American International Group (AIG) has named Eric Andersen as president and CEO-elect, succeeding Peter Zaffino, who will transition to the role of executive chair.  

Zaffino will leave his position as CEO by mid-year, with the appointment of Andersen as president and CEO-elect taking effect on 16 February 2026. 

Andersen will report to Zaffino and formally become CEO and join the Board of Directors after 1 June 2026. 

During his tenure since March 2021, Zaffino led several initiatives including refocusing the company’s operations, selling off non-essential business units, investing in internal development and updating AIG’s technology systems.  

Under his leadership, AIG also utilised generative AI tools to enhance data analysis and operational processes, highlighted AIG.  

The company reported returning more than $19bn to shareholders through share buybacks and dividends over the past three years. 

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.  

“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.” 

Andersen is set to join AIG from Aon, where he latterly was part of the executive committee and an advisor to the president and CEO.  

During nearly 30 years at Aon, he worked in senior positions such as president, CEO of Aon Benfield and CEO of Aon Risk Solutions Americas.  

From 2020 through 2025, Andersen led various global initiatives at Aon that focused on efficiency and performance improvements, as well as an increase in market capitalisation, noted AIG. 

Commenting on his appointment, Andersen stated: “I am honoured by the trust the board has placed in me and energised 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.” 

Last month, AIG named Adam Clifford as CEO of its International Commercial Insurance division.