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:1/16/2017)... ... January 16, 2017 , ... Vixiar Medical, ... of the medical device company, effective immediately. , “This is perfect timing for ... a strong track record in medical device market development and revenue growth, particularly ...
(Date:1/15/2017)... ... 2017 , ... Whole Health Supply, LLC is announcing the release of an updated version of ... purchase. , The 2017 edition has wide jaws that will accommodate nails up to ... well as diabetics. This handle is reinforced for extra strength when pressing down on dense ...
(Date:1/15/2017)... ... January 14, 2017 , ... Wondering where to go this Valentine's ... to your door for a romantic, lobster feast in the comfort of your own ... Day. The dinners will be featured until February 15th, 2017. , Romantic Dinner ...
(Date:1/14/2017)... ... January 13, 2017 , ... According to ... magnesium-rich Mediterranean diet may lower the risk of type 2 diabetes, Alzheimer’s, and ... many health and wellness benefits linked to a Mediterranean diet are only some ...
(Date:1/13/2017)... , ... January 13, 2017 , ... The 18th European ... America hotel on March 3-4, 2017. This Congress is expertly designed to meet ... management of patients with lung cancer. , Chaired by Dr. Giorgio V. Scagliotti, Professor ...
Breaking Medicine News(10 mins):
(Date:1/16/2017)... , January 16, 2017 Bill is an ... of general management and leadership positions with global medical device companies, ... strong track record of launching new products and building successful businesses ... , Africa and North America ... Educated ...
(Date:1/16/2017)... 2017 CBDRx, the world,s premiere nutraceutical hemp ... rich hemp extract to Veteran,s groups across the country. ... hemp extract to Veteran,s groups across the United States.  ... in the world and through their passion, CBDRx honors ... phyto-nutrient rich hemp extract available. ...
(Date:1/13/2017)... Inc. ("InMed") (CSE: IN; OTCQB: IMLFF), today announced that ... at Eli Lilly & Company, has been appointed to InMed ... years of senior financial and executive leadership to InMed,s Board ... ... leadership position in financial and business expertise with one of ...
Breaking Medicine Technology: