Triple-S Salud Inc. and Triple-S Vida Inc., both subsidiaries of Triple-S Management Corporation, have become members of the Federal Home Loan Bank of New York (FHLBNY), the companies announced.
“We’re excited to be the first insurance company in Puerto Rico to become a member of such a high caliber organization and proud to meet the high standards for membership,” said Triple-S Management Corp. CFO Juan José Román.
The new members dedicate part of their investment portfolio in mortgage securities, in line with the mission of the FHLBNY of advancing housing and community growth.
Triple-S Salud and Triple-S Vida invest in bonds backed by mortgage loans originated in Puerto Rico, thereby indirectly contributing to the housing market on the island.
Membership ensures more effective liquidity management for these companies, both in terms of reliable low-cost funding and deposits of excess funds.
“Ultimately, this partnership is a confirmation and further enhancement of our financial strength, while at the same time contributing to Puerto Rico through our investment choices,” said Román.
“The Federal Home Loan Bank of New York is excited to welcome Triple-S Salud and Triple-S Vida to our cooperative,” said FHLBNY CEO José R. González. “As the first insurance companies in Puerto Rico to join the FHLBNY, these institutions will help expand the reach of our funding to further strengthen and support the communities we serve.”