Thank you, Erica. 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 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, collectibility 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 quarters in future quarters could differ materially from results that may be 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 any anticipated 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, 2026, filed with the Securities and Exchange Commission, particularly information under the headings Risk Factors 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'd like to now introduce Mr.

Bruce Swain, Chief Executive Officer of Crawford & Company. Bruce?

Thank you, Tami. Good morning, and welcome to our third quarter 2026 earnings call.

Joining me today are Holly Boudreau, our Chief Financial Officer, and Tami Stevenson, our General Counsel. After our prepared remarks, we will open the call for your questions.

As most of Crawford is a global provider of claims management and outsourcing solutions, serving insurance carriers and self-insured organizations with expertise and experience that spans the entire claims life cycle. Our purpose is to restore lives, businesses, and communities by delivering dependable and comprehensive claims solutions for our clients.

With operations in more than 70 countries, a team of 10,000 professionals, and over $20 billion in claims managed each year, we have unique scale and the resources to support the world's leading insurers and corporations on programs of any size or complexity. Our global reach is strengthened by more than eight decades of technical expertise and service excellence that provide Crawford & Company with a clear competitive advantage for clients looking for a trusted partner in an increasingly complex risk environment.

Our capabilities are well-matched to several ongoing market dynamics related to the property and casualty insurance claims industry. First, the major and complex loss market is expanding.

Large, high-severity losses demand deep technical knowledge, global coordination, and efficient execution. Our team brings the comprehensive skill set and proven track record to meet the needs of our extensive customer base and also compete for and win new business.

Second, the integration of our streamlined U.S. operating structure is progressing well.

Bringing our U.S. business together under a single, client-centric model is improving collaboration and efficiency, providing opportunities to accelerate execution, and creating a scalable platform for growth.

Third, our industry-leading expertise and technology capabilities continue to help us win market share. Our ongoing investments in our people and technology enable us to deliver faster and more accurate outcomes for our clients.

Fourth, natural disasters and severe weather events remain a long-term source of demand for our services. While the timing of weather events is inherently unpredictable from quarter to quarter, over time, the trend toward more frequent and complex loss events creates demand for the scale and rapid response capabilities that Crawford provides around the world.

Finally, global growth in alternative markets continues to outpace the legacy P&C market. This includes single-parent and group captives, as well as managing general agents, or MGAs, and managing general underwriters, or MGUs.

As these alternative market segments expand, we're seeing increasing demand for both the technical claims expertise of our Global Technical Services team and the third-party administration capabilities of Broadspire. I'll now take a moment to discuss our third quarter 2026 results.

Our third quarter performance demonstrated Crawford's ability to deliver improved operating results even in a mixed claims environment. Our operating earnings exceeded the prior year and were driven primarily by the substantial completion of weather-related claims activity in our international business and lower corporate costs.

Third quarter revenues were $321.6 million, relatively level with the prior year. Consolidated operating earnings were $28.8 million, up 8.3% over the prior year quarter.

Our non-GAAP EPS was 37 cents for both CRDA and CRDB, up from 32 cents for both share classes in the prior year quarter. Operating cash flow was $29 million year-to-date.

Our pipeline activity and the RFP environment remain healthy. We added approximately $29 million in new and enhanced business during the third quarter, and the team is focused on converting the additional opportunities we're seeing into wins.

Our leverage ratio is 1.52 times EBITDA, at the low end of our targeted range, reflecting our financial strength and flexibility, and our liquidity remains very strong. As we look to the fourth quarter, benign weather in the U.S.

and the near completion of the catastrophe claims in international during the current quarter will pressure our fourth quarter results. Despite this, we're optimistic about our ability to continue driving profitable market share growth, accelerating our U.S.

realignment, strengthening operating discipline, and building the capabilities for long-term success. We take a thoughtful, balanced approach to deploying capital.

Our first priority is reinvesting in the business to drive long-term growth, both through capital expenditures and technology, and through targeted M&A and acqui-hires that expand our capabilities, scale, and reach. With a leverage ratio well below the industry average, we have the financial flexibility to act on opportunities as they arise.

Alongside these investments, we remain committed to returning capital to shareholders, and in the third quarter we paid a quarterly dividend of 8 cents per share and opportunistically repurchased shares. I'll now hand the call over to Holly to walk through our segment results and financial performance in more detail.

Thank you, Bruce. In the third quarter of 2026, U.S.

Property & Casualty, which consists of our U.S. Loss Adjusting and Networks businesses, contributed 24% of revenues.

Broadspire, our U.S. third-party administration business, represented 34% of revenues.

International Operations accounted for 42% of revenues. Starting with U.S.

Property & Casualty, revenues of $76 million were essentially flat year-over-year. The segment's operating earnings were $9.7 million, down slightly from the prior year period, but operating margins held steady.

Improved results in our Networks business, which includes Contractor Connection and Catastrophe Services, was offset by softer performance in U.S. Loss Adjusting.

Lower U.S. property claims frequency has continued throughout the course of 2026.

Even so, our ability to attract and retain top-tier adjusting talent remains a key competitive advantage, and our team stands ready to handle major and complex claims at scale when activities return. Turning to Broadspire, third quarter revenues were $109 million, down 1.5% from the prior year period due to lower casualty claims volumes and medical management revenues.

Client retention improved sequentially to 88.5% from the second quarter, underscoring the durability of our client relationships. Operating earnings were $13 million, a decrease of $2.3 million, or 15.1%, year-over-year, with operating margin down 191 basis points, driven by lower revenue.

Looking forward, growth in outsource captives and the MGA and MGU market continues to create opportunities in the alternative market space. As claims grow more complex, Broadspire's scale, expertise, and technology positions it well to capture that demand.

International Operations delivered revenues of $136.7 million in the third quarter, an increase of 1% over the prior year. Excluding our exit from Crawford Legal Services and the effects of foreign exchange rates, revenues decreased 1.2%.

Operating earnings grew $3 million, or 39.4%, and operating margin expanded 215 basis points. Australia led the segment's performance as we benefited from the near completion of weather-related activity in the market.

In Canada, results were driven by severe flooding activity, increased utilization of GTS services, and continued cost control initiatives. Additionally, we saw improved performance in Latin America.

To give some context to the weather-related impact on our business, preliminary data shows that U.S. severe storms reports rose approximately 46% in the third quarter compared to the prior year.

In comparison, our weather-related revenues in the quarter increased approximately 5% over the prior year period, offset by decline in cat activity. Despite the increase in the severe storms during the quarter, claims activity did not align.

As we've discussed in the past, the relationship between storm counts and weather-related revenue isn't always directly correlated. Severity, geographic location, and carrier capacity can all influence our revenue.

Non-weather-related revenues were down slightly. As we've previously mentioned, the diversity and relative consistency of our non-weather business can moderate volatility from quarter to quarter.

Now for a look at our consolidated results. In the 2026 third quarter, revenues before reimbursements were $321.6 million, essentially flat compared to the prior year period.

Foreign exchange rates increased revenues before reimbursements by $7.9 million, or 2.5%. GAAP net income attributable to shareholders totaled $15 million, compared to net income of $12.4 million in the same period of 2025.

GAAP diluted EPS in the 2026 third quarter was 31 cents for CRDA and CRDB, an increase from earnings of 25 cents for both share classes in the prior year period. On a non-GAAP basis, diluted EPS was 37 cents for both CRDA and CRDB, increasing from 32 cents for both share classes in the 2025 quarter.

The company's non-GAAP operating earnings totaled $28.8 million in the 2026 third quarter, or 9% of revenues, compared to $26.6 million, or 8.3% of revenues, in the prior year period. Consolidated adjusted EBITDA was $37.1 million in the 2026 third quarter, or 11.5% of revenues, increasing from $36.3 million, or 11.3% of revenues, in the 2025 quarter.

The company's cash and cash equivalents as of September 30, 2026, totaled $79 million, compared to $64.1 million at December 31, 2025. Total receivables were $259.9 million as of September 30, 2026, up $17.3 million from 2025 year-end.

The company's total debt outstanding as of September 30, 2026, totaled $225.1 million, up $36 million from December 31, 2025. Net debt was approximately $146 million as of September 30, 2026, while our U.S.

pension liability was $12.8 million, reflecting a funded ratio of 95.4% after consideration of our $3 million cash contribution during the quarter. Cash flows provided by operating activities for the first nine months of 2026 was $29 million, decreasing from $51.7 million in the prior year period due to growth in billed and unbilled receivables.

Free cash flows were $7.4 million in the 2026 period, declining from $24.1 million in the first nine months of 2025. Unallocated corporate costs were $4.5 million in the third quarter, down from $6.1 million in the 2025 period.

The decrease was primarily due to $2.5 million in lower medical self-insurance expense compared to the prior year period. Non-service pension costs were $1.7 million in the quarter, compared to $2.4 million in the prior year period.

In the third quarter of 2026, we paid a quarterly dividend of 8 cents a share. During the quarter, we repurchased 1.1 million shares of CRDA and 11,000 shares of CRDB, which included the privately negotiated repurchase of a million shares as disclosed in August.

As of September 30, 2026, approximately 1.2 million shares remain eligible for repurchase under our existing program. With that, I'll turn the call back over to Bruce for closing remarks.

Thanks, Holly. The third quarter was a solid one for Crawford.

We reported improved operating earnings over the prior year, International delivered strong results, and our diversified model provided stability through an uneven claims environment. We are encouraged by the strength of our client relationships, the growth in our new business pipeline, and the progress we're making to improve execution across the organization.

Moving forward, while we expect headwinds in the fourth quarter, we remain focused on driving profitable market share growth, accelerating our U.S. realignment, strengthening operating discipline, and building the capabilities for long-term success.

Over the course of 2026, we've strengthened our leadership team, further defined our strategic priorities, and built greater accountability across the organization. There's more work ahead, but I'm confident that the actions we're taking are positioning Crawford for stronger, more consistent performance and sustainable long-term growth that will create lasting value for our clients, employees, and shareholders.

Thank you for your time today and for your continued interest in Crawford. We look forward to sharing our progress with you as we close out 2026 and move into the new year.

Erica, please open the call for questions.

Thank you. Good morning.

Hey, good morning, Mark.

Morning.

Hey, Bruce. Hey, Holly.

Tami. The casualty claims in the quarter, I think you described were a little softer than expected.

Is that kind of broad-based on some underlying change, or is that tied to a customer or two that might have influenced the quarter?

Are you talking about Broadspire in particular?

Yes, yeah. I'm sorry.

Yep, in Broadspire. I guess I'd also ask, does that include the workers' comp when you say casualty?

It would include the workers' comp. We're still seeing some of the impact from that client that we lost at the very beginning of the year, but more so it was just kind of a general softness in claims during the quarter.

Okay. You talked about the kind of the opportunity with captives or MGAs, alternative markets.

How are you seeing that develop? When might we see that impact the P&L?

We're certainly seeing it impact the P&L today, and a lot of the new wins that we have been with new programs that we brought in and then also expansion of existing relationships that we have. We have invested in and created a business development team that's specific to addressing the alternative market space and attracting specialty insurers, brokers, MGAs, MGUs, etc.

We see that as a very compelling future opportunity for us and one that we're quite excited about. We think that what Crawford can bring is a customized, white-glove claims experience to these organizations who want to offer a specialized experience for the risks that they're underwriting.

On the weather claims, I think you described in the third quarter, you've substantially completed [laughter] some of the international projects you'd been working on. I assume those are weather-related.

If I look at last year's fourth quarter, I think you had $77 million in weather-related claims. How should I think about the number this year?

Was that $77 million last year, was that kind of normal run rate or is that still kind of a tough comp under the circumstances? Maybe as it looks today, the weather claims should be down some on that?

I think about it a couple of ways. One, kind of split international from the U.S.

From an international perspective, last year's fourth quarter had a pick up in weather-related losses largely driven by events in Australia. As we went through 2026, we saw those benefits in our international results, and we also saw benefits from the completion of losses that we had in Taiwan and Thailand that carried over into '26.

As we look at our fourth quarter, we think the international comparison will be down because we've completed or substantially completed those international claims. When I look at the U.S., last year, 2025, we had a weak weather-related claims environment.

There was no tropical activity in the fourth quarter, and that really repeated through this year. From a U.S.

perspective, I think the comparison is probably going to be pretty flat because you've got the same sort of dynamic for weather-related claims both in the fourth quarter last year and the fourth quarter this year.

Yeah. How about in the cash flow, the billed and unbilled, is this just a timing issue or is there something around mix of business that is influencing those cash flow numbers and the balance sheet numbers?

It's mainly a timing difference. As we see these international cat activities starting to wind down, we believe those numbers will come back to more of a normal runway.

Okay. Then I think, Holly, you might have described a little bit better performance in the Networks business.

Did I hear that properly? Maybe the Contractor Connection was better in Q3.

If I heard that properly, could you talk a little bit more about that?

We saw some improved performance in Networks. Remember, we exited our [Turvi?]

business last year. That helped their performance.

Operating earnings was up $1.5 million versus the prior year quarter, and $1.2 million of that was [Turvi?] -related.

Okay. Any change in top-line trends, anything there?

Uh--

In terms of Networks?

Yeah.

No, I think it's obviously a business that's impacted by weather. Like our property and casualty business, our U.S.

Loss Adjusting business, they're going to be impacted by weather trends. We don't see any significant movement there on the Contractor Connection side.

Of course, our Catastrophe Response business is down pretty significantly year-over-year, as it has been all year, and that's largely reflecting the weather trends that we're seeing in the U.S. Again, as we look at the fourth quarter this year versus last year, we think that our weather-related businesses are going to be pretty flat.

Okay. Thank you very much.

Thank you.

Great. Thank you.

Wanted to just follow up on the weather-related business. As you noted, the U.S.

severe storm activity was up about 46%, and you noted that your revenue performance didn't follow that, which I guess is not surprising given the factors you've talked about. Would you primarily attribute that to just the excess carrier capacity, or are there still do you feel like affordability issues in the property insurance market for homeowners or just kind of what you're seeing in relation to the various factors there?

Obviously there's capacity in the carriers, and you only have to look at the P&C carrier results to see it. They're enjoying another great year, and that obviously gives them a lot of internal capacity to handle claims.

In terms of property affordability, we're certainly seeing rates go down. It's a soft market.

There could be some scars from prior years where people are maybe hesitant to still make claims, but pricing at the top-line level is certainly not something that we would see as holding claims back. I do think as you look at if the softening market we have an event create a high demand for our services.

The property claims market from an adjuster's perspective has been pretty tough the past couple of years.

Yeah. That's helpful.

You talked about the integration of your U.S. operations progressing well.

Are you pretty much done with the process, and maybe where do you stand in that process? Have you started to see any benefits flowing out of that in terms of just the sales engine, I guess, as you go to market in a more integrated fashion?

We've

made a lot of progress. There's ongoing fine-tuning to do as we go forward.

We've combined our sales and marketing group. We're approaching the market in an integrated fashion.

Our account management team in the U.S. is all aligned.

We've got technology in the U.S. all under a single team.

We're a lot more coordinated in our approach, and we're operating as one organization rather than a collection of individual organizations. I'm certainly seeing the benefits and the collaboration and efficiency and the teamwork, and I think we'll see that show through in our results as we go forward.

Yeah. That's good to hear.

You also mentioned that the pipeline looks good, RFP opportunities look good. Any particular businesses where you're seeing the pipeline build, or is it kind of generally across the board?

It's across the board, but maybe getting back to the question that Mark asked about the alternative market space, we are seeing a lot of opportunities in the pipeline from the alternative market space, whether that's captives, MGAs, MGUs, that is becoming an increasing amount of the pipeline that we have. Overall, our pipeline is strong, and it's global across all of our businesses.

Great. You talked about your leverage ratio being quite low right now, and I assume that would give you the necessary capacity to continue looking at acquisition opportunities.

Maybe any thoughts on acquisition opportunities, what kind of things you're seeing in the pipeline, and your appetite for continuing to pursue acquisitions currently?

Our leverage ratio is at 1.52, which is on the lower end, and we do have capacity to make strategic acquisitions as we see fit. We've primarily been focused on tuck-ins over kind of the recent past couple of years, but we're always have an active pipeline looking for opportunities, and we've seen a lot of success as we've done these tuck-in and acqui-hires where we go out and acquire certain teams.

Our pipeline is active, and we have low enough leverage to do a good deal when we see one.

That sounds good. I appreciate the update.

I will turn it back over. Thanks, Kevin.

Thank you, Erica, and thank you to all of our employees, clients, and shareholders for your continued commitment to Crawford & Company. We hope you have a great rest of the week and look forward to speaking to you on our fourth quarter earnings call.

Thank you very much.