UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

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Triple-S Management Corporation

(Name of Registrant as Specified In Its Charter)

 

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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Attached hereto is an English translation of a letter to shareholders of Triple-S Management Corporation (“TSM”) from Wilmer Rodríguez-Silva, M.D., Chairman of the Board of Directors of TSM and owner of 45,000 shares of TSM as of the date of this letter, in connection with the special meeting of shareholders expected to be held on June 24, 2007.

Please read the proxy statement because it contains important information. The proxy statement was filed by TSM with the Securities and Exchange Commission on May 24, 2007 and may be obtained free of charge from the Securities and Exchange Commission’s website at www.sec.gov. If necessary, TSM shareholders may obtain a written copy of the proxy statement, by contacting TSM Investor Relations at 1-787-749-4014.

Attachment:

(1)

Letter to Shareholders of TSM from Wilmer Rodríguez-Silva, M.D., Chairman of the Board of Directors of TSM.

June 14, 2007

Dear Shareholder:

     Recently, Triple-S Management Corporation sent its shareholders a general information package with documents that must be completed by each shareholder that decides to participate as a selling shareholder in our proposed initial public offering (the “IPO”). The package contains the terms, conditions and procedures that each selling shareholder must follow to participate in the IPO, and the documents that you and your spouse must execute if you wish to sell a portion of your common stock. These documents were sent in a separate envelope after the distribution of the materials regarding the Special Meeting of Shareholders to be held on June 24, 2007. Therefore, you should have received two envelopes from the Company: a first envelope with the Notice of Special Meeting and the Proxy Statement and a second envelope with the selling shareholder materials in connection with the proposed IPO.

     If you have not received the envelope with the materials to become a selling shareholder in the IPO, you should immediately contact Karen López Freytes, Esq. at (787) 749-4116. The original documents, correctly completed and executed by you, must be received by the Company no later than 12:00 noon on June 24, 2007. If you do not correctly complete the documents and return them to the Company on or prior to this date, you will not be able to participate in the IPO as a selling shareholder. The choice of whether to participate as a selling shareholder in the IPO is yours alone. None of the Company, its board of directors, its management or any underwriter is making any recommendation to you in this regard. Each shareholder must consult his/her advisor to make a decision. We encourage you to read these documents in their entirety once you have received them prior to making any decision.

     Also, for your quick reference, we have included as Annex A to this letter a list of the documents that you and your spouse must complete, execute and return if you decide to become a selling shareholder in the IPO. Further, we have attached on Annex B information regarding certain brokerage firms that may help you obtain the “Medallion Signature Guarantee” necessary to guarantee your signature in certain of the documents that must be executed by selling shareholders.

     We also take this opportunity to remind you of the importance of your participation in the Special Meeting of Shareholders of Triple-S Management Corporation to be held on June 24, 2007, at 9:00 a.m. at the Ponce de León Rooms A, B, and C of the Condado Plaza Hotel, 999 Ashford Avenue in San Juan, Puerto Rico. At the special meeting, the shareholders will consider and vote upon the proposal to amend our articles of incorporation to provide for the creation of two classes of common stock: class A common stock, which includes certain conversion provisions, and class B common stock, which includes certain anti-dilution provisions. The creation of the two classes of common stock is necessary to allow us to proceed with the proposed IPO.

     It is important that the greatest possible number of our shareholders participate and vote in the Special Meeting of Shareholders on June 24, 2007. I encourage you to return the executed proxy form requested by the Board of Directors to the addresses that appear in the Proxy Statement.

     If you have any questions regarding this letter or the IPO process, please contact Karen López Freytes, Esq. at (787) 749-4116.

Sincerely,
 
 
 

Wilmer Rodríguez-Silva, M.D.
Chairman of the Board of Directors

ANNEX A
Documents that should be executed by a selling shareholder and his/her spouse

						Requires the
				Requires the		“Medallion
		Requires your		signature of your		Signature
Documents		signature?		spouse?		Guarantee”?
Annex A
Offering Participation Questionnaire		Yes		Yes		No
Annex B
Irrevocable Power of Attorney		Yes		Yes		Yes
Annex C
Form of Custody Agreement		Yes		Yes		Yes
Annex D
Lock-up Agreement		Yes		Yes		No
Annex E
Form of Opinion of Counsel to an Institutional Selling Shareholder		No		No		No
Annex F
Form of Underwriting Agreement		No		No		No
Annex G Lost Certificate Indemnification Agreement		Only if the Stock Certificate has been lost, stolen, mutilated, or destroyed		Only if the Stock Certificate has been lost, stolen, mutilated, or destroyed		No; but must be notarized

ANNEX B
Addresses and telephone numbers for participating broker/dealers

Addresses and Telephone numbers for branches of Popular Securities

Branch		Contact		Telephone Number
Aguadilla
6 Mercedes Moreno Street		Mrs. Lourdes Arocho		(787) 882-0860
Muñoz Rivera Corner, 2nd Floor
Aguadilla, PR 00605
Arecibo
San Daniel Ward		Mrs. Alice Vives		(787) 816-0545
Road #2, Km 80.0
Arecibo, PR 00612
Bayamón
Urb. Flamboyán Gardens		Mrs. Vilmarie Hernández		(787) 995-0030
100 Ramón L. Rodríguez Avenue
Bayamón, PR 00960
Mayagüez
1 Suau Street, Méndez Vigo Corner		Mrs. Lizzie Acosta		(787) 832-2765
(Suau Park)
Mayagüez, PR 00680
Ponce
Banco Popular Building (Paseo Arias)		Mrs. Jessica González		(787) 848-3854
Comercio Street, Degetau Corner
1st Floor
Ponce, PR 00731
Hato Rey
Popular Center Building, 12th Floor		Mr. Joe Torres		(787) 758-7400
209 Muñoz Rivera Avenue
San Juan, PR 00918

Addresses and Telephone numbers for branches of Santander Securities

Branch		Contact		Telephone Number
Guaynabo
Santander Tower		Mr. Ralph Román		(787) 759-5375
B-7 Tabonuco Street Penthouse		Mrs. Mariangie Colón		(787) 759-5335
Guaynabo, PR 00968-3028		Mrs. Carmen Fernández		(787) 296-5400
Mayagüez
349 Hostos Avenue, Suite 401		Mrs. Cindy Gaud
Mayagüez, PR 00680		Mrs. Purita Morales		(787) 265-6505
Ponce
Degetau Plaza, Paseo Arias Corner		Mr. Fernando Fernández		(787) 844-1010
Ponce, PR 00731		Mrs. Silvia Laspina
		Mrs. Elisaneth Gómez

Addresses and Telephone numbers for branches of UBS Financial Services

Branch		Contact		Telephone Number
San Juan
American International Plaza		Mr. Eugenio Belaval		(787) 250-3600
250 Muñoz Rivera Avenue Penthouse
San Juan, PR 00918
Caparra
Metro Office Park		Mr. Ramiro L. Colón		(787) 775-4300
Street #1, Penthouse #1
Guaynabo, PR 00968
Ponce
Centro Caribe Building		Mr. Juan González		(787) 843-8905
2053 Ponce Bypass Suite 101
Ponce, PR 00717
Mayagüez
45 Andalucía Street, Suite 202		Mr. Ángel Canabal		(787) 805-0300
Mayagüez, PR 00680
Santurce*
Condado		Mr. Eric Snyder		(787) 977-0333
1161 Ashford Avenue
San Juan, PR 00907

*Will open on July 9