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.
The Alleghany companies also 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).
PRMS kicked off 2020 by increasing charitable donations through our “Refer a Colleague” program to $50 – up $25 from 2019! But we are not stopping there – throughout the entire month of April from Wednesday, April 1 to Thursday, April 30, we are
As a part of PRMS’ ongoing commitment to behavioral health, we invited Anna Weaver-Hayes, MA, CAE, Executive Director of the Colorado Psychiatric Society and the Colorado Child and Adolescent Psychiatric Society, to share her insights as our
With sadness, we relay the news that our colleague Dave Torrans passed away on February 8, 2020, after a tenacious battle against cancer.
Dave was one of the first PRMS employees joining in the spring of 1988. He was dedicated to supporting
As a part of PRMS’ ongoing commitment to behavioral health, we invited Eunice Yuen, MD, PhD in New Haven, CT to be featured as our guest blogger this month.
An accomplished psychiatry fellow at the Yale Child Study Center, who works with young
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