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.

Introducing RIPPLE, FPS’ Brand-New Leadership Program for Chief Residents

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

Guest Blog: How Mental Healthcare Coverage Is Evolving with the Help of AACP’s Level of Care for Utilization of Psychiatric and Addiction Services (LOCUS)

*This piece is edited from an original article published in the Spring 2021 Community Psychiatrist newsletter.

As part of our ongoing commitment to mental health, PRMS invited Michael Flaum, MD, President of the American Association for Community

Learn Important Issues to Avoid When Buying Malpractice Insurance this Insurance Awareness Day

In honor of Insurance Awareness Day this June 28, we want to ensure that everyone knows about all the benefits a medical professional liability policy through PRMS includes. In addition to insurance coverage, PRMS provides clients with our


PRMS is Tripling Refer a Colleague Donations This May!

In honor of Mental Health Awareness Month this May, PRMS is tripling every donation we make through our “Refer a Colleague” program, from $50 to $150 per referral received! From May 1 through May 31, 2021, PRMS will donate to the state psychiatric

Happy Doctors’ Day from Everyone at PRMS!

In recognition of National Doctor's Day, the team at PRMS would like to thank all healthcare providers and acknowledge the important work of psychiatrists and their dedication to the mental health and well-being of their patients. It is an honor to

PRMS Supports UN NGO Committee Promoting Mental Health Advocacy

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)