Cigna officials announced Tuesday the company would shift its corporate headquarters from Philadelphia to Connecticut, after accepting $50 million in economic benefits from the Connecticut Department of Economic and Community Development.
Although the company will move its headquarters, the shift is not expected to impact the Philadelphia location or its employment, according to a news release published on the company’s website.
According to Cigna, the move to Connecticut and the economic benefits it will receive will help to add at least 200 jobs in the next two years, increasing the company’s employment in the state to more than 4,000.
The economic program, called “First Five,” was designated to help spur job growth and support Connecticut businesses to become more competitive.
Under the terms of the agreement, Cigna will receive a combination of incentives, including tax credits and job training grants that can be used over the next 10 years, according to the statement.