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 200,000 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.
In keeping with PRMS’ mission to support the greater behavioral health community, we invited Vasudev Makhija, MD, DLFAPA, founder and president of the South Asian Mental Health Initiative and Network (SAMHIN), and a past president of the New Jersey
With sadness, we share the news that our former colleague, Jackie Melonas, passed away Sunday, February 7, 2021.
Jackie joined PRMS in 1998 as Director of Risk Management, and combining her experience as a clinical specialist in psychiatric nursing
PRMS team members traditionally wear red for American Heart Association’s (AHA) National Wear Red Day, which falls on the first Friday of February every year. And even though this year our group photo looks different from years past, PRMS is still
There’s no complete picture of health without mental health. But while public health organizations address the threat of COVID-19 and other disease threats, a passionate group of volunteer psychiatrists in consultation with the United Nations (UN)
This #GivingTuesday, in our efforts to continue supporting organizations helping our communities affected by COVID-19, PRMS is pleased to announce our annual holiday donations to Arlington Food Assistance Center, Kraftlove, and NAMI’s Frontline
As a part of PRMS’ ongoing commitment to behavioral health, we invited Head of PRMS, Tonya Davies, CPCU, ARe to reflect on her experiences since joining the company in October 2019 – when PRMS formally re-joined Transatlantic Reinsurance Company