Triple-S Completes Acquisition Of American Health, Inc.
SAN JUAN, Puerto Rico, Feb. 7, 2011 /PRNewswire/ -- Triple-S Management Corporation (NYSE: GTS) today announced that Triple-S Salud, Inc., its managed care subsidiary, completed the acquisition of all of the outstanding capital stock of Socios Mayores en Salud Holdings, Inc. ("SMSH"), the parent company of American Health, Inc., a provider of Medicare Advantage services to over 40,000 dual and non-dual eligible members in Puerto Rico.
Triple-S Salud acquired SMSH, a privately owned company, for approximately $83.0 million in cash. The transaction was funded through the use of unrestricted cash. The unaudited consolidated financial statements for SMSH and its subsidiaries as of December 31, 2010 showed total assets of $95.2 million, total liabilities of $58.3 million, and $36.9 million of capital. Consolidated premium revenue was $380.2 million and net income amounted to $14.5 million.
Commenting on the closing of the transaction, Ramon M. Ruiz-Comas, President and Chief Executive Officer of Triple-S Management Corp., said, "This acquisition positions us for continued growth in the Medicare Advantage segment and is part of our long-term business strategy. We expect SMSH will contribute approximately $0.15 to $0.20 cents to our diluted earnings per share, considering a preliminary estimate of intangible assets amortization expense ranging from $10 to $13 million. We welcome American Health, its members, providers and employees to the Triple-S family."
About Triple-S Management CorporationTriple-S Management Corporation is an independent licensee of the Blue Cross Blue Shield Association. Triple-S Management also has the exclusive right to use the Blue Cross Blue Shield name and mark throughout Puerto Rico and the U.S. Virgin Islands. With more than 50 years of experience in the industry, Triple-S Management offers a broad portfolio of managed care and related products in the commercial and Medicare markets under the Blue Cross Blue Shield brand. In addition to its managed care business, Triple-S Management provides non-Blue Cross Blue Shield branded life and property and casualty insurance in Puerto Rico. For more information about Triple-S Management, visit www.triplesmanagement.com or contact email@example.com. SOURCE Triple-S Management Corporation
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV