Andersen will join AIG as president and CEO-elect effective Feb. 16, according to the company. He is expected to assume the CEO role and join AIG’s board on June 1, while Zaffino will transition to the role of executive chair, ensuring continuity during the leadership change.

“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,” said John Rice, AIG’s lead independent director.

Andersen brings nearly three decades of experience from Aon, where he held several senior leadership roles including president, CEO of Aon Benfield, and CEO of Aon Risk Solutions Americas. His background in insurance brokerage and risk advisory positions him to lead AIG through its next phase of growth and operational focus.

Under Zaffino’s leadership since 2021, AIG delivered a significant turnaround in underwriting profitability after years of losses. The company’s shares rose 92% during his tenure, outperforming an index of insurance peers. Zaffino also simplified AIG’s structure by exiting life insurance through the spin-off of Corebridge Financial Inc.

More recently, Zaffino led strategic investments in Convex Group and alternative asset manager Onex Corp., totaling more than $2.7 billion, and introduced a new three-year strategic plan centered on profitability metrics. These initiatives reflected a focus on disciplined growth, capital efficiency, and long-term value creation.

Analysts view Andersen as a strong fit for the role given his extensive leadership background. “We were wondering where Mr. Andersen would resurface after his departure from Aon and think he is a good fit for the job,” Evercore ISI analysts wrote, noting his experience across major segments of the insurance and risk industry.