ATLANTA, May 14, 2012 /PRNewswire/ -- Crawford &
Company (NYSE: CRDA; CRDB), the world's largest independent
provider of claims management solutions, today announced that its
Board of Directors has authorized the Company to undertake a share
repurchase program under which it may repurchase up to 2 million
shares of its common stock over the next three years.
The 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.
"We analyzed various financial factors and the Board determined
it was appropriate to authorize a share repurchase program," said
Jeffrey T. Bowman, Crawford president and chief executive
officer. "We believe our shares are trading at prices below their
intrinsic value, and we view a repurchase program as an effective
use of cash to enhance shareholder value."
Under the repurchase program, which replaces Crawford's prior 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.
About Crawford
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