Triple-S Management Corp. has acquired Socios Mayores en Salud Holdings Inc. for about $83 million in cash.
Triple-S, San Juan, Puerto Rico, is the Blue Cross and Blue Shield license holder in Puerto Rico.
Socios Mayores, Guaynabo, Puerto Rico, is the parent of American Health Inc., a company that has been providing Medicare Advantage coverage for about 40,000 residents of Puerto Rico.
Socio Mayores reported about $14 million in net income in 2010 on $380 million in revenue. The company had $95 million in assets, $58 million in liabilities, and $37 million in capital.
- Allison Bell
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