American International Group announced today that CEO Peter Zaffino will step down by midyear and assume the role of executive chair of the board. According to the company, the move aligns with the company’s comprehensive multi-year succession planning process.
Insurance industry veteran Eric Andersen will join AIG as President and CEO-elect starting February 16, 2026. He will report to Mr. Zaffino and is expected to become CEO and join the Board of Directors after June 1, 2026, following a smooth transition period.
Mr. Andersen joins AIG from Aon, where he most recently served on the Aon Executive Committee and as a strategic advisor to the company’s President and CEO. Over nearly three decades at Aon, he held senior leadership roles, including President of Aon and Chief Executive Officer of Aon Benfield.
In a statement, Zaffino told investors, “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.”
Since becoming CEO in March 2021, Mr. Zaffino has led AIG through a remarkable 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, returning the company to market leadership and significantly improved financial strength. The company has delivered strong performance, returning more than $19 billion in stock repurchases and dividends to shareholders during the past three years while solidifying AIG’s capital base for sustainable, profitable growth.
John Rice, Lead Independent Director, 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.”
By CEO NA Editorial Staff
