Q3 2020 Crawford & Co Earnings Call
On the musical is thank you for your patience.
[music].
Good morning.
My name is James and I will be your conference facilitator today.
At this time.
I like to welcome everyone to the Crawford <unk> Companys third quarter 2020 earnings release Conference call.
In conjunction with this call a supplementary financial presentation is available at our website www Dot crocco dot com.
Under the Investor Relations section.
All lines have been placed on mute to prevent any background noise and after the speakers remarks, there will be a question and answer period.
Instructions will follow at that time.
And then when need assistance at any time during this conference. Please press Star and then zero and an operator will assist you.
As a reminder, ladies and gentlemen, this conference is being recorded today Tuesday November Threerd 2020.
Some of the matters to be discussed in this conference call and the supplementary financial presentation may include forward looking statements that involve risk and uncertainty.
These statements may relate to among other things the impact of COVID-19, our expected future operating results and financial condition our.
Our ability to grow our revenues and reduce our operating expenses.
The patients regarding our anticipated contributions to our underfunded.
Defined benefit pension plan.
Collectability of our billed and Unbilled accounts receivable financial results from our recently completed acquisition or continued compliance with the financial and other covenants contained in our financial agreements.
Our long term capital resources, and liquidity requirements and our ability to pay dividends in the future.
The company's actual results achieved in future quarters to different materially from results that maybe implied by such forward looking statements.
The company undertakes no obligation to publicly release revisions to any forward looking statements made in this conference call to reflect events or circumstances occurring after the date of the call or to reflect the occurrences of unanticipated events.
In addition, you are reminded that operating results for any historical period are not necessarily indicative of results to be expected for any future period.
For a complete discussion regarding factors, which could affect the companys financial performance. Please refer to the company's form 10-Q for the quarter ended September Thirtyth 2020 filed with the Securities and Exchange Commission.
Particularly the information under the headings risk factors and management's discussions and analysis of financial condition and results of operation.
As well as subsequent company filings with the FTC.
This presentation also includes certain non-GAAP financial measures defined under FCC rule.
As required a reconciliation is provided for those measures to the most directly comparable GAAP measures.
I'd now like to introduce Mr., Rohit Verma, Chief Executive Officer of Crawford and company go ahead, you may begin your conference.
Thank you so much James good morning, everyone. Joining me today is Bruce Swain, our Chief Financial Officer, Joseph Blanco, Our President and Tammy Stevenson, our general counsel.
After our prepared remarks, well open the call for your questions.
Our three fold focus over the last nine months has been to protect the health and safety off our global workforce.
Navigate the financial turmoil created by the pandemic.
And deliver on our client commitments and that is proving successful we.
We are proud of the commitment and client centric focus our teams continue to demonstrate in the face of the pandemic.
Further our continued focus on execution aided by the surge in weather related activity in the U.S. resulted in strong third quarter performance.
We exceeded our expectations and achieve sequential improvement over the second quarter.
Today, our financial position remains very healthy.
As we move into the fourth quarter, we remain well positioned to continue taking advantage of our global scale and competitive position in the market.
Turning to our results for the quarter, we delivered solid year over year growth supported by a core business as far as our propelled by weather related activity in the us.
We reported GAAP revenues before reimbursements of 253.1 million and net income attributable to shareholders of $24.4 million or 46 cents per share.
In addition, we generated 57.3 million in operating cash flow through September Thirtyth 2020.
On a non-GAAP basis, we reported revenues before reimbursements of 255.2 million and operating earnings were $28.2 million in the third quarter.
Our third quarter revenues reflected growth over last year and operating earnings were 19% over the 29 June quarter.
Adjusted EBITDA was $35.2 million in the third quarter up from $32.2 million in the 2019 third quarter, representing a gain of 9.4%.
Adjusted EBITDA margin was 13.8% in the 2023rd quarter up 120 basis points over the prior year quarter.
Hi can weather related activity was a key driver of enhance revenues during the quarter.
As a reminder, weather related activity does create some seasonality within our business.
As such we tend to see higher claims volume in the second and third quarters as summer in the Northern Hemisphere is Brian storm season.
In contrast, there may be less storm activity in the first and fourth quarters, while weather, but remain a key driver off our results. We continue to push growth of non weather related business in our portfolio.
And I'm pleased to say, we have made great strides in this endeavor.
According to the on global CAG recap, we saw a spike in U.S. cat events during the third quarter, resulting in about $40 billion economic losses, with an estimated 30 billion in insured losses.
This was the highest quarterly estimated cat losses of 2020, largely driven by the events in the month of August.
As such cat events bolstered our third quarter results, particularly in our Cts segment.
Claims volume was largely offset by the tropical strong aside from the U.S., followed by Hurricanes, Laura and Sally.
The UK also saw an increased number of storms flooding and heat waves, what other parts of the world for generally benign.
As a result in the 2023rd quarter, we handled over 10000 claims and contractor assignments across rgs outs.
Our teams also handle claims for 16 of the top 20 us carriers during the severe storms.
The consequential spike in claims activity from recent large carrier wins contributed to the third quarter revenues.
Globally third quarter business activity increased from the prior quarters, but has not yet recovered to pre corporate levels.
COVID-19 continues to impact across our TPS solutions business, causing a slowdown to both claims and medical management services.
However, we did benefit from an increased volume of business interruption claims in the UK supplemented by event cancellation claims in UK and Europe.
Although us unemployment levels have broadly decrease and second quarter highs the unemployment rate at 7.9% in the third quarter remains significantly higher than levels seen prior to COVID-19.
While overall claims volume is increasing the lack of medical management claims does provide headwinds to our margins.
Turning to our global service lines in Crawford claims solutions, we saw momentum from new client wins and the benefits of our investment in these line solutions.
Ccs garnered a significant amount of new client wins during the quarter, adding about $9 million in annualized revenue.
Activity from large scale clients also.
After revenue during the quarter.
We are continuing to add to the Dallas site, which is online and functional to better support one of our large carrier clients.
Through the end of October we had the highest number of adjusters within the past two years deployed and five storms in the U.S.
We expect to some subset of them to continue working through the fourth quarter.
Regal saw its highest volumes ever as this product continues to be successful in winning remote claims handling business.
During the quarter, we launched the digital assist solution. The portal provides an I'd card access to the full suite of profit inspection adjusting and fulfillment offerings.
The digital tools range from Crawfords Hugo look self service App took additional field services and contractor connection.
Additionally, the innovative solutions provides declined mid single touch ordering incense service and intelligent severity based free option.
In contractor connection we continued to see a return on investment we have made in this business.
During the quarter, our revenue growth, let's suppose supported by strong claims volume in the U.S.
Our average daily assignment levels were strong in August and September which May also provide tailwinds in the fourth quarter.
Heavy weather activity in the us during the second and third quarter of 2020 also led to an increase in assignment vault.
Weather aside eight of our top 10, you ask lines have seen and year over year increase in third quarter non search welding.
Our digital news that solutions combined with our expertise offered by the workable and desk adjusting solutions have created tremendous momentum in the marketplace.
We want a top personal lines carriers in Canada at the end of the third quarter and contractor connection is gaining traction in Germany, Australia as we experienced a number of recent wins.
Additionally, we were selected by another large client in the UK, specifically for decontamination services as part of their back to work plan.
To remain connected to our contractors, we hosted virtual town halls conductive engagement service launch contractor connection Academy, our learning management system.
GTS business interruption cyber and event cancellation claims also have seen significant traction.
Our GTS business in the US continues to thrive under new leadership brought on in the third quarter attaining its highest quarterly revenue in recent years.
From a geographic standpoint, Australia, and Europe were flat, while Latin America, and Middle East outperform the third quarter of 2019.
We won one of our largest claims was $500 million due to the delay of a significant global event in Asia.
In Canada, we beat our competition to win five new medical clients.
Currently our pipeline consists of multiple business interruption opportunities related to COVID-19 in the UK.
To support the growth of GPS, we made a number of strategic hires in the us and we continue to seek out international opportunities to further enhance our GTS business.
Despite the adverse effects of the economic slowdown we saw new client wins bring in $7 million in annualized revenue during the third quarter and renewed 96% of analyzed business year to date.
In addition, we onboarded a significant number of client users to our new ecosystem.
We expect the advanced technology solution to support our growth within the business.
The decreased economic activity continues to be a challenge for several of our clients and has continued to impact our call for TPS solutions business.
As non essential medical services were delayed hospital bill volumes were lower than pre covert levels.
We also saw fewer claims in our medical management services units.
Encouragingly total miles driven slowly began to pick up in the U.S. during the quarter and auto claims volume in Canada to return to pre gold weekly levels.
Across our TPS solutions business remains a meaningful contributor.
You are about our diversification strategy.
Our relentless pursuit for service excellence stems from our legacy purpose and values.
Despite social distance orders, we remain very active with our clients having met virtually with over 3100 global clients and prospects during the third quarter.
Conducting virtual meetings allows us to stay connected and maintain a superior level of service driving continued momentum in pursuing new business growth.
We have a robust pipeline of over $265 million with over 270, new or enhanced line programs.
We won over $22.5 million of new and enhanced business in the quarter, which shows the strength of our brand and differentiation in the market.
We are pleased to see our total net promoter score NPS is 42.
For context any scored above 30 is considered strong for our industry we saw.
Surveyed almost 70% of our top clients across all geographies. This year, an increase from last year.
To better serve our clients, we devised a structured process to understand shortcomings viewed by our lower scoring clients.
Over the years.
After introducing NPS two years ago. It has now become part of our standard operations to continue to improve client service.
Our balance sheet and liquidity positions are the strongest they have been in several years.
As of September Thirtyth, our net funded debt to adjusted EBITDA was 1.11 times and operating cash flow increased 35% year over year to $57.3 million.
We're proud of the excellent results, particularly amid the current economic environment.
Our disciplined capital allocation strategy remains top of mind as we build on our cash generation capability, while delivering value to shareholders.
As a result, we will balance investing in the business and returning cash to shareholders.
Board will continue to reevaluate the dividend and our share repurchase program regularly and we will continue to make investments to attract acquire and more seamlessly serve clients.
As part of our capital allocation strategy, we have reinvigorated, our M&A pipeline as seen through our acquisition of profit car. While in October recognized as a market leader in loss adjusting claims management solution and legal services in Chile.
Our partnership with profit provided to date has been highly successful.
Our team has already identified synergies and regional business development opportunities, which will further enhance our client offerings and increase our technical expertise in the region.
The move formalizes, our longstanding relationship as magnifies, our ability to restore and enhance lives businesses and communities as we become the largest loss adjusting company in Latin America.
In November we acquired the HB group in Australia.
Each be illegal is a legal services provider, which will complement the Crawford TPS solution segment in Australia, and the larger Asia region.
In addition to expanding our global footprint. We anticipate this acquisition will serve as a legal services load growth platform for us.
On that note I would like to turn the call over to Joseph.
Thank you Ryan.
As evident in our third quarter financial performance the resiliency of our global workforce has allowed us to provide the highest level of service to our clients. Despite the uncertainty created by COVID-19.
As our greatest asset we remain committed to protecting the safety and well being of our employees.
Flexible remote work arrangements PPD excellent training in print visit screenings to ensure the safety of our teams.
The feedback we have received from employee remains overwhelmingly positive further.
Further demonstrating our commitment to preserving the morale of our global workforce.
We are also investing in the development of our employees do seem to be on training programs aligned with on purpose values and culture.
With oversight from members of my Executive leadership team, our new employee resource groups to provide support to key employees segments Green and people of color.
Additionally, our women leadership exploration and development lead program high impact E learning and networking experience impellers women leaders to achieve their goals.
These internal programs and initiatives further promoting environment, where employees are empowered to grown emboldened to AG inspired to innovate.
With that let me turn the call over to Greens can review the financial results for the third quarter in more detail.
Thank you Joseph.
Companywide revenues before reimbursements in the 2023rd quarter were 253.1 million compared with $254.7 million in the prior year's third quarter on a non-GAAP basis. The company saw revenues of 255.2 million.
Our net income attributable to shareholders of Crawford <unk> company totaled $24.4 million in the 2023rd quarter compared to net income of $11 million in the 2019 period.
Third quarter 2020 diluted earnings per share was 46 cents for both CRB Yang and CRD b compared with diluted EPS of 21 cents for CRD Yang 19 transfer CRD B and the 2019 period.
On a non-GAAP basis net income attributable to shareholders was 15.2 million, resulting in third quarter 2020 diluted EPS of 29 cents for both CRB Yang and CRD B as compared to 2019 diluted EPS of 23 cents for CRD Yang and 21 cents per CRD.
Being.
The company's non-GAAP operating earnings totaled $28.2 million in the 2023rd quarter were 11.1% of revenues compared with $23.7 million or 9.3% of revenues in the prior year period.
Consolidated adjusted EBITDA was $35.2 million in the 2023rd quarter or 13.8% of revenues compared to $32.2 million or.
Were 12.6% of revenues in the 2019 corner.
I will now review the third quarter performance of each of our segments profit claim solutions revenues totaled 98.4 million, increasing from 86.3 million reported in last year's quarter.
Absent foreign exchange rate fluctuations of approximately 900003rd quarter 2020 revenues would have been $99.2 million.
The segment reported operating earnings of $7.2 million in the 2023rd quarter or 7.3% of revenues, increasing over operating earnings of $2.7 million or 3.1% of revenues in the prior year quarter.
Crawford specialty solutions revenues were 67.5 million and the 2023rd quarter down from $68.9 million in the prior year quarter.
Absent foreign exchange rate fluctuations of approximately 900000 revenues would have been $68.5 million for the quarter.
Operating earnings in Crawford specialty solutions totaled 17.4 million or 25.7% of revenues in the 2023rd quarter, increasing over operating earnings of $13.3 million were 19.3% of revenues in the 2019 third quarter.
Revenues for Crawford TCPA solutions were $87.2 million in the 2023rd quarter decreasing from $99.5 million into 2019 period.
Absent foreign exchange rate fluctuations of 300000.
Third quarter 2020 revenues would have been 87.5 million.
Crawford TPH solutions operating earnings were $4.4 million during the current quarter compared to last year's third quarter operating earnings of 9.3 million.
The operating margin in this segment was 5.1% in the 2020 quarter and 9.4% in the 2000.
19 corner.
Unallocated corporate costs were 1 million in the third quarter of 2020 compared to cost of $1.6 million in the same period of 2019.
This decrease was driven by lower self insurance expense and a credit from the Canada emergency wage subsidy, partially offset by an increase in incentive compensation and severance costs.
Crawford recognized a non cash goodwill impairment in the 2021st quarter.
Additional income tax benefit related to the impairment is being normalized through our effective tax rate during the remainder of the year during the 2023rd quarter. The impact of this treatment decrease the initial income tax benefit by $1.9 million or four cents per share.
In June 2020, we sold our 51% stake and avoid work international for initial cash proceeds of 20.3 million due.
Due to the two month reporting lag from reporting our international results. This transaction was recognized in the 2023rd quarter.
Crawford recognized an after tax gain of 11.7 million on the disposition and an additional loss on the disposal of Crawford compliance Inc. a 600000 in the third quarter. Both disposals were in our Crawford specialty solutions segment and resulted in a net gain of 21 cents per share.
In July 2020, the company acquired the remaining 15% membership interest we go look for 300000.
Noncompete agreements with former minority members were terminated under the terms of the purchase agreement as a result, the company recognized $1.1 million of accelerated amortization on the non compete agreements in the third quarter.
Subsequent to quarter end in October 2020, the company acquired the remaining 85% equity interest in Crawford Carvallo and its subsidiaries. The purchase price includes an initial lump sum payment of 11.6 million and a maximum of 11.7 million payable over the next.
Six years based on achieving certain EBITDA performance goals.
In November 2020, the company acquired 100% of H.B.A. group in Australia.
The purchase price includes an initial lump sum payment of $5 million and a maximum 3.2 million payable over the next four years based on achieving certain revenue and EBITDA performance goals.
We estimate the Coca 19 negatively impacted our revenues in the range of $21 million to $25 million during the third quarter of 2020, and 46 to 54 million so far this year.
We expect the ongoing global economic slowdown from open 19 could have a material impact to our results of operations financial condition and cash flows in one or more future quarters absent to the occurrence of weather surgeon Matt.
The companys cash and cash equivalent position as of September 32020 totaled $48.7 million compared to $51.8 million at the 2019 year end.
The company made $3.5 million in contributions to which you asked and UK defined benefit pension plans for 2020 compared with 500000 in 2019.
During the fourth quarter. The company made a discretionary contribution of 6 million to which U.S. pension plan. This takes total contributions to 9 million for the U.S. plan, which was our original intention for 2020.
The Companys total debt outstanding as of September 32020 totaled 127.8 million compared with a $177 million. After 2019 year end net.
Net debt stood at 79 million as of September 32020, marking the lowest level since 2013.
While our leverage ratio under our credit agreement net funded debt to adjusted EBITDA closed at 1.11 times.
Additionally, our pension liability was down to 56.5 million at the end of the third quarter, marking a multiyear low.
We are pleased with our operating cash flow. So far this year cash provided by operations totaled 57.3 million from the 2020 period compared to 42.3 million provided by operations in the prior year period.
The increase in cash provided by operating activities was primarily due to a payroll tax deferral and Heres Act and the benefit from the Canada emergency wage subsidy.
Free cash flow increased by $4.3 million compared with 2019, reflecting the higher operating cash flows partially offset by higher software development and capital expenditures in 2020 as compared with 2019.
Our free cash flow generation remains a top priority for the company.
As mentioned on prior calls we have placed a hold on our current share repurchase plan and did not repurchase any shares during the 2023rd quarter.
With that I would like to turn the call back to ROIC for concluding remarks. Thank.
Thank you Bruce as we entered the fourth quarter, we are focused on maintaining our position as a leader within the industry through innovation and market leading solutions.
To that end, we will continue to evaluate our client solutions to set industry benchmarks globally.
Our global footprint and empowered teams give us the reach and agility to meet the changing needs of the industry.
Crawfords emphasis on our people and delivering service excellence to our clients remain at the forefront of our priorities we.
We are confident in our financial position and our ability to deliver superior results for our shareholders over the long term above.
Above all we remain committed to fulfilling our purpose of restoring and enhancing lives businesses and communities.
Thank you for your time today operator, please open the call for questions.
At this time, if you'd like to ask a question. Please press Star then the number one on your telephone keypad to withdraw your question press the pound key if you're using a speaker phone. Please pick up your handset before asking your question.
Well pause for just a moment to compile the Q and a roster.
Thank you James.
And our first question comes from the line of Mark Hughes with Truth go ahead. Please your line is open.
Thanks, very much good morning.
Hi, Mark.
The add ons.
Sorry, I missed the first few minutes of the call. So I apologize birdie touched on some of the the $500 million of Ben.
What is the revenue is that the revenue number.
And for the.
Timing or for the project.
Sure. So if the $500 million the total size of the loss. It's a major events in Asia, which was cancelled and we will be handling that loss. It's it's not possible for us to estimate what the revenue from that will be at this time, because it will be based on a time and expense charge and we are still working through the loss, we believe that over time.
So that the web and then realize the revenue in the coming 12 to 18 months.
I think that will be material to GPS.
Yes for the reason it will be material.
Okay and.
And then the.
Well above the weather.
Yes, roughly equally.
How much follow through do you think there will be in the fourth quarter.
I think one of the dynamics recently.
Have you been able to handle some of these claims quickly. So you wouldn't be as much follow through.
Just sort of curious.
How much there is do you think that extends into Fourq you when you're more event here in the fourth quarter sales.
Hi, everybody maybe yeah go ahead, yeah, great question and that is true we have been much faster in resolving so this claims activity. We do believe that there are some tailwinds that we're carrying into the fourth quarter, but the recent data event as well we have seen some activity pick up from that.
But it is hard to say how long that that will continue at this point, but just reasonable to say that we'll have tailwinds into the fourth quarter.
The.
Got it Thats good actually started the strong level of daily assignment with both related to the Casco with more non Kevin.
Well as you know we've added a couple of very large clients to our contractor connection client base. So we have seen some organic growth just come into the coming to the business from these new clients. We've also seen some of our historic lines pick up their volume as as we believe direct repair continues to be a preferred choice, where a lot of our clients who are choosing not to sell.
Adjusters out into into the marketplace given quoted concerns. So so we've seen growth from our new clients as well as just enhance revenue from existing clients.
Some of that is certainly related to the storms because the storms create pressure on the in sourcing of claims for the for our carriers, but we believe that this is a secular growth story and not just related to storms.
And then did you say what the claims volume was deployed in the you look at those big customers.
Joe deployed short what we are seeing is that if you look at the average of September sales compared to the average of Gen with January and February were seeing.
Keeping sort of flattish levels. Our concern is that there is still sort of medical management business, which is lagging behind which as you know in generally lags behind the claims volume we've seen our workers comp last time claims trend up which generates the medical management business, but there is still behind our true prequalified levels the biggest drop that.
You've seen has been in our auto liability and general liability claims which are directly related to the economic activity as you know as people travel more spend time in hotels go to restaurants more go to movie theaters, we will see that volume pickup but until that happens we believe that that volume will remain suppressed.
When you say flat level timber you're talking relative to just the most recent laundry.
I would take out of Japan recovery, and say that we're starting to get to a flattish level over there, but remember a lot of that is is actually happening because of Cobiz claims and those claims usually don't generate significant medical management revenue.
The club, including the medical management still though correct.
Good.
And then just one more the Canada waves subsidy to this quarter what was the dollar amount.
Total amount was 4.7 million for the quarter.
Thank you.
Thanks, Mark Thanks, Mark.
And again as a reminder, if you'd like to ask a question. Please press Star then one on your telephone keypad. Our next question comes from the line of Greg Peters with Raymond James Go ahead. Please your line is open.
Hi, Good morning, Hey, Hi.
I was wondering if you could comment on.
The savings you might be realizing from travel and entertainment you know a lot of other service providers. Because you did I think virtually you're not traveling as much I'm just curious as we look across the three segments. If you will.
We've seen some improvement in expenses in some of the areas, but I'm just wondering where the pickup is.
Yeah, we have seen we have seen a considerable benefit from lower travel and entertainment expense work.
Not just across or or segments, but in our administrative areas as well.
I wouldn't say that or travel and entertainment costs is currently trending down 50% this year, yeah, but but Greg by the way good.
Good morning, Hope you're well.
We have about 2% of our expense, which really is travelling travel and entertain so it's it's not a significant chunk for us, but as Bruce mentioned, even in that there is about a 50% trending down.
Well, let me come at this a different way how you how many of your employees are in the work from home position versus where we were a year ago and I guess ultimately I'm wondering is there opportunity for you to harvest some savings and reduced office footprint type of scenario.
Yes, I went out and I'll start off in a room with combat the vast majority of our employees are in work from home and have been since since more in Austria, we have largely been working remote.
Sense since March and that continues today that will continue through the through the rest of this year and probably into the first quarter of 21, we are evaluating our corporate real estate in light of that.
I think that this is still an evolving situation.
You know I don't see us grilling fully remote.
The company I think that that we need to have places where or employees can congregate and come together and interact we.
Sure.
Business that.
Needs.
Contact amongst or our employees are nurses.
Stirs or adjusters with their with their managers et cetera.
But we do think that there will be a.
The rationalization as we go forward.
With the with a mixture of work from home and there are people in the office and ultimately having what I would refer to as a.
Accounts for the employees within or particular regions come into.
Hi, Kevin.
Yep.
That makes sense and that's that's how we're moving forward Greg.
Got it alright to 96% of our staff just so you know as working from home no.
Globally.
Okay, and what was it last year, just because everyone is working from the office because I mean, given your business model. Those most a lot of remote work anyways, Yeah, I would say probably about if I take the total workforce. There was probably about 20% of it that was working remote and Thats an estimate.
Because we had adjusters, who were who are out and about but they were still tethered to an office or whether they came in once a week or once every other week that obviously varied.
But we did have brick and mortar and we do believe that having some form of brick and mortar is still important.
For the two demonstrate proximity to our clients, which which they like because one of the reasons. They pick US is because we are in places that they may not want to be are they couldn't afford to be.
Got it all right. Thank you for your answers.
Thank you Greg.
Our next question comes from the line of Mark Hughes with troops go ahead. Please your line is open.
Yes, thank you the.
Talking about a nice backlog I think it's in the TV business, the 265 million when does that potentially come to fruition, but kind of on Jan one.
Backlog you're looking for.
Or are you talking about our pipeline.
Correct, Yeah, right I would not call that backlog, because that's just pipeline of what what clay.
Clients are in various stages some of that may be an acquisition for us in acquisition mode. Some of them maybe in qualifying mode. Some of them maybe in presentation mode. Thats just a demonstration that our sales is working and we're starting to build a huge pipeline of potential Klein candidates.
Is there a.
Sorry go ahead go ahead.
Please you all have a great okay.
Okay. Thank you I was going to ask.
When you look at the number of our key.
Out in the market.
Are those back to normal level or is it still somewhat.
It's definitely better than what it was mark in say the me may through July timeframe.
But it's not back to where it used to be pretty cool that if you look at our numbers Weve roughly written in total new business 60, plus million dollars of new business. This year on an annualized basis and so we feel good about that given the current circumstances of coal that we've had over 3000 client meetings, which have been which had been remote.
Just in this quarter. So we feel good about the activity, but the RFP activity is not back to the levels that used to be.
I think you mentioned one of the top personal lines carrier Greg.
And with Oh significant unmet need for greater.
In in Canadian turns is extremely significant in U.S. terms as you know we have some very large clients in the U.S. So.
But but for Canada, it could be one of the largest client wins in Canada for us in contractor connection.
Thank you.
And there are no further questions in queue at this time I would like to turn the call back over to Mr. Berman for some closing remarks.
Thank you James.
I just wanted to thank our employees, our clients and all our shareholders for their confidence and commitment to Crawford and company with a strong results in Q2, which are sequentially better Q3, which are sequentially better than Q2. It demonstrates the resilience of our almost 80 plus your business.
We are confident in our future of the company.
We want to wish everybody well be safe and God bless us all thank you so much.
Thank you for participating in todays Crawford and company conference call.
This call will be available for replay beginning at 11 30 am Eastern standard time today through 11, 59 PM Eastern standard time on December Threerd 2020.
The conference I'd number for the replay is 7888597.
The number to dial for the replay is 800 585, athree six seven or 416621 for six for two.
Thank you you may now disconnect.
Revenue.
Yes.
<unk>.
[music].
Yes.
[noise].