Aetna Staying Put in Hartford

HARTFORD, CT — Nearly seven months after announcing it would be moving its headquarters to New York City, insurance giant Aetna has done an about-face and will remain in Hartford, where it was founded in 1853.

Rhode Island-based CVS Health Corp., which is in the process of purchasing Aetna in a $69 billion deal, announced Friday the New York move is off the table, and the insurer will remain in Connecticut's capital 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," Gov. Dannel Malloy said in a written statement Friday. "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. Today’s announcement confirms that Connecticut is a tremendous place to do business, with a talent pipeline and quality of life that are second-to-none. 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.”

The agreement between CVS and Aetna is expected to close in the second half of 2018.

Photo credit: Tim Jensen