CRAWFORD & CO

NOTES TO CONDENSED CONSOLID ATED FINANCIAL STATEMENTS

Based in Atlanta, Georgia, Crawford & Company ("Crawford" or "the Company") is a leading global provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive 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 can be found on the Company's websitewww.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.

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (the "SEC"). These unaudited condensed consolidated financial statements omit certain notes and other financial information and therefore, should be read in conjunction withthe 2025 Form 10-K. The Condensed Consolidated Balance Sheet information presented herein as of December 31, 2025 has been derived from the audited consolidated financial statements as of that date. For further information, refer to the consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended December 31, 2025.

Due to the impact of weather activity and other macroeconomic uncertainties, the Company's operating results for the three and nine months ended September 30, 2026 and financial position as of September 30, 2026 are not necessarily indicative of the results or financial position that may be expected for the year ending December 31, 2026 or for other future periods. The 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 (fiscal year-end of October 31) as permitted by GAAP in order to provide sufficient time for accumulation of their results.

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, and 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. In the opinion of management, all adjustments (consisting only of normal recurring accruals and adjustments) considered necessary for a fair presentation have been included. There have been no material changes to our significant accounting policies and estimates from those disclosed in the Company's financial statements included in Form 10-K for the year ended December 31, 2025 other than as disclosed herein.

In connection with the realignment of management responsibilities, the Company updated its reportable segments effective January 1, 2026. The Company's reportable segments are comprised of the following: U.S. Property & Casualty, Broadspire, and International Operations. Certain prior period amounts among the Company’s reportable segments have been reclassified to conform to the current presentation. These changes have no impact on the Company’s historical consolidated statements of operations, balance sheets, or cash flows. Significant intercompany transactions have been eliminated in consolidation.

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 variable interest entity ("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 tosatisfy the liabilities of the Company's deferred compensation plan. At September 30, 2026 and December 31, 2025, the liabilities of the deferred compensation plan were $5,874,000 and $6,686,000, 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 $10,461,000 and $10,423,000, respectively. These liabilities and assets are included in "Other noncurrent liabilities" and "Other noncurrent assets," respectively, on the Company's unaudited Condensed Consolidated Balance Sheets.

Noncontrolling interests represent the minority shareholders' share of the net income or loss and share holders' investment in consolidated subsidiaries. Noncontrolling interests are presented as a component of shareholders' investment in the unaudited Condensed 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.

2. Recently Issued Accounting Standards

Recently Adopted Accounting Standards

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

In July 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provided a practical expedient that permits entities to assume that current conditions as of the balance sheet date do not change over the remaining life of the accounts receivable and contract assets when estimating expected credit losses. The guidance is required to be applied prospectively and is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. The Company adopted this guidance effective January 1, 2026. The adoption did not have a material impact on the Company's consolidated financial statements.

Accounting Standards Not Yet Adopted

Disaggregation of Income Statement Expenses (ASU 2024-03)

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosures of 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, and may be applied retrospectively or prospectively. The Company is currently evaluating the disclosure requirements of this guidance and the 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. Under the new guidance, capitalization of internal-use software costs is permitted once management authorizes funding, commits to use the software, and it is probable the project will be completed. The ASU is effective for fiscal years beginning after December 15, 2027. Entities may elect to apply the guidance retrospectively, prospectively to software costs incurred after the adoption date (including costs related to existing, in-process projects and new projects) or using a modified prospective basis. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Interim Reporting Narrow Scope Improvements (ASU 2025-11)

In December 2025, the FASB issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements, which clarifies the applicability of interim reporting guidance and improves the navigability of interim disclosure requirements. The amendments add a disclosure principle requiring entities to disclose events since the end of the most recent annual reporting period that have a material impact on the entity and incorporate a comprehensive list of disclosures required in interim reporting periods. The guidance is effective for interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments may be applied retrospectively or prospectively. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Codification Improvements (ASU 2025-12)

In December 2025, the FASB issued ASU 2025‑12, Codification Improvements, which includes targeted amendments intended to clarify and improve the application of existing accounting guidance. Certain amendments relate to earnings per share, lease disclosures, treasury stock retirements, and transfers of receivables. The amendments are effective for fiscal years beginning after December 15, 2026, including interim periods therein, with early adoption permitted. The Company does not expect adoption of this guidance to have a material impact on its consolidated financial statements.

3. 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 thantwo months.

The Company's U.S. Property & Casualty 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 through its Claims Solutions and International Loss Adjusting service lines. 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 in the Global Technical Services service line. The Company charges on a fee-per-claim basis for each optional purchase of the claims management services exercised by its 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 in 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 Company's U.S. Property & Casualty segment also generates revenue through its Contractor Connection and Catastrophe Services business 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 Catastrophe Services business 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 following table presents U.S. Property & Casualty revenues before reimbursements disaggregated by service line for the three and nine months ended September 30, 2026 and 2025:

In addition to adjusting services, the Company previously performed 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.

The following table presents International Operations revenues before reimbursements disaggregated by geography and service line for the three and nine months ended September 30, 2026 and 2025:

The Company’s Broadspire segment is a third party administrator that generates revenue through its Claims Management, Medical Management, and Subrogation 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 based on claims received and staff required to complete its claim handling obligations. Additionally, Broadspire 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 the 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 thanone year, on a one- ortwo-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 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 Broadspire revenues before reimbursements disaggregated by service line for thethree and nine months ended September 30, 2026 and 2025:

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 unaudited Condensed 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.

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 unaudited Condensed Consolidated Balance Sheets. Unbilled revenue 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 withinone 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 unaudited Condensed 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- ortwo-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. Deferred revenues related to lifetime claim handling arrangements approximated $42,073,000 and $40,049,000 as of September 30, 2026 and December 31, 2025, respectively. 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 the 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 1,2026 and the significant activity affecting deferred revenues during the three months and nine months ended September 30, 2026:

Remaining Performance Obligations

As of September 30, 2026, the Company had$110,100,000 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 70% of its remaining performance obligations as revenues withinone 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. Therefore it does not meet the criteria to be capitalized as a contract asset on the Company's unaudited Condensed Consolidated Balance Sheets, and is expensed as incurred.

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 beone 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.

4. Credit Losses

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. The Company evaluates the risks related to its trade receivables and contract assets by considering customer type, geography, and aging. The Company assumes that the current economic conditions as of the balance sheet date will remain unchanged over the remaining contractual lives of its trade receivables and contract assets. Actual experience may differ significantly from historical or expected loss results. The Company writes off account receivables and unbilled revenues when they become uncollectible, and any payments subsequently received are accounted for as recoveries.

5. Goodwill

Goodwill was $76,430,000 as of September 30, 2026, compared to $76,569,000 as of December 31, 2025. The Company tests goodwill for impairment annually on October 1st of each year, or more frequently if events or circumstances indicate potential impairment. In assessing goodwill for impairment, the carrying value of each reporting unit, including goodwill, is compared with its estimated fair value, which is determined utilizing a combination of the income and market approaches. The Company performed its annual goodwill impairment analysis as of October 1, 2025, and concluded that the estimated fair value of each reporting unit exceeded its carrying value. Accordingly, no goodwill impairment was recorded in 2025.

On January 1, 2026, the Company realigned its reportable segments as described in Note 1, “Basis of Presentation” and further described in Note 11, "Segment Information". This change resulted in the allocation of $3,736,000 of goodwill from the U.S. Property & Casualty segment to the International Operations segment based on the relative fair value approach. The Company performed an interim goodwill impairment test utilizing the income approach. The estimated fair value of each reporting unit tested exceeded its carrying value. The Company didnot identify any impairment indicators during the nine months ended September 30, 2026.

The following table shows the changes in the carrying amount of goodwill for the nine months ended September 30, 2026:

6. Income Taxes

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, changes in permanent reinvestment assertions, and changes in unrecognized tax benefits.

The provision for income taxes on consolidated income before income taxes totaled$7,327,000 and$5,813,000 for the three months ended September 30, 2026 and 2025, respectively. The overall effective tax rate increased to 32.8% for thethree months ended September 30, 2026 compared with 31.9% for the 2025 period primarily due to changes in the mix of income and U.S. taxation of foreign subsidiary profits in the 2026 results.

The provision for income taxes on consolidated income before income taxes totaled$15,937,000 and$14,138,000 for thenine months ended September 30, 2026 and 2025, respectively. The overall effective tax rate decreased to 32.3% for thenine months ended September 30, 2026 compared with 34.4% for the 2025 period primarily due to a one-time expense of $1,328,000 relating to administrative guidance issued by a foreign tax authority in 2025.

7. Defined Benefit Pension Plans

Net periodic cost related to all of the Company's defined benefit pension plans recognized in the Company's unaudited Condensed Consolidated Statements of Operations for thethree and nine months ended September 30, 2026 and 2025 included the following components:

For the three months ended September 30, 2026 and 2025, the non-service components of net periodic pension expense totaled$1,781,000 and$2,409,000, respectively. For the nine months ended September 30, 2026 and 2025, the non-service components of net periodic pension expense totaled$5,356,000 and$7,210,000, respectively. These amounts are included in "Other Loss, net" on the unaudited Condensed Consolidated Statements of Operations.

For the nine months ended September 30, 2026, the Company contributed $3,000,000 to the U.S. defined benefit pension plan and $1,989,000 to the U.K. defined benefit pension plans, as compared withno contributions to the U.S. defined benefit pension plan and $2,222,000 to the U.K. defined benefit pension plans during thenine months ended September 30, 2025.

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

The Company computes earnings per share of its non-voting Class A Common Stock ("CRD-A") and voting Class B Common Stock ("CRD-B") using thetwo-class method, which allocates the undistributed earnings in 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 the CRD-A shares than on the CRD-B shares, 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 earnings per share for CRD-A and CRD-B. During 2026 and 2025, the Board of Directors has declared the same 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:

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

Listed below are the shares excluded from the denominator in the preceding computation of diluted earnings per share for CRD-A:

(1) Compensation cost is recognized for these performance stock grants based on expected achievement rates; however, no consideration is given to these performance stock grants when calculating diluted earnings per share until the performance measurements have been achieved.

The following table details shares issued during thethree and nine months ended September 30, 2026 and 2025, including restricted shares that were returned prior to vesting. These shares are included from their dates of issuance in the weighted-average common shares used to compute basic and diluted earnings per share for CRD-A in the table above. There were no shares of CRD-B issued during any of these periods.

On November 4, 2021, the Company’s Board of Directors (the "Board") 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 Board approved an increase of 5,000,000 additional shares under the 2021 Repurchase Authorization and on October 30, 2025 they further increased the authorization by 2,000,000 shares and extended the repurchase period through December 31, 2027.

Repurchases may be made from time to time in the open market or through privately negotiated transactions at prices and times determined by management, subject to applicable regulatory guidelines. The authorization does not obligate the Company to repurchase any shares and the Company may suspend or discontinue repurchase activities at any time.

On August 10, 2026, the Company entered into a Stock Purchase and Sale Agreement with Jesse C. Crawford, pursuant to which the Company purchased 1,000,000 shares of the Company's Class A Common Stock from Mr. Crawford. The purchase price per share was equal to 97% of the official closing price of the Class A Common Stock on the New York Stock Exchange immediately preceding the execution of the agreement at the close of market on the Effective Date of the Agreement, representing an aggregate purchase price of approximately $12,813,700. Mr. Crawford is the father of Jesse C. Crawford, Jr., Non-Executive Chair of the Company's Board of Directors, and is the majority shareholder of the Company. The Audit Committee of the Board of Directors reviewed and approved the transaction as a related party transaction in accordance with the Company's related party transaction policy. The Board of Directors separately approved the purchase, which reflects a 3% discount on the closing market price and which the Audit Committee and the Board determined to be fair to, and in the best interests of, the Company and its shareholders. As the Company's Board of Directors separately authorized this repurchase, the authorized shares remaining under the 2021 Repurchase Authorization were not impacted.

During the nine months ended September 30, 2026, the Company repurchased 1,815,458 shares of CRD-A at an average cost of $11.80 per share and 108,963 shares of CRD-B at an average cost of $10.25, of which,1,000,000 shares of CRD-A were purchased pursuant to the Stock Purchase and Sale Agreement, dated August 10, 2026 as described above, separate from the 2021 Repurchase Authorization. During thenine months ended September 30, 2025, the Company repurchased 263,098 shares of CRD-A and 12,846 shares of CRD-B at an average cost of $10.71 and $10.40, respectively.

On September 30, 2026, the Company had 1,197,469 shares available for repurchase under the 2021 Repurchase Authorization.

9. Accumulated Other Comprehensive Loss

Comprehensive (loss) income for the Company consists of the total of net income, foreign currency translation adjustments, and accrued pension. Foreign currency translation adjustments include the net realized gains from intra-entity loans that are long-term in nature of$83,000 and$342,000 for the three and nine months ended September 30, 2026. The changes in components of "Accumulated other comprehensive loss" ("AOCL"), net of taxes and noncontrolling interests, included in the Company's unaudited condensed consolidated financial statements were as follows:

(1) Retirement liabilities reclassified to net income are related to the amortization of actuarial losses and are included in "Other Loss, net" in the Company's unaudited Condensed Consolidated Statements of Operations. See Note 7, "Defined Benefit Pension Plans" for additional details.

The other comprehensive loss amounts attributable to noncontrolling interests presented in the Company's unaudited Condensed Consolidated Statements of Shareholders' Investment are foreign currency translation adjustments.

10. Fair Value Measurements

The Company did not have any assets or liabilities measured at fair value on a recurring basis as of September 30, 2026.

Fair Value Disclosures

There wereno transfers of assets between fair value levels during thethree and nine months ended September 30, 2026. The categorization of assets 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.

Nonrecurring Fair Value Disclosures

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 certain 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, 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.

The fair value of reporting units used in the Company's goodwill impairment analysis is estimated using a combination of the income and market approaches and is classified in Level 3 of the fair value hierarchy. See Note 5, "Goodwill" for additional information.

11. Segment Information

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

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U.S. Property & Casualty, which 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. The U.S. Property & Casualty reportable segment represents the aggregation of certain service line operating segments.

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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, and Latin America as well as the Canadian operations that were previously reported within the North America Loss Adjusting segment.

The Company'sthree 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 President and Chief Executive Officer, Mr. W. Bruce Swain Jr., 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. Mr. Swain 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 Mr. Swain.

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 operating segments and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate 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 and shared costs and credits, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, non-service pension costs, income taxes, loss on disposition of businesses, net, software impairment, 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 three 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 thethree and nine months ended September 30, 2026 and 2025 related to the Company's reportable segments is presented below:

(1)

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

(2)

Other, net primarily includes advertising expenses, bank service charges, bad debt expense, and property and other taxes.

(3)

Allocated corporate, shared services, and administrative costs comprised 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 other charges, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.

(5)

Loss on disposition of businesses, net relates to the sales of the U.K. and Chile Crawford Legal Services businesses.

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 at September 30, 2026 and December 31, 2025 were as follows:

Revenues by geographic region and major service line for the U.S. Property & Casualty, Broadspire, and International Operations segments are shown in Note 3, "Revenue Recognition."

Capital expenditures for thethree and nine months ended September 30, 2026 and 2025 are shown in the following table:

The total of the Company's reportable segments' revenues before reimbursements reconciled to total consolidated revenues for thethree and nine months ended September 30, 2026 and 2025 was as follows:

The Company's reportable segments' total operating earnings reconciled to consolidated income before income taxes for thethree and nine months ended September 30, 2026 and 2025 were as follows:

The Company's reportable segments' total assets reconciled to consolidated total assets of the Company at September 30, 2026 and December 31, 2025 are presented in the following table:

12. Commitments and Contingencies

As part of the Company's credit facility, the Company maintains a letter of credit to satisfy certain of its own contractual requirements. On September 30, 2026, the aggregate committed amount of letters of credit outstanding under the credit facility was $7,957,000.

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 its 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, negotiations, 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.

13. 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 Company's unaudited Condensed Consolidated Balance Sheets. Additionally, Restricted cash includes the $1,574,000 increase in fiduciary liabilities included in cash flows from financing activities in the Company's unaudited Condensed Consolidated Statements of Cash Flows for thenine months ended September 30, 2026. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company's unaudited Condensed Consolidated Balance Sheets to the corresponding amounts presented in the Company's unaudited Condensed Consolidated Statements of Cash Flows:

14. Restructuring and Other Costs, Net

The Company did not incur any restructuring costs during the nine months ended September 30, 2026 and 2025. The Company incurred pre-tax restructuring costs of $13,996,000 during the fourth quarter of 2025.

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.

The following table summarizes the remaining costs in the Company’s accrued restructuring balances as of September 30, 2026. Severance and termination costs are included in “Accrued compensation and related costs” andlease termination costs are included in current and noncurrent “Operating lease liability” in the unaudited Condensed Consolidated Balance Sheets:

15. 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 unaudited Condensed Consolidated Balance Sheets. The amount of these funds totaled$513,966,000 and $456,043,000 at September 30, 2026 and December 31, 2025, respectively. The increase is driven by new client programs during the nine months ended September 30, 2026.