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Triple-S Management Corporation

Triple-S Management Corporation
Company nameTriple-S Management Corporation
Company typePublic
Nyse - GTS
IndustryFinance and Insurance
FoundedSan Juan, Puerto Rico; 1959
HeadquartersSan Juan, Puerto Rico
Key peopleCPA Ramón M. Ruiz, President & CEO
Eugenio Fernández Cerra, founder
Medical insurance
Life insurance
Property insurance
Revenue(+) US$ 1.43 billion (2005)
Net income(+) US$ 40.8 million (2007)
Employees2,278 (2007)

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The Triple-S Management Corporation (Nyse - GTS) —commonly known as Triple-S, Triple SSS, or SSS— is an insurance holding company based in San Juan, Puerto Rico which offers a wide range of insurance products and services in Puerto Rico through its wholly owned subsidiaries. Founded on 1959, it has become the largest medical insurance provider in Puerto Rico thanks to its licensed affiliation with the Blue Cross and Blue Shield Association, and is one of the major participants in the Puerto Rico health reform program, which provides free and low-cost medical coverage to impoverished citizens. Its headquarters are located at 1441 Franklin D. Roosevelt Ave., in the San Patricio section of San Juan.

The company’s income is derived exclusively from insurance premiums charged to members, and the company holds a substantial market share in Puerto Rico equal to 33%, 8%, and 25% of the medical insurance, property and casualty insurance, and life insurance segments, respectively, based on net insurance premiums. The company provides coverage through its different insurance services to approximately 1.2 million Puerto Ricans, more than 25% of the territorial population.[ Its rapid growth was aided in part to a total income tax exemption issued in 1979 by the Puerto Rico Treasury Department (Departamento de Hacienda in Spanish), however this was terminated on December 31, 2002 since the exemption was redefined to apply to life insurance companies only.

On January 13, 2006, the company’s Board of Directors issued a statement to announce plans to convert the company from a privately held company into a publicly traded corporation. Just 18 days later, on January 31, 2006, Triple-S acquired the Great American Assurance Company of Puerto Rico, also known as GA Life Puerto Rico, for $37.5 million and began to merge its operations with its own life insurance subsidiary Seguros de Vida Triple-S, Inc. in order to expand its market share in the life insurance segment.

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