Crawford & Company (CRD-B) 8-K The Strength of Working Together

Investor Presentation

November 6, 2008

Exhibit 99.1

the

STRENGTH

of

WORKING

TOGETHER

SM

The Strength of Working Together

2

SM

Forward-looking Statements and Segment

Operating Earnings

Forward Looking Statements:

This

presentation

contains

forward-looking

statements,

including

statements

about

the

future

financial

condition,

results

of

operations

and

earnings

outlook

of

Crawford

&

Company.

Statements,

both

qualitative

and

quantitative,

that

are

not

historical

facts

may

be

“forward-looking”

statements

as

defined

in

the

Private

Securities

Litigation

Reform

Act

of

1995.

Forward-looking

statements

involve

a

number

of

risks

and

uncertainties

that

could

cause

actual

results

to

differ

materially

from

historical

experience

or

Crawford

&

Company’s

present

expectations.

Accordingly,

no

one

should

place

undue

reliance

on

forward-looking

statements,

which

speak

only

as

of

the

date

on

which

they

are

made.

Crawford

&

Company

does

not

undertake

to

update

forward-

looking

statements

to

reflect

the

impact

of

circumstances

or

events

that

may

arise

or

not

arise

after

the

date

the

forward-looking

statements

are

made.

For

further

information

regarding

Crawford

&

Company,

and

the

risks

and

uncertainties

involved

in

forward-looking

statements,

please

read

Crawford

&

Company

reports

filed

with

the

United

States

Securities

and

Exchange

Commission

and

available

at

www.sec.gov

or

in

the

Investor

Relations

section

of

Crawford

&

Company’s

website

at

www.crawfordandcompany.com.

Segment Operating Earnings:

Segment

operating

earnings

represent

earnings

before

net

corporate

interest

expense,

amortization

of

customer-relationship

intangible

assets,

stock

option

expense,

income

tax

expense,

unallocated

corporate

and

shared

costs,

and

gains

on

asset

sales.

On

January

1,

2008

the

Company’s

Strategic

Warranty

Services

unit

was

moved

from

the

Legal

Settlement

Administration

segment

to

the

U.S.

Property

&

Casualty

segment.

Prior

period

results

for

both

segments

have

been

restated

to

reflect

this

transfer.

Subsequent

to

March

31,

2007,

the

Company

changed

its

method

of

allocating

certain

corporate

overhead

costs

to

each

of

its

operating

segments.

Prior

period

results

have

been

restated

to

reflect

the

current

allocation

method.

Segment

revenues

and

expenses

do

not

include

reimbursements

for

out-of-pocket

expenses.

3

Crawford & Company

•

World’s largest fully-integrated independent provider of global

claims management solutions.

•

Four reporting segments:

–

International Operations

•

Serves the global insurance industry and multi-national corporations

–

U.S. Property & Casualty

•

Serves the U.S. insurance company market

–

Broadspire

•

Serves large national accounts, carriers and self-insured entities

–

Legal Settlement Administration

•

Provides administration for class action settlements, bankruptcy

matters, and product performance.

•

Opportunities

•

Improved quality has restored client confidence, improved retention

•

Short term emphasis on cost control

•

Increase market share: both new clients and cross-selling existing

services

•

Investment in enhanced technology

•

Crawford will benefit from global consolidation of TPA vendors

The Strength of Working Together

4

Locations

700 locations in 63 countries

SM

The Strength of Working Together

5

Diversified Business Mix

2008 Revenues before Reimbursements of $786 Million

Nine months ended September 30, 2008

•

Property and Casualty

Services

•

Global Technical Services

•

Global Marine and

Transportation

•

Global Markets

42.7%

30.0%

7.3%

International

U.S. Property & Casualty

•

Property and Casualty Services

•

Catastrophe Management Services

•

Auto Appraisal Services

•

Centralized Claim Administration

•

Strategic Warranty Services

20.0%

Legal Settlement Administration

•

Class Actions

–

Securities

–

Product Liability

•

Bankruptcy Administration

Broadspire

•

Workers’

Compensation  and

Liability Claims Administration

•

Medical and Case Management

•

Long-Term Care Services

•

Integrated Disability Management

•

Risk Management Information

Systems (RSG)

•

Claim Triage Solution (e-Triage)

SM

The Strength of Working Together

6

SM

International (excluding U.S.) Property & Casualty

Insurance Market Opportunities

Crawford

CL

GAB

Regional/Local Providers

•

Only 4.4% of dollars spent by rest of world (ROW)

carriers on claims are outsourced to third party

independent adjusters

•

Very few global claims providers

•

As ROW insurance carriers look to consolidate claims

services vendors, small firms lose market share

ROW Unallocated Loss Adjusting Expenses

$41.1 Billion

95.6%

$1.9 Billion

4.4%

$1.053 Billion

55.6%

$140 Million

7.3%

ROW Outsourced Loss Adjusting Expenses

$377 Million

19.8%

Source: Crawford & Company

$330 Million

17.3%

Insurance Carrier Internal Claims Dept.

Outsourced

The Strength of Working Together

7

International Strengths and Opportunities

•

Best infrastructure among independents builds on industry trend of

consolidation of clients.

•

Bench strength of International Leadership Team required to grow

in

industry marked by demanding, value-driven clients, with high service

level expectations.

•

Global service differentiation from simple/low value claims through to

complex/high value claims. 

•

International specialities: Class Action, Subsidence, Counter Fraud

Solutions, Managed Care, Desktop Claims, Affinity Business, Supply

Chain Management.

•

Goals include product and market share expansion in Canada, UK, and

Asia Pacific as well as development of Latin America and other

emerging markets.

SM

The Strength of Working Together

8

SM

U.S. Insurance Market Opportunities

4,000+ Local & Regional Providers

National Providers

Crawford

U.S. Unallocated Loss Adjusting Expenses

$21.7 Billion

86.1%

$3.5 Billion

13.9%

$3 Billion

86%

$280 Million

8%

U.S. Outsourced Loss Adjusting Expenses

$193 Million

6%

Source: Cochran, Caronia & Co. and Crawford & Company

•

Approximately 14% of dollars spent by U.S. carriers on claims services are

outsourced to third parties

–

High propensity to outsource non-core lines and/or non-core states

•

Outsourced claims service provider market is highly fragmented

–

Crawford is the market leader with 6.0%

•

As insurance carriers look to consolidate claims services vendors, small

firms lose market share

–

Most U.S. carriers are dramatically reducing the number of vendors on “approved

lists”

Insurance Carrier Internal Claims Dept.

Outsourced

The Strength of Working Together

9

U.S. Property & Casualty

Growth Opportunities

•

Strategic Growth

–

Target large insurers who are consolidating their vendor lists and

ensure Crawford is named an approved vendor

•

Quality improvement

•

Efforts toward training and product development

–

Target markets

•

Small and mid-market carriers

•

Managing general agents (London Market)

•

Non-standard insurers

•

Property & casualty programs run by self-insured corporations

•

Organic Growth

–

Key account plans for top clients

–

Account managers for each major client

–

Easily accessible database of client instructions

SM

The Strength of Working Together

10

U.S. Self-Insured Entities and Captives

Market Opportunities

9 Largest Providers

Broadspire

Local and Regional Providers

•

Self-insured entities and captives outsource practically all of their

claims services

•

Outsourced total claims management is fragmented

•

Local and regional providers unable to leverage technology

investment

$0.4 Billion

$3.3 Billion

Unallocated Loss Adjusting Expenses

Outsourced Loss Adjusting Expenses

$1.8 Billion

56.5%

$1.1 Billion

33.3%

$321 Million

10%

Source: Cochran, Caronia & Co. and Crawford & Company

SM

Internal

Outsourced

The Strength of Working Together

11

Broadspire Strengths and Opportunities

•

Strengths

–

Proven faster return-to-work for employees and cost savings to clients

–

Superior measurement and reporting of those results

–

Fully integrated services that make programs easy to administer

–

Superior medical protocols that produce bottom-line results for

customers

–

Greater flexibility and more success in customizing programs for

clients

–

A proprietary web-based claims intake function that helps claim

professionals identify potential problems and develop action plans to

deal with them

–

Claims Advantage

program utilizing e-Triage

•

Opportunities:

–

Increase sales of unbundled medical and case management services

–

Brand globalization

–

Grow integrated disability management business

–

Cross-sell Broadspire and Crawford customers

SM

The Strength of Working Together

12

Legal Settlement Administration

•

The Garden City Group, Inc. (GCG) Products and

Services

–

Administers class action settlements

–

Designs and implements legal notice programs

–

Manages chapter 11 bankruptcy claims administration

–

Executes complete document management services

–

Obtains expert consultation in complex legal business matters

•

GCG Growth Opportunities

–

Win larger market share of class action settlements

–

Expand bankruptcy administration business

–

Take advantage of emerging cross border opportunities

–

Examine and pursue appropriate acquisition opportunities

SM

13

“The Strength of Working Together”

“The

Strength

of

Working

Together”

is

unifying

the

Company around consistent goals:

Adaptive leadership team responding to changing

economic conditions

Increasing emphasis on sources of additional revenue

growth

–

Selling Crawford services into the existing client base through

key account management

Driving technology forward

–

Creating operational efficiencies

–

Global economies of scale

Being a target-driven organization

–

Setting medium term goals for 2009 to 2011

The Strength of Working Together

14

SM

Medium Term Goals

•

Grow revenues organically by 5% CAGR through 2010

•

Achieve a 10% EBIT margin by 2010

•

Continued commitment to sound financial management

and maximizing shareholder value

•

Target debt as a percentage of total capital at 25% to

30%

Financial Review

the

STRENGTH

of

WORKING

TOGETHER

SM

The Strength of Working Together

16

SM

Year-to-Date September 30, 2008 Overview

•

Strong performance in a difficult operating environment

Revenue growth of 7.6%

Net Income up 86.7%

•

Strong revenue growth internationally and in U.S.

Property & Casualty offset declines in other lines

International growth (before currency effects) of 16.8%

U.S. Property & Casualty growth exclusive of catastrophe impact

•

Solid earnings per share performance at $0.47

Double-digit operating margin in U.S. Property & Casualty

and Legal Settlement Administration

All four segments reported positive operating earnings and

margin improvement

SG&A costs as a percentage of revenues reduced by 1.4%

•

Planned for difficult U.S. economy

Continued growth trends internationally

Ongoing emphasis on growing existing client base through cross

selling

Focus on cost control and improving liquidity

700

720

740

760

780

800

YTD 2008

YTD 2007

Revenue

$ in millions

0

5

10

15

20

25

YTD 2008

YTD 2007

Net Income

$ in millions

$785.7

$729.9

$23.9

$12.8

The Strength of Working Together

17

SM

Year-to-Date September 30, 2008 Financials

Nine Months Ended September 30

2008

2007

% Change

Revenues:

Revenues Before Reimbursements

$785,693

$729,919

8%

Reimbursements

69,578

54,874

27%

Total Revenues

855,271

784,793

9%

Costs and Expenses:

Cost of Services Provided, Before Reimbursements

574,243

547,189

5%

Reimbursements

69,578

54,874

27%

Total Cost of Services

643,821

602,063

7%

Selling, General, and Administrative Expenses

162,128

160,975

1%

Corporate Interest Expense, Net

13,406

13,172

2%

Total Costs and Expenses

819,355

776,210

6%

Gain on Sale of Subrogation Business

-

3,980

nm

Gain on Sale of Former Corporate Headquarters

-

4,844

nm

Income Before Income Taxes

35,916

17,407

106%

Provision for Income Taxes

11,994

4,595

161%

Net Income

$23,922

$12,812

87%

Diluted Earnings per Share -

After Gains on Asset Sales

$0.47

$0.25

88%

Diluted Earnings per Share -

Before Gains on Asset Sales (1)

$0.47

$0.14

236%

(1) 2007 Diluted Earnings Per Share Before Gains on Asset Sales defined as:

2007 Diluted Earnings per Share After Gains on Asset Sales ($0.25) less 2007 Diluted Earnings Per Share

attributed to gains on asset sales ($0.11).

CRAWFORD  &  COMPANY

CONDENSED CONSOLIDATED STATEMENTS  OF  INCOME

Unaudited

(In Thousands, Except Earnings Per Share and Percentages)

The Strength of Working Together

18

SM

130000

140000

150000

160000

170000

YTD 2008

YTD 2007

Revenue

0

5

10

15

20

YTD 2008

YTD 2007

Operating Earnings

$ in millions

$ in millions

$148.7

$156.9

$8.1

$17.8

Revenue improvement complemented by strong cost

control

Improved operating earnings and margin

Catastrophe revenue up $5.1 million  from 2007 to 2008

Claims up 1%

Growth in tough environment

Year-to-Date September 30, 2008 Financials

Summary Results, U.S. Property & Casualty

For the nine months ended September 30, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

156,935

$      

148,727

$      

5.5%

Total Operating Expenses

139,113

140,640

-1.1%

Operating Earnings

17,822

$        

8,087

$          

120.4%

Operating Margin

11.4%

5.4%

The Strength of Working Together

19

SM

200

220

240

260

280

300

320

340

YTD 2008

YTD 2007

Revenue

0

5

10

15

20

25

30

YTD 2008

YTD 2007

Operating Earnings

$ in millions

$ in millions

$335.5

$269.3

$28.0

$14.8

Revenue increased 16.8% on a constant dollar basis 

Increased operating margin

Strong operating earnings growth

Significant new client wins in Canada

Strength in Canada, UK and Asia Pacific

Claims referred flat with 2007 period

Year-to-Date September 30, 2008 Financials

Summary Results, International Operations

For the nine months ended September 30, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

335,505

$      

269,330

$      

24.6%

Total Operating Expenses

307,478

254,520

20.8%

Operating Earnings

28,027

$        

14,810

$        

89.2%

Operating Margin

8.4%

5.5%

The Strength of Working Together

20

SM

100

150

200

250

YTD 2008

YTD 2007

Revenue

0

1

2

3

4

5

6

YTD 2008

YTD 2007

Operating Earnings

$ in millions

$ in millions

$236.3

$246.1

$5.4

Revenue decline

Improved margin through strong cost management

produces positive operating results

Strong client retention

Claims frequency down 7.4% in worker’s compensation

Increased cross selling, new RFP activity,

Expanding BPO operations

$3.5

Year-to-Date September 30, 2008 Financials

Summary Results, Broadspire

For the nine months ended September 30, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

236,289

$      

246,092

$      

-4.0%

Total Operating Expenses

230,923

242,563

-4.8%

Operating Earnings

5,366

$          

3,529

$          

52.1%

Operating Margin

2.3%

1.4%

The Strength of Working Together

21

SM

50

55

60

65

70

YTD 2008

YTD 2007

Revenue

4

5

6

7

8

9

YTD 2008

YTD 2007

Operating Earnings

$ in millions

$ in millions

$57.0

$65.8

$7.8

$8.5

Revenue decline due to timing of business

Operating margin increases minimized decline in

operating earnings

Backlog of $43.5 million

Year-to-Date September 30, 2008 Financials

Summary Results, Legal Settlement Administration

For the nine months ended September 30, 2008 and 2007

in Thousands Except Percentages

Unaudited

2008

2007

% Change

Revenues

56,964

$        

65,770

$        

-13.4%

Total Operating Expenses

48,472

57,975

-16.4%

Operating Earnings

8,492

$          

7,795

$          

8.9%

Operating Margin

14.9%

11.9%

The Strength of Working Together

22

SM

September 30, 2008 Balance Sheet

Crawford & Company

Consolidated Balance Sheet Highlights

As of September 30, 2008 and December 31, 2007

In thousands, except percentages

Unaudited

    September 30,

    December 31,

                 2008

                 2007*

Change

Cash and cash equivalents

$56,819

$50,855

$5,964

Accounts receivable, net

178,429

178,528

(99)

Unbilled revenues

131,752

136,652

(4,900)

     Total receivables

310,181

315,180

(4,999)

Deferred revenues, net                   

99,567

111,036

(11,469)

Accrued pension liabilities

52,190

76,977

(24,787)

Current portion of long-term debt, capital leases

and short-term borrowings

30,199

31,864

(1,665)

Long-term debt

181,790

183,449

(1,659)

     Total debt

211,989

215,313

(3,324)

Total stockholders' equity

281,822

254,215

27,607

Net debt*

155,170

164,458

(9,288)

Total debt / capitalization

43%

46%

*Derived from the audited Consolidated Balance Sheet

**Net debt is defined by the Company as total debt ($215,315 at December 31, 2007 and $211,989 at September 30, 2008),

net of cash and cash equivalents. ($50,855 at December 31, 2007 and $56,819 at September 30, 2008).

The Strength of Working Together

23

SM

Crawford & Company         

Total Company                                             

Total Revenue Trend

Currency: USD

Crawford & Company Confidential

*Results for any interim period are not necessarily indicative of

results to be expected for the full year or any other future period.

As of September 2008

($000s)

2008 Actual

*

2007 Actual

2006 Actual

2008/2007

2007/2006

2006/2005

1st Quarter

987,046

861,524

789,255

As of September 30

8%

19%

6%

2nd Quarter

1,009,775

909,458

795,856

FULL YEAR

19%

6%

3rd Quarter

1,030,917

958,174

808,194

4th Quarter

975,143

819,522

NOTES:

Revenues

are

measured

as

total

revenue

before

reimbursements

for

client

expenses.

12-Month Moving Total Revenue

Average Annual Rate of Change -

12 Month Moving Total

12-Month Moving Revenue

750,000

800,000

850,000

900,000

950,000

1,000,000

1,050,000

Actual

The Strength of Working Together

24

SM

Crawford & Company         

Total Company                                             

Operating Earnings Trend

Currency: USD

Crawford & Company Confidential

*Results for any interim period are not necessarily indicative of

results to be expected for the full year or any other future period.

As of September 2008

($000s)

2008 Actual*

2007 Actual

2006 Actual

2008/2007

2007/2006

2006/2005

1st Quarter

49,540

29,399

30,221

As of September 30

91%

-5%

27%

2nd Quarter

57,963

32,617

32,233

FULL YEAR

16%

28%

3rd Quarter

64,616

33,845

35,667

4th Quarter

37,230

32,195

NOTES:

Operating earnings (loss) is defined as earnings before special charges/credits,

net corporate interest, income taxes, stock option expense, and amortization

of acquisition related intangible assets.

12-Month Moving Operating Earnings

Average Annual Rate of Change -

12 Month Moving Total

12-Month Moving Operating Earnings

25,000

30,000

35,000

40,000

45,000

50,000

55,000

60,000

65,000

Actual

The Strength of Working Together

25

SM

Crawford & Company         

Total Company                                             

Operating Earnings-to-Revenue Ratio Trend

Currency: USD

Crawford & Company Confidential

*Results for any interim period are not necessarily indicative of

results to be expected for the full year or any other future period.

As of September 2008

($000s)

2008 Actual

2007 Actual*

2006 Actual

2008/2007

2007/2006

2006/2005

1st Quarter

5.02%

3.42%

3.83%

As of September 30

2.74%

-0.88%

0.72%

2nd Quarter

5.74%

3.59%

4.05%

FULL YEAR

-0.11%

0.68%

3rd Quarter

6.27%

3.53%

4.41%

4th Quarter

3.82%

3.93%

NOTES:

Operating earnings (loss) is defined as earnings before special charges/credits,

net corporate interest, income taxes, stock option expense, and amortization

of acquisition related intangible assets.

Revenues

are

measured

as

total

revenue

before

reimbursements

for

client

expenses.

12-Month Moving Total Ratio

Average Annual Rate of Change -

12 Month Moving Total

12-Month Moving Ratio

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

6.00%

6.50%

Actual

The Strength of Working Together

26

SM

Crawford & Company         

Total Company                                             

Operating Cash Flow

Currency: USD

Crawford & Company Confidential

*Results for any interim period are not necessarily indicative of

results to be expected for the full year or any other future period.

As of September 2008

($000s)

2008 Actual*

2007 Actual

2006 Actual

2008/2007

2007/2006

2006/2005

1st Quarter

51,372

11,989

61,066

As of September 30

105%

-58%

2nd Quarter

40,619

27,204

52,017

FULL YEAR

-56%

29%

3rd Quarter

52,537

25,585

60,539

4th Quarter

23,284

52,717

NOTES:

Operating cash flow is defined as consolidated cash flows from operations.

12-Month Moving Operating Cash Flow

Average Annual Rate of Change -

12 Month Moving Total

12-Month Moving Operating Cash Flow

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Actual