4 Puerto Rico insurance co’s sued for unlawful depreciation in auto claims
August 9, 2022
The class-action lawsuit names Triple-S, MAPFRE, Universal Insurance and Cooperativa de Seguros Múltiples.
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FL-based Guidewell closes purchase of Triple-S insurance provider
February 2, 2022
Nearly six months after announcing its plans, GuideWell Mutual Holding Corp., parent of Blue Cross and Blue Shield of Florida Inc., has closed on its acquisition of Triple-S Management Corp. GuideWell acquired all outstanding shares of Triple-S Management common stock for $36 per share in cash. With the completion of the transaction, Triple-S is now […]
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OncoHealth, Triple-S Salud partner for evidence-based cancer treatment
January 12, 2022
OncoHealth, a digital health company dedicated to navigating the physical, mental, and financial complexities of cancer care, has announced a multi-year partnership with Triple-S Salud. OncoHealth and Triple-S have been partners for more than two years and now they have expanded their partnership to include cancer treatment reviews for all lines of business, including 450,000 […]
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Kinderhook closes acquisition of Medical Card System Inc.
January 4, 2022
Nearly seven months after announcing its intention to acquire Puerto Rico-based healthcare services organization Medical Card System (MCS), MHH Healthcare, L.P. announced it has closed the transaction. MHH Healthcare is a platform company formed by Kinderhook Industries, LLC to invest in health plans, health maintenance organizations, and healthcare services organizations. The transaction completes MHH Healthcare’s […]
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Triple-S Management Corp. reports $8.2M in 3Q21 net income
November 8, 2021
Healthcare services company Triple-S Management Corp. announced net income of $8.2 million, or $0.35 per diluted share, for the third quarter ended Sept. 30, compared with $23.6 million, or $1.02 per diluted share, in the prior year period. Adjusted net income stood at $9.6 million, or $0.41 per diluted share, during the most current quarter, versus $14.2 million, or $0.61 per diluted share, in the period in […]
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Triple-S Management to go private if sale to FL-based Guidewell closes
August 25, 2021
The $900 million acquisition of Triple-S Management Corp. by Florida-based Guidewell Mutual Holding Corp. will take the Puerto Rican insurer from a publicly traded to a private company, if the transaction is consummated in 2022. During a news conference with reporters a few hours after announcing the all-cash deal, Triple-S Management CEO Roberto García-Rodríguez said […]
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Triple-S Management to be sold to GuideWell in all-cash deal worth $900M
August 24, 2021
GuideWell Mutual Holding Corporation, a health solutions company and parent of Blue Cross and Blue Shield of Florida Inc., and Triple-S Management Corp. a health care services company in Puerto Rico, announced they will combine to transform the health care experience for their members in Florida and Puerto Rico. Under the terms of the definitive […]
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Anthem completes acquisition of MMM Holdings, affiliates from InnovaCare Health
July 1, 2021
Four months after announcing it had entered into an agreement to acquire Puerto Rico-based MMM Holdings, LLC and its Medicare Advantage (MA) plan MMM Healthcare, LLC., Indianapolis-based Anthem Inc. confirmed the deal has closed. “We’re pleased to complete the acquisition of MMM and work with our new colleagues to serve Medicare and Medicaid-eligible individuals and […]
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Insurer Seguros Múltiples building new $3M branch in San Juan
June 18, 2021
Insurance company Cooperativa de Seguros Múltiples de Puerto Rico announced the start of construction of its new $3 million San Juan metropolitan area branch, located on the same campus as its headquarters in Río Piedras. The new offices slated to open during the first quarter of 2022 will generate 40 direct jobs and 30 indirect […]
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MHH Healthcare, LLC to acquire Medical Card System Inc.
June 14, 2021
Kinderhook Industries, LLC’s MHH Healthcare announced it has entered into a definitive agreement to acquire Medical Card System Inc. The transaction is expected to close later this year, subject to customary conditions and regulatory approvals, and will mark the second significant acquisition by a subsidiary of MHH Healthcare following the prior acquisition of GlobalHealth. Additional […]
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MCS, 1st health plan in Puerto Rico to offer a telemedicine platform for medical providers
March 11, 2021
MCS is the first insurer in Puerto Rio to market the MCS TeleCare telemedicine platform to offer primary care physicians assigned to medical groups (IPAs) and certain specialists a secure and cost-free option for performing teleconsultations with their patients. In 2019, the Puerto Rico Health Department established the regulation to control the use and practice […]
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TOLIC invests $10M to open 1st operation outside Puerto Rico, in Orlando
March 4, 2021
Puerto Rico-based Trans-Oceanic Life Insurance Co. is expanding its reach outside the island with the opening of a new operation in Orlando, seeking to cater to the large Hispanic population in that central Florida city. TOLIC, as the firm is known, has invested $10 million to grow its business there, which may also serve as […]
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AON: Health insurance rates will spike 8.8% in ’21 in LatAm, Caribbean
February 22, 2021
The costs of company-sponsored medical plans in Latin America and the Caribbean will increase by 8.8% in 2021, exceeding headline inflation by 6.4%, according to its 2021 Global Medical Trends Rate Report by professional services firm Aon plc. “COVID-19 has demonstrated the need for better global governance regarding the management of medical programs,” said Maricarmen […]
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Anthem Inc. to acquire MMM Holdings, LLC, affiliates from InnovaCare Health, L.P.
February 2, 2021
Anthem Inc. announced it has entered into an agreement with InnovaCare Health, L.P., to acquire its Puerto Rico-based subsidiaries, including MMM Holdings, LLC and its Medicare Advantage plan MMM Healthcare, LLC as well as affiliated companies and Medicaid plan. The financial terms of the agreement were not disclosed. “We are pleased to expand Anthem’s commitment […]
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Puerto Rico Treasury Dept. confirms Medicare cash benefit is not income
December 4, 2020
The Puerto Rico Treasury Department has ruled that the cash benefit available in certain products to Medicare Advantage plan members is not considered income and, therefore, does not affect the member’s eligibility for other programs and services based on income. “We’re very pleased that the Treasury Department expressed and confirmed through a ruling that the […]
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