CVS: "No plans to relocate Aetna"

Bicyclists pedal past the Aetna headquarters in Hartford

CVS: "No plans to relocate Aetna"

U.S. Sen. Chris Murphy said he was "glad" that CVS "appears set to renew Aetna's historic 160-year bond to Hartford".

Malloy echoed the company's point. The governor said he was "thrilled" that Aetna will "call Hartford home" and build upon "a strong legacy of success dating back to 1853".

Once the merger is complete, Hartford will be considered the "corporate hub" for the insurance business, rather than Aetna's headquarters, Mr. Palombi said. Today's announcement confirms that CT is a tremendous place to do business, with a talent pipeline and quality of life that are second-to-none.

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Aetna had said past year that it planned to move its corporate headquarters to NY in 2018.

Crain's New York Business reported earlier this week that the incentive package used to lure Aetna to New York was falling apart. Aetna told WNPR in an email, "all Aetna locations will be evaluated as part of the integration planning process".

In June, the city and state announced incentive packages largely consisting of tax breaks worth about $35 million combined over a decade in exchange for Aetna occupying 145,000 square feet at 61 Ninth Ave., which amounted to all of the building aside from the retail space.

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But so far, Aetna has refused to confirm whether it's still committed to the NY move, and the city's announcement didn't change that stance.

That's when pharmacy giant CVS purchased Aetna, raising questions about Aetna's future location plans. Nearly immediately after the merger was announced in early December, an Aetna spokesman said the company's real estate, including the headquarters move, would be evaluated by CVS management during the merger integration planning.

David Cadden, a business professor at Quinnipiac University, said the announcement gives CT an opportunity to change its image as a business unfriendly environment. Empire State Development, New York state's economic development arm, also had offered the insurer $24 million in performance-based tax credits to open the office in the city.

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