05.03.2015 17:46:31

Crawford & Company Cleared to Commence Integration of GAB Robins Business

                                               
                                                                                              For more information contact: 
                                                                                              Lynn Cufley +44 (0) 207 265 4067
                                                                                              
lynn.cufley@crawco.co.uk 
                                                                                             
                                                                                              5 March 2015

Crawford & Company Cleared to Commence Integration of GAB Robins Business

LONDON - Crawford & Company UK is pleased to announce that the UK Competition & Markets Authority (CMA) has decided to lift the ban on integration earlier than anticipated, meaning that Crawford and GAB Robins can now act as one company.

The CMA has been reviewing our acquisition of GAB Robins and their review remains on track for a final decision by 1 April 2015. The CMA review has meant, in line with standard practice, we have been prohibited from acting together as one company. In particular, we have not been allowed to discuss business opportunities together or present ourselves together either to customers or internally.

Crawford and GAB Robins are now permitted to conduct their business as a combined entity, and the process of integration can now begin.

"We are delighted that we can now implement our strategic objectives as we begin the process of integration," says Jeffrey T Bowman, president and chief executive officer, Crawford & Company.

Ian Muress, chief executive officer, Europe, Middle East, Africa & Asia Pacific, Crawford, added: "It is great to be able to formally welcome our new colleagues and I look forward to working with them through the integration process. We can now plan for this new era in the company's history with renewed optimism."

Kieran Rigby, chief executive officer at GAB Robins, concluded: "This is a great opportunity to create a compelling loss adjusting and claims management service that combines the very best of what GAB Robins and Crawford have to offer. I would like to thank our clients and employees for their patience during the past months and look forward to discussing our new business with the market."

- End -

Notes to News Editor:

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 Solution(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.

About GAB Robins
On December 1st 2014, Crawford acquired 100% of the shares of GAB Robins in a deal worth £45.8 million (US$73.3 million). Revenues for the year ended December 31, 2013 for GAB Robins were £68.6 million (US$91.1 million). At the time of announcing the deal, Crawford expected that the transaction will be relatively neutral to slightly negative in terms of earnings accretion in the first year, as the benefits are expected to be offset by integration costs during 2015. However, Crawford expects the acquisition to be accretive in the second year and beyond, adding in excess of $0.15 in diluted earnings per share annually.

# # #

 

For more information, please contact:

Lynn Cufley, Communications Director
T:            +44 (0) 207 265 4067
M:          +44 (0) 7585 901936
lynn.cufley@crawco.co.uk





This announcement is distributed by Nasdaq OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Crawford & Company via Globenewswire

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