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 with approximately $23.4 billion in assets. Through our parent company, CapSpecialty, Inc., we are an indirect, wholly-owned subsidiary of Alleghany Corporation.
The Alleghany companies also include both The Psychiatrists’ Program’s insurance carrier, Fair American Insurance and Reinsurance Company (FAIRCO), and the Program’s principal reinsurer, Transatlantic Reinsurance Company (TransRe).
The Texas Society of Psychiatric Physicians (TSPP) has created the TSPP Resident-Fellow Member Travel Scholarship Fund, helping to cover part of the travel costs residents face while attending meetings hosted by TSPP. This initiative will kick into
Are you interested in finding available fellowships and awards for yourself or a colleague? We are pleased to share the following information regarding three organizations that are offering awards and fellowships.
Association of Women
Prior to joining the PRMS team, I didn’t know anything about the insurance industry. I worked for a nonprofit organization planning an annual food and wine fundraising event. When I learned about the position with PRMS, I decided to explore the
Limited access to mental health care has far-reaching implications for children and adolescents with psychiatric illnesses or family dysfunction. Left untreated, mental illness in young people can lead to problems at school, at home and with peers,
Does your medical professional liability insurance policy provide coverage for all risks associated with your practice?
The practice of psychiatry is constantly evolving, causing an increase in liability risks. Recent state mandates for