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                                                                    EXHIBIT 10.9

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

                               EMPLOYMENT CONTRACT

In the city of San Juan, Puerto Rico, today the 6th of December of 2001.

                                     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 President, DR. FERNANDO L. LONGO, and by its Senior
Executive Officer, MR. MIGUEL A. VAZQUEZ DEYNES, of legal age, married, the
latter a physician by trade, and residing in Guaynabo, Puerto Rico, and the
former an executive residing in Carolina, Puerto Rico, whose authorities and
duties they are prepared to justify as soon as it is required of them.

FOR THE SECOND PART: ALEJANDRO E. FRANCO LINARES, of legal age, married, a
physician by trade and a resident of Rio Piedras, Puerto Rico.

The undersigned , whom I know personally and whose personal circumstances are
known to me by their declarations, assure me they have, and to my knowledge and
judgement have the legal capacity to execute this document, and 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 "SEO"; The Senior Executive Officer of Triple-S, Inc., Mr.
                  Miguel A. Vazquez Deynes

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

         c.       The "PBD"; President of the BOARD, Dr. Fernando L. Longo

         d.       The "VMDP"; The Senior Vice-president of the Medical, Dental
                  and Professional Matters Division, Dr. Alejandro E. Franco
                  Linares,

                  And

         e.       The "CONTRACT"; This Employment Contract.

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.
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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 Rheumatology at the
University of Puerto Rico School of Medicine's University Hospital. The VMDP
also is knowledgeable about health insurance plans, and the concepts of limiting
costs and of professional relationships, having served as Senior Vice-president
of the Medical, Dental and Professional Matters Division of Triple-S, Inc. since
June 10, 1996.

FOURTH: Since the VMDP's employment contract expires on December 31, 2001, the
parties to this agreement have agreed that the VMDP keep acting as such, with
obligations, functions, responsibilities, powers and rights similar to the ones
that constitute the employment relationship which will furthermore be agreed to
and noted here.

FIFTH: 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 all of his
                  working 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
                  Division of Triple-S, Inc.

         3.       HIERARCHY. The VMDP will respond directly to Triple-S, Inc.'s
                  SEO, 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
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         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 SEO will turn to in dealing with these
                  medical, dental and professional matters. The VMDP's functions
                  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 Reasonable Fee
                  Committee, the Dental and Reasonable Fee Committee, the
                  Revision of Use and Reasonable Fee Committee, and in the Board
                  of Directors, in the role of Advisor. His presence will be
                  required in the meetings held by these committees and by the
                  Board of Directors, unless the President of the Committee in
                  question, or the Board's, excuse his presence.

         6.       INCIDENTAL OR ACCESSORY FUNCTIONS. The VMDP should also
                  fulfill all those functions, tasks and commissions, incidental
                  or accessory, which the SEO 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 $214,745.00, equivalent to
                  $17,895.42 a month.

         b.       Christmas Bonus. A 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.

         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 internal 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 January 1st of each year, beginning on
                  January 1, 2002. 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. 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
                  SEO, and

         C.       any other related expenses that the SEO 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.
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         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.

         14.      EFFECTIVENESS AND TERM OF CONTRACT. This contract's effective
                  date is established to be January 1, 2002 and its ending date
                  is December 31, 2005. 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
                  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.

         16.      UNILATERAL RESOLUTION. The parties agree that Triple-S, Inc.
                  has the right to dissolve this contract at any time before the
                  agreed ending date. To exercise this right, the PBD and the
                  SEO 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
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                  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.

         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 consecutive
                  months, or he is absent in excess of NINETY PERCENT 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.      PREMATURE TERMINATION- TURNING 65 YEARS OLD. The VMDP, in
                  agreement with the SEO, can finalize this contract on the date
                  the VMDP turns 65 years old. This will be done through the
                  VMDP notification at least six months before the date he would
                  turn said age. In termination for the before mentioned
                  reasons, the payment of one year's salary will not apply.

         19.      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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         20.      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.

         21.      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 SEO and PBD have previously given their express consent.

         22.      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

         23.      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.

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

         25.      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.

         26.      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.

         27.      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.
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         28.      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.

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

         30.      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.

Triple-S, Inc.



Signed                             Signed
-----------------------------      -----------------------------------
By: Dr. Fernando L. Longo          By: Dr. Alejandro E. Franco Linares



Signed
-----------------------------
By:  Miguel A. Vazquez Deynes