Rimkus Consulting Group, a Houston-based forensic engineering and technical consulting firm, has acquired Loss Management Solutions (LMS), a Southlake, TX-based consulting firm specializing in commercial property insurance claims.
Founded in 2011, LMS helps insurance carriers, policy holders, and contractors ensure fair and reasonable pricing in every phase of commercial property loss, including pre-loss, loss, and post-loss. The firm specializes in property damage restorations – including remediation, reconstruction, and heavy equipment and machinery – and works with clients facing disasters such as fires, floods, explosions, hurricanes, tornadoes, earthquakes, and hail.
The firm’s services include pre-loss assessment, vendor RFP, reconstruction assessment, project oversight, invoice analysis, and dispute resolution, and expert testimony.
LMS has more than 20 professionals nationwide, according to LinkedIn.
Rimkus’ acquisition of LMS will add complementary services in property damage consulting. The LMS team will form a new building consulting practice within Rimkus.
“As we shift to growing other areas of our business, we’re excited by the complementary expertise LMS offers our company. With three decades of combined experience, LMS has a strong reputation for providing innovative solutions and saving clients both money and time. We have no doubt that with this newly acquired practice area, our clients will see an elevated experience when partnering with us,” said Curtis Brown, chairman and executive director, Rimkus Consulting Group.
Natural disasters contributed to insured losses totaling $42 billion globally in the first half of 2021 according to a Swiss Re report – well above the previous ten-year average of $33 billion. The reinsurer says climate change is driving increasing losses.
“The effects of climate change are manifesting in warmer temperatures, rising sea levels, more erratic rainfall patterns, and greater weather extremes,” said Swiss Re’s Martin Bertogg in the report. “Taken together with rapid urban development and accumulation of wealth in disaster-prone areas, secondary perils, such as winter storms, hail, floods, or wildfires, lead to ever-higher catastrophe losses.”
According to a recent study from American Geophysical Unions, approximately 60% of properties in the US are now threatened by natural disasters – fueled by development of structures in disaster hotspots (e.g. the Gulf Coast and California), land use changes, and climate change.
“We’re excited for the opportunity to join a global leader such as Rimkus,” said Wes Carlton, managing principal of Loss Management Solutions, who will lead the new building practice as vice president. “We got to this point by remaining focused on building deep relationships and providing services that help reduce cost and time. This is a perfect partnership, and we look forward to continuing to grow our services and team,”
Founded in 1983, Rimkus provides forensic engineering, technical consulting, and expert witness services to insurance companies, law firms, corporations, and government agencies. The Houston-based firm has more than 750 people in 95+ offices across the US, Canada, and the UK.
Rimkus earlier this year acquired Sullivan Engineering, a New York-based building envelope consulting firm, and M & E Engineering Consultants, a Toronto-based firm specializing in mechanical, electrical, and fire safety engineering for buildings.