corporate, shared services, and administrative costs [4] 48,785,000 45,113,000 46,760,000
Total Segment Expenses 347,251,000 335,645,000 313,777,000
Segment Operating Earnings 54,608,000 52,429,000 41,873,000
Platform Solutions      
Segment Reporting Information [Line Items]      
Revenues 120,757,000 173,671,000  
Platform Solutions | Service | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 120,757,000 173,671,000 225,459,000
Compensation 56,001,000 91,457,000 121,779,000
Benefits and payroll taxes 9,928,000 14,480,000 17,602,000
Non-employee labor 2,771,000 5,849,000 8,420,000
Total Compensation 68,700,000 111,786,000 147,801,000
Office rent and occupancy 3,458,000 3,554,000 3,739,000
Other office operating expense [2] 7,439,000 9,067,000 9,299,000
Depreciation 6,647,000 6,807,000 5,570,000
Professional fees 2,500,000 2,166,000 2,137,000
Cost of risk 1,846,000 1,398,000 1,006,000
Other, net [3] 3,181,000 3,991,000 4,322,000
Total Other Operating Expense 25,071,000 26,983,000 26,073,000
Allocated corporate, shared services, and administrative costs [4] 19,423,000 23,729,000 23,044,000
Total Segment Expenses 113,194,000 162,498,000 196,918,000
Segment Operating Earnings $ 7,563,000 $ 11,173,000 $ 28,541,000
[1] Unallocated corporate and shared costs and credits represent expenses for the Company's chief executive officer and Board of Directors, certain adjustments to self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.
[2] Other office and operating expenses include travel and entertainment, automobile expenses, office operating expenses and data processing costs.
[3] Other, net primarily includes bank service charges and advertising expenses.
[4] Allocated corporate, shared services, and administrative costs, comprise of expenses for administrative functions, including direct compensation, payroll taxes, and benefits which are allocated to each segment based on usage.
v3.25.4
Segment and Geographic Information - Schedule of Segment Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 764,300 $ 803,755
Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 385,542 424,057
North America Loss Adjusting | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 96,020 106,657
International Operations | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 144,167 149,441
Broadspire | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 72,777 73,114
Platform Solutions | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 72,578 $ 94,845
v3.25.4
Segment and Geographic Information - Capital Expenditures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total capital expenditures $ 38,549 $ 41,647 $ 36,596
Corporate, Non-Segment      
Segment Reporting Information [Line Items]      
Total capital expenditures 12,000 16,916 15,174
North America Loss Adjusting | Operating Segments      
Segment Reporting Information [Line Items]      
Total capital expenditures 7,070 4,458 3,052
International Operations | Operating Segments      
Segment Reporting Information [Line Items]      
Total capital expenditures 1,321 2,225 1,061
Broadspire | Operating Segments      
Segment Reporting Information [Line Items]      
Total capital expenditures 14,620 12,643 12,494
Platform Solutions | Operating Segments      
Segment Reporting Information [Line Items]      
Total capital expenditures $ 3,538 $ 5,405 $ 4,815
v3.25.4
Segment and Geographic Information - Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 1,310,827 $ 1,340,970 $ 1,316,919
Service      
Segment Reporting Information [Line Items]      
Revenues 1,265,721 1,292,510 1,267,131
Reimbursements      
Segment Reporting Information [Line Items]      
Revenues $ 45,106 $ 48,460 $ 49,788
v3.25.4
Segment and Geographic Information - Income Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Net corporate interest expense $ (14,687) $ (16,862) $ (17,036)
Contingent earnout adjustments (537) 1,099 (4,025)
Income Before Income Taxes 34,600 41,112 47,357
Segment Reconciling Items      
Segment Reporting Information [Line Items]      
Net corporate interest expense (14,687) (16,862) (17,036)
Stock option expense (609) (574) (552)
Amortization of acquisition-related intangible assets (8,431) (7,497) (7,790)
Non-service pension (costs) credits (9,413) (9,764) (8,601)
Contingent earnout adjustments (537) 1,099 (4,025)
Income Before Income Taxes $ 34,600 $ 41,112 $ 47,357
v3.25.4
Segment and Geographic Information - Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Asset Reconciling Item [Line Items]      
Assets $ 764,300 $ 803,755  
ASSETS      
Cash and cash equivalents 64,079 55,412 $ 58,363
Income taxes receivable 4,350 5,337  
Prepaid expenses and other current assets 41,362 40,334  
Net property and equipment 16,649 20,554  
Operating lease right-of-use assets, net 66,322 78,808  
Capitalized software costs, net 112,812 111,854  
Deferred income tax assets 24,684 25,305  
Other noncurrent assets 48,500 42,094  
TOTAL ASSETS 764,300 803,755  
Operating Segments      
Segment Reporting Asset Reconciling Item [Line Items]      
Assets 385,542 424,057  
ASSETS      
TOTAL ASSETS 385,542 424,057  
Corporate, Non-Segment      
Segment Reporting Asset Reconciling Item [Line Items]      
Assets 378,758 379,698  
ASSETS      
Cash and cash equivalents 64,079 55,412  
Income taxes receivable 4,350 5,337  
Prepaid expenses and other current assets 41,362 40,334  
Net property and equipment 16,649 20,554  
Operating lease right-of-use assets, net 66,322 78,808  
Capitalized software costs, net 112,812 111,854  
Deferred income tax assets 24,684 25,305  
Other noncurrent assets 48,500 42,094  
TOTAL ASSETS $ 378,758 $ 379,698  
v3.25.4
Segment and Geographic Information - Revenues and Long-lived Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues From External Customers And Long Lived Assets [Line Items]      
Revenues $ 1,310,827 $ 1,340,970 $ 1,316,919
Consolidated      
Revenues From External Customers And Long Lived Assets [Line Items]      
Revenues 1,265,721 1,292,510  
Long-lived assets 195,783 211,215  
U.S.      
Revenues From External Customers And Long Lived Assets [Line Items]      
Revenues 738,350 783,024  
Long-lived assets 125,570 140,701  
U.K.      
Revenues From External Customers And Long Lived Assets [Line Items]      
Revenues 179,412 168,357  
Long-lived assets 21,133 23,101  
Canada      
Revenues From External Customers And Long Lived Assets [Line Items]      
Revenues 89,153 90,879  
Long-lived assets 14,974 16,676  
All Other International      
Revenues From External Customers And Long Lived Assets [Line Items]      
Revenues 258,806 250,250  
Long-lived assets $ 34,106 $ 30,737  
v3.25.4
Restructuring and Other Costs, Net - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Restructuring and Related Activities [Abstract]  
Restructuring costs $ 13,996,000
v3.25.4
Restructuring and Other Costs, Net - Schedule of Restructuring and Other Costs, Net (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Restructuring and Related Activities [Abstract]  
Asset impairments $ 8,918,000
Lease Termination Costs 2,932,000
Severance and termination costs 1,622,000
Loss on sale of business 524,000
Total restructuring and other costs, net $ 13,996,000
v3.25.4
Restructuring and Other Costs, Net - Schedule of Restructuring Reserve Liabilities by Type (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning balance $ 0
Additions 5,448
Adjustments to accruals 0
Cash payments 0
Ending balance 5,448
Accrued Compensation and Related Costs  
Restructuring Reserve [Roll Forward]  
Beginning balance 0
Additions 1,291
Adjustments to accruals 0
Cash payments 0
Ending balance 1,291
Operating Lease Liability  
Restructuring Reserve [Roll Forward]  
Beginning balance 0
Additions 3,868
Adjustments to accruals 0
Cash payments 0
Ending balance 3,868
Other Accrued Liabilities  
Restructuring Reserve [Roll Forward]  
Beginning balance 0
Additions 289
Adjustments to accruals 0
Cash payments 0
Ending balance $ 289
v3.25.4
Client Funds - Additional Information (Details)
Dec. 31, 2025
USD ($)
Custodial  
Funds Held for Clients [Line Items]  
Funds held for clients $ 456,043,000
v3.25.4
Commitments and Contingencies - Additional Information (Details)
Dec. 31, 2025
USD ($)
Letter of credit subcommitment  
Loss Contingencies [Line Items]  
Letters of credit outstanding amount $ 8,457,000