UNITED STATES
                         SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

--------------------------------------------------------------------------------


                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                                (Amendment No. 3)*

                         TRIPLE-S MANAGEMENT CORPORATION
                         -------------------------------
                                (Name of Issuer)


                              Class B Common Stock
                         -------------------------------
                         (Title of Class of Securities)


                                    896749108
                         -------------------------------
                                 (CUSIP Number)


                                December 31, 2009
                         -------------------------------
             (Date of Event which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                              [ ]   Rule 13d-1(b)

                              [X]   Rule 13d-1(c)

                              [ ]   Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


                          Continued on following pages
                               Page 1 of 14 Pages



                                  SCHEDULE 13G

CUSIP No.: 896749108                                          Page 2 of 14 Pages

.................................................................................
1.        Names of Reporting Persons.

          I.R.S. Identification Nos. of above persons (entities only).


          SAB CAPITAL PARTNERS, L.P.
.................................................................................
2.        Check the Appropriate Box if a Member of a Group

          (a) [X]

          (b) [ ]
.................................................................................
3.        SEC Use Only
.......... ......................................................................
4.        Citizenship or Place of Organization

          Delaware
.................................................................................
Number of         5.       Sole Voting Power                  0
Shares            ..............................................................
Beneficially      6.       Shared Voting Power                0
Owned by Each     ..............................................................
Reporting         7.       Sole Dispositive Power             0
Person With       ..............................................................
                  8.       Shared Dispositive Power           0
.................................................................................
9.        Aggregate Amount Beneficially Owned by Each Reporting Person

          0
.................................................................................
10.       Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
          Instructions)

          [ ]
.................................................................................
11.       Percent of Class Represented by Amount in Row (9)

          0.0% based on 20,361,063 shares outstanding.
.................................................................................
12.       Type of Reporting Person:

          PN



                                  SCHEDULE 13G

CUSIP No.: 896749108                                          Page 3 of 14 Pages

.................................................................................
1.        Names of Reporting Persons.

          I.R.S. Identification Nos. of above persons (entities only).


          SAB CAPITAL PARTNERS II, L.P.
.................................................................................
2.        Check the Appropriate Box if a Member of a Group

          (a) [X]

          (b) [ ]
.................................................................................
3.        SEC Use Only
.......... ......................................................................
4.        Citizenship or Place of Organization

          Delaware
.................................................................................
Number of         5.       Sole Voting Power                  0
Shares            ..............................................................
Beneficially      6.       Shared Voting Power                0
Owned by Each     ..............................................................
Reporting         7.       Sole Dispositive Power             0
Person With       ..............................................................
                  8.       Shared Dispositive Power           0
.................................................................................
9.        Aggregate Amount Beneficially Owned by Each Reporting Person

          0
.................................................................................
10.       Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
          Instructions)

          [ ]
.................................................................................
11.       Percent of Class Represented by Amount in Row (9)

          0.0% based on 20,361,063 shares outstanding.
.................................................................................
12.       Type of Reporting Person:

          PN



                                  SCHEDULE 13G

CUSIP No.: 896749108                                          Page 4 of 14 Pages

.................................................................................
1.        Names of Reporting Persons.

          I.R.S. Identification Nos. of above persons (entities only).


          SAB OVERSEAS MASTER FUND, L.P.
.................................................................................
2.        Check the Appropriate Box if a Member of a Group

          (a) [X]

          (b) [ ]
.................................................................................
3.        SEC Use Only
.......... ......................................................................
4.        Citizenship or Place of Organization

          Cayman Islands
.................................................................................
Number of         5.       Sole Voting Power                  0
Shares            ..............................................................
Beneficially      6.       Shared Voting Power                0
Owned by Each     ..............................................................
Reporting         7.       Sole Dispositive Power             0
Person With       ..............................................................
                  8.       Shared Dispositive Power           0
.................................................................................
9.        Aggregate Amount Beneficially Owned by Each Reporting Person

          0
.................................................................................
10.       Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
          Instructions)

          [ ]
.................................................................................
11.       Percent of Class Represented by Amount in Row (9)

          0.0% based on 20,361,063 shares outstanding.
.................................................................................
12.       Type of Reporting Person:

          PN



                                  SCHEDULE 13G

CUSIP No.: 896749108                                          Page 5 of 14 Pages

.................................................................................
1.        Names of Reporting Persons.

          I.R.S. Identification Nos. of above persons (entities only).


          SAB CAPITAL ADVISORS, L.L.C.
.................................................................................
2.        Check the Appropriate Box if a Member of a Group

          (a) [X]

          (b) [ ]
.................................................................................
3.        SEC Use Only
.......... ......................................................................
4.        Citizenship or Place of Organization

          Delaware
.................................................................................
Number of         5.       Sole Voting Power                 0
Shares            ..............................................................
Beneficially      6.       Shared Voting Power               0
Owned by Each     ..............................................................
Reporting         7.       Sole Dispositive Power            0
Person With       ..............................................................
                  8.       Shared Dispositive Power          0
.................................................................................
9.        Aggregate Amount Beneficially Owned by Each Reporting Person

          0
.................................................................................
10.       Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
          Instructions)

          [ ]
.................................................................................
11.       Percent of Class Represented by Amount in Row (9)

          0.0% based on 20,361,063 shares outstanding.
.................................................................................
12.       Type of Reporting Person:

          OO



                                  SCHEDULE 13G

CUSIP No.: 896749108                                          Page 6 of 14 Pages

.................................................................................
1.        Names of Reporting Persons.

          I.R.S. Identification Nos. of above persons (entities only).


          SAB CAPITAL MANAGEMENT, L.P.
.................................................................................
2.        Check the Appropriate Box if a Member of a Group

          (a) [X]

          (b) [ ]
.................................................................................
3.        SEC Use Only
.......... ......................................................................
4.        Citizenship or Place of Organization

          Delaware
.................................................................................
Number of         5.       Sole Voting Power                 0
Shares            ..............................................................
Beneficially      6.       Shared Voting Power               0
Owned by Each     ..............................................................
Reporting         7.       Sole Dispositive Power            0
Person With       ..............................................................
                  8.       Shared Dispositive Power          0
.................................................................................
9.        Aggregate Amount Beneficially Owned by Each Reporting Person

          0
.................................................................................
10.       Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
          Instructions)

          [ ]
.................................................................................
11.       Percent of Class Represented by Amount in Row (9)

          0.0% based on 20,361,063 shares outstanding.
.................................................................................
12.       Type of Reporting Person:

          PN



                                  SCHEDULE 13G

CUSIP No.: 896749108                                          Page 7 of 14 Pages

.................................................................................
1.        Names of Reporting Persons.

          I.R.S. Identification Nos. of above persons (entities only).


          SAB CAPITAL MANAGEMENT, L.L.C.
.................................................................................
2.        Check the Appropriate Box if a Member of a Group

          (a) [X]

          (b) [ ]
.................................................................................
3.        SEC Use Only
.......... ......................................................................
4.        Citizenship or Place of Organization

          Delaware
.................................................................................
Number of         5.       Sole Voting Power                 0
Shares            ..............................................................
Beneficially      6.       Shared Voting Power               0
Owned by Each     ..............................................................
Reporting         7.       Sole Dispositive Power            0
Person With       ..............................................................
                  8.       Shared Dispositive Power          0
.................................................................................
9.        Aggregate Amount Beneficially Owned by Each Reporting Person

          0
.................................................................................
10.       Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
          Instructions)

          [ ]
.................................................................................
11.       Percent of Class Represented by Amount in Row (9)

          0.0% based on 20,361,063 shares outstanding.
.................................................................................
12.       Type of Reporting Person:

          OO



                                  SCHEDULE 13G

CUSIP No.: 896749108                                          Page 8 of 14 Pages

.................................................................................
1.        Names of Reporting Persons.

          I.R.S. Identification Nos. of above persons (entities only).


          SCOTT A. BOMMER
.................................................................................
2.        Check the Appropriate Box if a Member of a Group

          (a) [X]

          (b) [ ]
.................................................................................
3.        SEC Use Only
.......... ......................................................................
4.        Citizenship or Place of Organization

          United States of America
.................................................................................
Number of         5.       Sole Voting Power                 0
Shares            ..............................................................
Beneficially      6.       Shared Voting Power               0
Owned by Each     ..............................................................
Reporting         7.       Sole Dispositive Power            0
Person With       ..............................................................
                  8.       Shared Dispositive Power          0
.................................................................................
9.        Aggregate Amount Beneficially Owned by Each Reporting Person

          0
.................................................................................
10.       Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
          Instructions)

          [ ]
.................................................................................
11.       Percent of Class Represented by Amount in Row (9)

          0.0% based on 20,361,063 shares outstanding.
.................................................................................
12.       Type of Reporting Person:

          IN



                                                              Page 9 of 14 Pages


Item 1(a).  Name of Issuer:

            Triple-S Management Corporation (the "Issuer").

Item 1(b).  Address of Issuer's Principal Executive Offices:

            1441 F.D. Roosevelt Avenue, San Juan, Puerto Rico, 00920.

Item 2(a).  Name of Person Filing:

            This  Statement  is filed on behalf of each of the following persons
(collectively, the "Reporting Persons"):

            i)   SAB Capital Partners, L.P. ("SAB");

            ii)  SAB Capital Partners II, L.P. ("SAB II", and together with SAB,
the "Domestic Partnerships");

            iii) SAB Overseas Master Fund, L.P. (the "Master Fund");

            iv) SAB Capital Advisors, L.L.C. (the "General Partner");

            v)  SAB Capital Management, L.P. (the "Investment Manager");

            vi)  SAB Capital Management, L.L.C. (the "IMGP"); and

            vii)  Scott A. Bommer ("Mr. Bommer").

            This  Statement  relates to Shares (as defined  herein) held for the
accounts of each of SAB, SAB II, and the Master Fund. The General Partner serves
as the general partner of each of the Domestic Partnerships and the Master Fund.
The Investment  Manager serves as the investment manager of each of the Domestic
Partnerships  and the Master Fund. The IMGP serves as the general partner of the
Investment  Manager.  Mr.  Bommer  serves as the managing  member of each of the
General Partner and IMGP.

            Any  disclosures  herein  with  respect  to  persons  other than the
Reporting Persons are made on information and belief after making inquiry to the
appropriate party.

Item 2(b).  Address of Principal Business Office or, if None, Residence:

            The  address  of  the  principal  business  office  of  each  of the
Reporting Persons is 767 Fifth Avenue, 21st Floor, New York, New York 10153.

Item 2(c).  Citizenship:

            i)  SAB is a Delaware limited partnership;

            ii) SAB II is a Delaware limited partnership;



                                                             Page 10 of 14 Pages

            iii) The   Master  Fund  is  a  Cayman   Islands   exempted  limited
partnership;

            iv) The General Partner is a Delaware limited liability company;

            v)  The Investment Manager is a Delaware limited partnership;

            vi)  The IMGP is a Delaware limited liability company; and

            vii) Mr. Bommer is a citizen of the United States of America.

Item 2(d).  Title of Class of Securities:

            Class B Common Stock (the "Shares")

Item 2(e).  CUSIP Number:

            896749108

Item 3.     If  This  Statement  is  Filed  Pursuant  to  ss.ss.240.13d-1(b)  or
            240.13d-2(b) or (c), Check Whether the Person Filing is a:

            This Item 3 is not applicable.

Item 4.     Ownership:

Item 4(a).  Amount Beneficially Owned

            As of December 31, 2009:

            (a) SAB may be deemed to be the  beneficial  owner of 0 Shares
held for its account;

            (b) SAB II may be deemed to be the beneficial owner of 0 Shares
held for its account;

            (c) The  Master  Fund may be  deemed to be the  beneficial  owner of
0 Shares held for its account; and

            (d) Each of the General Partner,  Investment  Manager,  IMGP and Mr.
Bommer may be deemed to be the beneficial owner of 0 Shares held for the
accounts of each of SAB, SAB II, and the Master Fund.

Item 4(b).  Percent of Class:

            (a) As of December 31, 2009,  the number of Shares SAB may be deemed
to be the beneficial owner of constitutes  approximately 0.0% of the 20,361,063
total number of Shares outstanding.



                                                             Page 11 of 14 Pages

            (b) As of  December  31,  2009,  the  number of Shares SAB II may be
deemed to be the  beneficial  owner of  constitutes  approximately  0.0% of the
20,361,063 total number of Shares outstanding.

            (c) As of December  31,  2009,  the number of Shares the Master Fund
may be deemed to be the beneficial owner of constitutes  approximately  0.0% of
the 20,361,063 total Shares outstanding.

            (d) As of  December  31,  2009,  the  number of Shares  the  General
Partner, the Investment Manager, the IMGP and Mr. Bommer may be deemed to be the
beneficial  owner of constitutes  approximately  0.0% of the  20,361,063  total
Shares outstanding.

Item 4(c).  Number of Shares of which such person has:

SAB:
----

(i) Sole power to vote or direct the vote:                                     0

(ii) Shared power to vote or direct the vote:                                  0

(iii) Sole power to dispose or direct the disposition of:                      0

(iv) Shared power to dispose or direct the disposition of:                     0


SAB II:
-------

(i) Sole power to vote or direct the vote:                                     0

(ii) Shared power to vote or direct the vote:                                  0

(iii) Sole power to dispose or direct the disposition of:                      0

(iv) Shared power to dispose or direct the disposition of:                     0


The Master Fund:
----------------

(i) Sole power to vote or direct the vote:                                     0

(ii) Shared power to vote or direct the vote:                                  0

(iii) Sole power to dispose or direct the disposition of:                      0

(iv) Shared power to dispose or direct the disposition of:                     0


The General Partner, Investment Manager, IMGP and Mr. Bommer:
-------------------------------------------------------------

(i) Sole power to vote or direct the vote:                                     0

(ii) Shared power to vote or direct the vote:                                  0

(iii) Sole power to dispose or direct the disposition of:                      0

(iv) Shared power to dispose or direct the disposition of:                     0


Item 5.     Ownership of Five Percent or Less of a Class:

            If this statement is being filed to report the fact that as of the
date hereof the reportinig person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following /X/.



                                                             Page 12 of 14 Pages

Item 6.    Ownership of More than Five Percent on Behalf of Another Person:

           This Item 6 is not applicable.

Item 7.    Identification and  Classification of  the Subsidiary  Which Acquired
           the Security Being Reported on By the Parent Holding Company:

           This Item 7 is not applicable.

Item 8.    Identification and Classification of Members of the Group:

           See disclosure in Item 2 hereof.

Item 9.    Notice of Dissolution of Group:

           This Item 9 is not applicable.

Item 10.   Certification:

            By signing below each of the Reporting  Persons  certifies  that, to
the best of their  knowledge and belief,  the securities  referred to above were
not  acquired and are not held for the purpose of or with the effect of changing
or influencing the control of the issuer of the securities and were not acquired
and are not  held in  connection  with or as a  participant  in any  transaction
having that purpose or effect.



                                                             Page 13 of 14 Pages


                                    SIGNATURE

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Date: February 16, 2010


                                 /s/ Brian Jackelow
                                 -----------------------------------------------
                                 Brian Jackelow,  attorney-in-fact  for Scott A.
                                 Bommer, individually and (a) as managing member
                                 of SAB Capital Advisors, L.L.C., for itself and
                                 as  the  general  partner  of (i)  SAB  Capital
                                 Partners,  L.P.; and (ii) SAB Capital  Partners
                                 II, L.P.;  and (iii) SAB Overseas  Master Fund,
                                 L.P.; and (b) as managing member of SAB Capital
                                 Management,  L.L.C.,  for  itself  and  as  the
                                 general partner of SAB Capital Management, L.P.



                                                             Page 14 of 14 Pages


                                    EXHIBIT 1

                                POWER OF ATTORNEY

            KNOW ALL MEN BY THESE PRESENT, that I, Scott A. Bommer, hereby make,
constitute and appoint each of Michael  Casey,  Brian Jackelow and Alessandro De
Giorgis,  acting individually,  as my agent and attorney-in-fact for the purpose
of  executing in my name,  (a) in my personal  capacity or (b) in my capacity as
managing member of or in other capacities with SAB Capital  Advisors,  L.L.C., a
Delaware  limited  liability  company,  and each of its  affiliates  or entities
advised or  controlled by me or SAB Capital  Advisors,  L.L.C.,  all  documents,
certificates,  instruments,  statements, filings and agreements ("documents") to
be filed with or delivered to any foreign or domestic governmental or regulatory
body or  required or  requested  by any other  person or entity  pursuant to any
legal  or  regulatory  requirement  relating  to  the  acquisition,   ownership,
management or disposition of securities, futures contracts or other investments,
and any other  documents  relating  or  ancillary  thereto,  including,  without
limitation,  all documents relating to filings with the United States Securities
and Exchange  Commission  (the "SEC") pursuant to the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended (the "Act"), and the
rules and regulations promulgated thereunder, including, without limitation: (1)
all documents relating to the beneficial  ownership of securities required to be
filed  with the SEC  pursuant  to  Section  13(d) or  Section  16(a) of the Act,
including, without limitation: (a) any acquisition statements on Schedule 13D or
Schedule  13G and  any  amendments  thereto,  (b) any  joint  filing  agreements
pursuant to Rule 13d-1(k),  and (c) any initial  statements of, or statements of
changes in,  beneficial  ownership of securities on Form 3, Form 4 or Form 5 and
(2) any  information  statements  on Form 13F  required to be filed with the SEC
pursuant to Section 13(f) of the Act.

            All  past  acts of these  attorneys-in-fact  in  furtherance  of the
foregoing are hereby ratified and confirmed.

            This Power of Attorney  shall  remain in effect  until  revoked,  in
writing, by the undersigned.

            IN WITNESS  WHEREOF,  the  undersigned  has  executed  this Power of
Attorney, this 9th day of August 2006.


                                             /s/ Scott A. Bommer
                                            ------------------------------------
                                            Scott A. Bommer