CRAWFORD & CO
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 3, 2025
CRD-A$11.53-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-04.
0000950170-25-102033
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-03.
0001193125-25-262728
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 172 previous paragraphs and 173 current paragraphs.
88 unchanged; 78 reworded; 7 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 30 previous and 30 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Costs of services provided, before reimbursements, decreased $(7.6) million, or (3.2)%, for the three months ended September 30, 2025 as compared to 2024. The decrease was primarily due to a decrease in compensation expense in North America Loss Adjusting related to the reduction in claims within U.S. Field Operations, and a decrease in Platform Solutions due to decreases in revenues from weather-related activity and staff augmentation services in the Networks service line. Costs of services provided, before reimbursements, increased $2.4 million, or 0.4%, for the nine months ended September 30, 2025, as compared to the 2024 period. As a percentage of revenues before reimbursements, costs of services increased consistent with the increase in revenues. The increase was primarily due to an increase in compensation expense in International Operations, which had increased revenues in all geographic regions, and Broadspire, which had improvements in Claims and Medical Management revenues. These were partially offset by reductions in compensation expense in North America Loss Adjusting and Platform Solutions.
Current report
Operating results for our North America Loss Adjusting segment, including gross profit, for the three and nine months ended September 30, 2025 and 2024 were as follows:
Current report
Revenues decreased in the U.S. and Canada, based on constant foreign exchange rates, for the third quarter. The decrease in revenues within the U.S. was primarily due to declines in U.S Field Operations claims, reflecting lower significant weather events partially offset by the transfer of the inspection services business from Platform Solutions, which contributed $1.1 million to 2025 third quarter revenues. The slight decrease in Canada revenues, was attributable to lower significant weather events, including two major floods that occurred in the prior year third quarter.
Current report
Revenue variance components for our North America Loss Adjusting segment, for the three and nine months ended September 30, 2025 are summarized as follows:
Current report
Excluding centralized indirect support costs, third quarter gross profit increased from $25.6 million, or 25.9% of revenues before reimbursements in 2024, to $27.5 million, or 26.6% of revenues before reimbursements in 2025. For the nine months ended September 30, 2025, gross profit increased from $76.2 million, or 26.3% of revenues before reimbursements in 2024, to $78.2 million, or 26.0% of revenues before reimbursements. This increase in gross profit for the 2025 third quarter was primarily due to the increase in revenues and a reduction in cost of risk. For the year-to-date period, gross profit increased primarily due to the increased revenues, partially offset by increases in software costs.
Current report
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 in U.S. tax law was accounted for in the three months ended September 30, 2025, and was immaterial to the Company's overall income tax provision.
Current report
Cash Provided by Operating Activities
Removed paragraphs (6)
Previous report
Costs of services provided, before reimbursements, increased $2.5 million, or 1.1%, for the three months ended June 30, 2025, and increased $10.0 million, or 2.3%, for the six months ended June 30, 2025, as compared to the 2024 periods. As a percentage of revenues before reimbursements, costs of services increased consistent with the increase in revenues. The increase was primarily due to an increase in compensation expense in all segments other than Platform Solutions, which had a reduction of employees performing low value inspection services as well as a reduction in staff augmentation services.
Previous report
Operating results for our North America Loss Adjusting segment, including gross profit, for the three and six months ended June 30, 2025 and 2024 were as follows:
Previous report
Revenue variance components for our North America Loss Adjusting segment, for the three and six months ended June 30, 2025 are summarized as follows:
Previous report
Excluding centralized indirect support costs, second quarter gross profit decreased slightly from $26.3 million, or 27.1% of revenues before reimbursements in 2024, to $26.2 million, or 26.1% of revenues before reimbursements in 2025. For the six months ended June 30, 2024, gross profit increased from $50.6 million, or 26.5% of revenues before reimbursements in 2024, to $50.7 million, or 25.7% of revenues before reimbursements. This decrease in gross profit as a percent of revenues before reimbursements for the 2025 second quarter and year-to-date periods was due to higher cost of risk and professional fees.
Previous report
Cash Provided by (Used in) Operating Activities
Previous report
Unbilled revenues increased $12.1 million excluding foreign exchange impacts. The increase is primarily attributable to the U.K., Australia, and Taiwan in the International Operations segment, Broadspire, and Canada in North America Loss Adjusting.
Reworded paragraphs (78)
Previous wording
The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") should be read in conjunction with (i) our unaudited condensed consolidated financial statements and accompanying notes thereto for the three and six months ended June 30, 2025 and 2024, and as of June 30, 2025, and December 31, 2024, contained in Item 1 of this Quarterly Report on Form 10-Q, and (ii) our Annual Report on Form 10-K for the year ended December 31, 2024. As described in Note 1, "Basis of Presentation," the financial results of our operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines are included in our consolidated financial statements on a two-month delayed basis (fiscal year-end of October 31) as permitted by U.S. generally accepted accounting principles ("GAAP") in order to provide sufficient time for accumulation of their results.
Current wording
The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") should be read in conjunction with (i) our unaudited condensed consolidated financial statements and accompanying notes thereto for the three and nine months ended September 30, 2025 and 2024, and as of September 30, 2025, and December 31, 2024, contained in Item 1 of this Quarterly Report on Form 10-Q, and (ii) our Annual Report on Form 10-K for the year ended December 31, 2024. As described in Note 1, "Basis of Presentation," the financial results of our operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines are included in our consolidated financial statements on a two-month delayed basis (fiscal year-end of October 31) as permitted by U.S. generally accepted accounting principles ("GAAP") in order to provide sufficient time for accumulation of their results.
Previous wording
Consolidated revenues before reimbursements increased $8.8 million, or 2.8%, for the three months ended June 30, 2025, compared with the same period of 2024. This increase was due to increases in our North America Loss Adjusting, International Operations and Broadspire operating segments. Changes in foreign exchange rates decreased our consolidated revenues before reimbursements by $0.5 million, or (0.2)%, for the three months ended June 30, 2025 and $5.0 million, or (0.8)%, for the six months ended June 30, 2025, as compared with the prior year periods. To illustrate this impact, segment revenues are presented below, using a constant exchange rate, for the three and six months ended June 30, 2025.
Current wording
Consolidated revenues before reimbursements decreased $(7.2) million, or (2.2)%, for the three months ended September 30, 2025, compared with the same period of 2024. This decrease was due to decreases in our North America Loss Adjusting and Platform Solutions operating segments. Changes in foreign exchange rates increased our consolidated revenues before reimbursements by $3.3 million, or 1.0%, for the three months ended September 30, 2025. Consolidated revenues before reimbursements increased $11.9 million, or 1.3%, for the nine months ended September 30, 2025, compared with the same period of 2024. This increase was due to increases in our North America Loss Adjusting, International Operations and Broadspire operating segments. Changes in foreign exchange rates decreased consolidated revenues before reimbursements by $(1.6) million, or (0.1)%, for the nine months ended September 30, 2025, as compared with the prior year period. To illustrate this impact, segment revenues are presented below, using a constant exchange rate, for the three and nine months ended September 30, 2025.
Previous wording
Excluding foreign currency impacts, consolidated revenues before reimbursements increased $9.3 million, or 3.0%, for the three months ended June 30, 2025, and increased $24.1 million, or 3.9%, for the six months ended June 30, 2025 compared with the same periods of 2024. Revenues from the North America Loss Adjusting segment increased in the 2025 second quarter and year-to-date periods primarily due to revenue growth in U.S. Global Technical Services and the addition of the inspection services business transferred from the Platforms Solutions segment, partially offset by a decline in U.S. Field Operations revenues. Excluding foreign currency impacts, revenues from the International Operations segment increased in the 2025 second quarter and year-to-date periods in all geographic regions. Revenues from the Broadspire segment increased for the quarter and year-to-date periods due to an increase in Claims and Medical Management revenues. Revenues from the Platform Solutions segment decreased in the second quarter and year-to-date periods due to decreases in revenues from weather-related activity and staff augmentation services and a reduction in inspection services cases due to the transfer of this business to the North America Loss Adjusting segment.
Current wording
Excluding foreign currency impacts, consolidated revenues before reimbursements decreased $(10.5) million, or (3.2)%, for the three months ended September 30, 2025, but increased $13.6 million, or 1.4%, for the nine months ended September 30, 2025 compared with the same periods of 2024. Revenues from the North America Loss Adjusting segment decreased in the 2025 third quarter due to a reduction in claims within U.S. Field Operations, partially offset by the transfer of the inspection services business from Platform Solutions. Revenues from the North America Loss Adjusting segment increased for the nine months ended September 30, 2025 due to revenue growth in U.S. Global Technical Services and the addition of the inspection services business transferred from the Platform Solutions segment, partially offset by a decline in U.S. Field Operations revenues. Excluding foreign currency impacts, revenues from the International Operations segment increased in the 2025 third quarter and year-to-date periods in all geographic regions with the exception of Latin America, which decreased slightly for the third quarter. Revenues from the Broadspire segment increased for the quarter and year-to-date periods due to an increase in Claims and Medical Management revenues. Revenues from the Platform Solutions segment decreased in the third quarter and year-to-date periods due to decreases in revenues from weather-related activity and staff augmentation services in the Networks service line and a reduction in inspection services cases due to the transfer of this business to the North America Loss Adjusting segment.
Previous wording
Overall, there was a decrease in cases received of (3.7)% for the three months ended June 30, 2025 and a decrease of (4.6)% for the six months ended June 30, 2025. Within our North America Loss Adjusting segment, cases increased for the 2025 second quarter and year-to-date periods as a result of an increase in low value inspection services cases transferred from our Platforms Solutions group with minimal revenues. Cases within our International Operations segment declined for the second quarter and year-to-date periods, primarily due to decreases in the U.K. and Latin America, due to decreases in high-frequency, low-severity cases. In addition, cases within our International Operations segment declined for the year-to date period due to decreases in Australia due to higher weather-related activity in the prior year period. There was an increase in cases within our Broadspire segment for the second quarter and year-to-date periods primarily due to an increase in new disability clients within Claims Management. Within our Platform Solutions segment, the decreases for the second quarter and year-to-date periods were primarily related to the transfer of low value inspection services to North America Loss Adjusting, as well as a decrease in Contractor Connection cases.
Current wording
Overall, there was a decrease in cases received of (9.2)% for the three months ended September 30, 2025 and a decrease of (6.2)% for the nine months ended September 30, 2025. Within our North America Loss Adjusting segment, cases increased for the 2025 third quarter and year-to-date periods as a result of an increase in low value inspection services cases transferred from our Platforms Solutions group with minimal revenues. Cases within our International Operations segment declined for the third quarter and year-to-date periods, primarily due to decreases in the U.K., Europe, and Latin America, due to decreases in high-frequency, low-severity cases, and decreases in Australia due to higher weather-related activity in the prior year-to-date period. There was an increase in cases within our Broadspire segment for the third quarter and year-to-date periods primarily due to an increase in new disability clients within Claims Management. Within our Platform Solutions segment, the decreases for the third quarter and year-to-date periods were primarily related to the transfer of low value inspection services to North America Loss Adjusting, as well as a decrease in Contractor Connection and Subrogation cases.
Previous wording
Cases received are presented below by segment for the three and six months ended June 30, 2025 and 2024:
Current wording
Cases received are presented below by segment for the three and nine months ended September 30, 2025 and 2024:
Previous wording
To illustrate exposure to the impact of changes in foreign currencies, revenues before reimbursements are presented below by denominated currency for the three and six months ended June 30, 2025:
Current wording
To illustrate exposure to the impact of changes in foreign currencies, revenues before reimbursements are presented below by denominated currency for the three and nine months ended September 30, 2025:
Previous wording
Selling, general, and administrative ("SG&A") expenses increased $6.1 million, or 8.4%, in the three months ended June 30, 2025 as compared with the 2024 period. The increase was primarily due to a one-time indirect tax expense of $3.1 million, IT costs, and an increase in administrative compensation expenses. SG&A expenses increased $3.3 million, or 2.2%, in the six months ended June 30, 2025 as compared with the 2024 period, primarily due to the one-time indirect tax expense.
Current wording
Selling, general, and administrative ("SG&A") expenses decreased $(2.1) million, or (3.0)%, in the three months ended September 30, 2025 as compared with the 2024 period. The decrease is primarily due to a decrease in professional fees and administrative compensation expenses. SG&A expenses increased $1.2 million, or 0.5%, in the nine months ended September 30, 2025 as compared with the 2024 period, primarily due to a one-time indirect tax expense of $3.1 million, partially offset by lower professional fees and administrative compensation expenses.
Previous wording
Operating earnings in our North America Loss Adjusting segment totaled $4.6 million, or 5.9% of revenues before reimbursements, for the three months ended June 30, 2025, compared with 2024 operating earnings of $4.9 million, or 6.4% of revenues before reimbursements. For the six months ended June 30, 2025, our North American Loss Adjusting segment reported operating earnings of $10.1 million, or 6.4% of revenues before reimbursements, compared with 2024 operating earnings of $9.4 million, or 6.1% of revenues before reimbursements. The decrease in operating earnings in the 2025 second quarter was driven by decreased revenue in U.S. Field Operations and an increase in data processing and software costs, partially offset by revenue growth and improved efficiencies in U.S. Global Technical Services, attributable to new client additions and expansion with existing accounts and improved profitability in Canada. The increase in year-to-date operating earnings was due to revenue growth and improved efficiencies in U.S. Global Technical Services, attributable to new client additions and expansion with existing accounts.
Current wording
Operating earnings in our North America Loss Adjusting segment totaled $6.9 million, or 9.0% of revenues before reimbursements, for the three months ended September 30, 2025, compared with 2024 operating earnings of $5.4 million, or 6.9% of revenues before reimbursements. For the nine months ended September 30, 2025, our North American Loss Adjusting segment reported operating earnings of $17.0 million, or 7.2% of revenues before reimbursements, compared with 2024 operating earnings of $14.8 million, or 6.4% of revenues before reimbursements. The increase in operating earnings in the 2025 third quarter was driven by improved staff utilization in U.S. Global Technical Services and Canada Loss Adjusting, as well as a decrease in allowance for estimated credit losses. Year-to-date, the increase in operating earnings was due to revenue growth and improved efficiencies in U.S. Global Technical Services, attributable to new client additions and expansion with existing accounts, as well as a decrease in allowance for estimated credit losses.
Previous wording
Excluding centralized indirect support costs, gross profit decreased from $14.6 million, or 19.1% of revenues before reimbursements in 2024, to $14.2 million, or 18.2% of revenues before reimbursements, in the three months ended June 30, 2025, primarily due to decreased revenues in U.S. Field Operations, partially offset by revenue growth and improved efficiencies in U.S. Global Technical Services. For the six months ended June 30, 2025, gross profit increased from $29.1 million or 19.0% of revenues before reimbursements in 2024 to $30.1 million, or 19.1% of revenues before reimbursements, due primarily to revenue growth in U.S. Global Technical Services.
Current wording
Excluding centralized indirect support costs, gross profit increased from $14.8 million, or 18.6% of revenues before reimbursements in 2024, to $16.1 million, or 20.9% of revenues before reimbursements, in the three months ended September 30, 2025, primarily due to improved staff utilization in U.S. Global Technical Services, U.S. Field Operations, and Canada Loss Adjusting, as well as a decrease in allowance for estimated credit losses. For the nine months ended September 30, 2025, gross profit increased from $43.8 million or 18.8% of revenues before reimbursements in 2024 to $46.2 million, or 19.7% of revenues before reimbursements, due to revenue growth and improved efficiencies in U.S. Global Technical Services, attributable to new client additions and expansion with existing accounts, as well as a decrease in allowance for estimated credit losses.
Previous wording
North America Loss Adjusting segment revenues are primarily derived from the property and casualty insurance company markets in the U.S. and Canada. Revenues before reimbursements by major region, based on actual exchange rates and using a constant exchange rate, for the three and six months ended June 30, 2025 and 2024 were as follows:
Current wording
North America Loss Adjusting segment revenues are primarily derived from the property and casualty insurance company markets in the U.S. and Canada. Revenues before reimbursements by major region, based on actual exchange rates and using a constant exchange rate, for the three and nine months ended September 30, 2025 and 2024 were as follows:
Previous wording
Revenues before reimbursements from our North America Loss Adjusting segment totaled $78.1 million in the three months ended June 30, 2025, compared with $76.0 million in the 2024 period. The change in exchange rates decreased our North America Loss Adjusting segment revenues by approximately (0.3)%, or $(0.3) million, for the three months ended June 30, 2025 as compared with the 2024 period. Absent foreign exchange rate fluctuations, North America Loss Adjusting segment revenues would have been $78.3 million for the three months ended June 30, 2025. There was an increase in segment unit volume, measured principally by cases received, of 42.2% for the three months ended June 30, 2025, compared with the 2024 period. This includes an increase in low value inspection services cases, previously handled within Platform Solutions, of 24,100 or 40.5%. Changes in product mix and in the rates charged for those services accounted for a 1.3% revenue increase for the three months ended June 30, 2025 compared with the same period in 2024, due to increases in pricing and average fee per case.
Current wording
Revenues before reimbursements from our North America Loss Adjusting segment totaled $77.0 million in the three months ended September 30, 2025, compared with $79.3 million in the 2024 period. The change in exchange rates decreased our North America Loss Adjusting segment revenues by approximately (0.2)%, or $(0.2) million, for the three months ended September 30, 2025 as compared with the 2024 period. Absent foreign exchange rate fluctuations, North America Loss Adjusting segment revenues would have been $77.2 million for the three months ended September 30, 2025. There was an increase in segment unit volume, measured principally by cases received, of 17.7% for the three months ended September 30, 2025, compared with the 2024 period. This includes an increase in low value inspection services cases, previously handled within Platform Solutions, of 21,400 or 32.6%. There was a decrease in high-frequency, low-severity cases received of (4,300) or (6.5)% within Canada related to flooding during the 2024 period. In addition, there was a decrease in high-frequency, low-severity cases received of (2,200) or (3.3)% within U.S. Field Operations. Changes in product mix and in the rates charged for those services accounted for a 2.4% revenue increase for the three months ended September 30, 2025 compared with the same period in 2024, due to increases in pricing and average fee per case.
Previous wording
Revenues before reimbursements from our North America Loss Adjusting segment totaled $157.8 million in the six months ended June 30, 2025, compared with $153.4 million in the 2024 period. The change in exchange rates decreased our North America Loss Adjusting segment revenues by approximately (1.1)%, or $(1.7) million, for the six months ended June 30, 2025 as compared with the 2024 period. Absent foreign exchange rate fluctuations, North America Loss Adjusting segment revenues would have been $159.5 million for the six months ended June 30, 2025. There was an increase in segment unit volume, measured principally by cases received, of 43.2% for the six months ended June 30, 2025, compared with the 2024 period. This includes an increase in low value inspection services cases, previously handled within Platform Solutions, of 55,900 or 46.0% and an increase in higher value U.S. Global Technical Services cases which contributed to a 2.5% increase in revenues before reimbursements. Changes in product mix and in the rates charged for those services accounted for a 4.3% revenue increase for the six months ended June 30, 2025 compared with the same period in 2024, due to increases in pricing and average fee per case.
Current wording
Revenues before reimbursements from our North America Loss Adjusting segment totaled $234.8 million in the nine months ended September 30, 2025, compared with $232.7 million in the 2024 period. The change in exchange rates decreased our North America Loss Adjusting segment revenues by approximately (0.8)%, or $(1.9) million, for the nine months ended September 30, 2025 as compared with the 2024 period. Absent foreign exchange rate fluctuations, North America Loss Adjusting segment revenues would have been $236.7 million for the nine months ended September 30, 2025. There was an increase in segment unit volume, measured principally by cases received, of 34.2% for the nine months ended September 30, 2025, compared with the 2024 period. This includes an increase in low value inspection services cases, previously handled within Platform Solutions, of 77,300 or 41.3%. There was a decrease in high-frequency, low-severity cases received of (4,300) or (2.3)% within Canada related to flooding during the 2024 period. In addition, there was a decrease in high-frequency, low-severity cases received of (6,400) or (3.4)% within U.S. Field Operations. Changes in product mix and in the rates charged for those services accounted for a 3.1% revenue increase for the nine months ended September 30, 2025 compared with the same period in 2024, due to increases in pricing and average fee per case.
Previous wording
Revenues grew in the U.S. and Canada, based on constant foreign exchange rates, for the second quarter and year-to-date periods. The increase in revenues within the U.S. for the second quarter and year-to-date period was primarily due growth in U.S. Global Technical Services due to increased business from new and existing clients, as well as the transfer of the inspection services business from Platform Solutions, which contributed $1.2 million and $2.6 million to the increase in 2025 second quarter and year-to-date revenues, respectively. The increase in Canada, was primarily due to claims related to an ice storm that occurred in the second quarter.
Current wording
On a year-to-date basis, revenues increased in the U.S. and decreased slightly in Canada, based on constant foreign exchange rates. The increase in revenues within the U.S. for the year-to-date period was primarily due to growth in U.S. Global Technical Services due to increased business from new and existing clients, as well as the transfer of the inspection services business from Platform Solutions, which contributed $3.7 million to the increase in 2025 year-to-date revenues. The slight decrease in Canada was attributable to lower significant weather events, including two major floods that occurred in the prior year third quarter.
Previous wording
Reimbursements for out-of-pocket expenses incurred in our North America Loss Adjusting segment, which are included in total Company revenues, were $2.2 million and $2.3 million for the three months ended June 30, 2025 and 2024, respectively. Reimbursements were $4.5 million and $4.3 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Reimbursements for out-of-pocket expenses incurred in our North America Loss Adjusting segment, which are included in total Company revenues, were $2.0 million and $2.2 million for the three months ended September 30, 2025 and 2024, respectively. Reimbursements were $6.4 million and $6.5 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
North America Loss Adjusting segment unit volumes by geographic region, measured by cases received, for the three and six months ended June 30, 2025 and 2024 were as follows:
Current wording
North America Loss Adjusting segment unit volumes by geographic region, measured by cases received, for the three and nine months ended September 30, 2025 and 2024 were as follows:
Previous wording
Overall, there was an increase in cases of 42.2% in the three months ended June 30, 2025, compared to the same period in 2024. The increase in U.S. case volumes in the 2025 second quarter was primarily due to the increase in low value inspection services of 24,100 cases, transferred from Platform Solutions. There was an increase in cases in Canada in the 2025 second quarter primarily due to an increase in high-frequency, low-severity cases within Contractor Connection as a result of winter storms in 2025, as compared with the 2024 period.
Current wording
Overall, there was an increase in cases of 17.7% in the three months ended September 30, 2025, compared to the same period in 2024. The increase in U.S. case volumes in the 2025 third quarter was primarily due to the increase in low value inspection services of 21,400 cases, transferred from Platform Solutions. There was a decrease in cases in Canada in the 2025 third quarter primarily due to a decrease in high-frequency, low-severity cases as a result of flooding in prior year third quarter.
Previous wording
There was an increase in cases of 43.2% in the six months ended June 30, 2025, compared to the same period in 2024. The increase in U.S. case volumes in the 2025 year-to-date period was primarily due to the increase in low value inspection services of 55,900 cases, transferred from Platform Solutions.
Current wording
There was an increase in cases of 34.2% in the nine months ended September 30, 2025, compared to the same period in 2024. The increase in U.S. case volumes in the 2025 year-to-date period was primarily due to the increase in low value inspection services of 77,300 cases, transferred from Platform Solutions. The decrease in cases in Canada for the 2025 year-to-date period was primarily due to a reduction in high-frequency, low-severity cases as a result of flooding in the prior year third quarter.
Previous wording
The most significant expense in our North America Loss Adjusting segment is the compensation of employees, including related payroll taxes and fringe benefits, and the payments to outsourced service providers that augment the functions performed by our employees. As a percentage of revenues before reimbursements, these expenses were 70.2% for the three months ended June 30, 2025 compared with 72.0% for the 2024 period. For the six months ended June 30, 2025, these expenses were 70.2% compared with 71.8% for the 2024 period. The total dollar amount of these expenses increased to $54.8 million for the three months ended June 30, 2025 from $54.7 million for the comparable 2024 period, and were $110.9 million for the six months ended June 30, 2025, increasing from $110.2 million in 2024. The decrease in the percentage of revenues before reimbursements is due to improved staff utilization in U.S. Global Technical Services and Canada Loss Adjusting, compared to each of the 2024 periods. There was an average of 2,066 full-time equivalent employees in this segment in the six months ended June 30, 2025 compared with an average of 2,029 in the 2024 period.
Current wording
The most significant expense in our North America Loss Adjusting segment is the compensation of employees, including related payroll taxes and fringe benefits, and the payments to outsourced service providers that augment the functions performed by our employees. As a percentage of revenues before reimbursements, these expenses were 70.8% for the three months ended September 30, 2025 compared with 71.9% for the 2024 period. For the nine months ended September 30, 2025, these expenses were 70.4% compared with 71.9% for the 2024 period. The total dollar amount of these expenses decreased to $54.5 million for the three months ended September 30, 2025 from $57.1 million for the comparable 2024 period, and were $165.3 million for the nine months ended September 30, 2025, decreasing from $167.2 million in 2024. The decreases in the 2025 third quarter and year-to-date expenses as a percentage of revenues before reimbursements were due to improved staff utilization in U.S. Global Technical Services and Canada Loss Adjusting, compared to each of the 2024 periods. In addition, the expenses decreased for the 2025 third quarter due to the decrease in revenues for the segment. There was an average of 2,038 full-time equivalent employees in this segment in the nine months ended September 30, 2025 compared with an average of 2,003 in the 2024 period.
Previous wording
North America Loss Adjusting expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor were $18.6 million for the three months ended June 30, 2025 compared with $16.4 million for the 2024 period. As a percentage of revenues before reimbursements, these expenses were 23.9% for the three months ended June 30, 2025 compared with 21.6% for the 2024 period. For the six months ended June 30, 2025, these expenses were $36.9 million, compared with $33.9 million for the 2024 period. As a percentage of revenues before reimbursements, these expenses were 23.4% for the six months ended June 30, 2025 compared with 22.1% for the 2024 period. The increases in the 2025 second quarter and year-to-date expenses and as a percentage of revenues before reimbursements were due to an increase in data processing costs and software costs as compared to the 2024 periods.
Current wording
North America Loss Adjusting expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor were $15.6 million for the three months ended September 30, 2025 compared with $16.8 million for the 2024 period. As a percentage of revenues before reimbursements, these expenses were 20.2% for the three months ended September 30, 2025 compared with 21.2% for the 2024 period. For the nine months ended September 30, 2025, these expenses were $52.5 million, compared with $50.7 million for the 2024 period. As a percentage of revenues before reimbursements, these expenses were 22.3% for the nine months ended September 30, 2025 compared with 21.8% for the 2024 period. The decreases in the 2025 third quarter expenses and as a percentage of revenues before reimbursements were due to a decrease in allowance for estimated credit losses as compared to the 2024 periods. The increases in the 2025 year-to-date expenses and as a percentage of revenues before reimbursements were due to increases in data processing costs, software costs, and centralized indirect support cost, partially offset by a decrease in allowance for estimated credit losses as compared to the 2024 periods.
Previous wording
Operating earnings in our International Operations segment were $7.6 million, or 7.0% of revenues before reimbursements, for the three months ended June 30, 2025, compared with $5.7 million, or 5.6% of revenues before reimbursements, in the 2024 period. For the six months ended June 30, 2025, our International Operations segment reported operating earnings of $11.1 million, or 5.2% of revenues before reimbursements, compared with operating earnings in 2024 of $7.4 million, or 3.7% of revenues before reimbursements. The increases in operating earnings for the three and six months ended June 30, 2025 over the comparable 2024 periods was primarily due to improved operating results in the U.K. and Asia, partially offset by an increase in centralized indirect support costs.
Current wording
Operating earnings in our International Operations segment were $7.4 million, or 6.6% of revenues before reimbursements, for the three months ended September 30, 2025, compared with $5.1 million, or 4.9% of revenues before reimbursements, in the 2024 period. For the nine months ended September 30, 2025, our International Operations segment reported operating earnings of $18.5 million, or 5.7% of revenues before reimbursements, compared with operating earnings in 2024 of $12.5 million, or 4.1% of revenues before reimbursements. The increases in operating earnings for the three and nine months ended September 30, 2025 over the comparable 2024 periods was primarily due to improved operating results in the U.K., Asia, and Australia, partially offset by an increase in centralized indirect support costs.
Previous wording
Excluding centralized indirect support costs, gross profit increased from $19.2 million, or 18.8% of revenues before reimbursements in 2024, to $23.2 million, or 21.2% of revenues before reimbursements, in the three months ended June 30, 2025. For the six months ended June 30, 2025, gross profit increased from $35.2 million, or 17.6% of revenues before reimbursements in 2024, to $42.1 million, or 19.7% of revenues before reimbursements. The increase in gross profit for the three and six months ended June 30, 2025 over the comparable 2024 periods was primarily due to improved operating results in the U.K. and Asia during each period.
Current wording
Excluding centralized indirect support costs, gross profit increased from $18.5 million, or 17.5% of revenues before reimbursements in 2024, to $22.8 million, or 20.2% of revenues before reimbursements, in the three months ended September 30, 2025. For the nine months ended September 30, 2025, gross profit increased from $53.7 million, or 17.5% of revenues before reimbursements in 2024, to $64.9 million, or 19.9% of revenues before reimbursements. The increase in gross profit for the three and nine months ended September 30, 2025 over the comparable 2024 periods was primarily due to improved operating results in the U.K., Asia, and Australia during each period.
Previous wording
Operating results for our International Operations segment, including gross profit, for the three and six months ended June 30, 2025 and 2024 were as follows:
Current wording
Operating results for our International Operations segment, including gross profit, for the three and nine months ended September 30, 2025 and 2024 were as follows:
Previous wording
International Operations segment revenues are primarily derived from the global property and casualty insurance company markets in the U.K, Europe, Australia, Asia and Latin America. Revenues before reimbursements by major region, based on actual exchange rates and using a constant exchange rate, for the three and six months ended June 30, 2025 and 2024 were as follows:
Current wording
International Operations segment revenues are primarily derived from the global property and casualty insurance company markets in the U.K, Europe, Australia, Asia and Latin America. Revenues before reimbursements by major region, based on actual exchange rates and using a constant exchange rate, for the three and nine months ended September 30, 2025 and 2024 were as follows:
Previous wording
Revenues before reimbursements from our International Operations segment totaled $109.1 million in the three months ended June 30, 2025, compared with $102.3 million in the 2024 period. Absent foreign exchange fluctuations, each geographic region increased in revenues for the quarter. The change in exchange rates decreased our International Operations segment revenues by approximately (0.3)%, or $(0.3) million, for the three months ended June 30, 2025 as compared with the 2024 period. Absent foreign exchange rate fluctuations, International Operations segment revenues would have been $109.3 million for the three months ended June 30, 2025. There was a decrease in segment unit volume, measured principally by cases received, of (8.8)% for the three months ended June 30, 2025, compared with the 2024 period. There was a decrease in high-frequency, low-severity cases of (17,100), or (14.1)%, primarily in Brazil and in the U.K. There was also an increase in higher-value third-party administration claims in the U.K, which led to a 3.5% increase in revenue for the three months ended June 30, 2025, compared with the 2024 period. Revenues decreased $(3.0) million or (2.9)%, related to prior year severe storms in Australia for which cases were recorded in the prior year first quarter. Changes in product mix and in the rates charged for those services accounted for a 1.0% revenue increase for the three months ended June 30, 2025 compared with the same period in 2024.
Current wording
Revenues before reimbursements from our International Operations segment totaled $112.9 million in the three months ended September 30, 2025, compared with $105.7 million in the 2024 period. Absent foreign exchange fluctuations, each geographic region increased in revenues for the quarter with the exception of Latin America. The change in exchange rates increased our International Operations segment revenues by approximately 3.3%, or $3.6 million, for the three months ended September 30, 2025 as compared with the 2024 period. Absent foreign exchange rate fluctuations, International Operations segment revenues would have been $109.3 million for the three months ended September 30, 2025. There was a decrease in segment unit volume, measured principally by cases received, of (9.4)% for the three months ended September 30, 2025, compared with the 2024 period. There was a decrease in high-frequency, low-severity cases of (8,500), or (7.5)%, primarily in Brazil and Germany. There was also an increase in higher-value third-party administration claims in the U.K., which led to a 2.6% increase in revenue for the three months ended September 30, 2025, compared with the 2024 period. Changes in product mix and in the rates charged for those services accounted for a 2.7% revenue increase for the three months ended September 30, 2025 compared with the same period in 2024.
Previous wording
Revenues before reimbursements from our International Operations segment totaled $213.5 million in the six months ended June 30, 2025, compared with $200.4 million in the 2024 period. Absent foreign exchange fluctuations, each geographic region increased in revenues for the year-to-date period. The change in exchange rates decreased our International Operations segment revenues by approximately (1.7)%, or $(3.3) million, for the six months ended June 30, 2025 as compared with 2024. Absent foreign exchange rate fluctuations, International Operations segment revenues would have been $216.7 million for the six months ended June 30, 2025. There was a decrease in segment unit volume, measured principally by cases received, of (11.3)% for the six months ended June 30, 2025, compared with the 2024 period. There was a decrease in high-frequency, low-severity cases of (29,500), or (11.5%), primarily in Brazil and the U.K. There was also an increase in higher-value third-party administration claims in the U.K, which led to a 4.6% increase in revenue for the six months ended June 30, 2025, compared with the 2024 period. Changes in product mix and in the rates charged for those services accounted for a 3.4% revenue increase for the six months ended June 30, 2025 compared with the same period in 2024.
Current wording
Revenues before reimbursements from our International Operations segment totaled $326.3 million in the nine months ended September 30, 2025, compared with $306.1 million in the 2024 period. Absent foreign exchange fluctuations, each geographic region increased in revenues for the year-to-date period. The change in exchange rates increased our International Operations segment revenues by approximately 0.1%, or $0.2 million, for the nine months ended September 30, 2025 as compared with 2024. Absent foreign exchange rate fluctuations, International Operations segment revenues would have been $326.1 million for the nine months ended September 30, 2025. There was a decrease in segment unit volume, measured principally by cases received, of (10.7)% for the nine months ended September 30, 2025, compared with the 2024 period. There was a decrease in high-frequency, low-severity cases of (38,000), or (10.3%), primarily in Brazil and the U.K. There was also an increase in higher-value third-party administration claims in the U.K, which led to a 4.2% increase in revenue for the nine months ended September 30, 2025, compared with the 2024 period. Changes in product mix and in the rates charged for those services accounted for a 2.7% revenue increase for the nine months ended September 30, 2025 compared with the same period in 2024.
Previous wording
Based on constant foreign exchange rates, the increase in revenues in the U.K. for the 2025 second quarter and year-to-date period was due to an increase in higher-value third-party administration revenues. There was an increase in revenues in Europe in the 2025 periods, compared with 2024, due to increases in flood related claims in the Middle East. There was a slight increase in Australia in the 2025 periods, compared with 2024. There was an increase in revenues in Asia in the 2025 periods, compared with 2024, due to increases in Taiwan for claims related to the earthquake that occurred in 2024 and related to an earthquake impacting Thailand that occurred in the second quarter of 2025. The increase in revenues in Latin America in the 2025 periods was primarily driven by increased revenues in Brazil and Chile.
Current wording
Based on constant foreign exchange rates, the increase in revenues in the U.K. for the 2025 third quarter and year-to-date period was due to an increase in higher-value third-party administration revenues. There was an increase in revenues in Europe in the 2025 periods, compared with 2024, due to an expansion of the Spanish business. There was an increase in Australia in the 2025 periods, compared with 2024, due to increases in small weather events. There was an increase in revenues in Asia in the 2025 periods, compared with 2024, due to increases in Taiwan for claims related to the earthquake that occurred in 2024 and related to an earthquake impacting Thailand that occurred in the second quarter of 2025 that continues to generate revenues into the third quarter. The increase in revenues in Latin America in the 2025 periods was primarily driven by increased revenues in Brazil and Chile.
Previous wording
Revenue variance components for our International Operations segment, for the three and six months ended June 30, 2025 are summarized as follows:
Current wording
Revenue variance components for our International Operations segment, for the three and nine months ended September 30, 2025 are summarized as follows:
Previous wording
Reimbursements for out-of-pocket expenses incurred in our International Operations segment, which are included in total Company revenues, were $8.5 million and $8.7 million for the three months ended June 30, 2025 and 2024, respectively. Reimbursements were $16.4 million and $17.2 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Reimbursements for out-of-pocket expenses incurred in our International Operations segment, which are included in total Company revenues, were $7.6 million and $9.4 million for the three months ended September 30, 2025 and 2024, respectively. Reimbursements were $24.1 million and $26.6 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
International Operations segment unit volumes by geographic region, measured by cases received, for the three and six months ended June 30, 2025 and 2024 were as follows:
Current wording
International Operations segment unit volumes by geographic region, measured by cases received, for the three and nine months ended September 30, 2025 and 2024 were as follows:
Previous wording
Overall, there was a decrease in cases received of (8.8)% for the three months ended June 30, 2025, compared with the 2024 period. There was a decrease in the U.K. in the second quarter due to decreases in high-frequency, low-severity cases in third party administration. The decrease in Europe was primarily due to decreases in high-frequency, low-severity cases in third party administration within Germany. Cases increased in Australia due to an increase in high-frequency, low-severity cases. The increase in cases received in Asia was due to an increase in cases in Thailand and Singapore. Latin America experienced a decrease in high-frequency, low-value cases received in Brazil.
Current wording
Overall, there was a decrease in cases received of (9.4)% for the three months ended September 30, 2025, compared with the 2024 period. There was a decrease in the U.K. in the third quarter due to decreases in high-frequency, low-severity cases in third party administration. The decrease in Europe was primarily due to decreases in high-frequency, low-severity cases in third party administration within Germany. Cases increased in Australia due to an increase in small weather activity. The increase in cases received in Asia was due to an increase in cases in Thailand and Singapore. Latin America experienced a decrease in high-frequency, low-value cases received in Brazil.
Previous wording
There was a decrease in cases received of (11.3)% for the six months ended June 30, 2025, compared with the 2024 period. There was a decrease in cases in the U.K., due to decreases in high-frequency, low-severity cases in third party administration. Cases increased in Europe due to an increase in claims in Spain. Australia decreased primarily due to higher weather-related activity in the prior year. The increase in cases received in Asia was due to an increase in cases in Thailand and Singapore. Latin America experienced a decrease in high-frequency, low-value cases received in Brazil.
Current wording
There was a decrease in cases received of (10.7)% for the nine months ended September 30, 2025, compared with the 2024 period. There was a decrease in cases in the U.K. due to decreases in high-frequency, low-severity cases in third party administration. Cases slightly decreased in Europe due to a decrease in claims in Germany, offset by an increase in claims in Spain. Australia decreased primarily due to higher weather-related activity in the prior year. The increase in cases received in Asia was due to an increase in cases in Thailand and Singapore. Latin America experienced a decrease in high-frequency, low-value cases received in Brazil.
Previous wording
The most significant expense in our International Operations segment is the compensation of employees, including related payroll taxes and fringe benefits, and the payments to outsourced service providers that augment the functions performed by our employees. As a percentage of revenues before reimbursements, these expenses were 66.3% for the three months ended June 30, 2025 compared with 64.6% for the 2024 period. The total dollar amount of these expenses was $72.3 million for the three months ended June 30, 2025, compared to $66.0 million for the 2024 period. For the six months ended June 30, 2025, these expenses were 66.9%, compared with 65.4% in 2024, and were $142.9 million for the six months ended June 30, 2025 compared to $131.0 million in 2024. The increase in cost and as a percentage of revenues before reimbursements for the periods was due to an increase in compensation expense, related to the increase in revenues, including incentive compensation, and an increase in non-employee labor. There was an average of 3,531 full-time equivalent employees in this segment in the six months ended June 30, 2025, compared with an average of 3,623 in the 2024 period.
Current wording
The most significant expense in our International Operations segment is the compensation of employees, including related payroll taxes and fringe benefits, and the payments to outsourced service providers that augment the functions performed by our employees. As a percentage of revenues before reimbursements, these expenses were 66.9% for the three months ended September 30, 2025 compared with 65.6% for the 2024 period. The total dollar amount of these expenses was $75.6 million for the three months ended September 30, 2025, compared to $69.4 million for the 2024 period. For the nine months ended September 30, 2025, these expenses were 66.9%, compared with 65.5% in 2024, and were $218.4 million for the nine months ended September 30, 2025 compared to $200.4 million in 2024. The increase in cost and as a percentage of revenues before reimbursements for the 2025 third quarter was due to an increase in compensation expense, related to the increase in revenues, including incentive compensation. The increase in cost and as a percentage of revenues before reimbursements for the year-to-date period was due to an increase in compensation expense, related to the increase in revenues, including incentive compensation, and an increase in non-employee labor. There was an average of 3,511 full-time equivalent employees in this segment in the nine months ended September 30, 2025, compared with an average of 3,638 in the 2024 period.
Previous wording
International Operations expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor were $29.1 million for the three months ended June 30, 2025 compared with $30.5 million for the 2024 period. As a percentage of revenues before reimbursements, these expenses were 26.7% for the three months ended June 30, 2025 compared with 29.9% for the 2024 period. For the six months ended June 30, 2025, these expenses were $59.5 million, compared with $62.0 million for the 2024 period. As a percentage of revenues before reimbursements, these expenses were 27.9% for the six months ended June 30, 2025, compared with 30.9% for the 2024 period. The decrease in the expense and as a percentage of revenues before reimbursements for the 2025 second quarter was due to a reduction in professional and legal fees, partially offset by an increase in centralized indirect support costs. The year-to-date period decrease was due to a reduction in professional and legal fees as well as an insurance recovery, partially offset by an increase in centralized indirect support costs.
Current wording
International Operations expenses other than reimbursements, direct compensation, fringe benefits, and non-employee labor were $29.9 million for the three months ended September 30, 2025 compared with $31.2 million for the 2024 period. As a percentage of revenues before reimbursements, these expenses were 26.5% for the three months ended September 30, 2025 compared with 29.5% for the 2024 period. For the nine months ended September 30, 2025, these expenses were $89.3 million, compared with $93.2 million for the 2024 period. As a percentage of revenues before reimbursements, these expenses were 27.4% for the nine months ended September 30, 2025, compared with 30.4% for the 2024 period. The decrease in the expense and as a percentage of revenues before reimbursements for the 2025 third quarter was due to a reduction in professional and legal fees, partially offset by an increase in centralized indirect support costs. The year-to-date period decrease was due to a reduction in professional and legal fees as well as an insurance recovery, partially offset by an increase in centralized indirect support costs.
Previous wording
Our Broadspire segment reported operating earnings of $13.7 million, or 13.6% of revenues before reimbursements, for the three months ended June 30, 2025 as compared with $15.1 million, or 15.5% of revenues before reimbursements, for the second quarter of 2024. For the six months ended June 30, 2025, our Broadspire segment reported operating earnings of $25.9 million, or 13.1% of revenues before reimbursements, compared with 2024 operating earnings of $27.9 million, or 14.6% of revenues before reimbursements. The decrease in the 2025 second quarter and year-to-date periods was primarily due to an increase in cost of risk and centralized indirect support costs.
Current wording
Our Broadspire segment reported operating earnings of $15.6 million, or 15.1% of revenues before reimbursements, for the three months ended September 30, 2025 as compared with $14.4 million, or 14.5% of revenues before reimbursements, for the third quarter of 2024. For the nine months ended September 30, 2025, our Broadspire segment reported operating earnings of $41.4 million, or 13.8% of revenues before reimbursements, compared with 2024 operating earnings of $42.3 million, or 14.6% of revenues before reimbursements. The increase in the 2025 third quarter was primarily due to a decrease in cost of risk and office rent costs. The decrease in the 2025 year-to-date period was primarily due to an increase in software and centralized indirect support costs.
Previous wording
Operating results for our Broadspire segment, including gross profit, for the three and six months ended June 30, 2025 and 2024 were as follows:
Current wording
Operating results for our Broadspire segment, including gross profit, for the three and nine months ended September 30, 2025 and 2024 were as follows:
Previous wording
Broadspire revenues are derived from the casualty and disability insurance and self-insured markets in the U.S. Revenues before reimbursements by service line for the three and six months ended June 30, 2025 and 2024 were as follows:
Current wording
Broadspire revenues are derived from the casualty and disability insurance and self-insured markets in the U.S. Revenues before reimbursements by service line for the three and nine months ended September 30, 2025 and 2024 were as follows:
Previous wording
Revenues before reimbursements from our Broadspire segment totaled $100.6 million in the three months ended June 30, 2025 compared with $97.1 million in the 2024 period. This increase was primarily due to an increase in pricing in both service lines and a rise in cases in Claims Management. There was an increase in segment unit volume, measured principally by cases received, of 1.5% for the three months ended June 30, 2025 compared with the same period of 2024. This was primarily due to an increase in new disability clients within our Claims Management service line. Revenues were negatively impacted by a $(0.9 million) decrease in revenues within our Claims Management service line related to income earned which offsets the costs of managing the funds maintained to administer claims for our customers, for which no cases are received, or (0.9)% decrease in revenues. There was also a $1.2 million increase in revenues within our Medical Management service line for which no cases are received, or a 1.2% increase in revenues. Changes in product mix and in the rates charged for those services accounted for a 1.8% revenue increase for the 2025 second quarter compared with the 2024 period.
Current wording
Revenues before reimbursements from our Broadspire segment totaled $103.4 million in the three months ended September 30, 2025 compared with $99.0 million in the 2024 period. This increase was primarily due to an increase in pricing in both service lines and a rise in cases in Claims Management. There was an increase in segment unit volume, measured principally by cases received, of 1.3% for the three months ended September 30, 2025 compared with the same period of 2024. This was primarily due to an increase in new disability clients within our Claims Management service line. Revenues were negatively impacted by a $(1.1) million decrease in revenues within our Claims Management service line related to income earned which offsets the costs of managing the funds maintained to administer claims for our customers, for which no cases are received, or (1.1)% decrease in revenues. There was also a $1.0 million increase in revenues within our Medical Management service line for which no cases are received, or a 1.0% increase in revenues. Changes in product mix and in the rates charged for those services accounted for a 3.2% revenue increase for the 2025 third quarter compared with the 2024 period.
Previous wording
For the six months ended June 30, 2025, revenues before reimbursements from our Broadspire segment totaled $197.0 million compared with $191.4 million in the 2024 period. This increase was primarily due to an increase in pricing in both service lines and a rise in cases in Claims Management. There was an increase in segment unit volume, measured principally by cases received, of 1.4% for the six months ended June 30, 2025 compared with the same period of 2024. This was primarily due to an increase in new disability clients within our Claims Management service line. Revenues were negatively impacted by a $(1.5 million) decrease in revenues within our Claims Management service line related to income earned which offsets the costs of managing the funds maintained to administer claims for our customers, for which no cases are received, or (0.8)% decrease in revenues. There was also a $2.3 million increase in revenues within our Medical Management service line for which no cases are received, or 1.2% of the increase in revenues. Changes in product mix and in the rates charged for those services accounted for a 1.1% revenue increase for the 2025 six-month period compared with the 2024 period.
Current wording
For the nine months ended September 30, 2025, revenues before reimbursements from our Broadspire segment totaled $300.4 million compared with $290.4 million in the 2024 period. This increase was primarily due to an increase in pricing in both service lines and a rise in cases in Claims Management. There was an increase in segment unit volume, measured principally by cases received, of 1.4% for the nine months ended September 30, 2025 compared with the same period of 2024. This was primarily due to an increase in new disability clients within our Claims Management service line. Revenues were negatively impacted by a $(2.6) million decrease in revenues within our Claims Management service line related to income earned which offsets the costs of managing the funds maintained to administer claims for our customers, for which no cases are received, or (0.9)% decrease in revenues. There was also a $3.3 million increase in revenues within our Medical Management service line for which no cases are received, or 1.1% of the increase in revenues. Changes in product mix and in the rates charged for those services accounted for a 1.8% revenue increase for the 2025 nine-month period compared with the 2024 period.
Previous wording
Revenue variance components for our Broadspire segment, for the three and six months ended June 30, 2025 are summarized as follows:
Current wording
Revenue variance components for our Broadspire segment, for the three and nine months ended September 30, 2025 are summarized as follows:
Previous wording
Reimbursements for out-of-pocket expenses incurred in our Broadspire segment were $0.7 million and $1.0 million for the three months ended June 30, 2025 and 2024, respectively. Reimbursements were $1.5 million and $1.9 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Reimbursements for out-of-pocket expenses incurred in our Broadspire segment were $0.9 million and $0.8 million for the three months ended September 30, 2025 and 2024, respectively. Reimbursements were $2.4 million and $2.8 million for the nine months ended September 30, 2025 and 2024, respectively.
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