Good morning. My name is Sylvie and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Crawford & Company Fourth Quarter and Full Year 2024 Earnings Release Conference Call. In conjunction with this call, a supplementary financial presentation is available on our website at www.crawco.com under the Investor Relations section. [Operator Instructions] As a reminder today, ladies and gentlemen, this call is being recorded and it is March 4, 2025. I would now like to introduce Tami Stevenson, Crawford & Company’s General Counsel. Please go ahead.

Thank you, Sylvie. Some of the matters to be discussed in this conference call and this supplementary financial presentation may include forward-looking statements that involve risks and uncertainties. These statements may relate to, among other things, our expected future operating results and financial condition, our ability to grow our revenues and reduce our operating expenses, expectations regarding our anticipated contributions to our underfunded defined benefit pension plans, collectability of our billed and unbilled accounts receivable, financial results from our recently completed acquisitions, our continued compliance with the financial and other covenants contained in our financing agreements, our long-term capital resource and liquidity requirements, and our ability to pay dividends in the future. The company’s actual results achieved in future quarters could differ materially from the 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 the operating results for any historical period are not necessarily indicative of the 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-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission, particularly the information under the heading Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operation 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. Rohit Verma, Chief Executive Officer of Crawford & Company. Rohit?

Thank you, Tami. Good morning and welcome to our fourth quarter and full year 2024 earnings call. Joining me today is Bruce Swain, our Chief Financial Officer and Tami Stevenson, our General Counsel. After our prepared remarks, we will open the call for your questions. We closed out 2024 with a strong fourth quarter. This reflected the continued strength of our core businesses, Broadspire and international operations. Our North America loss adjusting and Platform Solutions segments, which are largely weather dependent, also delivered a solid quarter, following claims activity from Hurricane Helene and Milton. This morning, I’ll highlight the key takeaways from the fourth quarter before handing it over to Bruce for a deeper dive into our segment financial performance. On this slide, you will see some of the top clients we proudly serve. Crawford manages over $20 billion in claims annually across 70 countries, making us the largest publicly traded claims management provider worldwide. Our global scale and reputation for excellence set us apart in a fragmented market. And with a team of 10,000 skilled professionals, we continue to be trusted partner of choice for our clients. Crawford is uniquely positioned to capitalize on long-term industry trends, with technology at the core of our strategy to enhance claims management and deliver superior service to our clients. Though we may see quarter-to-quarter variations in catastrophic events, we continue to see an overall increase in the severity and frequency of extreme weather events. As the demand for advanced claims solutions continues to grow, our technology-enabled response capabilities allow us to quickly scale and support clients through these events. Beyond weather-related claims, the insurance industry is seeing a rapid shift towards outsourced claims activity. Crawford’s global scale and deep carrier relationships allow us to efficiently handle complex claims, reducing costs and improving…

Thank you, Rohit. Crawford operates a diversified business model across four key segments, promoting a balanced revenue mix, enabling us to navigate market fluctuations while capitalizing on opportunities across our business lines. North America loss adjusting, which includes our loss adjusting operations in the U.S. and Canada, accounted for 24% of 2024 revenues. International operations, covering all service lines outside North America, contributed 32% of total revenues, reflecting our strong global presence. Broadspire, our U.S.-based third-party administration business, represents 30% of total revenues. Platform Solutions, which includes contractor connection, networks and subrogation services, accounted for 14% of revenues, supporting our strategy of offering end-to-end claims management solutions. North America loss adjusting saw strong growth in the fourth quarter of 2024, with revenues increasing 14% year-over-year to $79.4 million. Operating earnings improved substantially from the prior year quarter to $3.4 million, reflecting increased storm activity and the benefit of our continued investment in talent. Within the segment, GTS delivered another record-breaking quarter, with revenues reaching $29.2 million, up 37% year-over-year. Additionally, U.S. field operations grew 13% year-over-year to $27.6 million, further demonstrating the strength of our client relationships and our ability to support carriers during periods of heightened claims activity. A key growth driver for this segment is our strategic investments in talent, expanding our roster of highly skilled adjusters, which continues to position us for growth as demand increases for our specialized expertise in complex claims. Our International Operations segment continued its strong momentum in the fourth quarter, delivering revenues of $112.5 million, growing 16% year-over-year, or 13% on a constant currency basis. This growth was driven by strong performances across Europe, Australia and Asia, supported by weather-related claims and large loss activity. Operating earnings of $8.5 million more than tripled compared to the prior year quarter and operating margin…

Thank you, Bruce. We closed out 2024 with a strong fourth quarter, delivering revenue growth and improved profitability. This performance highlights the strength of our diversified business model and our ability to respond effectively when demand arises. Our deep client relationships and operational expertise continue to position us as a trusted partner in times of need. While weather remains unpredictable, our focus on innovation, efficiency, and client service ensures we are positioned to deliver value across market cycles. I want to thank our employees for their dedication and expertise, which continue to set Crawford apart as a leader in the industry. I also want to thank our clients, shareholders, and partners for their ongoing trust and support. Thank you for your time today. Sylvie, please open the call for questions.

[Operator Instructions] And your first question will be from Maxwell Fritscher at Truist. Please go ahead.

Hi. Good morning. I am calling in for Mark Hughes.

Good morning.

Good morning. In Broadspire, any observations about the underlying claims, specifically workers’ comp? Are you seeing any material inflection in claims activity there?

Hi Max. This is Rohit. No, we obviously saw changes emerge as we were just coming out of COVID. But in general, we have seen stabilization in the type of claims and the frequency of claims, so nothing really different this year or this quarter to report.

And then the operating margin there at Broadspire, a little lower versus the mid-teens run rate for the year. Any observations there you can point to?

In 2024, we wrote a lot of new business and we grew by about 9%. We had already planned that there will be some increased expenses in the fourth quarter reflecting the increased hiring that we anticipate for the new business that we have written. So, we are not really worried about the Broadspire margin. I mean we are still holding on overall in the mid-teens and that’s what we expect to continue.

Okay. And another good result in international and you had mentioned that it was partially driven by enhanced pricing. So, how are you or how do you look at pricing going into 2025 in international?

In international, we had done some analysis, and we found that there were some accounts that we needed to adjust pricing on, and we have done that. We also believe that we have enforced pricing discipline, just not in international, but across the organization. But I think we have largely closed the pricing gap that we had. There might be still a handful of accounts here or there that might need that adjustment. But overall, we are feeling very good about our international trajectory.

Thank you. And then last one from me on capital allocation. Any expectations for share repurchases in 2025?

We have still over a $1 million – I am sorry a million shares left in our authorization. And as you know, we have been disciplined buyers. We will continue to look for opportunities where there are blocks available for us to buy. But other than that, we will continue the program, but expect to sort of be at similar levels to what you have seen so far.

Great. Thanks for taking my questions.

Thank you.

[Operator Instructions] Next question will be from Kevin Steinke at Barrington Research. Please go ahead.

Good morning.

Hi Kevin.

Hi Kevin.

I wanted to start out by asking about just the share of weather-related claims, you feel like you are getting relative to prior spikes in severe weather activity, given your onboarding of clients, etcetera. Do you feel like you are gaining share of the weather-related claims?

We definitely feel that, Kevin, that we are gaining share and doing well through these cycles of storms. As you know, particularly Milton, we would have had a very different result had Milton crossed over Tampa versus it was south of that. But all things considered we thought that we got a very fair share of claims during the weather, during the severe weather.

Okay. Thanks. And the Broadspire margin just to follow-up on that again. You noted the investments in staffing levels, it sounds like, that’s something you might leverage pretty quickly given the ramp up of new business. Are there more investments to be made there, just kind of thinking about the trajectory of the Broadspire margin as we enter 2025?

Yes. I think Broadspire, we believe that our biggest differentiator in Broadspire has been our technology. And as we have stated before, that the lion’s share of our CapEx technology investment has been in Broadspire. We expect similar levels of investment to continue in 2025 as we continue to not just shore up some of the things that we have done, but also advance into new areas that relate to analytics and AI. So, I think you will see a combination of people as well as tech investment to continue in Broadspire.

Okay. Thanks. And just again, also on the international operating – international operations margin in the quarter, obviously very strong, Bruce, I think you mentioned some one-time benefits as well in the quarter. I don’t know if that’s something very meaningful to call out quantitatively or not, but I don’t know if there is any additional color you can offer there.

Yes. We had a one-time indirect tax benefit that came in, in the quarter, about a $1.5 million or so, which helped in the fourth quarter. It will be non-continuing. But even when you back that out, still a solid quarter for international and a good year for them overall.

Okay. That’s helpful.

Yes. Kevin, I think if you look at 2024, every quarter we bumped up the international margin. And I think that as we head into 2025, our goal is to make sure that on a quarterly comparison that international continues on that positive trajectory.

Okay. That’s great. And the very strong growth you had in global technical services, I think you set up 37% year-over-year. Should we think of that being influenced meaningfully by weather, or is that just kind of a continued trajectory of hiring and people getting more productive as they join your platform?

Yes, I would say it’s largely because of the continued acquihires that we have been focused on in that segment. We still believe that we have a low market share in that space. And there is more room for us to grab. Obviously, the growth levels are not going to be similar on a percentage basis, given we were coming off a low base. But as we get to a critical mass, those would start to stabilize. But we still think that mid-single digit to low-double digit is not out of question.

Okay. It makes sense. And you also mentioned hiring, I think three teams in Spain. Can you just maybe give us a little bit more color on that, what business those folks are in, and just the overall strategy there internationally?

Yes. Look, I think that when we look at our acquihires strategy, which is to acquire teams of experts wherever we can. That is something that we have been trying to execute globally. We have had more success in the U.S., certainly, but we have also seen success internationally. We had reported on teams that we had brought onboard in the Netherlands before. We had an opportunity in Spain to pick these three teams up that are going to add significant depth to our loss-adjusting capabilities in Spain, and we have several others in the pipeline across the world that we are working on.

Okay. And lastly, do you expect any meaningful carryover in terms of claims volume and revenue generation into the first quarter of 2025 from the hurricanes Helene and Milton?

Not really. Both of those hurricanes did not have long tails, so we largely addressed the backlog of claims in 2024 itself. And as we look at 2025, we feel that the trajectory of our core non-weather businesses remains strong. From a weather perspective, it has been light, absent any polar vortex like events. So, everything seems as we would expect. And if normal weather patterns were to happen this year, we feel pretty good about where we stand.

Okay. Well, thanks for taking the questions and congratulations. I will turn it back over.

Thank you, Kevin.

And at this time, I would like to turn the call back over to Mr. Verma for closing remarks.

Thank you, Sylvie. And thank you to all our employees, clients, and shareholders for your continued commitment to Crawford & Company. This concludes our call today. Thank you so much and God bless.

Thank you for participating in today’s Crawford & Company conference call. This call will be available for replay beginning at 11.30 a.m. Eastern Time today through 11:59 p.m. Eastern Time on April 4, 2025. The conference ID for the replay is 03099 £. The number to dial for the replay is 1-888-660-6264. Thank you. You may now disconnect your lines.