Professional Risk Management Services

What Professional Risk Management Services does

Professional Risk Management Services (PRMS) is a national medical professional liability insurance program manager that has specialized exclusively in psychiatric and behavioral healthcare providers since its founding in 1986. Headquartered in Arlington, Virginia, PRMS operates as a division of Fair American Insurance and Reinsurance Company (FAIRCO), a wholly owned subsidiary of Transatlantic Reinsurance Company within the Berkshire Hathaway group. Its primary offering, The Psychiatrists' Program, delivers occurrence and claims-made malpractice coverage to individual psychiatrists, residents and fellows, early career psychiatrists, forensic psychiatrists, telepsychiatry practitioners, and multi-disciplinary behavioral healthcare group practices across all U.S. states. The carrier backing carries A++ (AM Best) and AA+ (S&P) financial strength ratings. Since inception, PRMS has managed more than 309,000 psychiatric policies, handled over 31,000 in-house claims, and addressed more than 91,000 psychiatry-specific risk management issues.

PRMS's product platform layers insurance with an integrated risk management and education stack. Core policies include individual coverage (with up to 80% premium discounts for residents and early career psychiatrists), group coverage spanning psychiatrists, nurse practitioners, psychologists, social workers, and therapists, plus add-on modules for telepsychiatry, forensic services, administrative defense (up to $150,000), and emerging risks (HIPAA, data breach, assault, practice interruption, Medicare/Medicaid defense). Service layers include the Risk Management Consultation Service (RMCS) helpline staffed by professionals with legal and clinical backgrounds, the PRMS U online educational portal, Risk Management Seminars (CME-accredited), the PREP residency program, Psych-Cess webinars, Risk Management Rounds, and a mock trial teaching resource. ACCME accreditation with commendation supports the educational suite.

PRMS generates revenue through insurance premiums underwritten by FAIRCO under a quote-based, individually underwritten pricing model with annual billing cadence. Distribution combines direct sales (website and 800-number), licensed insurance brokers, surplus lines via Fair American Select Insurance Company (FASIC) for non-standard risks, and referral partnerships with 40+ state psychiatric associations and national organizations including AAGP, AAPAL, AACP, and GAP. Brand-building initiatives include the AAGP Honors Scholars Program (2022) and the PRMS GAP Fellowship in Child Psychiatry (2017). With a headcount of 11-50 employees and operations anchored in deep specialty expertise, PRMS functions as a focused program manager leveraging the financial scale and stability of its Berkshire Hathaway parent.

Name

Professional Risk Management Services

Legal name

Professional Risk Management Services, Inc.

Website

https://prms.com

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

11–50 employees

Short description

Professional Risk Management Services (PRMS), founded in 1986 and backed by Berkshire Hathaway's Transatlantic Reinsurance, is a national medical professional liability insurance program manager specializing exclusively in psychiatric and behavioral healthcare providers across the United States.

Ownership category

akta.pro rank

Product category

Medical Professional Liability Insurance

NAICS

Direct Health and Medical Insurance Carriers (524114)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Healthcare Professional Liability (Med Mal) (FSAJAGAE)

akta.pro secondary industries

Medical Malpractice Liability (FSAJADAK), Medical Malpractice Reinsurance (FSAOADAJ)

Keywords

• Medical professional liability insurance
• Psychiatric malpractice insurance
• Risk management consulting
• Behavioral healthcare insurance
• Claims management services

Headquarters

HQ city

Arlington

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Medical Professional Liability Insurance Premiums: PRMS generates revenue through premiums charged for psychiatric medical professional liability insurance policies. They offer both occurrence and claims-made policies for individual psychiatrists and group practices. Premiums are based on underwriting analysis including practice locations, claim history, limits of liability, and number of insureds. The company provides up to 80% premium discounts for residents and early career psychiatrists.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels8 records

Core offering

Professional Risk Management Services (PRMS) manages The Psychiatrists' Program, a national medical professional liability insurance program providing occurrence and claims-made malpractice policies for individual psychiatrists and behavioral healthcare group practices. Coverage is issued through Fair American Insurance and Reinsurance Company (FAIRCO), and is bundled with psychiatry-specific risk management services including a toll-free consultation helpline, CME-accredited educational programming, and in-house claims handling.

Product overview

Professional Risk Management Services (PRMS) operates as a national medical professional liability insurance program manager specializing in behavioral healthcare. The company's primary offering is The Psychiatrists' Program, which provides psychiatric-specific insurance through Fair American Insurance and Reinsurance Company (FAIRCO). PRMS delivers a comprehensive platform combining core insurance products (individual and group coverage for psychiatrists, nurse practitioners, and other behavioral healthcare providers) with integrated service modules including risk management education (PRMS U, PREP, Risk Management Seminars, Psych-Cess Webinars), expert consultation services (RMCS helpline), and specialized coverage add-ons (telepsychiatry, forensic services, administrative defense, enhanced emerging risks protection). The portfolio also includes teaching resources such as mock trials and monthly risk management rounds for residents and fellows. PRMS positions itself as offering more than insurance, providing psychiatry-specific support including 91,000+ risk management issues addressed and 31,000+ psychiatric claims handled since 1986.

Differentiator

Problem solved

Functional benefit

Brands

• The Psychiatrists' Program: The professional liability insurance program for psychiatrists managed by PRMS

Products and services

• The Psychiatrists' Program

Quantifiable outcome

• 309,000+ psychiatric policies managed since 1986
• +4 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

15 partnerships are on record, tiered core and minor.

• American Association for Geriatric Psychiatry (AAGP)coreGTM or Marketing Partner · 1 January 2022PRMS sponsors the AAGP Honors Scholars Program, enabling psychiatry residents to attend the AAGP Annual Meeting. This partnership supports PRMS's commitment to behavioral health and helps develop relationships with future geriatric psychiatrists.
• Group for Advancement of Psychiatry (GAP)coreStrategic or Co-development Partner · 1 October 2017PRMS endowed the PRMS GAP Fellowship in Child Psychiatry to support training of future child psychiatrists. GAP is a think tank of leading psychiatric minds founded in 1946 with 300+ members across the U.S. and Canada.
• American Association for Community Psychiatry (AACP)coreGTM or Marketing PartnerAACP is a Partner-level organization. PRMS supports AACP's mission and awards including the AACP 2025 Poster Contest and Innovations in Health Services Award.
• American Association for Psychiatric Administration and Leadership (AAPAL)coreGTM or Marketing PartnerAAPAL is a Partner-level organization. PRMS supports AAPAL's annual meeting through travel grants for residents to attend.
• Transatlantic Reinsurance CompanycoreOthersPRMS is a division of Fair American Insurance and Reinsurance Company (FAIRCO), which is a wholly owned subsidiary of Transatlantic Reinsurance Company, a leading global reinsurer headquartered in New York and member of the Berkshire Hathaway group of companies.
• Fair American Insurance and Reinsurance Company (FAIRCO)coreOthersFAIRCO is the program carrier for PRMS insurance products. FAIRCO is rated A++ by AM Best and AA+ by Standard & Poor's (NAIC 35157). FAIRCO is authorized carrier in California (ID 3715-7).
• Fair American Select Insurance Company (FASIC)minorOthersFASIC provides surplus malpractice coverage for non-standard and capacity risks that may not fit standard admitted coverage.
• PsychSummitminorGTM or Marketing PartnerPsychSummit is a national brainstorming series founded by Colorado Psychiatric Society and New York County Psychiatric Society. PRMS supports this initiative as a partner.
• State Psychiatric Associations (40+ organizations)coreGTM or Marketing PartnerPRMS supports and partners with numerous state psychiatric associations including NYSPA, Florida Psychiatric Society, Colorado Psychiatric Society, and many others at various sponsorship levels (Platinum, Gold, Silver, Bronze, Corporate Supporter, Sponsor).
• National Alliance on Mental Illness (NAMI)minorGTM or Marketing PartnerPRMS supports NAMI through the Refer a Colleague program and corporate giving initiatives.
• Give an HourminorGTM or Marketing PartnerPRMS supports Give an Hour, a nonprofit providing free mental health services to U.S. military personnel and families.
• SAMHIN (South Asian Mental Health Initiative and Network)minorGTM or Marketing PartnerPRMS supports SAMHIN's mission to support mental health in the South Asian community.
• Boris Lawrence Henson FoundationminorGTM or Marketing PartnerPRMS provides corporate giving support to this organization working on mental health issues.
• The Trevor ProjectminorGTM or Marketing PartnerPRMS supports The Trevor Project through #GivingTuesday initiatives.
• Child Mind InstituteminorGTM or Marketing PartnerPRMS supports Child Mind Institute through annual holiday giving programs.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• The Doctors Company: The Doctors Company is the largest physician-owned medical professional liability insurer in the U.S., serving physicians of all specialties including psychiatry. It overlaps directly with PRMS in medical malpractice coverage and competes for psychiatric practices seeking specialty-aligned coverage.
• MedPro Group: MedPro Group is a Berkshire Hathaway-affiliated medical professional liability carrier providing occurrence and claims-made malpractice coverage to physicians and allied health providers, including behavioral health professionals. Its scale and similar specialty-MPL focus make it a direct comparator to PRMS, especially given the shared Berkshire ownership chain.
• Coverys: Coverys is a physician-led medical professional liability insurer serving healthcare providers across many specialties. It offers med-mal coverage and risk management services to physicians and groups, directly comparable to PRMS's psychiatry-focused MPL program.
• ProAssurance: ProAssurance is a specialty-property/casualty insurer focused on medical professional liability for physicians and healthcare providers, with established distribution across specialty segments. It is comparable to PRMS as a physician-focused med-mal carrier.
• NORCAL Group (now part of BHS Insurance): NORCAL Group provides medical professional liability coverage to physicians, including specialists and group practices, and is now part of BHS Insurance. Its specialty-MPL focus and group-practice programs overlap directly with PRMS's psychiatry offering.
• MagMutual: MagMutual is a physician-owned medical professional liability carrier offering malpractice insurance and risk management to physicians across specialties, including psychiatry. Its mutual ownership and physician-led model position it as a direct peer to PRMS in serving specialty physician practices.
• Medical Protective (a Berkshire Hathaway company): Medical Protective is a Berkshire Hathaway-owned medical professional liability insurer providing malpractice coverage and risk management to physicians and groups. It is functionally a sister company to PRMS under the same Berkshire umbrella, and competes for specialty physician business.

Emerging players

• Healthcare Providers Service Organization (HPSO): HPSO is a healthcare providers' professional liability program administrator offering malpractice and liability coverage to nurses, allied health, and certain mental health practitioners. It overlaps PRMS in professional-liability program administration for behavioral health providers, though it is broader and not psychiatry-exclusive.

Broad incumbents

• CNA Financial: CNA Financial is a major commercial property-and-casualty insurer with a sizable healthcare professional liability unit serving hospitals, physicians, and allied professionals. Its healthcare liability line is a broad incumbent alternative to PRMS's specialty psychiatrist-focused program.
• Beazley Group: Beazley is a specialty insurance carrier with professional liability lines including medical malpractice, healthcare liability, and cyber for providers. Its specialty insurance portfolio makes it a broader comparator to PRMS in healthcare professional liability underwriting.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/prms
• YouTubeyoutube.com/channel/UC2X0miiYaai2QtSafzzXCyQ
• Facebookfacebook.com/PRMSprograms
• LinkedInlinkedin.com/company/prmsprograms
• Instagraminstagram.com/prmsprograms

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Professional Risk Management Services