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Americas result gives Crawford earnings a lift

Loss adjuster Crawford & Co says first-quarter earnings grew 61% thanks to the performance of its Americas division.

Net income increased to $US9.74 million ($9.71 million) from $US6.07 million ($6.05 million) in the corresponding period last year.

The US-based group’s operating earnings were up 25% to $US18 million ($17.9 million).

“The Americas segment benefitted from activity that carried over into [this year’s] first quarter relating to Superstorm Sandy… and a one-time gain from the sale of the rights to a customer contract in Latin America,” CEO Jeffrey Bowman said.

Stronger results were generated from the Europe, Middle East and Africa division and the Asia-Pacific arm, as well as from legal settlement administration.

Crawford & Co’s Broadspire medical management business reported an operating loss for the quarter on lower revenues and fewer workers’ compensation claims.