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 Scholarship Fund for Residents

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

Awards and Fellowships Worth Considering

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

The Life of PRMS: Jenna Quinn, CMP, Senior Manager, Events and Promotions

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


PRMS Endows Child Psychiatry Fellowship for GAP

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,

PRMS Celebrates 30 Year Anniversary

Professional Risk Management Services, Inc. (PRMS) celebrated its 30th year in November 2016 and plans to recognize the milestone throughout the upcoming year with special client initiatives, a series of 30 service projects and more.

“We are

The PRMS Enhanced Policy Protects You From Emerging Risks

Policy Enhancement_Header

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