American International Group (AIG) has announced that chairman and CEO Peter Zaffino plans to transition to executive chair and retire as CEO by mid-year 2026.

The company stated that Eric Andersen (pictured above), a former Aon executive, will join as president and CEO-elect effective Feb. 16, 2026. Andersen is expected to assume the CEO role and join the board of directors after June 1, 2026, following a transition period.

AIG reported that the move follows a multi-year succession planning process conducted by its board of directors.

Andersen's appointment also follows an unexpected leadership disruption in late 2025, when former Lloyd's of London chief John Neal withdrew from the incoming president role just two weeks before his scheduled Dec. 1 start date.

"I am incredibly proud of our colleagues and the extraordinary progress we have delivered during my tenure to make AIG a top industry performer," Zaffino said.

Zaffino described Andersen as well positioned to lead the company's next phase, citing their prior working relationship and Andersen's familiarity with AIG and the broader insurance industry.

Zaffino became CEO in March 2021 and oversaw a period in which the company reported five consecutive years of underwriting profitability from 2021 to 2025. The company also cited more than US$19 billion returned to shareholders through stock repurchases and dividends over the past three years.

Andersen joins AIG from Aon, where he most recently served on the executive committee and as a strategic advisor to its president and CEO. Andersen held senior roles at Aon over nearly three decades, including president of Aon, CEO of Aon Benfield, and CEO of Aon Risk Solutions Americas.

AIG stated that during Andersen's tenure as president of Aon from 2020 through 2025, the firm's market value grew from US$35 billion to US$85 billion.

John Rice, lead independent director, described Andersen as a leader known for his strategic approach and track record of delivering shareholder value. The board expressed confidence in Andersen as Zaffino's successor.

"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," Andersen said.