Crawford & Company (CRD-B) 8-K Regulation FD Disclosure

the

STRENGTH

of

WORKING

TOGETHER

SM

Investor Presentation

December 15-16, 2008

Exhibit 99.1

The

Strength

of

Working

Together

SM

2

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.

Results

for

any

interim

period

presented

herein

are

not

necessarily

indicative

of

results

to

be

expected

for

the

full

year

or

for

any

other

future

period.

For

further

information

regarding

Crawford

&

Company,

and

the

risks

and

uncertainties

involved

in

forward-looking

statements,

please

read

Crawford

&

Company’s

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.

Consolidated

Operating

Earnings:

Consolidated

operating

earnings,

a

non-GAAP

measurement,

represent

earnings

before

net

corporate

interest

expense,

amortization

of

customer-relationship

intangible

assets,

stock

option

expense,

income

tax

expense,

gains

on

asset

sales

and

certain

other

expenses.

Segment

Operating

Earnings:

Under

Statement

of

Financial

Accounting

Standards

Number

131,

Disclosures

about

Segments

of

an

Enterprise

and

Related

Information,

segment

operating

earnings

is

the

primary

measure

used

by

the

Company

to

evaluate

the

results

of

each

of

its

four

operating

segments.

Segment

operating

earnings

exclude

income

taxes,

interest

expense,

amortization

of

customer-relationship

intangible

assets,

and

certain

other

nonrecurring

gains

and

expenses.

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.

Reimbursements

for

Out-of-Pocket

Expenses:

All

amounts

included

herein

for

consolidated

revenues

and

consolidated

operating

margin

as

well

as

segment

revenues,

segment

operating

expenses

and

segment

operating

margin

are

based

on

amounts

that

exclude

reimbursements

for

out-of-pocket

expenses.

The

Strength

of

Working

Together

SM

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.

OUR

MARKET-

LEADING

GLOBAL

BUSINESS

4

The

Strength

of

Working

Together

SM

Class Actions

Administration

& Bankruptcy

Warranty

CAT

Marine & Transport

TPA Workers

Compensation

Medical and Case

Management

(Broadspire)

Property

Casualty

Motor &

Auto

What we do…Our Global Products and Services

The Crawford System of Claims Solutions

Contractor

Connection

5

The

Strength

of

Working

Together

SM

Where We Do It: Locations Across a Global Economy

More than 700 locations in 63 countries

6

The

Strength

of

Working

Together

SM

Diversified Business Segments

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)

the

STRENGTH

of

WORKING

TOGETHER

SM

Financial Review

8

The

Strength

of

Working

Together

SM

Consolidated Revenue

(Trailing 12 months)

As of September 2008

($000s)

2008 Actual

2007 Actual

2006 Actual

2005 Actual

2008/2007

2007/2006

2006/2005

1st Quarter

987,046

861,524

789,255

748,046

As of September 30

8%

19%

6%

2nd Quarter

1,009,775

909,458

795,856

762,033

FULL YEAR

19%

6%

3rd Quarter

1,030,917

958,174

808,194

760,882

4th Quarter

975,143

819,522

771,983

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

730,000

780,000

830,000

880,000

930,000

980,000

1,030,000

1,080,000

Growth led by:

10.6% CAGR from 2005 to 2008

Strong organic growth internationally

Incremental revenues of $200 million from Broadspire acquisition

9

The

Strength

of

Working

Together

SM

As of September 2008

($000s)

2008 Actual

2007 Actual

2006 Actual

2005 Actual

2008/2007

2007/2006

2006/2005

1st Quarter

49,540

29,399

30,221

32,473

As of September 30

91%

20%

27%

2nd Quarter

57,963

32,617

32,233

32,248

FULL YEAR

48%

28%

3rd Quarter

64,616

33,845

35,667

28,132

4th Quarter

37,230

32,195

25,085

NOTES:

Operating earnings is defined as earnings before net corporate interest, 

income taxes, stock option expense, amortization of customer-related

intangible assets, gains on asset sales and certain other expenses

12-Month Moving Operating Earnings

Average

Annual

Rate

of

Change

-

12

Month

Moving

Total

12-Month Moving Operating Earnings

23,000

28,000

33,000

38,000

43,000

48,000

53,000

58,000

63,000

68,000

Consolidated Operating Earnings

(Trailing 12 months)

Operating

earnings

improvement

generated

through:

41.0%

CAGR

from

2005

to

2008

Leverage

of

cost

base

in

International

Operations

and

U.S.

Property

&

Casualty

Post

acquisition

synergies

from

Broadspire

10

The

Strength

of

Working

Together

SM

As of September 2008

($000s)

2008 Actual

2007 Actual

2006 Actual

2005 Actual

2008/2007

2007/2006

2006/2005

1st Quarter

5.02%

3.42%

3.83%

4.34%

As of September 30

2.74%

-0.88%

0.72%

2nd Quarter

5.74%

3.59%

4.05%

4.23%

FULL YEAR

-0.11%

0.68%

3rd Quarter

6.27%

3.53%

4.41%

3.70%

4th Quarter

3.82%

3.93%

3.25%

NOTES:

Operating earnings is defined as earnings before net corporate interest, 

income taxes, stock option expense, amortization of customer-related

intangible assets, gains on asset sales and certain other expenses

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 Operating Margin

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

6.00%

6.50%

Consolidated Operating Margin

(Trailing 12 Months)

Over 300 basis point improvement from year end 2005

11

The

Strength

of

Working

Together

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)

12

The

Strength

of

Working

Together

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 shareholders' equity

281,822

254,215

27,607

Net debt*

155,170

164,458

(9,288)

Total debt / capitalization

43%

46%

*Net debt, a non-GAAP measure, is defined by the Company as total debt ($215,313 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).

13

The

Strength

of

Working

Together

SM

Year-to-Date Free Cash Flow

Crawford & Company

Free Cash Flow

(a non-GAAP measure)

For the year-to-date periods ended September 30, 2008 and 2007

In thousands

Unaudited

     September 30,

     September 30,

              2008

             2007

Variance

Net Income

$23,922

$12,812

$11,110

   Depreciation and Non-Cash Items

22,737

22,146

591

   Special Credits

-

(8,824)

8,824

   Change in Working Capital

1,382

(21,713)

23,095

   U.S. Pension Contributions

(14,916)

(549)

(14,367)

Cash Flow from Operating Activities

33,125

3,872

29,253

   Capital Expenditures for PP&E

(12,753)

(15,614)

2,861

   Internally Developed Software

(9,133)

(5,452)

(3,681)

   Mandatory Principal Payments

(1,575)

(1,575)

-

Free Cash Flow (a non-GAAP measure)

$9,664

($18,769)

$28,433

14

The

Strength

of

Working

Together

SM

Consolidated Operating Cash Flow

(Trailing 12 Months)

As of September 2008

($000s)

2008 Actual

2007 Actual

2006 Actual

2005 Actual

2008/2007

2007/2006

2006/2005

1st Quarter

51,372

11,989

61,066

32,526

As of September 30

105%

-58%

2nd Quarter

40,619

27,204

52,017

49,173

FULL YEAR

-56%

29%

3rd Quarter

52,537

25,585

60,539

37,936

4th Quarter

23,284

52,717

40,761

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

Operating cash flow improved through:

Focus on working capital management

Reduction in Days Sales Outstanding (DSO)

the

STRENGTH

of

WORKING

TOGETHER

SM

Operating Segments

16

The

Strength

of

Working

Together

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

An

expanding

business,

the

growth

engine

of

Crawford

Revenue

up

16.8%

on

a

constant

dollar

basis

YTD

42%

of

consolidated

revenues

in

2008

YTD

Increased

operating

margin

and

sustained

earnings

growth

YTD

Strength

in

UK,

Canada,

and

Asia

Pacific

Year-to-Date International Operations Results

Summary Results, International Operations

For the quarters ended September 30, 2008 and 2007

in thousands except percentages

Unaudited

2008

2007

% Change

Revenues

115,362

$   

96,735

$   

19.3%

Total Operating Expenses

106,768

90,455

18.0%

Operating Earnings

8,594

$       

6,280

$     

36.8%

Operating Margin

7.4%

6.5%

17

The

Strength

of

Working

Together

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

18

The

Strength

of

Working

Together

SM

Global Three-Tiered International Operations

Significant opportunity for cross leverage & synergies

Tier

Area

Market

Regulatory/Compliance

Business Culture

1

2

3

Transition

Transition

U.K.

Canada

Australia

Asia

select Europe

Latin America

Brazil

Scandinavia

Holland

Mature

Sophisticated

Variable

Developing

Robust

Emerging

Emerging

Cohesive

Diverse

Diverse

19

The

Strength

of

Working

Together

SM

$130

$140

$150

$160

$170

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 with enhanced technology

Improved operating earnings and margin

Catastrophe revenue up $5.1 million  from 2007 to 2008

Growth in a difficult operating environment

YTD U.S. Property & Casualty Results

Summary Results, U.S. Property & Casualty

For the quarters ended September 30, 2008 and 2007

in thousands except percentages

Unaudited

2008

2007

% Change

Revenues

56,227

$     

49,983

$   

12.5%

Total Operating Expenses

49,446

46,469

6.4%

Operating Earnings

6,781

$       

3,514

$     

93.0%

Operating Margin

12.1%

7.0%

20

The

Strength

of

Working

Together

SM

Insurance Carrier Internal Claims Dept.

Outsourced

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 approximately 6%

•

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”

U.S. Insurance Market

21

The

Strength

of

Working

Together

SM

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

22

The

Strength

of

Working

Together

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

Improved margin through strong cost management

High client retention

Building sales momentum

$3.5

Year-to-Date Broadspire Results

Summary Results, Broadspire

For the quarters ended September 30, 2008 and 2007

in thousands except percentages

Unaudited

2008

2007

% Change

Revenues

76,911

$     

78,434

$   

-1.9%

Total Operating Expenses

75,832

77,003

-1.5%

Operating Earnings

1,079

$       

1,431

$     

-24.6%

Operating Margin

1.4%

1.8%

23

The

Strength

of

Working

Together

SM

Broadspire

Fourth Largest TPA in Workers’

Compensation/Liability Market

Products and Services:

Workers’

Compensation Claims Services

Auto and General Liability Claims Services

Medical and Disability Management Services

Long-Term Care Services

Risk Management Information Systems (Risk Sciences Group)

Claim Triage Solution (e-Triage)

X

Long Term Care

X

Claim Triage

X

Peer Review

X

FCM

X

X

TCM/UM

X

X

Med Bill Review

X

X

X

X

X

RMIS

X

X

X

X

X

Claim

ESIS

SRS

Sedgwick

Gallagher

Basset

Broadspire

Comparison of Service Providers

24

The

Strength

of

Working

Together

SM

U.S. TPA Market Opportunities

Self-Insureds, Large Accounts and Captives

outsource most of their claim services

Market stable in terms of claim counts

Outsourced claim services are fragmented but

consolidating

9 Largest Providers

Broadspire

Local and Regional Providers

$0.4 Billion

$3.2 Billion

Unallocated Loss Adjusting Expenses

Outsourced Loss Adjusting Expenses

$1.8 Billion

55.9%

$1.1 Billion

34.1%

$321 Million

10.0%

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

Internal

Outsourced

25

The

Strength

of

Working

Together

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 in part to cyclical nature of

business

Operating earnings increase due to cost control

management

Backlog of $43.5 million

Legal Settlement Administration Results

Summary Results, Legal Settlement Administration

For the quarters ended September 30, 2008 and 2007

in thousands except percentages

Unaudited

2008

2007

% Change

Revenues

18,416

$     

20,622

$   

-10.7%

Total Operating Expenses

15,563

18,496

-15.9%

Operating Earnings

2,853

$       

2,126

$     

34.2%

Operating Margin

15.5%

10.3%

26

The

Strength

of

Working

Together

SM

Products and Services

•

The Garden City Group, Inc. (GCG) provides these core services:

–

GCG Class Action Services

provides technology-intensive

administrative services for plaintiff and defense counsel and corporate

defendants to expedite high-volume class action settlements.

•

GCG Class Action Services has administered a diverse portfolio of

litigation settlements, including:

–

sensitive and high-profile consumer, employee-related, human rights, mass tort,

antitrust, product and securities cases.

–

GCG Bankruptcy Services

offers cost-effective, end-to-end solutions

for managing the administration of bankruptcy under Chapter 11.

–

GCG Communications

specializes in legal notice programs for

successful case administration. We offer a range of complementary

services for developing and implementing effective legal notice

programs worldwide.

27

The

Strength

of

Working

Together

SM

0

5

10

15

20

25

30

35

AB Data,

Ltd.

Berdon

LLP

Complete

Claims

Solutions, LLC

Heffler

Radetich

&

Saitra

LLP

Gilardi

and

Co., LLC

Garden

City Group

Securities Class Action Cases

Source: RiskMetrics

Group (SCAS Top 100 since 1995, September 30, 2008)

4

4

4

11

26

33

GCG has handled one third of the top 100 securities class action

cases

the

STRENGTH

of

WORKING

TOGETHER

SM

Summary

29

The

Strength

of

Working

Together

SM

Crawford is “Positioned for Growth”

•

Access to growing global markets

•

Increasing market share both domestic and internationally

•

Crawford expects to benefit from global consolidation of TPA

vendors

•

Diverse, high quality customer base

•

High customer retention rates

•

Emphasis on quality and value provided sustains client confidence

•

Disciplined management

•

Improved  financial performance

•

Consolidated revenues, earnings, margins, and cash flows

improved in 2008

•

Investment in enhanced technology in all divisions

30

The

Strength

of

Working

Together

SM

The Strength of Working Together

“Crawford & Company will be known as a target driven

corporation that meets its promises to clients and

shareholders.”

Jeffrey T. Bowman

President and CEO