Board Change • Jul 03
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Emeritus Jesse Crawford was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €9.10, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Insurance industry in Germany. Total returns to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €9.78 per share. Duyuru • Jun 23
Crawford & Company Announces Management Changes Crawford & Company announced the upcoming retirement of Vic Noble, regional director, Middle East, at the end of July 2026. Noble joined Crawford in 2016 and has held numerous loss adjusting and leadership roles across the UK and Middle East. Since relocating to Dubai in 2016, he played a key role in advancing the company’s presence in the UAE including the successful integration of the Miller International team acquired in 2022. As regional director, he led the development of a market-leading business supported by a strong team of experts across Dubai and Abu Dhabi. Christopher Wylie joined Crawford as regional director, Middle East, effective June 22, 2026, succeeding Noble in the role. Wylie brings nearly 15 years of experience in the Middle East and most recently with Complex Claims International. He has also held roles with Charles Taylor, Whitelaw and GAB Robins, with deep expertise in major and complex loss adjusting and a strong track record of leading high-performing teams across the region. Crawford also appointed two senior adjusters in the UAE. Chris Burley and Steve Smith joined the business from GRS (now part of Complex Claims International), to further enhance technical expertise in the Middle East and capacity to serve clients across complex loss environments. Declared Dividend • May 20
First quarter dividend of US$0.075 announced Shareholders will receive a dividend of US$0.075. Ex-date: 29th May 2026 Payment date: 12th June 2026 Dividend yield will be 3.3%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 51% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • May 16
Crawford & Company Approves Quarterly Dividend, Payable on June 12, 2026 On May 14, 2026, at its regular quarterly meeting, the Board of Directors of Crawford & Company® approved a quarterly dividend of $0.075 per share on both Class A and Class B Common Stock. The dividend is payable on June 12, 2026, to shareholders of record as of the close of business on May 29, 2026. Duyuru • Apr 21
Crawford & Company to Report Q1, 2026 Results on May 04, 2026 Crawford & Company announced that they will report Q1, 2026 results at 4:15 PM, US Eastern Standard Time on May 04, 2026 Duyuru • Apr 10
Crawford & Company, Annual General Meeting, May 14, 2026 Crawford & Company, Annual General Meeting, May 14, 2026. Location: 5335 triangle parkway, peachtree corners, georgia 30092, United States Duyuru • Apr 01
Crawford & Company Names Jemin Thakkar Global Chief Information Officer, Effective April 1, 2026 Crawford & Company announced that Jemin Thakkar has been named global chief information officer (CIO), effective April 1, 2026. Thakkar will report directly to President & CEO Bruce Swain and will lead Crawford’s global IT and technology organization. Thakkar has served as Crawford’s chief information security officer, where he helped strengthen the company’s technology foundation and advance its cybersecurity posture. In his expanded role, he will have responsibility for all IT functions, creating a more unified structure across the company. The new organizational model is intended to strengthen how Crawford governs, aligns and executes technology globally, with a focus on enabling better data integration and analytics, creating clearer accountability for technology decisions and investments and accelerating enterprise modernization and transformation. The global CIO organization will operate with strong central governance, shared platforms and enterprise alignment, while preserving local execution, accountability and business partnership in each region. As CIO, Thakkar will prioritize partnership with the business and a clear focus on client outcomes – strengthening the technology and data capabilities that help teams serve clients more efficiently, improve responsiveness and elevate the customer experience. In addition, he will lead the company’s efforts to responsibly accelerate the adoption of artificial intelligence (AI), supported by disciplined data practices and security by design. Duyuru • Feb 21
Crawford & Company to Report Q4, 2025 Results on Mar 02, 2026 Crawford & Company announced that they will report Q4, 2025 results at 4:15 PM, US Eastern Standard Time on Mar 02, 2026 Duyuru • Feb 07
Crawford & Company Board Declares Quarterly Dividends, Payable on March 6, 2026 Crawford & Company approved a quarterly dividend of $0.075 per share on both Class A and Class B Common Stock. The dividend is payable on March 6, 2026, to shareholders of record as of the close of business on February 23, 2026. Duyuru • Nov 04
Crawford & Company Declares Quarterly Dividend, Payable on December 5, 2025 Crawford & Company declared a quarterly dividend of $0.075 per share on both Class A and Class B Common Stock. The dividend is payable on December 5, 2025, to shareholders of record as of the close of business on November 19, 2025. Duyuru • Oct 21
Crawford & Company to Report Q3, 2025 Results on Nov 03, 2025 Crawford & Company announced that they will report Q3, 2025 results at 4:15 PM, US Eastern Standard Time on Nov 03, 2025 Duyuru • Aug 01
Crawford & Company Declares Increased Quarterly Dividend, Payable on August 29, 2025 On July 31, 2025, at its regular quarterly meeting, the Board of Directors of Crawford & Company approved an increased quarterly dividend of $0.075 per share on both Class A and Class B Common Stock, up half a cent from the prior quarter. The dividend is payable on August 29, 2025, to shareholders of record as of the close of business on August 15, 2025. Duyuru • Jul 22
Crawford & Company to Report Q2, 2025 Results on Aug 04, 2025 Crawford & Company announced that they will report Q2, 2025 results at 4:15 PM, US Eastern Standard Time on Aug 04, 2025 Duyuru • Jun 12
Crawford & Company Appoints Amy Shore as Independent Director and A Member of the Compensation and Human Capital Committee and the Governance Committee, Effective June 6, 2025 Crawford & Company announced the appointment of Amy Shore, CPCU, CLU, age 61, as an independent director, effective June 6, 2025. A seasoned C-suite executive with over 30 years of leadership experience in the financial services industry, Shore brings a wealth of expertise in business transformation, customer experience and operational excellence. As chief transformation officer at Nationwide Insurance, Shore led enterprise-wide initiatives focused on sustainable operational improvements. Previously, as chief customer officer, she was responsible for enhancing customer satisfaction and loyalty across a $60 Billion enterprise, overseeing strategy and experience for over 14 million customers across eight business lines. Ms. Shore retired from Nationwide Insurance in January of 2025. Most recently at Nationwide, Ms. Shore served as Executive Vice President and Chief Transformation Officer where she concentrated on efficient growth strategies and improving long term expense structure. From October 2019 to February 2024, she was Executive Vice President – Chief Customer Officer where she helped redefine and elevate the customer experience. From June 2016 to September 2019, she was President of P&C Sales & Distributions directing the national sales teams. During her 27-year career with Nationwide, Ms. Shore served in a number of executive positions in the P&C industry including sales, underwriting, product/pricing, customer service and general management. A graduate of Bowling Green State University, Ms. Shore now serves as a trustee and board chair. Over the past five years, she has also served as board vice-chair and chair of several committees including investment, compensation and financial affairs. She is also a trustee and secretary of the Columbus (Ohio) Symphony Orchestra board. Ms. Shore will be a member of the Company’s Compensation and Human Capital Committee and the Governance Committee, effective immediately upon her appointment. Duyuru • May 09
Crawford & Company Declares Quarterly Dividend on Class A and Class B Common Stocks, Payable on June 6, 2025 Crawford & Company announced that on May 7, 2025, at its regular quarterly meeting, the Board of Directors declared a quarterly dividend of $0.07 per share on the Class A Common Stock and $0.07 per share on the Class B Common Stock, payable on June 6, 2025, to shareholders of record as of the close of business on May 23, 2025. Duyuru • Apr 23
Crawford & Company to Report Q1, 2025 Results on May 05, 2025 Crawford & Company announced that they will report Q1, 2025 results at 4:15 PM, US Eastern Standard Time on May 05, 2025 Duyuru • Apr 08
Crawford & Company, Annual General Meeting, May 08, 2025 Crawford & Company, Annual General Meeting, May 08, 2025. Location: 5335 triangle parkway, georgia30092., peachtree corners United States Duyuru • Feb 18
Crawford & Company to Report Q4, 2024 Results on Mar 03, 2025 Crawford & Company announced that they will report Q4, 2024 results at 4:15 PM, Eastern Standard Time on Mar 03, 2025 Duyuru • Feb 07
Crawford & Company Declares Quarterly Dividend, Payable on March 7, 2025 Crawford & Company announced that on February 6, 2025, at its regular quarterly meeting, the Board of Directors declared a quarterly dividend of $0.07 per share on the Class A Common Stock and $0.07 per share on the Class B Common Stock, payable on March 7, 2025, to shareholders of record as of the close of business on February 24, 2025. Declared Dividend • Nov 12
Third quarter dividend of US$0.07 announced Shareholders will receive a dividend of US$0.07. Ex-date: 19th November 2024 Payment date: 6th December 2024 Dividend yield will be 2.5%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (68% earnings payout ratio) but not covered by cash flows (162% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 65% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: US$0.19 (vs US$0.25 in 3Q 2023) Third quarter 2024 results: EPS: US$0.19 (down from US$0.25 in 3Q 2023). Revenue: US$342.7m (up 5.3% from 3Q 2023). Net income: US$9.45m (down 23% from 3Q 2023). Profit margin: 2.8% (down from 3.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Insurance industry in Europe. Duyuru • Nov 05
Crawford & Company Declares Quarterly Dividend, Payable on December 6, 2024 Crawford & Company® announced that on October 31, 2024, at its regular quarterly meeting, the Board of Directors declared a quarterly dividend of $0.07 per share on the Class A Common Stock and $0.07 per share on the Class B Common Stock, payable on December 6, 2024, to shareholders of record as of the close of business on November 19, 2024. Duyuru • Oct 23
Crawford & Company to Report Q3, 2024 Results on Nov 04, 2024 Crawford & Company announced that they will report Q3, 2024 results at 4:15 PM, US Eastern Standard Time on Nov 04, 2024 New Risk • Aug 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (125% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.7% average weekly change). Reported Earnings • Aug 06
Second quarter 2024 earnings released: EPS: US$0.17 (vs US$0.17 in 2Q 2023) Second quarter 2024 results: EPS: US$0.17 (up from US$0.17 in 2Q 2023). Revenue: US$326.9m (up 1.9% from 2Q 2023). Net income: US$8.58m (up 1.9% from 2Q 2023). Profit margin: 2.6% (in line with 2Q 2023). Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Insurance industry in Europe. Declared Dividend • Aug 05
First quarter dividend of US$0.07 announced Shareholders will receive a dividend of US$0.07. Ex-date: 12th August 2024 Payment date: 30th August 2024 Dividend yield will be 3.3%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 53% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • Jul 26
Crawford & Company Declares Quarterly Dividend on Class A and Class B Common Stocks, Payable on August 30, 2024 Crawford & Company announced that on July 25, 2024, at its regular quarterly meeting, the Board of Directors declared a quarterly dividend of $0.07 per share on the Class A Common Stock and $0.07 per share on the Class B Common Stock, payable on August 30, 2024, to shareholders of record as of the close of business on August 12, 2024. Duyuru • Jul 23
Crawford & Company to Report Q2, 2024 Results on Aug 05, 2024 Crawford & Company announced that they will report Q2, 2024 results at 4:15 PM, US Eastern Standard Time on Aug 05, 2024 Duyuru • Jul 03
Crawford & Company(NYSE:CRD.A) dropped from Russell 2000 Defensive Index Crawford & Company(NYSE:CRD.A) dropped from Russell 2000 Defensive Index Duyuru • Jun 27
Crawford & Company Announces the Appointment of Joel Murphy as an Independent Director Crawford & Company announced the appointment of Joel Murphy as an independent director, effective June 25, 2024. Murphy boasts an impressive background with 35 years of experience in national capital markets, real estate acquisition and development, market analysis, board membership and legal expertise. From 2019 to 2022, Murphy served as president, CEO and board chair of Preferred Apartment Communities Inc. Prior to becoming CEO of PAC, Murphy founded and grew New Market Properties, LLC as a wholly owned subsidiary of PAC and served as president. Currently, he is chief executive officer of Murphy Capital and Advisory Group LLC, a consulting firm and advisory which promotes and guides quality growth and capital strategies for private and public companies. Murphy is a Phi Beta Kappa graduate in Economics from the University of North Carolina at Chapel Hill and a Law Review and honors graduate of the University of Georgia School of Law. He was previously recognized as one of Atlanta’s “Most Admired CEOs” by the Atlanta Business Chronicle and currently serves on the Board of Directors for The Orvis Company. Declared Dividend • May 20
First quarter dividend of US$0.07 announced Shareholders will receive a dividend of US$0.07. Ex-date: 23rd May 2024 Payment date: 7th June 2024 Dividend yield will be 3.2%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 53% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • May 11
Crawford & Company Declares Quarterly Dividend, Payable on June 7, 2024 Crawford & Company announced that on May 10, 2024, at its regular quarterly meeting, the Board of Directors declared a quarterly dividend of $0.07 per share on the Class A Common Stock and $0.07 per share on the Class B Common Stock, payable on June 7, 2024, to shareholders of record as of the close of business on May 24, 2024. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: US$0.058 (vs US$0.22 in 1Q 2023) First quarter 2024 results: EPS: US$0.058 (down from US$0.22 in 1Q 2023). Revenue: US$313.1m (flat on 1Q 2023). Net income: US$2.84m (down 73% from 1Q 2023). Profit margin: 0.9% (down from 3.4% in 1Q 2023). Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Insurance industry in Europe. Duyuru • Apr 20
Crawford & Company to Report Q1, 2024 Results on May 01, 2024 Crawford & Company announced that they will report Q1, 2024 results at 4:15 PM, US Eastern Standard Time on May 01, 2024 Duyuru • Apr 06
Crawford & Company, Annual General Meeting, May 10, 2024 Crawford & Company, Annual General Meeting, May 10, 2024, at 14:00 US Eastern Standard Time. Location: Crawford & Company , 5335 Triangle Parkway, Peachtree Corners Georgia United States Agenda: To elect nine (9) directors to serve until the next annual meeting of shareholders and until their successors are elected and qualified; to approve amendments to the Crawford & Company Non-Employee Director Stock Plan and to authorize 1,000,000 additional shares of Class A Common Stock for issuance under the plan; to ratify the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Company for the 2024 fiscal year; and to transact any and all other such business as may properly come before the Annual Meeting, including any adjournment or postponement thereof. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to €7.30, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Insurance industry in Germany. Simply Wall St's valuation model estimates the intrinsic value at €12.26 per share. Buy Or Sell Opportunity • Mar 07
Now 37% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to €8.05. The fair value is estimated to be €12.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 149% in the next 2 years. New Risk • Mar 05
New major risk - Revenue and earnings growth Earnings have declined by 15% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 15% per year over the past 5 years. Minor Risks High level of debt (108% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: US$0.63 (vs US$0.37 loss in FY 2022) Full year 2023 results: EPS: US$0.63 (up from US$0.37 loss in FY 2022). Revenue: US$1.32b (up 11% from FY 2022). Net income: US$30.6m (up US$48.9m from FY 2022). Profit margin: 2.3% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Duyuru • Feb 24
Crawford & Company to Report Q4, 2023 Results on Mar 04, 2024 Crawford & Company announced that they will report Q4, 2023 results at 4:15 PM, US Eastern Standard Time on Mar 04, 2024 Declared Dividend • Feb 19
Third quarter dividend of US$0.07 announced Shareholders will receive a dividend of US$0.07. Ex-date: 23rd February 2024 Payment date: 8th March 2024 Dividend yield will be 2.2%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 8.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 83% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • Feb 10
Crawford & Company Declares Dividend, Payable on March 8, 2024 Crawford & Company® announced that on February 8, 2024, at its regular quarterly meeting, the Board of Directors declared a quarterly dividend of $0.07 per share on the Class A Common Stock and $0.07 per share on the Class B Common Stock, payable on March 8, 2024, to shareholders of record as of the close of business on February 26, 2024. Duyuru • Nov 29
Crawford & Company Announces the Resignation of Joseph O. Blanco as President and as A Member of the Board of Directors, Effective December 31, 2023 On November 21, 2023, Joseph O. Blanco, President of Crawford & Company gave notice to the Company that he will resign from his position as President and as a member of the Board of Directors of the Company effective December 31, 2023. Mr. Blanco has served as a valuable member of the Board since May 15, 2020, and his decision to resign is not due to any disagreement. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: US$0.42 (vs US$0.31 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.42 (up from US$0.31 loss in 3Q 2022). Revenue: US$337.7m (up 14% from 3Q 2022). Net income: US$12.3m (up US$27.5m from 3Q 2022). Profit margin: 3.6% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Insurance industry in Germany. Duyuru • Oct 25
Crawford & Company to Report Q3, 2023 Results on Nov 06, 2023 Crawford & Company announced that they will report Q3, 2023 results at 4:15 PM, US Eastern Standard Time on Nov 06, 2023 Buying Opportunity • Oct 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.5%. The fair value is estimated to be €9.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Aug 10
Upcoming dividend of US$0.07 per share at 2.8% yield Eligible shareholders must have bought the stock before 17 August 2023. Payment date: 01 September 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.3%). Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: US$0.17 (vs US$0.12 in 2Q 2022) Second quarter 2023 results: EPS: US$0.17 (up from US$0.12 in 2Q 2022). Revenue: US$333.7m (up 14% from 2Q 2022). Net income: US$8.43m (up 45% from 2Q 2022). Profit margin: 2.5% (up from 2.0% in 2Q 2022). Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Insurance industry in Germany. Duyuru • Aug 01
Crawford & Company Declares Quarterly Dividend on Class A and Class B Common Stock, Payable on September 1, 2023 On July 28, 2023, Crawford & Company at its regular quarterly meeting, the Board of Directors of the company declared an increased quarterly dividend from $0.06 per share to $0.07 per share on both the Class A and Class B Common Stock, payable on September 1, 2023, to shareholders of record as of the close of business on August 18, 2023. Duyuru • Jul 23
Crawford & Company to Report Q2, 2023 Results on Aug 03, 2023 Crawford & Company announced that they will report Q2, 2023 results at 4:15 PM, US Eastern Standard Time on Aug 03, 2023 Duyuru • Jun 25
Crawford & Company(NYSE:CRD.A) dropped from Russell 2000 Value-Defensive Index Crawford & Company(NYSE:CRD.A) dropped from Russell 2000 Value-Defensive Index Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 3 highly experienced directors. Independent Director Cameron Bready was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • May 13
Crawford & Company Declares Quarterly Dividend on Class A Common Stock and Class B Common Stock, Payable on June 9, 2023 Crawford & Company announced that on May 12, 2023, at its regular quarterly meeting, the Board of Directors declared a quarterly dividend of $0.06 per share on the Class A Common Stock and $0.06 per share on the Class B Common Stock, payable on June 9, 2023, to shareholders of record as of the close of business on May 26, 2023. Reported Earnings • May 04
First quarter 2023 earnings released: EPS: US$0.22 (vs US$0.099 in 1Q 2022) First quarter 2023 results: EPS: US$0.22 (up from US$0.099 in 1Q 2022). Revenue: US$324.6m (up 16% from 1Q 2022). Net income: US$10.7m (up 110% from 1Q 2022). Profit margin: 3.3% (up from 1.8% in 1Q 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Insurance industry in Germany. 
