Peter Zaffino to step down as AIG CEO

AIG said Chairman and CEO Peter Zaffino plans to transition to Executive Chair of the board and retire as CEO by mid-2026, marking the next phase of a multi-year succession plan. Zaffino has led AIG since 2021 and will remain involved through an orderly transition.

Eric Andersen will join AIG as President and CEO-elect on February 16, 2026, reporting to Zaffino. Andersen is expected to assume the CEO role and join AIG’s board after June 1, 2026.

Zaffino’s tenure included a broad turnaround effort that returned AIG to underwriting profitability, delivered five consecutive years of underwriting gains from 2021 to 2025, divested non-core businesses, and modernized operations and technology, including the use of generative AI. Over the past three years, AIG returned more than $19 billion to shareholders through dividends and stock repurchases.

Andersen joins from Aon, where he served on the executive committee and previously held senior roles including President of Aon, CEO of Aon Benfield, and CEO of Aon Risk Solutions Americas. During his time as Aon president from 2020 to 2025, the firm grew its market value from about $35 billion to $85 billion.

AIG said Zaffino will continue to focus on strategic relationships and digital and data initiatives in his role as Executive Chair, while Andersen will lead the company’s next phase of growth as CEO.