SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 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 (Last) (First) (Middle) 399 PARK AVENUE, 38TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 12/12/2007	3. Issuer Name and Ticker or Trading Symbol TRIPLE-S MANAGEMENT CORP [ GTS ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of 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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class B Common Stock, par value $1.00 per share	463,454(1)	I	By ALSF (Offshore), Ltd.(2)
Class B Common Stock, par value $1.00 per share	914,062(3)	I	By ALSF II (Offshore), Ltd.(4)
Class B Common Stock, par value $1.00 per share	529,079(5)	I	By ALSF II (QP), LP(6)
Class B Common Stock, par value $1.00 per share	462,589(7)	I	By ALSF II, LP(8)
Class B Common Stock, par value $1.00 per share	462,741(9)	I	By ALSF, LP(10)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* ACCIPITER CAPITAL MANAGEMENT, LLC (Last) (First) (Middle) 399 PARK AVENUE, 38TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ACCIPITER LIFE SCIENCES FUND II L P (Last) (First) (Middle) 399 PARK AVE 37TH FL (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Accipiter Life Sciences Fund II Offshore Ltd (Last) (First) (Middle) 399 PARK AVE 38TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ACCIPITER LIFE SCIENCES FUND II QP L P (Last) (First) (Middle) 399 PARK AVE 37TH FL (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ACCIPITER LIFE SCIENCES FUND LP (Last) (First) (Middle) (Street) (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ACCIPITER LIFE SCIENCES FUND OFFSHORE LTD (Last) (First) (Middle) (Street) (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Candens Capital LLC (Last) (First) (Middle) C/O ACCIPITER CAPITAL MANAGEMENT, LLC 399 PARK AVENUE, 38TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* HOFFMAN GABE (Last) (First) (Middle) C/O ACCIPITER CAPITAL MANAGEMENT, LLC 399 PARK AVENUE, 37TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Includes (i) 447,567 shares of Series B Common Stock purchased from the underwriters on December 12, 2007, the closing date of the Issuer's Initial Public Offering (the Closing) and (ii) 15,887 shares of Series B Common Stock purchased in the open market prior to the Closing.

2. 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.

3. Includes (i) 890,042 shares of Series B Common Stock purchased from the underwriters at the Closing and (ii) 24,020 shares of Series B Common Stock purchased in the open market prior to the Closing.

4. Held by Accipiter Life Sciences Fund II (Offshore), Ltd. Accipiter Capital Management, LLC, the investment manager of Accipiter Life Sciences Fund II (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.

5. Includes (i) 515,085 shares of Series B Common Stock purchased from the underwriters at the Closing and (ii) 13,994 shares of Series B Common Stock purchased in the open market prior to the Closing.

6. 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.

7. Includes (i) 450,427 shares of Series B Common Stock purchased from the underwriters at the Closing and (ii) 12,162 shares of Series B Common Stock purchased in the open market prior to the Closing.

8. 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.

9. Includes (i) 446,879 shares of Series B Common Stock purchased from the underwriters at the Closing and (ii) 15,862 shares of Series B Common Stock purchased in the open market prior to the Closing.

10. 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.

Remarks:

	By: Accipiter Capital Management, LLC; By: /s/ Gabe Hoffman, Managing Member	12/21/2007
	By: Candens Capital, LLC, its General Partner; By: s/ Gabe Hoffman, Managing Member	12/21/2007
	By: Accipiter Capital Management, LLC, its Investment Manager; By: /s/ Gabe Hoffman, Managing Member	12/21/2007
	By: Candens Capital, LLC, its General Partner; By: s/ Gabe Hoffman, Managing Member	12/21/2007
	By: Candens Capital, LLC, its General Partner; By: s/ Gabe Hoffman, Managing Member	12/21/2007
	By: Accipiter Capital Management, LLC, its Investment Manager; By: /s/ Gabe Hoffman, Managing Member	12/21/2007
	/s/ Candens Capital LLC,	12/21/2007
	/s/ Hoffman, Gabe	12/21/2007
	** Signature of Reporting Person	Date
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