Navigation Links
Triple-S Management Corporation Signs Letter of Intent to Acquire Managed Care Portfolio of La Cruz Azul de Puerto Rico, Inc.
Date:12/4/2008

SAN JUAN, Puerto Rico, Dec. 4 /PRNewswire-FirstCall/ -- Triple-S Management Corporation (NYSE: GTS) today announced that it has signed a non- binding letter of intent to acquire certain managed care assets of La Cruz Azul de Puerto Rico, Inc. In addition, the Company requested Blue Cross Blue Shield Association to transfer the licensing rights to the Blue Cross brand in Puerto Rico and the Blue Cross and Blue Shield brands in the US Virgin Islands to the Company and Triple-S, Inc., its managed care subsidiary. Terms of the proposed acquisition are not yet finalized and are subject to change. The completion of the transaction is subject to a number of customary conditions including final due diligence, approvals from the Insurance Commissioner of Puerto Rico and the Blue Cross Blue Shield Association, and completion of the negotiation of definitive documentation. The Company intends to fund the acquisition with cash and expects to complete the acquisition by the end of the first quarter of 2009.

La Cruz Azul de Puerto Rico is an independent licensee of the Blue Cross Blue Shield Association that offers medical, prescription drug, and dental coverage to individuals and employer groups of all sizes. Its annualized premiums for the year ended December 31, 2007 was approximately $88 million. Established in 1943, La Cruz Azul de Puerto Rico is a wholly-owned subsidiary of Independence Blue Cross, also an independent licensee of the Blue Cross Blue Shield Association.

Ramon M. Ruiz-Comas, President and Chief Executive Officer of Triple-S Management Corporation, stated, "This acquisition is an example of our disciplined strategy to extend our market leadership while creating long-term value for our shareholders. The acquisition of certain of La Cruz Azul's managed care assets represents an opportunity that allows us to consolidate the Blue Cross and Blue Shield brands under our Company and create great value and access to all of our members. We would be happy to have the opportunity to welcome La Cruz Azul members into our network. Once the transaction is completed, we anticipate a smooth and orderly transition."

There is no assurance that a definitive agreement will be executed and consummated or that the proposed transaction will be approved by the Insurance Commissioner of Puerto Rico. Terms of the acquisition will be announced once definitive documentation has been executed.

About Triple-S Management

Triple-S Management Corporation is an independent licensee of the Blue Cross Blue Shield Association. It is the largest managed care company in Puerto Rico, serving approximately one million members across all regions. Triple-S Management offers a broad portfolio of managed care and related products in the commercial, Medicare and Reform (similar to Medicaid) markets under the Blue Shield brand. In addition to its managed care business, Triple-S Management provides non-Blue Shield branded life and property and casualty insurance in Puerto Rico. For more information on Triple-S Management, please visit the Company's Web site at http://www.triplesmanagement.com.


'/>"/>
SOURCE Triple-S Management Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Triple-S Management Corporation Announces Full Exercise of Underwriters Over-Allotment Option
2. Triple-S Management Corporation to Present at UBS Global Healthcare Conference
3. Triple-S Management Corporation Reports Record Consolidated Operating Income, Net Income and EPS for 2007
4. Triple-S Management Corporation Schedules First-Quarter Earnings Release and Webcast
5. Triple-S Management Corporation Reports First Quarter 2008 Results; Cites Growth Resulting From Strong Market Position
6. Triple-S Management Corporation Schedules Second-Quarter Earnings Release and Webcast
7. Triple-S Management Corporation Reports Third Quarter 2008 Results; Board Approves Share Repurchase Authorization of up to $40 Million
8. Triple-S Management Corporation to Present at Credit Suisse 2008 Healthcare Conference
9. Case Management Cost-Effective Way to Cut Heart Risks
10. S.C. BlueCross to Integrate Care Management with Personal Health Record in Real Time
11. Marlabs in the Top 10 BPO Healthcare Revenue Cycle Management Companies
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/24/2017)... ... May 24, 2017 , ... NucleusHealth ™, advancing clinical ... U.S. Food and Drug Administration (FDA) 510(k) clearance for its ... platform for medical image management. At the core is patented streaming technology that ...
(Date:5/24/2017)... Cortland, OH (PRWEB) , ... May 24, 2017 , ... ... in Cortland, OH, can now meet with Dr. Joseph Bedich for a consultation, ... smiles while simultaneously improving their oral health and functionality. , Dr. Bedich ...
(Date:5/24/2017)... ... May 24, 2017 , ... Dr. Curry Leavitt, a noted ... Periodontal Practice) continuing education (CE) series. As a compassionate and dedicated clinician, Dr. ... attending numerous CE courses each year. His recent course, Course II of HP3, ...
(Date:5/24/2017)... ... May 24, 2017 , ... Accordant ... its solutions portfolio. ExtraHop delivers an analytics-first approach, layered with machine learning, that ... from the datacenter to the cloud to the edge. Through the new partnership, ...
(Date:5/24/2017)... ... 2017 , ... Rob Lowe is a sought after actor, and also serves ... the public important topics from all aspects of life, and a new segment is ... feet and ankles. , Podiatry is essential to people’s overall well-being, and if viewers ...
Breaking Medicine News(10 mins):
(Date:5/10/2017)... 10, 2017 Radiology has become the number ... have also spiraled to the number one ranking as ... than ever before as the most complete and reliable ... with lower back pain an MRI may confirm a ... pain, resulting in entirely different treatment protocols.  In these ...
(Date:5/9/2017)... , May 9, 2017  Oramed Pharmaceuticals Inc. ... a clinical-stage pharmaceutical company focused on the development ... the Canadian Intellectual Property Office has granted Oramed ... Administration of Exenatide". The patent covers Oramed,s invention ... GLP-1 is an incretin hormone that stimulates ...
(Date:5/6/2017)... --  Provista , a proven leader in the supply chain ... Jim Cunniff as the company,s new president and ... to Provista, including most recently serving as the president and ... . He assumed his new role with Provista on May ... Provista," says Jody Hatcher , president, Sourcing and Collaboration ...
Breaking Medicine Technology: