Peter Zaffino, President and CEO of global insurer American International Group, Inc. (AIG), has informed the firm’s Board that he plans to transition to Executive Chair of AIG and retire as CEO by mid-year 2026, with Aon’s Eric Andersen named as his successor.
Most recently, Andersen served as a member of insurance and reinsurance broking group Aon’s Executive Committee and served as a strategic advisor to the firm’s President and CEO.
He has been with the broker for almost 30 years, holding senior leadership roles such as President of Aon, Chief Executive Officer of Aon Benfield, and CEO of Aon Risk Solutions Americas, with prior leadership positions spanning global account management and financial services.
As President of Aon, from 2020 through 2025, Andersen led global programmes that achieved gains in operational efficiency, improved performance for clients and the company, while increasing shareholder returns and expanding market value from $35 billion to $85 billion.
It was announced back in March 2025 that Andersen had transitioned from his role as President to serve as a senior advisor to CEO Greg Case through June 2026.
Andersen joins AIG as President and CEO-elect on February 16th, 2026, and will report to Zaffino. Andersen is expected to take over as CEO and join the Board of Directors after June 1st, 2026, following an orderly transition period.
John Rice, Lead Independent Director, AIG, said: “On behalf of the Board of Directors, I want to express our deepest gratitude to Peter for his extraordinary leadership and unwavering commitment to AIG. Peter’s 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. As we onboard Eric, we are grateful to benefit from Peter’s continued leadership as CEO, and then as Executive Chair, where he will continue to drive AIG’s future-focused digital and data initiatives and strategic relationships.”
“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. During his time at Aon, Eric reshaped the company’s business portfolio, implemented a new data and analytics strategy, and delivered strong operational improvements. The Board is confident that he is the right executive to be the next CEO of AIG,” he added.
Andersen said: “I am honored by the trust the Board has placed in me and energized by the opportunity to serve as AIG’s President and CEO-elect. AIG is an iconic company with a strong foundation and strategically well positioned for the future. I look forward to partnering with Peter, 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.”
Zaffino took over as AIG CEO in March 2021, and steps down from the role after “successfully leading the company’s transformation and strategic repositioning as a leading global property and casualty insurer.”
During his tenure, AIG notes that through disciplined underwriting it managed to reverse years of substantial underwriting losses, with the company delivering five consecutive years of underwriting profitability from 2021 to 2025.
“Under Mr. Zaffino’s leadership, AIG has built a strong culture of underwriting excellence, divested non-core businesses, invested in future-focused enterprise initiatives and modernized its end-to-end operations and technology infrastructure, including the strategic implementation of GenAI to provide better insight and enable growth,” reads the announcement.
Further, over the past three years, AIG returned over $19 billion in stock repurchases and dividends to shareholders, solidifying its capital base for sustainable and profitable growth.
Zaffino commented: “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. We could not have chosen a better person than Eric Andersen to steward the company’s next chapter. Eric is an incredibly accomplished and widely respected insurance executive, and we have worked together closely during my tenure at AIG. Eric’s deep understanding of our company and our industry ideally positions him to become AIG’s next CEO as the company continues to drive long-term profitable growth and value for all our stakeholders. I look forward to welcoming Eric to AIG and continuing to work with the Board of Directors.”
