AIG Completes Its Planned CEO Transition Plan – Eric Andersen to Become Chief Executive Officer and Peter Zaffino To Become Executive Chair of the Board of Directors
The AIG Board of Directors announced that effective June 1, 2026, Eric Andersen will become President and Chief Executive Officer of AIG and join the AIG Board of Directors and Peter Zaffino will become Executive Chair of the AIG Board of Directors, marking the successful conclusion of the company’s previously announced leadership transition plan.
“I want to express my appreciation and gratitude to Peter Zaffino for his tremendous leadership, tireless commitment and contributions in transforming AIG and restoring the Company to its market leadership position,” said Mr. Andersen. “I am honored to serve as AIG’s next Chief Executive Officer and want to thank Peter and the AIG Board of Directors for the opportunity to lead this iconic company. Since joining AIG in February as President and CEO-Elect, I have had the opportunity to engage with our valued clients and stakeholders around the world. These conversations have further reinforced my excitement in working alongside our talented colleagues to build on AIG’s strong momentum and deliver on the strategic priorities the Company announced at our 2025 Investor Day.”
Mr. Zaffino, Chairman and CEO, AIG, said, “Serving as Chairman and CEO of AIG has been an immense privilege, and I am very proud of the many milestones we achieved as a company during that period. I am incredibly grateful for the dedication and teamwork of our world-class colleagues, whose deep technical expertise, ingenuity and commitment to excellence have positioned AIG as an industry leader recognized globally for its strategic, financial and operational strength. These accomplishments would not have been possible without the tremendous partnership and support of the AIG Board of Directors, to whom I want to again express my gratitude. In my new role as Executive Chair, I look forward to continuing to work with the AIG Board of Directors and Eric to advance AIG’s strategy in the future.”
Mr. Zaffino continued, “I want to congratulate Eric as he becomes CEO of AIG on June 1st. I am very confident that Eric’s extensive insurance expertise, significant industry relationships and strong focus on growth will serve AIG exceptionally well as the Company continues to execute against its strategic priorities.”
John Rice, Lead Independent Director, AIG Board of Directors, added, “On behalf of the AIG Board of Directors, I want to express my deepest appreciation to Peter Zaffino for his extraordinary leadership of AIG. During Peter’s tenure, AIG completed an unprecedented transformation and is now recognized once again as a leading global company with tremendous momentum and future opportunities. Since joining AIG In February, Eric has immersed himself in the Company’s business and operations, and he is well prepared to assume the role of CEO. The Board and I look forward to continuing to work with Peter in his role as Executive Chair and partnering with Eric in his new role as CEO as he leads AIG into a new era of growth and innovation.”
Mr. Zaffino and Mr. Andersen will provide further commentary on the CEO transition during AIG’s first quarter 2026 earnings conference call this Friday, May 1, 2026, at 8:30 a.m. ET. The live, listen-only webcast is open to the public and can be accessed in the Investors section of https://www.aig.com. A replay will be available after the call at the same location.
Peter Zaffino to Transition to Executive Chair of AIG’s Board of Directors; Eric Andersen to Join as AIG’s President and CEO-Elect
American International Group, Inc. (NYSE: AIG) announced that Chairman & CEO Peter Zaffino has informed the AIG Board of Directors that he intends to transition to Executive Chair of AIG and retire as CEO by mid-year after successfully leading the company’s transformation and strategic repositioning as a leading global property and casualty insurer.
In alignment with the company’s comprehensive multi-year succession planning process, the Board conducted a search to identify a highly qualified leader to continue driving AIG’s performance over the long term. Following that process, insurance industry veteran Eric Andersen will be joining as President and CEO-elect of AIG, effective February 16, 2026. Mr. Andersen will report to Mr. Zaffino and is expected to assume the role of CEO and join the Board of Directors after June 1, 2026, following an orderly transition period.
Mr. Zaffino said, “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. Through disciplined underwriting, 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. 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. 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.”
Mr. Andersen joins AIG from Aon, where he most recently was a member of the Aon Executive Committee and served as a strategic advisor to the company’s President and CEO. Over nearly three decades with Aon, he held senior leadership roles including President of Aon, Chief Executive Officer of Aon Benfield, the world’s leading reinsurance intermediary, and CEO of Aon Risk Solutions Americas, with prior leadership positions spanning global account management and financial services. During his time as President of Aon from 2020 through 2025, Mr. Andersen led global programs that achieved gains in operational efficiency, improved performance for clients and the firm, increased shareholder returns and grew market value from $35 billion to $85 billion.
On the Board’s selection of Mr. Andersen as AIG’s next CEO, Mr. Rice added: “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.”
Mr. Andersen, commenting on his appointment, 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.”
AIG Announces Business Leadership Appointments to Drive Next Phase of Profitable Growth
American International Group (NYSE: AIG) is pleased to announce that David McElroy, currently Chief Executive Officer, General Insurance, will assume the newly created role of Chairman, General Insurance; Don Bailey, currently Global Head of Distribution and Field Operations, will assume the role of CEO, North America Insurance; and Jon Hancock, currently Chief Executive Officer of International General Insurance, will assume the role of CEO, International Insurance, effective January 1, 2024. Mr. McElroy, Mr. Bailey and Mr. Hancock will report to Peter Zaffino, Chairman & Chief Executive Officer of AIG, and will serve on AIG’s Executive Leadership Team.
In his new role, Mr. McElroy will focus on advancing client development, building distribution partner relationships, and continuing to support our focus on underwriting excellence.
Mr. Zaffino stated, “I am grateful to Dave for his leadership and significant contributions over the past five years, as we built out an industry-leading global team and underwriting culture. I am confident that over the next few years, he will continue to drive significant value for our stakeholders in this new role, which will leverage his deep industry expertise, his exceptional underwriting experience, and his significant capabilities in the market.”
Mr. McElroy said, “It has been a great honor to be a part of AIG’s historic turnaround. By working in one of the most important parts of our business, focused on strengthening broker and client relationships, I see our commitment to underwriting excellence and enhanced focus on our clients in action every day. I’m excited by the opportunities ahead for us to continue to serve our clients, distribution partners, investors, and colleagues, and to continue to elevate our position in the industry.”
In their new roles, Mr. Bailey and Mr. Hancock will lead the underwriting, distribution and the business teams in North America and International, respectively.
Mr. Bailey brings three decades of insurance underwriting and brokerage leadership experience to his new role and Mr. Hancock brings three decades of vast insurance industry and global operating experience to his new role.
Mr. Zaffino continued, “Don and Jon’s appointments align with our plans to create a leaner operating model, while remaining extremely focused on advancing our underwriting performance, continuing to enhance our operational excellence, and achieving double-digit returns. These changes reflect the significant progress we have made over the last several years and will accelerate the implementation of our business strategy going forward.”
AIG Announced Five-Year Employment Agreement with Peter Zaffino
American International Group, Inc. announced that AIG and Peter Zaffino, President & Chief Executive Officer and Chairman of the Board, have entered into an agreement securing Mr. Zaffino’s employment through November 10, 2027.
Speaking on behalf of the AIG Board of Directors, John G. Rice said, “We are fortunate to have Peter continue as the CEO of AIG for at least the next five years. Throughout his career, Peter has developed an excellent track record as a visionary, insightful leader, with an ability to execute comprehensive transformational programs that turn his strategic vision into tangible, measurable success. Under Peter’s leadership, AIG has delivered on ambitious operational and financial objectives and is well positioned to continue to drive long-term value for the company’s shareholders and other stakeholders.”
Peter Zaffino stated, “Over the last few years, our global team has executed a complex, multi-faceted turnaround and transformation to elevate AIG’s performance, and deliver value to our clients, distribution partners, shareholders, and other stakeholders. We instilled a culture of underwriting and operating excellence, dramatically changed our risk tolerance, and transformed the way we work and collaborate across the organization. It is a privilege to lead AIG and our talented group of colleagues, and I look forward to continuing to build on our significant momentum on our journey to become a top performing company and market leader in everything we do.”
More information is available in the Company’s Form 8-K, filed today with the U.S. Securities and Exchange Commission.
AIG Names Zaffino to Succeed Duperreault as CEO
The AIG Board of Directors has named Peter S. Zaffino Chief Executive Officer of AIG, effective March 1, 2021, in addition to his current role as President of the company. Mr. Zaffino has also been appointed to serve as a Director, effective immediately.
Brian Duperreault will become Executive Chairman and Douglas M. Steenland, currently Independent Chairman of the Board, will become Lead Independent Director, also effective March 1, 2021.
Mr. Zaffino stated, “I am honored to succeed Brian as Chief Executive Officer of AIG and want to thank him and the AIG Board of Directors for this opportunity. I look forward to leading AIG’s next phase on our journey to becoming a top performing company.”
Mr. Duperreault stated, “I want to thank the AIG Directors for their continued support and congratulate Peter on his well-deserved election as the next Chief Executive Officer of AIG. Peter has been instrumental in the significant turnaround and transformation at AIG and his vision, determination and pursuit of excellence will help ensure the company’s future success.”
Mr. Steenland, speaking on behalf of the Board of Directors, said, “We are grateful to Brian for his leadership and expertise in guiding the strategic repositioning of AIG’s businesses as market leaders and we look forward to his ongoing contributions as Executive Chairman. We are extremely fortunate to have an executive of Peter’s caliber and have great confidence about the future of the company under his leadership.”