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Crawford & Co chief leaves after poor quarter

Jeffrey Bowman has stepped down as CEO of global loss adjuster Crawford & Company after almost eight years in the role and more than 24 years with the business.

No reason has been given for Mr Bowman’s resignation.

“After nearly eight intense and challenging years as president and CEO I have agreed with the board to step down,” he says in an official announcement.

Earlier in the month Crawford & Company reported second-quarter net profit had plunged to $US4.1 million ($5.76 million) from $US10.5 million ($14.74 million) in the corresponding period last year.

At the time a “disappointed” Mr Bowman said the market “continued to be challenging through the… quarter, given the persistent absence of claim volumes in the global property and casualty insurance industry”, reflecting in part benign weather conditions.

“This environment has driven a further shift in our business to lower-margin, high-volume claims in the US and has had a pronounced negative impact on our [overseas] operations.”

Board member Harsha Agadi has been appointed interim CEO while the company seeks a permanent replacement. The search is expected to take “several months”.