He will be succeeded by an Aon veteran
AIG has announced that chief executive Peter Zaffino has informed the board that he intends to transition to executive chair of AIG and retire as the top boss by mid-year.
Zaffino became chief executive of the insurer in 2021 and led it through a turnaround against the backdrop of significant macro socio-economic headwinds.
AIG reversed years of substantial underwriting losses and delivered five consecutive years of underwriting profitability from 2021 to 2025.
Zaffino said: “I am incredibly proud of our colleagues and the extraordinary progress we have delivered during my tenure to make AIG a top industry performer.
“With significant support from the AIG board of directors, we have returned AIG to vastly improved profitability, significantly strengthened our balance sheet and built tremendous financial flexibility.
”These efforts have resulted in exceptional strategic, operational and financial performance, underpinned by our disciplined culture of underwriting excellence. From this position of strength, I am confident that now is the appropriate time to begin to transition leadership of the company.”
John Rice, lead independent director, added: “On behalf of the board of directors, I want to express our deepest gratitude to Zaffino for his extraordinary leadership and unwavering commitment to AIG.
“His vision, tireless dedication and laser-focused execution have fundamentally reshaped AIG, restoring its reputation as a global leader and delivering outstanding value for clients, colleagues and shareholders.”
Succession
Following a search, AIG said that Eric Andersen will be joining as president and chief executive-elect at AIG, effective 16 February 2026.
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Andersen is expected to assume the role of chief executive and join the board of directors after 1 June 2026, following an orderly transition period.
He joins from Aon, where he most recently was a member of the Aon executive committee and served as a strategic advisor to the company’s president and chief executive.
Over nearly three decades with Aon, he held senior leadership roles including president of Aon, chief executive at Aon Benfield and chief executive of Aon Risk Solutions Americas, with prior leadership positions spanning global account management and financial services.
Andersen said: “I am honored by the trust the board has placed in me and energised by the opportunity to serve as AIG’s president and chief executive-elect.
”AIG is an iconic company with a strong foundation and strategically well positioned for the future. I look forward to partnering with Zaffino, the board and AIG’s talented colleagues around the world to build on the momentum that has been established and to deliver for our clients, partners and shareholders.”
Rice added: ”As we onboard Andersen, we are grateful to benefit from Zaffino’s continued leadership as chief executive and then as executive chair, where he will continue to drive AIG’s future-focused digital and data initiatives and strategic relationships.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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