Triple-S Management Corporation
Encyclopedia
The Triple-S Management Corporation —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.http://www.ssspr.com/SSSPortal/AboutTripleS/history.htm 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.
(by September 30, 2007)
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
based in San Juan
San Juan, Puerto Rico
San Juan , officially Municipio de la Ciudad Capital San Juan Bautista , is the capital and most populous municipality in Puerto Rico, an unincorporated territory of the United States. As of the 2010 census, it had a population of 395,326 making it the 46th-largest city under the jurisdiction of...
, Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
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
Blue Shield
Blue Shield may refer to:*Blue Cross and Blue Shield Association*International Committee of the Blue Shield*Blue Shield , a Marvel Comics Superhero...
Association, and is one of the major participants in the Puerto Rico health reform
Puerto Rico Health Reform
The Puerto Rico Health Reform , locally referred to simply as the Reform is a government-run program which provides medical and healthcare services to indigent and impoverished citizens of Puerto Rico by means of contracting private health insurance companies, as opposed to the traditional system of...
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.http://www.ssspr.com/SSSPortal/AboutTripleS/history.htm 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.
Stats
(by 2005)- Had over $1.137 billion in assets (2005)
- Approx. 1,860 employees.
- 28.4 million in net income (pg 8)
(by September 30, 2007)
- 2,278 full-time employees and 301 temporary employees (pg 97)
- 40.8 million in net income (pg 8)
Subsidiaries
- 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)
- HumanaHumanaHumana Inc. , founded in 1961 in Louisville, Kentucky, is a Fortune 100 company that markets and administers health insurance. With a customer base of over 11.5 million in the United States, the company is the largest Fortune 100 company headquartered in the Commonwealth of Kentucky, and has a...
- Medical One
- Medical Card Systems
- Puerto Rico Life Insurance Cooperative (Cooperativa de Seguro de Vida de Puerto Rico, or COSVI, in Spanish)