TheĀ Triple-S Management CorporationĀ ācommonly known asĀ Triple-S, orĀ SSSā is an insuranceĀ holding companyĀ based inĀ San Juan,Ā Puerto Rico, which offers a wide range of insurance products and services in Puerto Rico through itsĀ wholly owned subsidiaries. Founded on 1959, it has become the largest medical insurance provider in Puerto Rico thanks to its licensed affiliation with theĀ Blue CrossĀ andĀ Blue ShieldĀ Association, and is one of the major participants in theĀ Puerto Rico health reformĀ 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 companyās 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.Ā The company provides coverage through its different insurance services to approximately 1.2 million Puerto Ricans, more than 25% of the territorial population.Ā 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 companyās 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 theĀ Great American Assurance CompanyĀ 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.
