Crawford & Company® Authorizes Share Repurchase

Rhea-AI Summary

The Board of Directors of Crawford & Company authorized a share repurchase program, allowing the buyback of up to 2 million shares of common stock until December 31, 2023. CEO Rohit Verma expressed confidence in the company's solid revenue growth and that the current share price is below intrinsic value. The buybacks may occur through open market or privately negotiated transactions, depending on market conditions. This strategic move may enhance shareholder value, reflecting the company's commitment to its shareholders.

Positive

• Authorization of a 2 million share repurchase program may enhance shareholder value.
• Company reports solid revenue growth and believes its share price is undervalued.

Negative

• None.

ATLANTA--(BUSINESS WIRE)-- On November 4, 2021, at its regular quarterly meeting, the Board of Directors of Crawford & Company® authorized the Company to undertake a share repurchase program under which it may repurchase up to 2 million shares of its common stock until December 31, 2023. “Given our solid revenue growth, progress against our strategy and our current share price, which we believe is trading below intrinsic value, we are pleased with our Board’s authorization of a 2 million share repurchase,” said Rohit Verma, Crawford chief executive officer.

Under the new repurchase program, repurchases may be made in open market or privately negotiated transactions at such times and for such prices as management deems appropriate, subject to applicable regulatory guidelines. The new authorization does not obligate Crawford to acquire any stock, and purchases may be commenced or suspended at any time based on market conditions and other factors that the Company deems appropriate.

For further information regarding this press release, please call Bruce Swain at (404) 300-1051.

This press release contains forward-looking statements, including statements about the expected future financial condition, results of operations and earnings outlook of Crawford & Company. Statements, both qualitative and quantitative, that are not historical facts may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from historical experience or Crawford & Company’s present expectations. Accordingly, no one should place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Crawford & Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise or not arise after the date the forward-looking statements are made. For further information regarding Crawford & Company, including factors that could cause our actual financial condition, results or earnings to differ from those described in any forward-looking statements, please read Crawford & Company’s reports filed with the SEC and available at www.sec.gov and in the Investor Relations section of Crawford & Company’s website at www.crawco.com.

About Crawford®
Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) is the world’s largest publicly listed independent provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive global network serving clients in more than 70 countries. The Company’s two classes of stock are substantially identical, except with respect to voting rights and the Company’s ability to pay greater cash dividends on the non-voting Class A Common Stock (CRD-A) than on the voting Class B Common Stock (CRD-B), subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of CRD-A must receive the same type and amount of consideration as holders of CRD-B, unless different consideration is approved by the holders of 75 percent of CRD-A, voting as a class. More information is available at www.crawco.com.

Tag: Crawford-Corporate, Crawford-Investor-News-and-Events

View source version on businesswire.com: https://www.businesswire.com/news/home/20211108005976/en/

Media Contacts: mediarelations@us.crawco.com

Lynn Cufley

+44 207 265 4067

Lynn.Cufley@crawco.uk

Katie Cline

+1 470 792 5678

Katie.Cline@us.crawco.com

Source: Crawford & Company

FAQ

What is the purpose of the Crawford & Company share repurchase program?

The purpose is to enhance shareholder value by repurchasing shares at a price believed to be below intrinsic value while reflecting the company's financial stability.

How many shares will Crawford & Company repurchase?

Crawford & Company plans to repurchase up to 2 million shares of its common stock.

What is the timeline for Crawford & Company's share repurchase program?

The share repurchase program is authorized until December 31, 2023.

Is Crawford & Company obligated to repurchase shares under the new program?

No, the program does not obligate Crawford & Company to acquire any stock and can be commenced or suspended at any time.