Ownership Submission
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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(Print or Type Responses)
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 __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
666 5TH AVENUE, 35TH FLOOR
3. Date of Earliest Transaction (Month/Day/Year)
10/22/2008
(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 10/22/2008   P   25,986 A $ 12.2886 555,065 I By ALSF II (QP), LP (1)
Class B Common Stock, par value $1.00 per share 10/23/2008   P   12,386 A $ 12.2253 567,451 I By ALSF II (QP), LP (1)
Class B Common Stock, par value $1.00 per share               463,454 I By ALSF (Offshore), Ltd. (2)
Class B Common Stock, par value $1.00 per share               914,062 I By ALSF II (Offshore), Ltd. (3)
Class B Common Stock, par value $1.00 per share               473,163 I By ALSF II, LP (4)
Class B Common Stock, par value $1.00 per share               462,741 I By ALSF, LP (5)
Class B Common Stock, par value $1.00 per share               35,000 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
    X    
ACCIPITER LIFE SCIENCES FUND II L P
666 5TH AVENUE, 35TH FLOOR
NEW YORK, NY 10103
    X    
Accipiter Life Sciences Fund II Offshore Ltd
666 5TH AVENUE, 35TH FLOOR
NEW YORK, NY 10103
    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   10/24/2008
**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   10/24/2008
**Signature of Reporting Person Date

 By: Accipiter Life Sciences Fund II (Offshore), Ltd.; By: Accipiter Capital Management, LLC, its Investment Manager; By: /s/ Gabe Hoffman, Managing Member   10/24/2008
**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   10/24/2008
**Signature of Reporting Person Date

 By: Accipiter Life Sciences Fund, LP; By: Candens Capital, LLC, its General Partner; By: /s/ Gabe Hoffman, Managing Member   10/24/2008
**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   10/24/2008
**Signature of Reporting Person Date

 By: Candens Capital, LLC; By: /s/ Gabe Hoffman, Managing Member   10/24/2008
**Signature of Reporting Person Date

 By: /s/ Gabe Hoffman   10/24/2008
**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) 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.
(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) 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.
(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, 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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