CIGNA To Stay in Philadelphia, Not Move to N.J.

CIGNA Corporation said that it will maintain its corporate headquarters at Liberty Place in Philadelphia through 2016.

The company had been pursued by officials from New Jersey to relocated to the Camden area.

Approximately 1,500 people currently work in CIGNA’s offices at One and Two Liberty Place in the company’s group disability, life and accident insurance and international businesses, its health care utilization management operations and various corporate units. When the new lease agreement takes effect in 2006, CIGNA will consolidate all of its central Philadelphia workers in offices in Two Liberty Place.

“This was an important decision for us,” said H. Edward Hanway, CIGNA’s chairman and chief executive officer. “We were fortunate to be presented with a number of compelling and very attractive relocation offers.”

Hanway expressed appreciation for the cooperation and leadership of Pennsylvania Gov. Ed Rendell and the Governor’s Action Team.

He also thanked Philadelphia Mayor John F. Street and Peter S. Longstreth, president of the Philadelphia Industrial Development Corporation; state legislative leadership, including Rep. John Perzel and Sen. Vincent Fumo; Mark S. Schweiker, CEO of the Greater Philadelphia Chamber of Commerce; and Select Greater Philadelphia, a division of the Greater Philadelphia Chamber of Commerce.

“CIGNA is a strong and vital member of the Philadelphia business community and I’m very pleased the company will be maintaining its headquarters at Two Liberty Place,” said Pennsylvania Gov. Ed Rendell. “As a major employer doing business across the country and in many parts of the world, CIGNA’s presence reaffirms Philadelphia’s status as a vibrant place to do business.”

Hanway also expressed appreciation to New Jersey Gov. James E. McGreevey and other state and local officials, including State Treasurer John McCormac, New Jersey Economic Development Authority Director Caren Franzini and the Cooper’s Ferry Development Association.

“New Jersey officials made a strong case for moving to the Camden waterfront – an area clearly at the hub of Camden’s revitalization as a prime location for business development and growth,” said Hanway.

CIGNA completed a comprehensive, year-long analysis of the alternatives before deciding to remain at Two Liberty Place.

“We weighed the financial and logistical impact of relocating our people and our business,” Hanway said. “After carefully considering the financial incentives offered to CIGNA for remaining in our present location – and factoring in the cost of employee turnover and potential business disruption – we’ve concluded that staying at Two Liberty Place is in the best interests of our customers, employers and shareholders.”