Global loss adjustor Crawford & Company has reported a net loss of $US900,000 ($1.26 million) in the third quarter, a massive plunge from its net profit of $US10.2 million ($14.3 million) in the corresponding quarter last year.

Despite the loss, interim CEO Harsha Agadi says he is “very excited” by the company’s prospects.

“I am extremely impressed with the strength of the Crawford brand globally,” he said.

“As a result of our recent strategic review, we believe that we have an opportunity to transform Crawford into a company with more predictable business results and cashflows while reducing our dependence on severe weather.”

Mr Agadi was appointed interim CEO in August after the sudden resignation of Jeffrey Bowman who had been CEO for eight years. Mr Bowman’s departure followed a poor second-quarter result in which net profit more than halved to $US4.1 ($5.8 million).

Crawford & Company has responded to its earnings crisis with deep cuts and restructuring to its operations worldwide.

It has announced a restructuring plan that will remove $US25-28 million ($35-39 million) from its cost base in 2016. This is on top of an earlier revamp designed to deliver savings of $US22 million ($31 million), including the restructure of overseas operations as well as its global business services centre in Manila.

Mr Agadi notes that Crawford & Company businesses such as third-party administrator Broadspire and contractor services network Contractor Connection have “more predictable and consistent results” than the core claims management and loss adjusting business.

Broadspire had revenue of $US74.2 million ($104.1 million) for the third quarter, up from $US68.2 million ($95.6 million) in the corresponding quarter last year.

“As we aggressively reduce administrative and back-office expenses we expect to drive margin expansion across our entire company without loss of competitiveness or revenue generation ability,” Mr Agadi said.

“We are just beginning to see the benefits from our initial cost reduction plans from earlier in the year.”

Mr Agadi admits the third-quarter results “are not where they need to be” but he is “optimistic about where our company is heading”.

As reported by insuranceNEWS.com.au, long-time CEO for Australia Andrew Bart has been appointed to the new role of Asia-Pacific CEO as part of the global restructuring.

Crawford & Co has also appointed Stuart Greaves as National Manager of Broadspire Australia, adding a Brisbane office to Broadspire’s existing presence in Melbourne and Sydney.