AIG announced that long‑time chief executive Peter Zaffino will retire as CEO in mid‑2026 and transition to the role of executive chair, while former Aon executive Eric Andersen has been named CEO‑elect. Andersen will begin his role on February 16, 2026, and will assume the CEO title after June 1, 2026. The change follows AIG’s 2024 divestiture of its life‑and‑retirement business, Corebridge Financial, which positioned the insurer as a focused general‑insurance pure‑play.
Zaffino joined AIG in 2017 and became CEO in March 2021. During his tenure he restored underwriting profitability, disciplined underwriting, and led a strategic shift that eliminated legacy life‑insurance exposure. He will report to Andersen during the transition period and will continue to influence the company as executive chair.
Andersen brings nearly three decades of experience from Aon, where he served as President and CEO of Aon Benfield and held senior roles across the brokerage network. His deep knowledge of the insurance market and strong relationships with AIG’s key sales partners signal continuity and confidence in the company’s strategy as it moves forward.
The leadership transition comes at a time when AIG is solidifying its position as a pure‑play general insurer. Under Zaffino, underwriting profitability has returned to consistent levels, and the company has pursued AI‑driven underwriting and claims initiatives. Andersen’s brokerage background is expected to strengthen distribution and support the company’s focus on high‑margin general‑insurance lines, while he will need to navigate pricing pressure, cost inflation, and the ongoing integration of AI investments.
John Rice, AIG’s lead independent director, praised Zaffino’s leadership and expressed confidence that his continued influence as executive chair will help maintain momentum. Zaffino himself said the transition is timely and that Andersen is well positioned to steward the next chapter. Analysts from Keefe, Bruyette & Woods, Piper Sandler, JPMorgan, and Evercore ISI noted a learning curve for Andersen but overall confidence in his fit for the role.
The transition marks a significant leadership change that could shape AIG’s strategic direction and investor perception. Stakeholders will watch how Andersen steers the company after he assumes the CEO title, particularly in maintaining underwriting profitability and advancing the company’s AI and distribution initiatives.
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