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), New York, NY (NAIC 35157) and the Program’s principal reinsurer, Transatlantic Reinsurance Company (TransRe).
As a psychiatrist at Montefiore Medical Center in the Bronx, Dr. Sonal Harneja, MD, often worked with people having their first psychotic episode. Much of her work involved reducing the stigma surrounding mental illness and educating patients and
As a part of PRMS’ ongoing commitment to behavioral health, we invited Doctor Frank Perkins, PGY-3 Psychiatry Resident at the University of Mississippi Medical Center Department of Psychiatry to be featured as our guest blogger this month.
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