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Triple-S Management Corporation Announces Execution of Definitive Agreement to Acquire Managed Care Portfolio of La Cruz Azul de Puerto Rico, Inc.
Date:5/1/2009

Accretive Acquisition Solidifies Blue Cross Blue Shield Brand in Puerto Rico and the U.S. Virgin Islands

SAN JUAN, Puerto Rico, May 1 /PRNewswire-FirstCall/ -- Triple-S Management Corporation (NYSE: GTS), today announced that Triple-S Salud, Inc., its managed care subsidiary, has signed a definitive agreement to acquire certain managed care assets of La Cruz Azul de Puerto Rico, Inc. Triple-S Salud will pay a purchase price of approximately $10.5 million in cash, based on 131,000 expected members (including full rated and ASO lives).

The transaction, which will be funded with cash on hand, is expected to close on or about July 1, 2009, subject to customary closing conditions including certain third party consents. The transaction has already received regulatory approvals from the Insurance Commissioner of Puerto Rico and the Blue Cross Blue Shield Association.

The Blue Cross and Blue Shield Association has agreed to transfer the licensing rights of the Blue Cross brand in Puerto Rico and the Blue Cross Blue Shield brands in the U.S. Virgin Islands from the Blue Cross Blue Shield Association to Triple-S Management Corporation and Triple-S Salud, Inc. subject to the closing of the transaction and submission of final documentation.

La Cruz Azul de Puerto Rico is an independent licensee of the Blue Cross Blue Shield Association. The company offers medical, prescription drug, and dental coverage to individuals and employer groups of all sizes. Its premiums for the year ended December 31, 2008 were approximately $74 million. It operates under the Blue Cross brand in Puerto Rico. Established in 1943, La Cruz Azul de Puerto Rico is a wholly-owned subsidiary of Independence Holdings of Philadelphia.

Ramon M. Ruiz-Comas, President and
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SOURCE Triple-S Management Corporation
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