New York City Cancels Financial Incentives For Aetna Headquarters Move

New York City Cancels Financial Incentives For Aetna Headquarters Move

New York City Cancels Financial Incentives For Aetna Headquarters Move

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the US print edition of The Wall Street Journal (January 13, 2018).

The insurer last summer announced plans to relocate its headquarters to New York City, in what would have been yet another blow to Connecticut's economy and its civic pride.

Aetna traces its roots in Hartford to 1819.

CVS will continue to be headquartered in Rhode Island.

CVS Health Corp., which is buying Aetna, said Friday it will not relocate Aetna from Hartford. Aetna told WNPR in an email, "all Aetna locations will be evaluated as part of the integration planning process". CVS Health has an incredible track record of corporate stewardship, and we welcome their leadership, and commitment to naming Hartford a center of excellence for the insurance business. The city of Hartford is in its own financial straits, relying on state aid to balance its budget.

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A spokesman for CVS Health confirmed Friday that it will keep Aetna in Hartford and make the city one of the pharmacy giant's "centers of excellence", where it locates major operations of its business lines.

He said he would advocate for Hartford with CVS Health leaders "to build a strong working partnership".

Five months earlier, Aetna said it would move to New York City in search of high-tech workers.

Aetna, which is the third-largest health insurer in the country, employs more than 5,000 people in CT. 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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