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, 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. Date of Event Requiring Statement (Month/Day/Year) 12/12/2007 3. Issuer Name and Ticker or Trading Symbol TRIPLE-S MANAGEMENT CORP [GTS] (Last) (First) (Middle) 399 PARK AVENUE, 38TH FLOOR,  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 Original Filed(Month/Day/Year) (Street) NEW YORK, NY 10022 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 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)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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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 of Derivative Security: 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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ACCIPITER CAPITAL MANAGEMENT, LLC 399 PARK AVENUE, 38TH FLOOR NEW YORK, NY 10022	Â	  X	Â	Â
ACCIPITER LIFE SCIENCES FUND II L P 399 PARK AVE 37TH FL NEW YORK, NY 10022	Â	  X	Â	Â
Accipiter Life Sciences Fund II Offshore Ltd 399 PARK AVE 38TH FLOOR NEW YORK, NY 10022	Â	  X	Â	Â
ACCIPITER LIFE SCIENCES FUND II QP L P 399 PARK AVE 37TH FL NEW YORK, NY 10022	Â	  X	Â	Â
ACCIPITER LIFE SCIENCES FUND LP Â	Â	  X	Â	Â
ACCIPITER LIFE SCIENCES FUND OFFSHORE LTD Â	Â	  X	Â	Â
Candens Capital LLC C/O ACCIPITER CAPITAL MANAGEMENT, LLC 399 PARK AVENUE, 38TH FLOOR NEW YORK, NY 10022	Â	  X	Â	Â
HOFFMAN GABE C/O ACCIPITER CAPITAL MANAGEMENT, LLC 399 PARK AVENUE, 37TH FLOOR NEW YORK, NY 10022	Â	  X	Â	Â

Signatures

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

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(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)	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.

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