Aetna will stay in Hartford, CVS says


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

CVS Health CEO Larry Merlo met with Gov. Dannel Malloy on Thursday as well.

CVS Health will also continue to be headquartered in Rhode Island. Palombi said, not unlike the company's plans for Aetna's being centered in Hartford.

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

At that time, Aetna said all of its locations would be evaluated as part of its integration with CVS.

Malloy took Friday's announcement by CVS as confirmation that CT is a "tremendous place to do business" with talented workers and a good quality of life. "My administration will continue to work with CVS Health's leadership team to ensure that their footprint in Hartford is maintained not only for the short-term, but in the long-run as well".

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Aetna had pledged to spend $84 million to move 250 senior corporate executives from Hartford into a 145,000-square-foot building at 61 Ninth Ave., in Manhattan.

NY officials seem to think Aetna's changed its mind, saying the incentive package was withdrawn because the relocation is not moving forward.

That was due in part to uncertainties about Aetna's plans after CVS Health in December announced its plan to acquire the insurance company for $69 billion.

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.

The Malloy administration is not offering CVS any incentives to keep Aetna's headquarters in Hartford, according to a source familiar with the situation. 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. NY state government officials had also offered Aetna about $24 million in tax breaks over 10 years. Unfortunately, the repositioning of a corporate headquarters is a zero-sum game where one location's gain is another location's loss.