Loss adjusting firm Crawford made a profit of $25.6m (£15.6m) in the first half of 2011, a large improvement over the $549,000 it made in the first half of 2010.
Total revenues increased 22% to $618.2m (H1 2010: $508m). In addition the first-half 2011 results lacked the $4.7 restructuring charge and a $7.3m goodwill impairment charge that hit the first-half 2010 profit.
In the second quarter of 2011 alone, Crawford moved to a profit of $13.7m from a loss of $2.5m. Total revenues increased 23% to $314.1 (Q2 2010: $256m).
“We are pleased with the improvement in our second quarter 2011 operating results which reflect double digit revenue growth increases in the Americas and EMEA/AP [Europe, Middle east, Africa/Asia-Pacific], primarily as a result of a surge in weather-related claims activity, and the continued strong performance in our legal settlement administration segment,” said Crawford chief executive Jeffrey Bowman said in a statement.
The EMEA/AP segment’s first half 2011 operating profit increased 47% to $14.8m (H1 2010: $10.1m) while in the second quarter alone the segment’s operating profit was up 45% to $7.6m (Q2 2010: $5.3m).
EMEA/AP’s first-half revenues before reimbursements were up 20% to $167m (H1 2010: $139.2m), while second-1quarter revenues were up 24% to $87.3m (Q2 2010: $70.4m).
Bowman described the EMEA/AP segment as a “solid contributor”. “This part of our business continues to be positively impacted by a substantial increase in weather-related claims activity in our key United Kingdom and Australian markets,” he said.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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