ATLANTA, Aug. 4, 2011 /PRNewswire/ -- Jeffrey T. Bowman, president and chief executive officer of Crawford & Company (NYSE: CRDA; CRDB), has been named one of Georgia's top CEOs in the Atlanta Business Chronicle's annual ranking of public company leaders in the state.
Based on an index that measures shareholder return for 18 months and increases in annual revenue and net income for one year, Crawford's recent financial performance earned Bowman the 11th spot on the CEOs of the Year list, published July 29. The list includes the top 25 CEOs in Georgia.
"I am pleased to be named on the top CEO list, but the credit for our improved financial results and shareholder return goes to all the employees of Crawford & Company," Bowman said. "They have worked many long hours to satisfy our clients and make the changes that have increased our revenue and profitability over the past two years. This is a particular achievement given the challenges our economy and industry have presented to us. I am proud to lead an organization of such talented professionals."
According to statistics the publication used to calculate the rankings, Crawford's share price increased 58 percent from January 2010 to June 2011. Annual revenue improved by 5.97 percent and net income by 124.49 percent in 2010.
Crawford, the world's largest independent provider of claims management solutions, turned in 2010 financial results that reflected strong performances in its Legal Settlement Administration and International Operations segments. Ongoing efforts in cost control, which reduced selling, general and administrative expenses by 3 percent year-over-year, also contributed to those results. In May, the Company also reported strong 2011 first quarter results; revenues were up 21 percent and net income increased by 298 percent.
Since becoming Crawford's president and CEO in January 2008, Bowman, who has worked in the insurance industry for some 30 years, has overseen a number of transformative initiatives in the organization. His first priorities focused on expense management and working capital, creating a pay-for-performance culture in the organization, inspiring operational efficiency and providing excellent results to clients. He also established a strategic agenda for Crawford, instituting a new planning process with his worldwide management team. That strategic agenda has included development of a global technology roadmap to guide Crawford's increased investments in advanced technology.
Bowman is a member of the Executive Committee and Board of Trustees of the Institutes, which develops courses for and confers the Chartered Property Casualty Underwriter (CPCU) certification. He also contributes a quarterly column on insurance issues and trends, "Global View," to Claims Advisor magazine and has been a featured speaker at a number of insurance and leadership conferences.
Crawford will issue its second quarter earnings release Monday, Aug. 8, at 7:00 a.m. Eastern Time. The Company will hold a conference call to discuss its quarterly earnings and other developments at 3 p.m. Eastern Time that day. For more information, visit the Investor Relations page of Crawford's website.
Based in Atlanta, Ga., Crawford & Company (www.crawfordandcompany.com) is the world's largest independent provider of claims management solutions to the risk management and insurance industry as well as self-insured entities, with an expansive global network serving clients in more than 70 countries. The Crawford System of Claims Solutions(SM) offers comprehensive, integrated claims services, business process outsourcing and consulting services for major product lines including property and casualty claims management, workers compensation claims and medical management, and legal settlement administration. The Company's shares are traded on the NYSE under the symbols CRDA and CRDB.
SOURCE Crawford & Company