Triple-S Management Updates Market on Hurricane Maria

SAN JUAN, Puerto Rico, Sept. 28, 2017 /PRNewswire/ -- Triple-S Management Corporation (NYSE: GTS), a leading managed care company in Puerto Rico, today provided an update on its operations following Hurricane Maria. All of its buildings were successfully evacuated prior to the storm reaching the island and backup generators were already in place. While corporate headquarters experienced some wind and rain damage, Triple-S' businesses are up and running, albeit with a scaled-back workforce to allow employees to concentrate on the safety and well-being of their families. 

Roberto Garcia-Rodriguez, President and CEO of Triple-S Management, commented, "Hurricane Maria was the fiercest storm to hit Puerto Rico in the last 80 years. It has resulted in widespread disruption from loss of power and fallen debris that has affected many roads. I am pleased to report that the Triple-S family made it through the hurricane unharmed, which is of paramount importance to myself and the entire management team."  

He continued, "Our P&C team is processing claims as quickly and proactively as possible to help expedite the flow of funds to our members. In our Managed Care business, pharmacies are extending members' prescriptions for a month and we are working closely with hospitals to process patient claims as swiftly as we can to alleviate members' cash flow concerns."

Garcia-Rodriguez concluded, "We are still very early in assessing the damage Island wide, but our maximum P&C exposure is $10 million. Some of this exposure will likely be offset by our Managed Care operations, which are experiencing lower utilization as our members rebuild their homes and focus on their families. We continue to identify ways to help our members get the care they need in a timely fashion and the Government has made those in need of healthcare a top priority. The fallout from Hurricane Maria is another in a long list of challenges that Puerto Rico has faced in the last decade. I am confident that the resolve and resilience of our people will allow us to band together and rebound from this devastating natural disaster." 

About Triple-S Management Corporation

Triple-S Management is an independent licensee of the Blue Cross Blue Shield Association. It is one of the leading players in the managed care industry in Puerto Rico. Triple-S Management has the exclusive right to use the Blue Cross Blue Shield name and mark throughout Puerto Rico, the U.S. Virgin Islands, and Costa Rica. 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, Medicare Advantage, and Medicaid markets under the Blue Cross Blue Shield marks. It also 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 protected].

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SOURCE Triple-S Management Corporation