Peter Zaffino, president and CEO of global insurance company American International Group (AIG), has informed the company’s board of directors that he plans to transition to executive chairman of AIG and retire as CEO in mid-2026, with Aon’s Eric Andersen named as his successor.
Most recently, Anderson served as a member of the executive committee of insurance and reinsurance brokerage group Aon and served as strategic advisor to the company’s president and CEO.
He has been with the brokerage for nearly 30 years, holding senior leadership roles including President of Aon, CEO of Aon Benfield and CEO of Aon Risk Solutions Americas, and previously held leadership roles in global account management and financial services.
As President of Aon from 2020 to 2025, Andersen led global programs that delivered operational efficiencies and improved customer and company performance while increasing shareholder returns and expanding market value from $35 billion to $85 billion.
It was reported back in March 2025 that Anderson had transitioned from the role of president to become a senior advisor to CEO Greg Case until June 2026.
Anderson will join AIG on February 16, 2026 as president and chief executive officer-designate, reporting to Zaffino. Following an orderly transition period, Anderson is expected to take over as CEO and join the Board of Directors after June 1, 2026.
John Rice, lead independent director of AIG, said: “On behalf of the Board of Directors, I would like to express our deepest gratitude to Peter for his extraordinary leadership and unwavering commitment to AIG. Peter’s vision, tireless dedication and focused execution have fundamentally reshaped AIG, restored its reputation as a global leader and delivered outstanding value to customers, colleagues and shareholders. We are pleased to benefit from the addition of Eric as he joins the team.” With his continued leadership as CEO and Executive Chairman, he will continue to drive AIG’s future-focused digital and data initiatives and strategic relationships.”
“Eric Andersen is an experienced and widely respected leader known throughout the insurance industry for his integrity, strategic vision and proven ability to drive shareholder value. During his tenure at Aon, Eric reshaped the company’s business portfolio, implemented new data and analytics strategies and delivered strong operational improvements. The Board believes he is the right executive to serve as AIG’s next CEO,” he added.
“I am honored by the trust the Board has placed in me and encouraged by the opportunity to serve as President and Chief Executive Officer-designate of AIG,” said Anderson. “AIG is an iconic company with a solid foundation and is strategically well-positioned for the future. I look forward to working with Peter, the Board, and AIG’s talented colleagues around the world to build on the momentum we have built and deliver returns for our customers, partners and shareholders.”
Zaffino took over as CEO of AIG in March 2021 and resigned after “successfully leading the company’s transformation and strategic repositioning as the world’s leading property and casualty insurance company.”
AIG pointed out that during his tenure, through disciplined underwriting, the company successfully reversed years of large underwriting losses and achieved underwriting profits for five consecutive years 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-proof enterprise initiatives, and modernized its end-to-end operational and technology infrastructure, including the strategic implementation of GenAI to provide better insights and drive growth,” the announcement read.
In addition, AIG has returned more than $19 billion in stock repurchases and dividends to shareholders over the past three years, solidifying its capital base for sustainable profitable growth.
Zaffino commented, “I am incredibly proud of our colleagues and the extraordinary progress we have made during my tenure to position AIG as the leader in our industry. With the strong support of AIG’s Board of Directors, we have significantly improved AIG’s profitability, significantly strengthened our balance sheet, and built significant financial flexibility. These efforts have resulted in superior strategic, operational and financial performance and are underpinned by our culture of exceptional underwriting discipline.”
“With this strength, I believe now is the right time to begin the transition of the company’s leadership. We could not have chosen a better person than Eric Andersen to lead the company’s next chapter. Eric is an accomplished and widely respected insurance executive with whom we have worked closely together during my tenure at AIG. Eric’s deep knowledge of our company and industry make him a great addition to AIG An ideal choice as the next CEO as the company continues to drive long-term profitable growth and value for all stakeholders, I welcome Eric to AIG and continue to work with the Board.”
