Professional Risk

What Professional Risk does

Professional Risk Associates, Inc. is a Virginia-based specialty healthcare insurance agency founded in 1989 and acquired by Risk Strategies in January 2024. It serves physicians, medical practices, and allied healthcare providers with medical professional liability coverage and related risk products. The company reports over 6,000 medical professionals as clients, is licensed in 36 states, and has historically focused much of its business in the Mid-Atlantic region.

Its core product set includes medical professional liability insurance, cyber liability, government regulatory coverage, management liability, workers' compensation, business owners policies, disability and life coverage, advanced practice clinician coverage, and state-specific malpractice offerings. The business is tech-enabled rather than software-led: client services include the CSR24 portal for policy and claims administration, Mineral/ThinkHR compliance resources, and Procuity, a proprietary risk analytics program for healthcare risk management.

Professional Risk operates as an independent insurance agency representing multiple carrier partners and selling through licensed Property & Casualty agents. Revenue is generated primarily through insurance commissions from placing coverage, with quote-based annual pricing that varies by coverage type, physician specialty, practice size, claims history, and geography. Partnerships with medical societies, risk purchasing groups, carriers, and the Risk Strategies National Healthcare Practice extend distribution and support premium discount programs for client groups.

Name

Professional Risk

Legal name

Professional Risk Associates, Inc.

Website

https://profrisk.com

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

11–50 employees

Short description

Professional Risk is a Virginia-based specialty healthcare insurance agency serving physicians and medical practices with medical professional liability, cyber, regulatory, management liability, workers’ compensation and related coverage, distributed through licensed agents and carrier partnerships.

Ownership category

akta.pro rank

Product category

Medical Professional Liability Insurance Brokerage

NAICS

Insurance Agencies and Brokerages (52421)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Professional Liability (Errors & Omissions) (FSAJADAB)

akta.pro secondary industry

Professional Liability (E&O) (FSAJAGAC)

Keywords

• Medical malpractice insurance
• Healthcare insurance brokerage
• Medical professional liability
• Cyber liability coverage
• Risk management services

Headquarters

HQ city

Midlothian

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Insurance Commission Revenue: As an independent insurance agency, PRA earns commissions from insurance carrier partners for placing coverage for medical professionals. Represents top-rated insurance companies to bring tailored coverage options to physicians.
2. Risk Purchasing Groups: Fostered risk purchasing groups that bring physicians premium credits through collective purchasing power with carrier partners like Curi and MSNVA RPG.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Professional Risk Associates (PRA) is an independent insurance agency that places medical professional liability insurance and complementary coverage lines (cyber liability, government regulatory, management liability, workers' compensation, business owners policies, disability and life) for physicians, medical practices, and allied healthcare providers. Operating as a multi-carrier broker, it represents top-rated insurance companies to develop tailored coverage programs, supported by risk purchasing groups and client service tools such as the proprietary PROCUITY risk analytics program, the CSR24 client portal, and ThinkHR/Mineral HR resources.

Product overview

Professional Risk Associates is a specialty healthcare insurance agency offering a comprehensive portfolio of medical professional liability insurance solutions along with complementary coverage lines. The core offering is Medical Professional Liability Insurance, supported by add-on modules including Cyber Liability, Government Regulatory Coverage, Management Liability, Workers' Compensation, Business Owners Policies, Disability & Life Coverage, and Advanced Practice Clinician Coverage. State-specific programs cover DC, MD, NY, NC, SC, VA, and WV. Client services include CSR24 portal, ThinkHR/Mineral HR resources, and the proprietary Procuity risk analytics program. Risk purchasing groups such as the MSNVA RPG and WVSMA Insurance Program provide group purchasing power for members.

Differentiator

Problem solved

Functional benefit

Products and services

• Medical Professional Liability Insurance Primary insurance coverage protecting physicians and medical professionals against claims of negligence, errors, or omissions in patient care, placed through multiple top-rated carrier partners.
• Cyber Liability Insurance Stand-alone cyber policy providing coverage for business interruption, dependent business interruption, legal and forensic costs, PR and crisis management, and notified individuals coverage for medical practices.
• Government Regulatory Coverage Insurance coverage for government regulatory investigations, hearings, and related legal expenses faced by medical practices.
• Management Liability Insurance Coverage including employment practices liability, directors and officers insurance, and fiduciary coverage tailored to medical practice businesses.
• Workers' Compensation Insurance Coverage for workplace injuries and illnesses affecting employees of medical practices, with basic limits starting at $100,000 per accident for bodily injury.
• Business Owners Policies Comprehensive coverage combining property and liability protection for medical practice businesses.
• Disability & Life Coverage Income protection and life insurance coverage for healthcare professionals.
• Advanced Practice Clinician Coverage Specialized liability coverage for nurse practitioners, midwives, and other advanced practice clinicians, including allied healthcare providers.
• Procuity Risk Analytics Program Proprietary, trademarked risk analytics program providing data analysis and insights for physicians and medical practices to assess and manage practice risks.
• MSNVA Risk Purchasing Group Group purchasing program for Medical Society of Northern Virginia members offering premium credits and discounts through carrier Curi, leveraging collective purchasing power.
• WVSMA Insurance Program West Virginia State Medical Association endorsed insurance program providing coverage and premium products to West Virginia physicians through carrier partner West Virginia Mutual Insurance Company.

Quantifiable outcome

• Protected thousands of insureds with comprehensive medical professional liability coverage over 34+ years
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered flagship and core.

• Risk StrategiesflagshipStrategic or Co-development Partner · 25 January 2024Professional Risk Associates acquired by Risk Strategies, a leading national specialty insurance brokerage and risk management firm. PRA joins Risk Strategies National Healthcare Practice, one of the country's largest and most experienced national practices focused exclusively on the healthcare industry.
• Tokio Marine HCCcoreChannel Partner/ Reseller/ Distributor · 15 September 2021Cyber liability insurance partner offering CyberNET services including risk scans, cyber training, access to cyber experts, and multi-factor authentication setup assistance.
• CoalitioncoreChannel Partner/ Reseller/ Distributor · 15 September 2021Cyber liability insurance partner providing Coalition Control portal with free cyber security tools, automated threat alerts, security benchmarking, and 24/7 incident response teams.
• At-BaycoreChannel Partner/ Reseller/ Distributor · 15 September 2021Cyber liability insurance partner providing active risk monitoring, real-time security alerts, security team support, and incident response expertise.
• SVMIC (State Volunteer Mutual Insurance Company)coreChannel Partner/ Reseller/ Distributor · 19 April 2021SVMIC partners with Professional Risk Associates to assist physicians in the Mid-Atlantic region with medical professional liability coverage.
• BeazleycoreChannel Partner/ Reseller/ Distributor · 8 July 2019Partnered with Beazley to bring clients a stand-alone cyber policy providing coverage for business interruption, dependent business interruption, legal and forensic, PR and crisis management, and notified individuals coverage.
• The Doctors Company (TDC)coreChannel Partner/ Reseller/ Distributor · 4 October 2018The Doctors Company is an admitted carrier and the largest physician-owned medical malpractice insurer. Rated 'A' for financial strength by A.M. Best Company and Fitch Ratings. PRA works alongside TDC to bring New York physicians advanced coverage options and unparalleled client services.
• West Virginia State Medical Association (WVSMA)coreStrategic or Co-development Partner · 1 January 2017In 2017, Professional Risk partnered with WVSMA to create the WVSMA Insurance Program delivering insurance services and solutions to WVSMA members.
• West Virginia Mutual Insurance CompanycoreChannel Partner/ Reseller/ Distributor · 1 January 2017Endorsed carrier for WVSMA Insurance Program providing top-notch coverage and premium insurance products to West Virginia physicians.
• Medical Society of Northern Virginia (MSNVA)coreStrategic or Co-development Partner · 1 January 2007Corporate partner with MSNVA since 2007. Together created the MSNVA Risk Purchasing Group (RPG) providing members additional discounts through carrier partner Curi. RPG members enjoy 20% membership discount and up to 30% in preferred physician discounts.
• CuricoreChannel Partner/ Reseller/ Distributor · 1 January 2007Insurance carrier partner for MSNVA RPG providing preferred physician discounts up to 30% for members of the risk purchasing group.
• Mineral (ThinkHR)coreTechnology or IntegrationComplimentary HR compliance resource and risk management toolkit available to all PRA clients as part of exclusive client benefits.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Coverys: Medical professional liability insurer serving physicians, hospitals, and healthcare systems. A direct specialty carrier peer competing in the same physician malpractice distribution channels.
• The Doctors Company: The largest physician-owned medical malpractice insurer in the U.S., rated 'A' by A.M. Best. A key carrier partner of PRA for advanced coverage options in markets like New York and a direct competitor/partner at the MPL distribution layer.
• Curi: Physician-focused medical liability insurer and carrier partner for PRA's MSNVA Risk Purchasing Group. Curi offers MPL, health, and practice solutions to medical practices, overlapping directly with PRA's core product offering.
• MedPro Group: National medical professional liability insurer providing MPL and healthcare liability coverage. A direct specialty competitor in the physician malpractice market, with comparable carrier-side and agency relationships.
• ProAssurance: Specialty insurer with a significant medical professional liability business following its NORCAL acquisition. Competes directly for physician MPL accounts across multiple states, with broader healthcare liability offerings.
• MAG Mutual Insurance Company: Physician-owned medical professional liability insurer offering MPL and risk solutions to doctors and medical practices. A direct specialty carrier peer with comparable physician-focused products and risk purchasing group capabilities.
• SVMIC (State Volunteer Mutual Insurance Company): Medical professional liability carrier partnered with PRA since 2021 to provide MPL coverage to physicians in the Mid-Atlantic. Operates as a direct specialty MPL carrier with comparable physician-focused underwriting.

Broad incumbents

• Arthur J. Gallagher & Co. Global insurance brokerage and risk management firm with a dedicated healthcare practice. A broad incumbent that competes for specialty healthcare agency mandates and offers comparable distribution scale and carrier access.
• Risk Strategies: National specialty insurance brokerage and the parent company of Professional Risk Associates since January 2024. Operates a dedicated National Healthcare Practice and provides overlapping capabilities in medical professional liability and broader commercial insurance distribution.
• Hub International: Large North American insurance brokerage with significant specialty and healthcare practice capabilities. Operates as a broad incumbent competitor in distributing medical professional liability and broader commercial insurance to healthcare clients.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Prof_Risk
• Facebookfacebook.com/professionalriskassociates
• LinkedInlinkedin.com/company/professional-risk-associates

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 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