American International Group (AIG) appointed Aon executive Eric Andersen as its next chief executive, replacing Peter Zaffino who will transition to executive chairman 1.
The leadership change signals AIG’s strategic shift as the insurance giant seeks to accelerate growth under new management while retaining Zaffino’s oversight during the transition.
Key Takeaways
- Eric Andersen from Aon tapped as AIG’s new CEO
- Peter Zaffino transitions to executive chairman role after retirement
- Leadership change aims to drive strategic growth initiatives
Leadership Transition Details
Zaffino, who joined AIG in 2017 and has served as CEO since 2021 and chairman since 2022, will assume the executive chair position following the transition 1. The move represents a planned succession as Zaffino announced his retirement plans from the chief executive role 2.
Andersen brings extensive insurance industry experience from his tenure at Aon, where he held senior leadership positions. His appointment comes as AIG continues its transformation efforts in the competitive property and casualty insurance market.
Market Context and Strategic Implications
The CEO succession occurs amid ongoing challenges in the insurance sector, including volatile market conditions and regulatory pressures. AIG’s leadership change follows previous shareholder concerns over executive compensation, with investors voting against executive pay packages in a non-binding vote that highlighted governance issues 4.
The appointment of an external candidate from Aon suggests AIG’s board sought fresh perspective for the company’s next growth phase. Insurance industry consolidation and digital transformation initiatives remain key strategic priorities for major carriers.
Industry Background
AIG has undergone significant restructuring since the 2008 financial crisis, divesting non-core assets and focusing on its core insurance operations. Under Zaffino’s leadership, the company has worked to improve underwriting discipline and operational efficiency.
The succession planning reflects broader trends in the insurance industry, where experienced executives frequently move between major carriers and brokers to drive strategic initiatives and growth programs.
Looking Forward
The transition timeline and specific details of Andersen’s appointment have not been fully disclosed. Industry observers will watch for strategic announcements and operational changes under the new leadership structure.
AIG’s ability to execute on growth initiatives while maintaining underwriting discipline will be closely monitored by investors and analysts in the coming quarters.
Not investment advice. For informational purposes only.
References
1“AIG Taps Aon’s Eric Andersen to Succeed Peter Zaffino as CEO”. Morningstar. Retrieved January 6, 2026.
2“Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Tuesday Amid Geopolitical Uncertainties”. MarketScreener. Retrieved January 6, 2026.
3“AIG Taps Aon’s Eric Andersen to Succeed Peter Zaffino as CEO”. Wall Street Journal Audio. Retrieved January 6, 2026.
4Samuel Casey (May 22, 2023). “AIG shareholders vote against executive pay in non-binding AGM vote”. Insurance Insider US. Retrieved January 6, 2026.