Triple-S went public on the New York Stock Exchange 10 years ago, and since then, its assets have grown $1.7 billion in December of 2017 to $3.1 billion in September of 2017, for an increase of 82 percent, two of its high-ranking executives confirmed.
Revenues went from $1.5 billion on Dec. 31, 2007 to $2.9 billion for the 12 months ended Sept. 30, 2017, an increase of 93 percent. The number of employees rose from 2,530 to 3,430, for an increase of 36 percent during that period, the executives said, explaining how the process has helped the company grow.
“We have had 10 extraordinary years of accomplishments, a successful leadership transition, the consolidation of the BlueCross and BlueShield brands and great financial strength, as well as our share of lessons,” said Roberto García-Rodríguez, CEO of Triple-S Management Corporation.
By selling 16 million shares in NYSE on Dec. 7, 2007, and thereby obtaining $70 million in additional capital, the corporation was able to pursue opportunities for development.
“Triple-S’ initial public offering was the first by an insurance company in Puerto Rico,” said Juan José Román, CFO, and one of the key executives behind transitioning the corporation into a public company.
“After a period of 18 months of preparation and discussions with the original shareholders and founders, all physicians and dentists, we ended with a road show for potential investors throughout the U.S. and in certain countries in Europe,” he said.
In this sense, he explained that “we made history and began to comply with the regulatory rigors of being a public company.”
Milestones during first decade
Once the transaction was completed, Triple-S acquired La Cruz Azul de Puerto Rico and consolidated the brands of BlueCross and BlueShield of the association of 36 independent health insurance companies. The BlueCross BlueShield Association’s member companies insure one in three Americans and it manages these brands in 170 countries around the world.
“The consolidation of the BlueCross and BlueShield brands, our community outlook and the strength of our operations have given us a great platform from which to serve our market,” said García-Rodríguez.
During the 10 years after becoming a public company, the company has continued its development despite an economy that has been contracting for a decade they said.
Other important transactions over the past 10 years include:
- American Health Medicare in 2010, which allowed it to grow in the Medicare Advantage segment.
- Salus, which allows it to develop population management strategies and prevention efforts, as well as more affordable products.
- Atlantic Southern Insurance Company in 2014, which allowed the company to establish an operation in Costa Rica.
- An agreement with Optum to implement a digital innovation strategy that will help Triple-S enhance its services to members, clients and providers.