Crawford & Company posted a sharp recovery in its international operations in the second quarter of 2026. The result came against a softer US claims environment, a split outcome with direct implications for brokers globally.
The Atlanta-based claims management firm reported revenues before reimbursements of US$321.4 million for the three months ending in June 30, broadly flat against US$323 million in Q2 2025. Net income attributable to shareholders rose 73% to US$13.4 million from US$7.8 million a year earlier.
International operations were the standout performer. The segment posted operating earnings of US$10.9 million in Q2 2026, up 48.2% from US$7.3 million a year earlier. Its operating margin expanded from 5.5% to 7.9%, with higher weather-related activity in Australia and Asia the primary drivers, alongside stronger results in Canada.
Year-to-date, international operating earnings reached US$14.9 million, up 55.6% from US$9.6 million in the first half of 2025. The UK accounts for approximately 13.4% of Crawford's total revenue, making it the second-largest geography after the US.
Crawford also completed the sale of its Crawford Legal Services operations in the UK and Chile during Q2. The company recorded a net loss on disposal of US$1.3 million. Brokers who previously accessed litigation support through that unit will need to source those services elsewhere.
Crawford's US Property & Casualty segment posted a 10.2% revenue decline to US$74.1 million, down from US$82.5 million in Q2 2025. The company cited lower weather-related claims, reduced catastrophe services staffing, and fewer contractor connection referrals. Segment operating earnings slipped to US$7.2 million from US$7.5 million, though the operating margin edged up to 9.7% from 9%.
The US softness stretches back to the start of the year. In Q1 2026, US P&C revenues fell 11.3% as Swain cited an "extended period of benign weather" keeping outsourced claims activity below historical norms.
The wider market data supports that picture. Gallagher Re's H1 2026 Natural Catastrophe and Climate Report recorded global insured catastrophe losses of US$46 billion in the first half of 2026, 28% below the 10-year average and the lowest H1 total since 2019. The period closed with five consecutive quarters in which no single insured loss exceeded US$10 billion.
For brokers, that run of benign activity is feeding into property reinsurance pricing. The Guy Carpenter global property catastrophe rate-on-line index shows rates down 16% at the July 2026 midyear renewal.
Crawford's Broadspire segment, which handles third-party claims administration, had a steadier quarter. Revenues rose 1.2% to US$109.4 million, with operating earnings climbing to US$15.7 million from US$14.2 million. The margin improved to 14.4% from 13.1%, on the back of growth in disability claims and medical management revenues.
Consolidated adjusted operating earnings rose 34% to US$29.4 million in Q2 2026 from US$22 million in the prior-year period. Adjusted EBITDA increased 20% to US$37.6 million from US$31.4 million.
President and chief executive officer Bruce Swain said the quarter represented a rebound from a slower start to the year. "Performance in the quarter was driven by weather-related claims volume in International, as well as continued solid results in Broadspire," Swain said. He added that the claims environment remained mixed and "creates challenges in certain parts of our business."
Swain said Crawford won nearly US$22 million in new business during Q2 and maintained an active pipeline. The board approved an increase to the quarterly dividend to US$0.08 per share, up from US$0.075 in the prior quarter.
The company's cash position rose to US$69.4 million at June 30 from US$64.1 million at year-end 2025. Total debt stood at US$198.1 million, up from US$189.1 million. During the first half of 2026, Crawford repurchased 763,577 Class A shares at US$10.52 each and 97,940 Class B shares at $10.24.
