Crawford & Company reports net income of US$3.3 million

Crawford & Company reported a 2007 Q4 net income of US$3.3 million, compared to a net loss of US$1.3 million for the same period in 2006.
Net income for 2007 totalled US$16.1 million, compared to US$15 million for 2006.
U.S. property and casualty revenues before reimbursements were US$40.4 million in 2007 Q4, down from US$44 million in 2006 Q4, primarily as a result of lower claims volumes, the company reports.
Revenues generated by the catastrophe adjuster group were US$1.8 million in 2007 Q4, down slightly from US$2.1 million in 2006 Q4. The US$588,000 of revenue generated by the subrogation unit, which was sold Feb. 28, 2007, was included in 2006 Q4.
Operating earnings in the U.S. property and casualty sector resulted in a loss of US$911,000 in 2007 Q4, compared to a loss of US$39,000 in 2006 Q4.
“Our U.S. property and casualty segment continues to experience a downturn in revenues, primarily as a result of lower industry-wide frequency and the absence of significant storm activity,” Jeffrey T. Bowman, CEO of Crawford & Company, said in a release. “Despite challenging macro trends in U.S. property and casualty claims frequencies, and in our class action business, our outlook for 2008 anticipates improved operating results in each of our operating segments.”