In 1986, a gallon of gas was 89 cents, the average cost of a new house was $89,430, and the country was in the midst of an insurance crisis making malpractice insurance difficult to find. Facing a lack of coverage for its members, in 1984 the American Psychiatric Association established its own insurance program and in 1986, founded Professional Risk Management Services (PRMS) to manage that program. Although since that time, there have been changes in ownership, PRMS has never changed its focus from being of service to psychiatrists.
We have managed over 309,000 psychiatric polices through the years and it has been a privilege to have been of service to psychiatrists. Our focus on expertise, collaboration, and personalized service has made us a true partner to the profession. We also take pride in being a company that cares about community – locally and nationally – and have participated in many initiatives focused on mental health awareness.
We look forward to 30 more years!
PRMS is a member of the Alleghany Corporation (NYSE: ‘Y’) family of companies. Alleghany Corporation is a Fortune 500 U.S. - domiciled company. The Alleghany companies include both The Psychiatrists’ Program’s insurance carrier, Fair American Insurance and Reinsurance Company (FAIRCO), New York, NY (NAIC 35157) and the Program’s principal reinsurer, Transatlantic Reinsurance Company (TransRe). The previous service team from PRMS that managed the PRMS brand, program and website, now manage the PRMS brand, program and website on behalf of FAIRCO as of October 1, 2019.
As part of PRMS’ ongoing commitment to behavioral health, we are pleased to feature Florida Psychiatric Society’s (FPS) Kendra Adams, Executive Director, and Yasmin Khan-Hohensee, MBA, MSW, Assistant Director, as guest bloggers this month to share
*This piece is edited from an original article published in the Spring 2021 Community Psychiatrist newsletter.
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