NYC halts $9.6M incentive package to move Aetna to city

NYC halts $9.6M incentive package to move Aetna to city

CVS Health Corp. has made a decision to keep Aetna Inc.in Hartford, Conn., reversing the insurer's plan announced previous year to move its corporate offices to New York City.

After meeting with CVS Health CEO Larry Merlo yesterday, I'm thrilled that CVS has confirmed that Aetna will continue to call Hartford home, building upon a strong legacy of success dating back to 1853.

CVS Health will also continue to be headquartered in Rhode Island.

In Friday's statement, CVS said it views Hartford "as the future location of our center of excellence for the insurance business". Aetna told WNPR in an email, "all Aetna locations will be evaluated as part of the integration planning process". The city of Hartford is in its own financial straits, relying on state aid to balance its budget.

NY officials seem to think Aetna's changed its mind, saying the incentive package was withdrawn because the relocation is not moving forward.

Aetna appears to be staying in Hartford, according to the Hartford Courant. The move would have affected 250 jobs, the company said.

NY officials have withdrawn a $9.6 million incentive package offered to Aetna Inc.to move its corporate headquarters from Hartford to Manhattan.

"We had a preliminary agreement that still needed formal approval, and we can't get that approval if they can't positively affirm to us that the relocation is happening", said Stephanie Baez, a spokeswoman for the New York City Economic Development Corp.

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