Good afternoon. My name is John, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Crawford & Company’s Third Quarter 2014 Earnings Release Conference Call. In conjunction with this call, a supplementary financial presentation is available on our Web site at www.crawfordandcompany.com under the Investor Relations section. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer period. Instructions will follow at that time. (Operator Instructions) As a reminder, ladies and gentlemen, this conference is being recorded today, Thursday, November 6, 2014. Now I would like to introduce, Allen W. Nelson, Crawford & Company’s General Counsel and Chief Administrative Officer.

Thank you, John. Some of the matters to be discussed in this conference call and in the supplementary financial presentation may include forward-looking statements that involve risks and uncertainties. These statements may include, but are not limited to statements regarding the funded status of our defined benefit pension plans, our expectations related to future revenues and expenses, our long-term liquidity requirements and our ability to pay dividends in the future. The Company’s actual results achieved in future quarters could differ materially from results that maybe implied by such forward-looking statements. The Company undertakes no obligation to publicly release revisions to any forward-looking statements made in this conference call to reflect events or circumstances occurring after the date of the call or to reflect the occurrence of unanticipated events. In addition, you are reminded that operating results for any historical period are not necessarily indicative of results to be expected for any future period. For a complete discussion regarding factors which could affect the Company’s financial performance, please refer to the Company’s Form 10-Q for the quarter ended September 30, 2014 filed with the Securities and Exchange Commission, particularly the information under the headings, Business Risk Factors, Legal Proceedings and Management’s Discussion and Analysis of Financial Condition and Results of Operations, as well as subsequent Company filings with the SEC. This presentation also includes certain non-GAAP financial measures as defined under SEC rules. As required, a reconciliation is provided for those measures to the most directly comparable GAAP measures. I would now like to introduce Mr. Jeffrey Bowman, President and Chief Executive Officer of Crawford & Company. Jeff, you may begin our conference.

Thanks, Allen. A warm welcome to our investors, clients and employees this afternoon, I am Jeffrey Bowman, President and CEO of Crawford & Company. Joining me from the global executive management team this afternoon are Bruce Swain, our CFO; and Allen Nelson, our General Counsel and Chief Administrative Officer. I will begin with some opening comments on our third quarter 2014 and then Bruce will review the financials in more detail, which will be followed by a discussion of our business performance, comments on our strategic initiatives and conclude with an update of 2014 guidance and our corporate focus. Let me begin with a comment on the global insurance environment, the trends we’re seeing there and their impact on Crawford. In the light of increased competition throughout the global insurance industry, we continue to make progress in the transformation and the expansion of our business in the third quarter. Our market-leading operations are successfully wining new business in all segments and this is clearly evident in our figures when we take into account the loss of the special project revenues. However, a significant fact to remember in the quarter and year-to-date is that we’ve had no, virtually no weather events. The effect of no weather event has our insurance clients experiencing strong growth in their results, as can be seen in the client loss ratios that have improved many percentage points from a year ago. This environment however results in a decrease in claims to Crawford. As a cyclical business, we have to accept that will happen. Our third quarter 2014 revenues were flat with last year. As new business in specialty markets began to come online in the UK and Broadspire continued to grow. These new revenues were sufficient to replace declines in claims volume in the Americas and…

Company-wide revenues before reimbursements in the 2014 third quarter were 293.8 million compared with 293.3 million in the prior year quarter. Consolidated operating earnings and non-GAAP financial measure totaled 22.9 million for the 2014 third quarter, down from 26.3 million reported in the 2013 quarter. The Company’s selling, general, and administrative expenses or SG&A totaled 59.3 million or 20.2% of revenues in the 2014 third quarter, up 5% from 56.7 million or 19.3% of revenues in the prior year quarter. Our net income attributable to shareholders of Crawford & Company totaled 10.2 million in the 2014 third quarter, down from 13.4 million in the 2013 period. Third quarter 2014 diluted earnings per share were $0.19 for CRDA and $0.17 for CRDB, compared to diluted earnings per share of $0.25 for CRDA and $0.24 for CRDB in the prior year period. Revenues from the Americas segment totaled 92.2 million in the 2014 third quarter, down from 95.9 million reported in last year’s quarter. Operating earnings in our Americas segment were 7 million in the 2014 third quarter or 8% of revenues, compared with operating earnings of 9.7 million or 10% of revenues in the prior year quarter. Revenues generated by our catastrophe adjusters in the U.S. totaled 12.3 million in the 2014 third quarter, down from 13.9 million in the 2013 quarter. We are benefiting in 2014 from an outsourcing arrangement with a major U.S. insurer. EMEA/AP revenues increased in the 2014 third quarter to 86.2 million from 84 million in the 2013 period. EMEA/AP operating earnings were 4.2 million during the current quarter as compared to last year’s third quarter operating earnings of 4.3 million. The operating margin in this segment was 5% in both the 2014 and 2013 quarters. Revenues from our Broadspire segment increased to 68.2 million in…

Thanks, Bruce. Crawford has experienced steady case volumes over the past several quarters which underline several encouraging trends in the business. First, growth in the number of higher frequency low severity claims we’re handling, which to some extent have offset the decreases in weather-related claims for the year-do-date period, although at a lower margin. And in addition, we have seen a 20% to 30% drop in assignments in commercial claims consistent with the overall commercial claims environment. Second, the continued success of contract connection, which has posted strong results over the past several quarters and third, continued improved performance of Broadspire. As we work to replace revenues for large projects that are winding down or completed, our immediate focus has been investing in new products and creating operational efficiency, building global standards, managing costs effectively and leveraging resources around the world, are opportunities we must address and therefore we are working actively to indentify and act on global initiatives that meet these criteria. So let me turn to the performance of each of our business units, starting with the Americas segment, which represented 32% of our total consolidated revenue for the quarter. Overall performance in both revenue and operating earnings declined in the quarter. The benign weather in the U.S. persisted and negatively affected revenues for the segment. However, we saw a continued improvement in our Canadian operation and strength in our contractor operations both in the United States and Canada. Looking forward to the balance of the year, we expect the Americas segment will benefit from the new outsourcing projects that we are engaged in to assist the major U.S. insurer. The EMEA/AP operations represented 29% of our consolidated revenue for the third quarter. During the quarter, claims volumes increased 5% across the three regions that make up EMEA/AP.…

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(Operator Instructions) Your first question comes from the line of Mark Hughes of SunTrust. Your line is open.

On your guidance for the fourth quarter you describe more benign whether leading to a reduction in claims, was there anything else that you saw in the quarter, anything that you anticipate in the fourth quarter other than the weather impact? SunTrust Robinson Humphrey: On your guidance for the fourth quarter you describe more benign whether leading to a reduction in claims, was there anything else that you saw in the quarter, anything that you anticipate in the fourth quarter other than the weather impact?

I think that’s the main factor, I mean we’re seeing a reduction in commercial claims really in Asia-Pacific, in Canada and CEMEA in a couple of areas Zachry, construction and engineering and telecommunications which have been very vibrant areas for us from a claims perspective. I think we have no follow through on catastrophes that have happened in the second and the third quarter which affects our business follow through, so that really has been the main consideration.

You think of it that catastrophe revenue, how much of the impact was coming from the large new client you described that helped you out but for that client there kind of a same same-store decrease that you have been can speculating on? SunTrust Robinson Humphrey: You think of it that catastrophe revenue, how much of the impact was coming from the large new client you described that helped you out but for that client there kind of a same same-store decrease that you have been can speculating on?

Yes, I mean the outsourcing project gave us about $6 million in revenue during the quarter and that’s within our U.S. catastrophe adjuster revenues. So when you pull that back it was down pretty good bit from where it was 2013. In the 2013 period you might remember we were using our U.S. adjusting force to help settle claims in Canada when we had significant flood events in Canada that really impacted our third quarter results positively.

The Broadspire segment your are near kind of the pick profitability at least in recent years, what is your anticipation both in terms of the top-line trends in the upper single-digits here on top-line and hitting better profitability, should we assume continuing improvement from here? SunTrust Robinson Humphrey: The Broadspire segment your are near kind of the pick profitability at least in recent years, what is your anticipation both in terms of the top-line trends in the upper single-digits here on top-line and hitting better profitability, should we assume continuing improvement from here?

I think the answer to that is yes, I mean as we have said many times before Mark I mean we expect to exit 2015 at approximately 10% operating margin. We’ve got a very vibrant pipeline at this moment. Our sales teams have a lot of opportunities that we’re marketing very hard with that new system that we’re putting in, in terms of operational and the medical management side and new products in the disciplinary management there. We see growth coming from there as well. So I think we look very exciting as a corporation in that area at the moment.

And then I’ll ask you for the kind of your latest thoughts on the large project the Gulf spill business, what you think the outlook is there, and how long will that business continue to endure? SunTrust Robinson Humphrey: And then I’ll ask you for the kind of your latest thoughts on the large project the Gulf spill business, what you think the outlook is there, and how long will that business continue to endure?

I mean that’s a $64 million question. I mean we’re handing the work orders that we’re receiving from the transaction administrator who is handling the claims there. We have a team. We see it flattening out and you can see that quarter-over-quarter. How long that will last is very dependent on what goes on with the Supreme Court action that is taking place at the moment and future of the Class action itself. And we’re obviously not a party those discussions.

The sequential uptick in legal settlement was that coming from an actual increase in activity on the Gulf spill business or is there some seasonality in there? SunTrust Robinson Humphrey: The sequential uptick in legal settlement was that coming from an actual increase in activity on the Gulf spill business or is there some seasonality in there?

I mean you’re always going to have some lumpiness in that business as projects roll off and new projects come on. I think that overall the gulf-related business that we’re in is in a declining trend and it may bounce around a little bit month-to-month, but overall it’s in a declining trend, but the movement quarter-to-quarter sequentially is going to be due to movement in their overall book of business, which as you know from a long time observer can be lumpy.

Right, how about a question to the tax rate we should use for the fourth quarter and the best guess for next year? SunTrust Robinson Humphrey: Right, how about a question to the tax rate we should use for the fourth quarter and the best guess for next year?

Yes that’s a great question, so our tax rate is up this year and most of that is due to mix of income. We’ve got a higher percentage of income in the U.S. and we have loses in certain international operations that we’re not able to benefit in our rate. I think as we have looked to this year, our rate expectations would be 40% for the year which is pretty consistent with where we were at the end of third quarter. And as we look forward to next year, let’s cover that when we discuss our guidance in the first quarter.

(Operator Instructions) Your next question comes from the line of Adam Klauber from William Blair. Your line is open.

The pre-tax margin looked like it was down for nine months around 150 basis points, now I think we understand that there is some variability and cyclicality particularly with the weather in this business so it’s going to go up and down, but part of the reason was while revenue weren’t growing expenses were growing, so I guess as we think about next -- I guess next year and also if you can give us some idea I mean going forward you think you can handle that cyclicality better on the expense side because it is going to happen on the revenue side? And then what can we expect expenses to do next year? William Blair: The pre-tax margin looked like it was down for nine months around 150 basis points, now I think we understand that there is some variability and cyclicality particularly with the weather in this business so it’s going to go up and down, but part of the reason was while revenue weren’t growing expenses were growing, so I guess as we think about next -- I guess next year and also if you can give us some idea I mean going forward you think you can handle that cyclicality better on the expense side because it is going to happen on the revenue side? And then what can we expect expenses to do next year?

Can I take that question as first from a sort of a revenue point of view, we’ve got a number of business units, I mean Broadspire is improving, GCG, I mean we expect them to maintain their margin as we go forward. The revenue is going to be slightly dependent on how much the special project runs off. The areas of action that we have got is specialty markets in the EMEA/AP operation which we’re beginning to see an increase in assignments coming in and we’ve assembled a very strong team on that which has an effect on that particular business units margin in 2014, which we don’t expect to be a drag in 2015. And then the big area is with Canada is performing, contractor connection is performing and then it comes down to the transformation project that we have got going on within U.S. PMC operation. And that’s the area that is getting a lot attention at the moment, but we do see improvement in that area taking place. So I think the weather -- I think from my perspective in 2014, if you look at the revenue we have replaced to keep the revenue flat after the loss of the special project it’s been a significant increase in new revenue in the organization. So I think replacing that revenue has been a very good effort by our sales and marketing team in the business units. What we now got to do is effectively manage that cost to that revenue and that’s where a lot of our attention is at the moment.

So, again as we think about next year again there is fair amount of variability in the business I mean under the scenario that revenue doesn’t grow, do you think expenses will still be up next year or can you get expense if revenue isn’t growing more in line with the revenue growth? William Blair: So, again as we think about next year again there is fair amount of variability in the business I mean under the scenario that revenue doesn’t grow, do you think expenses will still be up next year or can you get expense if revenue isn’t growing more in line with the revenue growth?

If revenue doesn’t grow I mean we are already putting cost initiatives in place today. So that we’ll see effects on I mean the European arena is a little tougher to get the immediate response but the intent is to improve those margins throughout both the Americas and throughout EMEA/AP operation.

Your next question comes from the line of David Dusenbury of Dalton, Greiner. Your line is open.

On the disability side, the claims management side, this an area you’ve been in before right? Dalton, Greiner, Hartman, Maher: On the disability side, the claims management side, this an area you’ve been in before right?

Yes, we have I mean Broadspire has been in that prior to our acquisition of them and so this is reentry into that marketplace.

So as far as your name out there in the marketplace and your understanding of that business, you guys are pretty well set? Dalton, Greiner, Hartman, Maher: So as far as your name out there in the marketplace and your understanding of that business, you guys are pretty well set?

We’re developing a new team to deliver that product and we have put in place systems -- technology systems to be able to do that. I mean it’s really -- as Bruce said it’s a reentry into that marketplace after six or seven years.

Right, so when you acquired Broadspire you did not bring disability team with you, you’re repopulating that. Dalton, Greiner, Hartman, Maher: Right, so when you acquired Broadspire you did not bring disability team with you, you’re repopulating that.

Correct.

And then in terms of this is always a hard question but, you seem to growing year-over-year revenue on Broadspire like 6% to 8%, is that sustainable, it’s hard to get a handle on quote our pipeline is pretty good and we have got good growth going forward and then put it to numbers? Dalton, Greiner, Hartman, Maher: And then in terms of this is always a hard question but, you seem to growing year-over-year revenue on Broadspire like 6% to 8%, is that sustainable, it’s hard to get a handle on quote our pipeline is pretty good and we have got good growth going forward and then put it to numbers?

The big issue there is obviously confidentiality around our clients, what is very exciting from our perspective is we’re beginning to get larger accounts within the Broadspire operation as we’ve rebuilt our systems over the past couple of years we’ve bought in some excellent operations and sales peoples and we’ve improved and continue to improve that quality of our product that is being noticed by the market and obviously by the clients that we’re going after. And we think that that growth will continue as I said on an earlier statement we’re very-very focused on exiting 2015 10% operating margin which is where we see ourselves going and then improving from there.

Within Broadspire the medical management business, is that a higher margin piece of the business? Dalton, Greiner, Hartman, Maher: Within Broadspire the medical management business, is that a higher margin piece of the business?

It does tend to be a higher margin piece of the business given the special nature of those services.

And it said something in the Q about referrals for medical management, is that something that comes from a client an existing contract that you sign on the disability side or workers’ comp side and is that how you get the business on medical management or is that? Dalton, Greiner, Hartman, Maher: And it said something in the Q about referrals for medical management, is that something that comes from a client an existing contract that you sign on the disability side or workers’ comp side and is that how you get the business on medical management or is that?

Yes, you get the business two ways, one a referral off of the workers’ compensation or a liability claim and then on an unbundled basis where we’re providing them services without handling an underlying comp or liability claim.

Okay. So could get, it doesn’t necessarily mean you have to sign up a whole new clients to get that kind of referral? Dalton, Greiner, Hartman, Maher: Okay. So could get, it doesn’t necessarily mean you have to sign up a whole new clients to get that kind of referral?

We don’t have to sign up a claims client to that referral we can get that business from what we call the unbundled market.

And then the last question would be on the cost management side, any way to scoop that out in terms of dollars? Dalton, Greiner, Hartman, Maher: And then the last question would be on the cost management side, any way to scoop that out in terms of dollars?

We have initiatives in many operations at the moment I mean there is no doubt I mean we have to improve our margins in both in EMEA/AP and the Americas areas and get that to where we need to be in, and our target for all those is 10% operating margins.

There are no additional audio questions at this time. I turn the call back over to Mr. Bowman.

I’d like to thank everyone for their times and questions this afternoon. I’d like to thank everyone for joining us and wish you a good day today.