FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * ACCIPITER CAPITAL MANAGEMENT, LLC   2. Issuer Name and Ticker or Trading Symbol TRIPLE-S MANAGEMENT CORP [GTS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner _____ Officer (give title below) __X__ Other (specify below) (See footnote 1) (Last) (First) (Middle) 666 5TH AVENUE, 35TH FLOOR,  3. Date of Earliest Transaction (Month/Day/Year) 02/06/2009 (Street) NEW YORK, NY 10103 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class B Common Stock, par value $1.00 per share               614,175 (1) I By ALSF II (Offshore), Ltd. (2) Class B Common Stock, par value $1.00 per share               333,403 I By ALSF II (QP), LP (3) Class B Common Stock, par value $1.00 per share               401,160 I By ALSF II, LP (4) Class B Common Stock, par value $1.00 per share               475,145 (1) I By ALSF (Offshore), Ltd. (5) Class B Common Stock, par value $1.00 per share               463,862 (1) I By ALSF, LP (6) Class B Common Stock, par value $1.00 per share               35,000 (1) I By Gabe Hoffman

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ACCIPITER CAPITAL MANAGEMENT, LLC 666 5TH AVENUE, 35TH FLOOR NEW YORK, NY 10103				(See footnote 1)
ACCIPITER LIFE SCIENCES FUND II L P 666 5TH AVENUE, 35TH FLOOR NEW YORK, NY 10103		X
Accipiter Life Sciences Fund II Offshore Ltd C/O SIMON WHICKER (LIQUIDATOR), KPMG P.O. BOX 493, CENTURY YARD, CRICKET SQ GRAND CAYMAN KY1-106		X
ACCIPITER LIFE SCIENCES FUND II QP L P 666 5TH AVENUE, 35TH FLOOR NEW YORK, NY 10103		X
ACCIPITER LIFE SCIENCES FUND LP 666 5TH AVENUE, 35TH FLOOR NEW YORK, NY 10103		X
ACCIPITER LIFE SCIENCES FUND OFFSHORE LTD 666 5TH AVENUE, 35TH FLOOR NEW YORK, NY 10103		X
Candens Capital LLC 666 5TH AVENUE, 35TH FLOOR NEW YORK, NY 10103		X
HOFFMAN GABE 666 5TH AVENUE, 35TH FLOOR NEW YORK, NY 10103		X

Signatures

By: Accipiter Capital Management, LLC; By: /s/ Gabe Hoffman, Managing Member		02/10/2009
**Signature of Reporting Person		Date
By: Accipiter Life Sciences Fund II, LP; By: Candens Capital, LLC, its General Partner; By: /s/ Gabe Hoffman, Managing Member		02/10/2009
**Signature of Reporting Person		Date
By: Accipiter Life Sciences Fund II (Offshore), Ltd..; By: /s/ Simon Whicker, Liquidator		02/10/2009
**Signature of Reporting Person		Date
By: Accipiter Life Sciences Fund II (QP), LP; By: Candens Capital, LLC, its General Partner; By: /s/ Gabe Hoffman, Managing Member		02/10/2009
**Signature of Reporting Person		Date
By: Accipiter Life Sciences Fund, LP; By: Candens Capital, LLC, its General Partner; By: /s/ Gabe Hoffman, Managing Member		02/10/2009
**Signature of Reporting Person		Date
By: Accipiter Life Sciences Fund (Offshore), Ltd.; By: Accipiter Capital Management, LLC, its Investment Manager, By: /s/ Gabe Hoffman, Managing Member		02/10/2009
**Signature of Reporting Person		Date
By: Candens Capital, LLC; By: /s/ Gabe Hoffman, Managing Member		02/10/2009
**Signature of Reporting Person		Date
By: /s/ Gabe Hoffman		02/10/2009
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	As a result of transactions exempt from Section 16 of the Securities Exchange Act of 1934, as amended, the aggregate beneficial ownership of the Issuer by the Reporting Persons is less than 10%, based on 23,286,489 shares of Class B Common Stock (16,286,489 shares of Class B Common Stock issued and outstanding as of September 30, 2008, reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on October 30, 2008, plus 7,000,000 shares of Class B Common Stock issued upon conversion of Class A Common Stock effective December 8, 2008, reported in the Issuer's Form 8-K filed with the SEC on December 8, 2008).
(2)	Held by Accipiter Life Sciences Fund II (Offshore), Ltd. Accipiter Capital Management, LLC acts as an advisor to the liquidators of Accipiter Life Sciences Fund II (Offshore), Ltd. Accipiter Capital Management, LLC and Gabe Hoffman, the managing member of Accipiter Capital Management, LLC, hold a pecuniary interest in Accipiter Life Sciences Fund II (Offshore), Ltd. and disclaim beneficial ownership except to the extent thereof.
(3)	Held by Accipiter Life Sciences Fund II (QP), LP. Candens Capital, LLC, the general partner of Accipiter Life Sciences Fund II (QP), LP and Gabe Hoffman, the managing member of Candens Capital, LLC, disclaim beneficial ownership of these securities except to the extent of their pecuniary interest therein.
(4)	Held by Accipiter Life Sciences Fund II, LP. Candens Capital, LLC, the general partner of Accipiter Life Sciences Fund II, LP and Gabe Hoffman, the managing member of Candens Capital, LLC, disclaim beneficial ownership of these securities except to the extent of their pecuniary interest therein.
(5)	Held by Accipiter Life Sciences Fund (Offshore), Ltd. Accipiter Capital Management, LLC, the investment manager of Accipiter Life Sciences Fund (Offshore), Ltd. and Gabe Hoffman, the managing member of Accipiter Capital Management, LLC, disclaim beneficial ownership of these securities except to the extent of their pecuniary interest therein.
(6)	Held by Accipiter Life Sciences Fund, LP. Candens Capital, LLC, the general partner of Accipiter Life Sciences Fund, LP and Gabe Hoffman, the managing member of Candens Capital, LLC, disclaim beneficial ownership of these securities except to the extent of their pecuniary interest therein.

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