Triple-S Management Corporation

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Triple-S Management Corporation
Type Public
Industry Finance and Insurance
Founded San Juan, Puerto Rico; 1959
Headquarters San Juan, Puerto Rico
Key people CPA Ramón M. Ruiz, President & CEO
Eugenio Fernández Cerra, founder
Products Insurance
Medical insurance
Life insurance
Property insurance
Revenue Increase US$ 1.43 billion (2005)[1]
Net income Increase US$ 40.8 million (2007)[2]
Employees 2,278 (2007)[2]
Website www.ssspr.com

The Triple-S Management Corporation —commonly known as Triple-S, 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.[1] The company provides coverage through its different insurance services to approximately 1.2 million Puerto Ricans, more than 25% of the territorial population.[1] 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.[1]

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.[1]

Stats[edit]

(by 2005)

  • Had over $1.137 billion in assets (2005)[1]
  • Approx. 1,860 employees.
  • 28.4 million in net income [2] (pg 8)

(by September 30, 2007)

  • 2,278 full-time employees and 301 temporary employees [2] (pg 97)
  • 40.8 million in net income [2] (pg 8)

Subsidiaries[edit]

  • Triple-S, Inc. – Its main subsidiary, Triple S is dedicated to providing medical insurance to companies, organizations, governments, and individuals through its Commercial Program, as well as participating in the Puerto Rico Health Reform Program.
  • Seguros Triple-S, Inc. - A property and casualty insurance company.
  • Seguros de Vida Triple-S, Inc. - A life and disability insurance and annuity products company.
  • GA Life Puerto Rico – A life insurance company currently being merged with Seguros de Vida Triple-S, Inc.
  • Triple-C, Inc. – Serves as a third-party administrator of Triple-S health reform participation.
  • Interactive Systems, Inc. – Provides processing services to Triple-S Management Corporation and its subsidiaries.

Competitors (in Puerto Rico)[edit]

  • Humana
  • Medical One
  • Medical Card Systems
  • Puerto Rico Life Insurance Cooperative (Cooperativa de Seguro de Vida de Puerto Rico, or COSVI, in Spanish)

References[edit]

  1. ^ a b c d e Triple-S Management Corporation Annual Report (Form 10-K) for the fiscal year ended on December 31, 2005, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, accessed on November 4, 2006.
  2. ^ a b c d e Triple-S Management IPO Class B Stock offering. Shares of Class B common stock have been approved for listing on the New York Stock Exchange under the symbol GTS.

External links[edit]