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                                                                    EXHIBIT 10.1

             THIS IS A FAIR AND ACCURATE ENGLISH TRANSLATION OF THE
            ORIGINAL EMPLOYMENT CONTRACT BY AND BETWEEN DR. FRANCISCO
             JOGLAR PESQUERA AND TRIPLE-S, INC. WHICH IS IN SPANISH

                               EMPLOYMENT CONTRACT

In the city of San Juan, Puerto Rico, today the 1st of July of 2005.

                                     APPEAR

FOR THE FIRST PART: TRIPLE-S, INC., a corporation organized and engaged in
business in conformance with Commonwealth of Puerto Rico laws, represented here
by its Board of Director's Chairman, DR. WLMER RODRIGUEZ SILVA, and by its Chief
Executive Officer, CPA SOCORRO RIVAS RODRIGUEZ, of legal age, married, the
latter a physician by trade, and residing in Guaynabo, Puerto Rico, and the
former an executive residing in San Juan, Puerto Rico, whose authorities and
duties they are repaired to justify as soon as it is required of them.

FOR THE SECOND PART: FRANCISCO JOGLAR PESQUERA, of legal age, married, a
physician by trade and a resident of Rio Piedras, Puerto Rico.

The undersigned, with the intention of entering into an employment contract and
with the legal capacity to execute this document, to that effect, freely and
voluntarily

                                     EXPOSE

FIRST: For purposes of abbreviation and ease in understanding and analyzing this
agreement of intentions, the following terms shall have the meaning stated in
these definitions:

      a.    The "CEO"; The Chief Executive Officer of Triple-S, Inc., CPA
            Socorro Rivas Rodriguez

      b.    The "BOARD"; The Board of Directors of Triple-S, Inc.

      c.    The "PBD"; President of the BOARD, Dr. Wilmer Rodriguez Silva

      d.    The "VMDP"; The Senior Vice-president of the Medical, Dental and
            Professional Matters Division, Dr. Francisco Joglar Pesquera,

      e.    The "CONTRACT"; This Employment Contract.

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SECOND: That Triple-S, Inc. is a company dedicated, among other activities, to
providing insurance coverage for the receipt of medical-hospital services
throughout the Commonwealth of Puerto Rico.

THIRD: That the VMDP is a vastly experienced professional in the Medical Field,
having obtained a Doctor of Medicine Degree from the University of Puerto Rico,
interning and specializing in internal medicine and Nephrology at the University
of Puerto Rico School of Medicine's University Hospital. Also, during the last
25 years the VMDP has performed as Professorial Chair at the University of
Puerto Rico, School of Medicine, and as its Dean during the last five and a half
years. He has been practicing in the medical private practice for the past 27
years.

FOURTH: For purposes of establishing the internal relationship between both
contracting parts as herein stated, they agree to the present CONTRACT subject
to the following Clauses and Conditions.

                               GENERAL PROVISIONS

      1.    EXCELLENCE IN PERFORMANCE: Through this CONTRACT, the VMDP is under
            the obligation of dedicating and directing full time, intellect,
            attention, energy, experience and knowledge towards the protection
            of Triple-S, Inc.'s best interests, within the framework of
            excellence his capacity and ability permit.

      2.    OFFICER AND TITLE: The VMDP will carry the Title of Senior
            Vice-president of the Medical, Dental and Professional Matters of
            Triple-S, Inc.

      3.    HIERARCHY: The VMDP will respond directly to Triple-S, Inc.'s CEO,
            and will inform the Board of Directors about Triple-S, Inc.'s
            medical, dental and professional problems.

      4.    FIDUCIARY NORMS AND OBLIGATIONS: The VMDP will be under the
            obligation to conform loyally and fully with all administrative
            guidelines, rules, regulations and norms established by Triple-S,
            Inc., developing and establishing the operational controls necessary
            to protect Triple-S, Inc.'s best interests. The VMDP will be loyal
            to Triple-S, Inc. at all times, and will solemnly recognize the
            obligation represented in his acceptance of the current title.

                               SPECIFIC PROVISIONS

      5.    PRINCIPAL FUNCTIONS. The functions the VMDP will undertake through
            this contract will be all those related to Triple-S, Inc.'s medical,
            dental and professional matters, and he will be the person the CEO
            will turn to in dealing with these medical, dental and professional
            matters. The VMDP's functions

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            will invariably be performed in Triple-S, Inc.'s best interests and
            for its protection.

            The VMDP will participate in meetings held by the Professional
            Relations and in the Board of Directors, in the role of Advisor. His
            presence will be required in the meetings held by this committee and
            by the Board of Directors, unless the President of the Committee, or
            the Board, excuse his presence.

      6.    INCIDENTAL OR ACCESSORY FUNCTIONS. The VMDP should also fulfill all
            those functions, tasks and commissions, incidental or accessory,
            which the CEO assigns him from time to time, including his presence
            in other Board Committees.

      7.    ECONOMIC REMUNERATION. The VMDP will be economically remunerated in
            the following manner for the services that, in keeping with this
            CONTRACT, he is under the obligation to fulfill:

            a.    Salary. An annual salary of $175,000.00, equivalent to
                  $14,583.33 a month.

            b.    Christmas Bonus. A Special Christmas bonus equivalent to 5% of
                  his annual salary, plus half a month's salary, plus any bonus
                  Triple-S, Inc. is obligated by law provisions to pay. This
                  Christmas bonus will be paid in conformance to the Triple-S,
                  Inc.'s policies and norms applicable to their management
                  employees, and as modified from time to time.

            c.    Optional Additional Annual Bonus. The Board of Directors can
                  also, at their option, grant an optional additional annual
                  bonus that will be computed by the Board of Directors each
                  year, as is established in the following clause.

            d.    Attached as Attachment A of this contract, the document titled
                  Annual Compensation Statement which provides a detail of the
                  remuneration and marginal benefits. Attachment A is part of
                  this contract.

      8.    COMPUTING THE OPTIONAL ADDITIONAL ANNUAL BONUS. The Optional
            Additional Annual Bonus (AAB) will be determined annually, at the
            Board of Director's option, immediately after Triple-S, Inc.
            receives its financial statements for the pertinent economic year,
            certified by their external auditors. The AAB will be credited to
            the VMDP as soon as the Board has determined it, and according to
            the criteria it establishes for its payment. The Board of Directors
            will compute the AAB at the time it considers the Vice Presidents'
            AABs.

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      9.    DEFERRED COMPENSATION. The VMDP will have the power to, from time to
            time, defer payments for any of the before mentioned economic
            remuneration concepts in keeping with his wishes, if and when such
            action is in accordance to the applicable law provisions and to good
            corporate practices.

      10.   ANNUAL SALARY REVISION. The VMDP's Salary will be reviewed annually,
            effective July 1st of each year, beginning on January 1, 2007. Said
            revision would take into account the percent of change in Puerto
            Rico's general economic inflation rate, as determined by the
            Planning Board for the previous year, and other factors regarding
            compensation of other Officers of same or similar position and
            responsibility within the local industry and commerce, and any other
            relevant factor, for example, that Triple-S, Inc. has closed the
            revision applicable year with positive financial results. The BOARD
            shall do the computing of the salary change at the time it reviews
            compensation to Vice-presidents.

      11.   FRINGE BENEFITS. The VMDP will have the right to all fringe benefits
            such as: Retirement Plan, Health Plan, vacations, sick leave,
            disability insurance and others, in conformance to Triple-S, Inc.'s
            policies and norms as applicable to its management employees, and as
            modified from time to time.

            Triple-S, Inc. also will reimburse or pay the VMDP the following:

               a.    Representation, travel and miscellaneous expenses which are
                     reasonably and necessarily incurred in carrying out his
                     official duties;

               b.    Annual membership fees to two professional associations
                     such as the Puerto Rico College of Physicians and Surgeons,
                     and the Puerto Rico Medical Association, per prior approval
                     from the CEO, and

               c.    Any other related expenses that the CEO deems necessary in
                     carrying out his duties.

      12.   DEDUCTIONS. Triple-S, Inc. will make all deductions from the VMDP's
            remuneration that the law requires, such as: social security,
            retained income taxes, and his spouse's and any other optional
            dependent's life and disability insurance portion. The VMDP is
            authorized to acquire any life insurance coverage in addition to the
            one currently held by Triple-S, Inc., at his own responsibility and
            cost.

      13.   EXCLUSION FROM THE MINIMUM WAGE LAW. The VMDP recognizes that the
            duties he will undertake are excluded from the Puerto Rico Minimum
            Wage Law.

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      14.   EFFECTIVENESS AND TERM OF CONTRACT. This contract's effective date
            is established to be July 1, 2005 and its ending date is June 30,
            2010. The Board of Directors can, at their option, renew this
            contract. The Board of Directors must notify the VMDP no later than
            one year before the ending date of this original contract term or of
            its renovation, of their decision to renew or not renew it.

            If Triple-S, Inc. decides not to renew the Contract, it is under the
            obligation to pay the VMDP one year's salary. Triple-S, Inc. must
            also have fulfilled all obligations to the VMDP which correspond to
            his contract's terms, including those regarding compensation and
            fringe benefits. Disbursement of this amount shall occur no later
            than the last effective date of this contract. In case this contract
            is renewed and then terminated by Triple-S Inc. before the
            renovation's ending date, Triple-S, Inc. is under the obligation of
            providing the VMDP with the same compensation.

      15.   UNILATERAL RESOLUTION- JUST CAUSE. It is understood that Triple-S,
            Inc. is assisted by just cause for unilaterally dissolving this
            CONTRACT when the VMDP incurs in any of the following behaviors:

                  a.    Negligence in carrying out his duties, or their late,
                        inadequate or inept performance;

                  b.    Conviction of a felony or misdemeanor involving moral
                        depravation;

                  c.    Insubordination;

                  d.    Material non-conformance to corporate norms, rules and
                        agreements, or those of this CONTRACT;

                  e.    Improper or disorderly conduct;

                  f.    Existence of a conflict of interests;

                  g.    Total, temporary or partial closing of Triple-S, Inc.'s
                        operations;

                  h.    Employment reductions that result from Triple-S, Inc.'s
                        diminishing business volume.

                  In such case, the compensations described in clause 15 and 16
                  will not be applicable.

      16.   UNILATERAL RESOLUTION. The parties agree that Triple-S, Inc. has the
            right to dissolve unilaterally this contract at any time before the
            agreed ending

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            date. To exercise this right, the PBD and the CEO will jointly
            notify the VMDP thirty days before the effective date of said
            unilateral dissolution. As a condition for Triple-S, Inc. to
            exercise this right, it must proceed immediately with the total cash
            liquidation of the balance of this professional employment contract,
            in addition to the one year salary specified in paragraph 14,
            including the fringe benefits, and subtracting the discounts
            applicable by law. Triple-S, Inc. will have the option of continuing
            monthly payments until the contract is completed.

            The VMDP will be able to resolve this contract unilaterally in any
            moment, notifying the PBD and the CEO thirty (30) days prior to
            being effective said unilateral resolution. In said case, the
            compensations discussed before will not be applicable.

      17.   PREMATURE TERMINATION- DEATH, DISABILITY OR BANKRUPTCY. If the VMDP
            should die during this CONTRACT term, Triple-S, Inc. will liquidate
            his wages through payment to the heirs. Besides the life insurance
            the VMDP is entitled to as specified, and the liquidation of his
            wages, the VMDP's heirs are not entitled to any additional
            compensation.

            If the VMDP should suffer a significant mental or physical
            disability, or if Triple-S, Inc. should be brought, voluntarily or
            involuntarily, to a bankruptcy process, Triple-S, Inc. can, at its
            option entirely, dissolve this contract unilaterally. This without
            the assumption that the VMDP's rights are violated in case of a
            physical disability, due to the disability insurance stated before.

            For purposes of the last paragraph, it will be understood that the
            VMDP suffers from significant physical or mental disability when he
            absents himself from his employment for SIX (6) consecutive months,
            or he is absent in excess of NINETY PERCENT (90%) of said SIX
            consecutive month period. In termination for any of the before
            mentioned reasons, the payment of one year's salary will not apply.

      18.   PRIVILEGED MATERIAL- CONFIDENTIALITY. Except as formerly stated, all
            the information Triple-S, Inc. shares with the VMDP, or that he is
            privy to as a consequence of his employee relationship with
            Triple-S, Inc., in the guise of any chores, relationships, contacts,
            businesses, clients and duties, will constitute privileged and
            confidential material.

            Consequently, the VMDP will not divulge said information to third
            parties, including Triple-S, Inc. employees, functionaries or
            officers who do not have a legitimate reason to know this
            information. The confidentiality and privilege obligation discussed
            here shall survive the conclusion, unilateral resolution or
            termination of this CONTRACT.

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      19.   DOCUMENTS. At the end of this contract, the VMDP will keep or return
            all documents, objects, materials and the rest of the information he
            has obtained through Triple-S, Inc. business, in the Triple-S, Inc.
            offices, recognizing at the same time that said documents, objects,
            materials and related information are the exclusive property of
            Triple-S, Inc.

      20.   LIMITATION- OTHER EMPLOYMENT OR DUTIES. The VMDP is not to count on
            third parties for supplying any service, independent of whether
            economic compensation is involved or not, unless the CEO and PBD
            have previously given their express consent.

      21.   TRIPLE-S, INC. PERSONNEL. The VMDP will not solicit or encourage the
            Triple-S, Inc. personnel to quit their jobs and join him or a third
            party in other activities that are not to Triple-S, Inc.'s benefit.

      THIS CONTRACT IS AGREED UPON BY THE UNDERSIGNED IN CONSIDERATION OF THE
FOLLOWING:

                            MISCELLANEOUS PROVISIONS

      22.   CONTRACT CONSTRUCTION. Triple-S, Inc. and their legal representative
            wrote this contract, therefore its intellectual property and
            author's rights are theirs. At the same time, the contract is a
            product of negotiations between both parties, so no assumption or
            inference should be made in favor of any of them.

      23.   CEDING. The VMDP may not totally or partially cede the obligations
            and responsibilities assumed through this CONTRACT to a third party.

      24.   PACT TOTALITY. This document constitutes the total and complete pact
            agreed to by the contracting parts. No other former agreement,
            contract or pact should be considered valid or effective.

      25.   AMENDMENTS. In case the undersigned wish to amend the content of any
            clause in this CONTRACT, this should be done in writing, clearly
            stating which clause is being amended and what the amendment
            consists of.

      26.   HEADINGS. The headings included in this CONTRACT have been added to
            aid in reading and analyzing it. At no time should these headings be
            interpreted as the pact agreed upon by the undersigned, or that they
            amend the content of the clauses each one heads.

      27.   LIMITED INVALIDITY. In case any clause in this CONTRACT is declared
            null or illegal, the rest of the clauses will continue with full
            effectiveness and force.

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      28.   INTERPRETATION. This CONTRACT will be interpreted according to the
            prevailing judicial order in the Commonwealth of Puerto Rico.

      29.   JURISDICTION AND COMPETENCE. If it were necessary to judicially
            annul any controversy related to this CONTRACT, the parties will
            submit voluntarily to the jurisdiction of the Puerto Rico Court of
            First Instance and would choose the San Juan Halls of the Superior
            or District Court, as were the case, to void it.

      SUCH IS THE PACT agreed upon by contracting parties, which they recognize
and sign in San Juan, Puerto Rico on the date stated above.

  /s/  Dr. Wilmer Rodriguez Silva              /s/ Dr. Francisco Joglar Pesquera
-----------------------------------------    -----------------------------------
By: Dr. Wilmer Rodriguez Silva               By: Dr. Francisco Joglar Pesquera
    Chairman of the Board of Directors

  /s/ Socorro Rivas Rodriguez
------------------------------------------
By: Socorro Rivas Rodriguez
    President and CEO Triple-S, Inc.

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                                                                    ATTACHMENT A

                          ANNUAL COMPENSATION STATEMENT

Name:                   _________________________
Department:             _________________________
Division:               _________________________
Basic Monthly Salary:       $14,583.33

<TABLE>
<CAPTION>
<S>                                    <C>               <C>
Basic Annual Salary:                                     $  175,000.00
                                                         -------------
Marginal Benefits:
    Vacations (18 days) A              $    12,115.38
    Legal Christmas Bonus (Maximum) B  $       200.00
    Additional Christmas Bonus (c)     $    16,041.67
    Sick Leave (15 Days) D             $    10,096.15    $   38,453.21

    Health Plan (Familiar)             $     7,495.20
    Pension Plan                       $    11,025.00
    Life Insurance (Maximum $100,000)  $       261.30
    Long Term Disability               $       245.00    $   19,026.50

    Social Security                    $     9,246.01
    Unemployment (State)               $       175.00
    Unemployment (Federal)             $        56.00
    Disability Insurance               $        45.00    $    9,522.01

    Performance Bonus (E)              $    52,500.00    $   52,500.00
                                                         -------------
Total Marginal Benefits                                  $  119,501.71
                                                         -------------
Total Compensation                                       $  294,501.71
                                                         =============
</TABLE>

A     Effective at the completion of the probative period. The accumulation, the
      benefit and the marginal benefits are directed by corporate policies.

B     If worked 700 hours or more before September 30th

C     If worked 700 hours or more before September 30th and is a active regular
      management employee to the date in which the additional Christmas bonus is
      paid.

D     We pay 90% of the net accumulated license.

E     We pay a maximum of 30% of the basic salary depending on the performance
      of the officer, and the benefits of the Corporation. It will be
      discretional of the Board of Directors.

      The Pension Plan contributions start after the person has been employed a
      year.

   THE CORPORATION RESERVES THE RIGHT TO AMEND, MODIFY, SUSPEND OR FINISH THE
BENEFITS HERE DETAILED, IN ALL OR IN PART, IN ANY MOMENT AT ITS SOLE DISCRETION,
  EXCEPT FOR THOSE GIVEN BY DISPOSITION OF LAW, MANDATORY DECREE OR COLLECTIVE
                                   AGREEMENT.