Zaffino to step back as AIG CEO as Andersen named successor

Peter Zaffino is to transition to executive chair of American International Group’s board, with Eric Andersen appointed president and CEO-elect following a multi-year succession process.

American International Group said Zaffino will retire as CEO by mid-2026, having led the insurer’s strategic repositioning and turnaround since taking the role in 2021.

Andersen will join AIG on 16 February 2026 as president and CEO-elect, reporting to Zaffino during an orderly transition period.

He is expected to assume the CEO role and join the board after 1 June 2026.

Zaffino said the timing reflected the strength of the company’s current position.

“I am incredibly proud of our colleagues and the extraordinary progress we have delivered during my tenure to make AIG a top industry performer,” he said.

“From this position of strength, I am confident that now is the appropriate time to begin to transition leadership of the company.”

Since becoming CEO in March 2021, Zaffino has overseen a significant turnaround.

Through tighter underwriting discipline, AIG delivered five consecutive years of underwriting profitability from 2021 to 2025, reversing a prolonged period of losses.

The group has divested non-core businesses, strengthened its balance sheet and invested heavily in technology and data, including the deployment of generative AI across operations.

Over the past three years, AIG has returned more than $19bn to shareholders through dividends and share buybacks while reinforcing its capital position.

John Rice, lead independent director at AIG, said Zaffino’s leadership had fundamentally reshaped the company.

“Peter’s vision, tireless dedication and laser-focused execution have restored AIG’s reputation as a global leader and delivered outstanding value for clients, colleagues and shareholders,” he said.

Andersen joins AIG from Aon, where he spent nearly three decades in senior leadership roles.

He previously served as president of Aon, CEO of Aon Benfield and CEO of Aon Risk Solutions Americas.

During his tenure as president between 2020 and 2025, Aon’s market value grew from around $35bn to $85bn, alongside improvements in operational efficiency and client performance.

Rice said the board was confident Andersen was the right choice to lead AIG into its next phase.

“Eric Andersen is a deeply experienced and widely respected leader, known across the insurance industry for his integrity, strategic vision and proven ability to drive shareholder value,” he said.

Andersen said he was looking forward to building on the momentum established under Zaffino’s leadership.

“AIG is an iconic company with a strong foundation and strategically well positioned for the future,” he said.

“I look forward to partnering with Peter, the board and AIG’s talented colleagues around the world to deliver for our clients, partners and shareholders.”