A.M. Best Places Ratings of Triple-S and Its Affiliate Under Review Negative Implications.

OLDWICK, N.J. -- A.M. Best Co. has placed the financial strength ratings (FSR) of A- (Excellent) and issuer credit ratings (ICR) of "a-" of Triple-S, Inc. (Triple-S) and Seguros de Vida Triple-S, Inc. (Seguros de Vida) under review with negative implications. Additionally, A.M. Best has placed the debt rating of "bbb+" of Triple-S and the ICR of "bbb+" of its parent organization, Triple-S Management Corporation (Triple-S Management) under review with negative implications. All companies are domiciled in San Juan, PR.

These rating actions are the result of low earnings and financial performance at Triple-S during the first nine months of 2005. Triple-S, Inc. has reported underwriting losses of $7.8 million during this time period compared with underwriting gains in excess of $20 million for 2003 and 2004. A.M. Best believes that the decline in earnings may result in Triple-S being unable to achieve it projections for 2005. Furthermore, the December 18, 2005, announcement that Triple-S Management intends to acquire Great American Life Assurance Company of Puerto Rico, may increase the debt at Triple-S Management. The increased debt and debt service requirements may place additional pressure on the operating results of the insurance subsidiaries. A.M. Best will re-evaluate the ratings upon review of additional information and meetings with management.

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A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.