Peter Zaffino: Difference between revisions

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| image        = Peter Zaffinoheadshot (cropped).jpg
| image        = Peter Zaffinoheadshot (cropped).jpg
| birth_date  = {{Birth year and age|1967}}
| birth_date  = {{Birth year and age|1967}}
| birth_place  = [[Greenwich, Connecticut]], United States
| birth_place  = [[Greenwich, Connecticut]], U.S.
| nationality  = American
| nationality  = American
| education    = [[New York University Stern School of Business]] (MBA)<br>[[Boston College]] (BA)
| education    = [[Boston College]] (BA)<br>[[New York University Stern School of Business]] (MBA)
| occupation  = Insurance executive
| occupation  = Insurance executive
| known_for    = Chairman and CEO of [[American International Group]] (AIG)
| known_for    = Chairman and CEO of [[American International Group]] (AIG)
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'''Peter Zaffino''' (born 1967) is an American insurance industry executive who has served as chairman and chief executive officer of [[American International Group]] (AIG), one of the largest insurance organizations in the world. Born in [[Greenwich, Connecticut]], Zaffino built his career over more than three decades in the global insurance and reinsurance industries, holding senior leadership positions at [[Marsh & McLennan Companies]] (MMC) for sixteen years before joining AIG in 2017. At MMC, he led [[Guy Carpenter]], the reinsurance brokerage subsidiary, and later served as CEO of [[Marsh Inc.]], the world's largest insurance brokerage. After joining AIG as executive vice president and global chief operating officer, Zaffino rose through a series of promotions—becoming president in 2020, CEO in 2021, and chairman of the board of directors effective January 1, 2022.<ref name="wsj2017">{{cite news |title=AIG CEO Taps Peter Zaffino as Key Lieutenant |url=https://www.wsj.com/articles/aig-ceo-taps-peter-zaffino-as-key-lieutenant-1499283138 |work=The Wall Street Journal |access-date=2026-02-24}}</ref><ref name="cnbc2017">{{cite news |title=AIG taps Marsh executive to work alongside new CEO |url=https://www.cnbc.com/2017/07/05/reuters-america-update-2-aig-taps-marsh-executive-to-work-alongside-new-ceo.html |work=CNBC |date=2017-07-05 |access-date=2026-02-24}}</ref> In January 2026, AIG announced that Zaffino intended to retire as CEO by mid-2026 and transition to the role of executive chairman of the board.<ref name="bw2026">{{cite web |title=Peter Zaffino to Transition to Executive Chair of AIG's Board of Directors by Mid-2026 |url=https://www.businesswire.com/news/home/20260106018357/en/Peter-Zaffino-to-Transition-to-Executive-Chair-of-AIGs-Board-of-Directors-by-Mid-2026 |publisher=Business Wire |date=2026-01-06 |access-date=2026-02-24}}</ref>
'''Peter Zaffino''' (born 1967) is an American insurance industry executive who has served as chairman and chief executive officer of [[American International Group]] (AIG), one of the largest insurance organizations in the world. Zaffino's career in the insurance and risk management industry spans more than three decades, during which he held senior leadership positions at [[Marsh & McLennan Companies]] (MMC)—including as CEO of [[Marsh Inc.]] and president and CEO of [[Guy Carpenter & Company]]—before joining AIG in 2017.<ref name="wsj-aig-taps">{{cite news |title=AIG CEO Taps Peter Zaffino as Key Lieutenant |url=https://www.wsj.com/articles/aig-ceo-taps-peter-zaffino-as-key-lieutenant-1499283138 |work=The Wall Street Journal |access-date=2026-02-24}}</ref> At AIG, he rose through a succession of roles—executive vice president and global chief operating officer, CEO of AIG's General Insurance business, and president—before being named CEO on March 1, 2021, and chairman of the board effective January 1, 2022.<ref name="aig-leadership">{{cite web |title=AIG Leadership |url=http://www.aig.com/about-us/corporategovernance/leadership |publisher=American International Group |access-date=2026-02-24}}</ref> In January 2026, AIG announced that Zaffino intended to retire as CEO by mid-2026 and transition to the role of executive chairman, concluding a five-year tenure during which he oversaw significant operational and strategic transformation of the company.<ref name="bw-transition">{{cite web |title=Peter Zaffino to Transition to Executive Chair of AIG's Board of Directors by Mid-2026 |url=https://www.businesswire.com/news/home/20260106018357/en/Peter-Zaffino-to-Transition-to-Executive-Chair-of-AIGs-Board-of-Directors-by-Mid-2026 |publisher=Business Wire |date=2026-01-06 |access-date=2026-02-24}}</ref>


== Early Life ==
== Early Life ==


Peter Zaffino was born in 1967 in [[Greenwich, Connecticut]].<ref name="patch">{{cite web |title=Darien Resident Peter Zaffino Appointed |url=http://patch.com/connecticut/darien/an--darien-resident-peter-zaffino-appointed-to-the-ne637838e43c |publisher=Patch |access-date=2026-02-24}}</ref> He grew up in the [[Fairfield County, Connecticut|Fairfield County]] area, a region of southwestern Connecticut with longstanding connections to the financial services and insurance industries due to its proximity to [[New York City]]. Details regarding his family background and upbringing have not been extensively documented in public sources. As an adult, Zaffino resided in [[Darien, Connecticut]], another Fairfield County community.<ref name="patch" />
Peter Zaffino was born in 1967 in [[Greenwich, Connecticut]].<ref name="aig-leadership" /> He grew up in the [[Connecticut]] area and later became a resident of [[Darien, Connecticut]].<ref name="patch-darien">{{cite web |title=Darien Resident Peter Zaffino Appointed |url=http://patch.com/connecticut/darien/an--darien-resident-peter-zaffino-appointed-to-the-ne637838e43c |publisher=Patch |access-date=2026-02-24}}</ref> Details about his family background and childhood are not extensively documented in public sources.


== Education ==
== Education ==


Zaffino earned a [[Bachelor of Arts]] degree from [[Boston College]], a private [[Jesuit]] research university in [[Chestnut Hill, Massachusetts]]. He later obtained a [[Master of Business Administration]] (MBA) from the [[New York University Stern School of Business]], one of the leading business schools in the United States, known particularly for its programs in finance and management.<ref name="aig_leadership">{{cite web |title=AIG Leadership |url=http://www.aig.com/about-us/corporategovernance/leadership |publisher=American International Group |access-date=2026-02-24}}</ref>
Zaffino earned a [[Bachelor of Arts]] degree from [[Boston College]]. He later obtained a [[Master of Business Administration]] (MBA) from the [[New York University Stern School of Business]].<ref name="aig-leadership" /> His graduate education in business provided a foundation for his subsequent career in the insurance brokerage and risk management industry.


== Career ==
== Career ==
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=== Marsh & McLennan Companies (2001–2017) ===
=== Marsh & McLennan Companies (2001–2017) ===


Prior to joining AIG, Zaffino spent sixteen years at [[Marsh & McLennan Companies]] (MMC), a global professional services firm and the parent company of several major insurance brokerage and risk management subsidiaries. His tenure at MMC encompassed progressively senior leadership roles across the organization's principal operating units.<ref name="wsj2017" /><ref name="cnbc2017" />
Prior to joining AIG, Zaffino spent approximately 16 years at [[Marsh & McLennan Companies]] (MMC), one of the world's largest professional services firms in risk, strategy, and people. Within MMC, he held progressively senior leadership roles across the organization's major operating companies.


==== Guy Carpenter ====
==== Guy Carpenter & Company ====


In February 2008, Zaffino was appointed president and chief executive officer of [[Guy Carpenter]], the reinsurance brokerage subsidiary of Marsh & McLennan Companies. Guy Carpenter is one of the world's largest reinsurance intermediaries, providing advisory and transaction services to insurance companies seeking to transfer risk to reinsurers.<ref>{{cite news |title=Guy Carpenter Appoints Peter Zaffino President and CEO |url=https://www.reuters.com/article/2008/02/28/idUS71846+28-Feb-2008+BW20080228 |work=Reuters |date=2008-02-28 |access-date=2026-02-24}}</ref><ref>{{cite news |title=Guy Carpenter Names Peter Zaffino President, CEO |url=http://www.businessinsurance.com/article/20080227/NEWS/200012378 |work=Business Insurance |date=2008-02-27 |access-date=2026-02-24}}</ref> He led Guy Carpenter from 2008 to 2011, a period that encompassed the global [[financial crisis of 2007–2008|financial crisis]] and its aftermath, which significantly affected the insurance and reinsurance markets worldwide.
Zaffino served as president and CEO of [[Guy Carpenter & Company]], the reinsurance brokerage and risk advisory subsidiary of Marsh & McLennan, from 2008 to 2011.<ref name="reuters-guycarpenter">{{cite news |title=Guy Carpenter Names Peter Zaffino President and CEO |url=https://www.reuters.com/article/2008/02/28/idUS71846+28-Feb-2008+BW20080228 |work=Reuters |date=2008-02-28 |access-date=2026-02-24}}</ref><ref name="bi-guycarpenter">{{cite news |title=Guy Carpenter Appoints New CEO |url=http://www.businessinsurance.com/article/20080227/NEWS/200012378 |work=Business Insurance |access-date=2026-02-24}}</ref> In this role, he oversaw the company's global reinsurance placement and advisory operations during a period of significant volatility in the global reinsurance market. His tenure at Guy Carpenter established his reputation as a leader in the reinsurance sector and in managing complex risk transfer mechanisms.


==== Marsh Inc. ====
==== CEO of Marsh ====


In 2011, Zaffino was elevated to the position of chief executive officer of [[Marsh Inc.]], the insurance brokerage and risk management subsidiary of MMC and the largest insurance brokerage firm in the world by revenue. In this role, he oversaw the firm's global operations across numerous countries and markets.<ref name="bi2014">{{cite news |title=Top Insurance Brokers: Marsh & McLennan Cos. Inc. |url=http://www.businessinsurance.com/article/20140720/NEWS04/307209999/top-insurance-brokers-marsh-mclennan-cos-inc |work=Business Insurance |date=2014-07-20 |access-date=2026-02-24}}</ref> Under Zaffino's leadership, Marsh pursued a strategy of growth in the middle-market insurance segment. In 2015, the company made a significant acquisition in Texas as part of what ''Business Insurance'' described as a "big mid-market push."<ref>{{cite news |title=Marsh makes big mid-market push with Texas purchase |url=http://www.businessinsurance.com/article/20150601/NEWS06/150609977/marsh-makes-big-mid-market-push-with-texas-purchase |work=Business Insurance |date=2015-06-01 |access-date=2026-02-24}}</ref>
In 2011, Zaffino was appointed CEO of [[Marsh Inc.]], the insurance broking and risk management subsidiary of MMC and one of the largest insurance brokers in the world.<ref name="bi-top-brokers">{{cite news |title=Top Insurance Brokers: Marsh & McLennan Cos. Inc. |url=http://www.businessinsurance.com/article/20140720/NEWS04/307209999/top-insurance-brokers-marsh-mclennan-cos-inc |work=Business Insurance |date=2014-07-20 |access-date=2026-02-24}}</ref> He served as CEO of Marsh from 2011 to 2017, a period during which the brokerage pursued growth strategies including expansion into the middle market segment. In 2015, Marsh made a significant acquisition in Texas as part of a push to serve middle-market commercial insurance clients.<ref name="bi-midmarket">{{cite news |title=Marsh Makes Big Mid-Market Push With Texas Purchase |url=http://www.businessinsurance.com/article/20150601/NEWS06/150609977/marsh-makes-big-mid-market-push-with-texas-purchase |work=Business Insurance |date=2015-06-01 |access-date=2026-02-24}}</ref>


During his time leading Marsh, Zaffino also discussed the firm's strategic focus on the middle market in industry media. In an interview with ''President and CEO Magazine'', he outlined Marsh's approach to serving mid-sized businesses, a segment of the insurance market that represented significant growth potential for the brokerage.<ref>{{cite web |title=Focus on the Middle Market: Peter Zaffino, President & CEO, Marsh LLC |url=http://www.presidentandceomagazine.com/podcast-series/51143-focus-on-the-middle-market-peter-zaffino-president-ceo-march-llc.html |publisher=President and CEO Magazine |access-date=2026-02-24}}</ref>
During this period, Zaffino discussed the evolving global risk landscape and the growing importance of risk management for multinational corporations. In a 2016 interview with ''The Wall Street Journal'', he addressed the expanding range of global risks facing companies.<ref name="wsj-global-risks">{{cite news |title=Why the Global Risks for Companies Are Growing |url=https://www.wsj.com/articles/why-the-global-risks-for-companies-are-growing-1464660005 |work=The Wall Street Journal |access-date=2026-02-24}}</ref>


==== Chairman of Risk & Insurance Services ====
==== Chairman of Risk & Insurance Services ====


In May 2015, Marsh & McLennan Companies appointed Zaffino as chairman of its Risk & Insurance Services segment, which encompassed both Marsh and Guy Carpenter. In this capacity, he maintained his role as CEO of Marsh while assuming broader oversight responsibilities across MMC's core insurance-related businesses.<ref>{{cite news |title=Marsh & McLennan Appoints Peter Zaffino Chairman of Its Risk & Insurance Services Segment |url=http://www.marketwatch.com/story/marsh-mclennan-appoints-peter-zaffino-chairman-of-its-risk-insurance-services-segment-2015-05-07 |work=MarketWatch |date=2015-05-07 |access-date=2026-02-24}}</ref> He served in this dual role until his departure from MMC in 2017. During the period of Zaffino's leadership, Marsh & McLennan was ranked among the [[Fortune 500]] companies in the United States.<ref>{{cite web |title=Marsh & McLennan – Fortune 500 |url=http://beta.fortune.com/fortune500/marsh-mclennan-222/ |publisher=Fortune |access-date=2026-02-24}}</ref>
In May 2015, Marsh & McLennan appointed Zaffino as chairman of its Risk & Insurance Services segment, which encompassed both Marsh and Guy Carpenter. He held this role concurrently with his position as CEO of Marsh from 2015 to 2017.<ref name="mw-chairman">{{cite news |title=Marsh & McLennan Appoints Peter Zaffino Chairman of Its Risk & Insurance Services Segment |url=http://www.marketwatch.com/story/marsh-mclennan-appoints-peter-zaffino-chairman-of-its-risk-insurance-services-segment-2015-05-07 |work=MarketWatch |date=2015-05-07 |access-date=2026-02-24}}</ref> In this capacity, he had oversight responsibility for MMC's two principal risk and insurance businesses. During his tenure, Marsh & McLennan was ranked among the [[Fortune 500]] companies.<ref name="fortune500-mmc">{{cite web |title=Fortune 500: Marsh & McLennan |url=http://beta.fortune.com/fortune500/marsh-mclennan-222/ |publisher=Fortune |access-date=2026-02-24}}</ref>
 
Zaffino also contributed to public discourse on the evolving global risk landscape during this period. In 2016, ''The Wall Street Journal'' featured his perspectives on the growing global risks facing companies, including geopolitical instability and emerging threats.<ref>{{cite news |title=Why the Global Risks for Companies Are Growing |url=https://www.wsj.com/articles/why-the-global-risks-for-companies-are-growing-1464660005 |work=The Wall Street Journal |date=2016-05-31 |access-date=2026-02-24}}</ref>


=== American International Group (2017–present) ===
=== American International Group (2017–present) ===
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==== Joining AIG and Early Roles ====
==== Joining AIG and Early Roles ====


In July 2017, AIG announced that Zaffino would join the company as executive vice president and global chief operating officer, effective August 2017. The appointment was made under then-CEO [[Brian Duperreault]], who had joined AIG earlier that year with a mandate to turn around the struggling insurer. ''The Wall Street Journal'' described Zaffino as a "key lieutenant" to Duperreault, noting the close working relationship the two had developed during their overlapping years in the insurance industry.<ref name="wsj2017" /> The appointment attracted industry attention given Zaffino's stature at Marsh; the ''Royal Gazette'' of Bermuda and other trade publications reported on his departure from the brokerage firm to join AIG.<ref>{{cite news |title=Marsh CEO to join AIG |url=http://www.royalgazette.com/re-insurance/article/20170705/marsh-ceo-to-join-aig |work=Royal Gazette |date=2017-07-05 |access-date=2026-02-24}}</ref><ref>{{cite news |title=Marsh's Zaffino to Join AIG as COO |url=http://www.insurancejournal.com/news/national/2017/07/05/456564.htm |work=Insurance Journal |date=2017-07-05 |access-date=2026-02-24}}</ref>
In July 2017, AIG announced that Zaffino would join the company as executive vice president and global chief operating officer, effective August 2017.<ref name="wsj-aig-taps" /><ref name="ij-marsh-ceo-aig">{{cite news |title=Marsh CEO to Join AIG |url=http://www.insurancejournal.com/news/national/2017/07/05/456564.htm |work=Insurance Journal |date=2017-07-05 |access-date=2026-02-24}}</ref> The hire was reported as a significant move by then-CEO [[Brian Duperreault]], who had recruited Zaffino as a key lieutenant to assist in the insurer's turnaround efforts. The ''[[Wall Street Journal]]'' characterized Zaffino as a critical addition to Duperreault's leadership team at AIG.<ref name="wsj-aig-taps" /> The ''[[Royal Gazette]]'' and other outlets covered Zaffino's departure from Marsh to join AIG.<ref name="rg-marsh-aig">{{cite news |title=Marsh CEO to Join AIG |url=http://www.royalgazette.com/re-insurance/article/20170705/marsh-ceo-to-join-aig |work=The Royal Gazette |date=2017-07-05 |access-date=2026-02-24}}</ref> [[CNBC]] and [[Reuters]] also reported on the appointment, noting AIG's effort to rebuild its executive ranks.<ref name="cnbc-aig">{{cite news |title=AIG Taps Marsh Executive to Work Alongside New CEO |url=https://www.cnbc.com/2017/07/05/reuters-america-update-2-aig-taps-marsh-executive-to-work-alongside-new-ceo.html |work=CNBC |date=2017-07-05 |access-date=2026-02-24}}</ref>
 
Shortly after joining AIG, Zaffino played a central role in the company's organizational restructuring. In September 2017, he was named CEO of AIG's General Insurance business, the company's core [[Property insurance|property]]-[[Casualty insurance|casualty]] insurance unit.<ref name="bw-restructure">{{cite web |title=AIG Announces General Insurance and Life & Retirement Leadership |url=http://www.businesswire.com/news/home/20170925005616/en/ |publisher=Business Wire |date=2017-09-25 |access-date=2026-02-24}}</ref> AIG simultaneously announced a restructuring into three new business units—General Insurance, Life & Retirement, and a standalone technology division—which [[Reuters]] described as the new CEO's first major organizational move.<ref name="reuters-restructure">{{cite news |title=AIG to Restructure Into Three New Units, Marking CEO's First Big Move |url=https://www.reuters.com/article/us-aig-restructure/aig-to-restructure-into-three-new-units-marking-ceos-first-big-move-idUSKCN1C01ER |work=Reuters |access-date=2026-02-24}}</ref> Zaffino led AIG General Insurance through a period of underwriting discipline improvements and portfolio repositioning, serving as its CEO until August 2020.


In September 2017, shortly after joining the company, Zaffino was named CEO of AIG's General Insurance business, the company's core property-casualty insurance unit. This appointment came as part of a broader restructuring of AIG into three new operating units—General Insurance, Life & Retirement, and a standalone technology division—which marked one of Duperreault's first major organizational moves as CEO.<ref>{{cite news |title=AIG to restructure into three new units, marking CEO's first big move |url=https://www.reuters.com/article/us-aig-restructure/aig-to-restructure-into-three-new-units-marking-ceos-first-big-move-idUSKCN1C01ER |work=Reuters |access-date=2026-02-24}}</ref><ref>{{cite web |title=AIG Announces New Operating Structure |url=http://www.businesswire.com/news/home/20170925005616/en/ |publisher=Business Wire |date=2017-09-25 |access-date=2026-02-24}}</ref> In this role, Zaffino was tasked with improving the underwriting performance and profitability of AIG's General Insurance operations, which had experienced significant losses and underwriting challenges in the years preceding his arrival.
==== President and Global COO ====


==== President and CEO ====
On January 1, 2020, Zaffino was promoted to president of AIG while continuing to serve as global chief operating officer.<ref name="aig-leadership" /> In the president role, he assumed broader responsibility for AIG's overall operations and strategy across all business segments. He relinquished the CEO role of General Insurance in August 2020 as part of this transition to an enterprise-wide leadership position.


On January 1, 2020, Zaffino was promoted to president of AIG while continuing as global chief operating officer. He served concurrently as CEO of General Insurance until August 2020.<ref name="aig_leadership" /> This promotion positioned him as the heir apparent to Duperreault in leading the overall company.
==== CEO and Chairman ====


On March 1, 2021, Zaffino succeeded Duperreault as chief executive officer of AIG. Later that year, the AIG board of directors appointed Zaffino as chairman of the board, effective January 1, 2022, giving him the combined title of chairman and CEO.<ref name="aig_leadership" /><ref name="bw2026" />
On March 1, 2021, Zaffino succeeded Brian Duperreault as CEO of AIG.<ref name="aig-leadership" /> Later that year, AIG's board of directors appointed him as chairman of the board, effective January 1, 2022, giving him the combined role of chairman and CEO.<ref name="aig-leadership" />


During his tenure as CEO, Zaffino oversaw a period of significant operational transformation at AIG. In a July 2025 interview with ''TIME'' magazine, Zaffino discussed AIG's use of artificial intelligence, the company's approach to navigating risk in an increasingly complex global environment, and his philosophy of leadership.<ref name="time2025">{{cite news |title=How CEO Peter Zaffino Is Transforming AIG |url=https://time.com/7303839/aig-ceo-peter-zaffino-interview/ |work=TIME |date=2025-07-20 |access-date=2026-02-24}}</ref> Zaffino's leadership period at AIG encompassed significant challenges for the global insurance industry, including the [[COVID-19 pandemic]], escalating natural catastrophe losses related to climate change, and shifts in global economic conditions.
As CEO, Zaffino oversaw a period of significant transformation at AIG. He led efforts to improve the company's underwriting profitability, streamline operations, and reposition AIG's portfolio. In a July 2025 interview with ''[[Time (magazine)|TIME]]'', Zaffino discussed AIG's use of [[artificial intelligence]], the company's approach to navigating complex global risks, and his leadership philosophy.<ref name="time-interview">{{cite news |title=How CEO Peter Zaffino Is Transforming AIG |url=https://time.com/7303839/aig-ceo-peter-zaffino-interview/ |work=TIME |date=2025-07-20 |access-date=2026-02-24}}</ref> In an October 2025 essay for ''[[Fortune (magazine)|Fortune]]'', Zaffino wrote about the influence of mentorship and personal relationships on his leadership, reflecting on lessons learned from individuals he had worked with throughout his career.<ref name="fortune-essay">{{cite news |title='There will never be another one like him': AIG's CEO on lessons learned from John Richard Harris |url=https://fortune.com/2025/10/19/aig-ceo-peter-zaffino-on-friend-john-richard-harris/ |work=Fortune |date=2025-10-19 |access-date=2026-02-24}}</ref>


==== Transition to Executive Chairman ====
==== Transition to Executive Chairman (2026) ====


On January 6, 2026, AIG announced that Zaffino had informed the company's board of directors of his intention to retire as CEO by mid-2026 and transition to the role of executive chairman of the board. The company simultaneously announced that Eric Andersen, then president of [[Aon plc|Aon]], would succeed Zaffino as president and CEO of AIG.<ref name="bw2026" /><ref name="nyt2026">{{cite news |last= |first= |date=2026-01-06 |title=Peter Zaffino, AIG's Chief, Is Stepping Down in Latest Executive Reshuffling |url=https://www.nytimes.com/2026/01/06/business/peter-zaffino-aig-corporate-changes.html |work=The New York Times |access-date=2026-02-24}}</ref>
On January 6, 2026, AIG announced that Zaffino had informed the board of directors of his intention to retire as CEO by mid-2026 and transition to the role of executive chairman of AIG's board of directors.<ref name="bw-transition" /> The announcement also named [[Eric Andersen]] of [[Aon (company)|Aon]] as the incoming president and CEO.<ref name="rn-andersen">{{cite news |title=Aon's Eric Andersen Named AIG President and CEO as Peter Zaffino Transitions to Executive Chair |url=https://www.reinsurancene.ws/aons-eric-andersen-named-aig-president-and-ceo-as-peter-zaffino-transitions-to-executive-chair/ |work=Reinsurance News |date=2026-01-06 |access-date=2026-02-24}}</ref>


''The New York Times'' reported that the announcement was part of a broader pattern of executive reshuffling in the insurance industry, noting that the news sent AIG's stock price moving.<ref name="nyt2026" /> ''Insurance Journal'' described Zaffino's tenure as a "five-year run" leading the insurer.<ref name="ij2026">{{cite news |title=AIG's Zaffino to Step Down as CEO as Aon's Andersen Steps In |url=https://www.insurancejournal.com/news/national/2026/01/06/853229.htm |work=Insurance Journal |date=2026-01-06 |access-date=2026-02-24}}</ref>
The ''[[New York Times]]'' reported that the announcement sent AIG's stock price moving and described it as part of a broader wave of executive reshuffling in the corporate world.<ref name="nyt-stepping-down">{{cite news |last= |first= |date=2026-01-06 |title=Peter Zaffino, AIG's Chief, Is Stepping Down in Latest Executive Reshuffling |url=https://www.nytimes.com/2026/01/06/business/peter-zaffino-aig-corporate-changes.html |work=The New York Times |access-date=2026-02-24}}</ref> The ''[[Insurance Journal]]'' characterized Zaffino's departure as ending a five-year run as CEO during which he oversaw substantial changes at the insurer.<ref name="ij-stepping-down">{{cite news |title=AIG's Zaffino to Step Down as CEO as Aon's Andersen Steps In |url=https://www.insurancejournal.com/news/national/2026/01/06/853229.htm |work=Insurance Journal |date=2026-01-06 |access-date=2026-02-24}}</ref> ''Business Chief'' reported on AIG's succession planning strategy and the rationale behind the leadership transition.<ref name="bc-strategy">{{cite news |title=What is AIG's Strategy for CEO Peter Zaffino's Departure? |url=https://businesschief.com/news/how-aig-is-planning-for-ceo-peter-zaffino-departure |work=Business Chief |date=2026-01-06 |access-date=2026-02-24}}</ref>


According to a report by Equilar, a provider of corporate governance data, Zaffino realized approximately $174.5 million in total compensation during his tenure as CEO of AIG.<ref name="equilar2026">{{cite web |title=AIG CEO Transition Highlights Zaffino's $174.5 Million in Realized Pay During Tenure |url=https://www.equilar.com/aig-ceo-transition-highlights-zaffinos-174-5-million-in-realized-pay-during-tenure/ |publisher=Equilar |access-date=2026-02-24}}</ref> In his planned role as executive chairman, Zaffino was expected to support the leadership transition and continue providing strategic oversight to AIG's board.<ref name="bc2026">{{cite news |title=What is AIG's Strategy for CEO Peter Zaffino's Departure? |url=https://businesschief.com/news/how-aig-is-planning-for-ceo-peter-zaffino-departure |work=Business Chief |access-date=2026-02-24}}</ref><ref name="rn2026">{{cite news |title=Aon's Eric Andersen named AIG President and CEO as Peter Zaffino transitions to Executive Chair |url=https://www.reinsurancene.ws/aons-eric-andersen-named-aig-president-and-ceo-as-peter-zaffino-transitions-to-executive-chair/ |work=Reinsurance News |access-date=2026-02-24}}</ref>
According to data compiled by [[Equilar]], Zaffino realized approximately $174.5 million in total pay during his tenure as AIG CEO.<ref name="equilar-pay">{{cite web |title=AIG CEO Transition Highlights Zaffino's $174.5 Million in Realized Pay During Tenure |url=https://www.equilar.com/aig-ceo-transition-highlights-zaffinos-174-5-million-in-realized-pay-during-tenure/ |publisher=Equilar |date=2026-01-06 |access-date=2026-02-24}}</ref>


== Personal Life ==
== Personal Life ==


Zaffino has resided in [[Darien, Connecticut]], a community in [[Fairfield County, Connecticut|Fairfield County]].<ref name="patch" /> He has been involved in philanthropic activities, including support for the [[Michael J. Fox Foundation]] for Parkinson's Research, as documented in the foundation's annual report.<ref>{{cite web |title=Michael J. Fox Foundation Annual Report |url=https://www.michaeljfox.org/files/062116_MJFF_AR_LORES.pdf |publisher=Michael J. Fox Foundation |access-date=2026-02-24}}</ref>
Zaffino has been a resident of [[Darien, Connecticut]].<ref name="patch-darien" /> He has been involved in philanthropic activities, including support for the [[Michael J. Fox Foundation]] for Parkinson's Research. His name appeared in the foundation's annual report as a supporter.<ref name="mjff">{{cite web |title=Michael J. Fox Foundation Annual Report |url=https://www.michaeljfox.org/files/062116_MJFF_AR_LORES.pdf |publisher=The Michael J. Fox Foundation |access-date=2026-02-24}}</ref>


In October 2025, Zaffino authored a personal essay in ''Fortune'' reflecting on lessons learned from a close friend and colleague, John Richard Harris. In the essay, Zaffino wrote about Harris's influence on his approach to leadership and personal values, describing him as irreplaceable.<ref>{{cite news |title='There will never be another one like him': AIG's CEO on lessons learned from John Richard Harris |url=https://fortune.com/2025/10/19/aig-ceo-peter-zaffino-on-friend-john-richard-harris/ |work=Fortune |date=2025-10-19 |access-date=2026-02-24}}</ref>
Zaffino was recognized by [[St. John's University (New York City)|St. John's University]] through its School of Risk Management, Insurance and Actuarial Science, which honored insurance industry leaders.<ref name="stjohns">{{cite web |title=St. John's Insurance Leader of the Year |url=http://news.advisen.com/documents/proprietary_content/201312081945_001/DYK_St_Johns_ILY_2013_Advisen_Promo_as_of_6_Dec_2013_Draft.html |publisher=Advisen |access-date=2026-02-24}}</ref>


== Recognition ==
== Recognition ==


Zaffino received the Insurance Leader of the Year award from the St. John's University School of Risk Management in 2013, recognizing his contributions to the insurance industry during his tenure at Marsh.<ref>{{cite web |title=St. John's Insurance Leader of the Year 2013 |url=http://news.advisen.com/documents/proprietary_content/201312081945_001/DYK_St_Johns_ILY_2013_Advisen_Promo_as_of_6_Dec_2013_Draft.html |publisher=Advisen |access-date=2026-02-24}}</ref>
Throughout his career, Zaffino has received recognition from industry bodies and publications. He was honored by St. John's University's School of Risk Management as an insurance industry leader.<ref name="stjohns" /> His leadership at Marsh during a period of growth and at AIG during a period of operational transformation drew coverage from major financial publications including ''The Wall Street Journal'', ''The New York Times'', ''Fortune'', and ''TIME''.<ref name="wsj-aig-taps" /><ref name="nyt-stepping-down" /><ref name="fortune-essay" /><ref name="time-interview" />
 
His leadership of AIG's transformation received coverage in major business publications. ''TIME'' magazine profiled his strategy for transforming AIG in a July 2025 feature, focusing on the company's adoption of AI technologies and its approach to global risk management under his stewardship.<ref name="time2025" /> ''Fortune'' also featured Zaffino in its pages, providing a platform for him to discuss leadership and personal mentorship.<ref>{{cite news |title='There will never be another one like him': AIG's CEO on lessons learned from John Richard Harris |url=https://fortune.com/2025/10/19/aig-ceo-peter-zaffino-on-friend-john-richard-harris/ |work=Fortune |date=2025-10-19 |access-date=2026-02-24}}</ref>


During his years at Marsh & McLennan, Zaffino was recognized by ''Business Insurance'' among the leaders of the world's top insurance brokers, reflecting Marsh's position as the largest insurance brokerage firm globally.<ref name="bi2014" />
His role at Marsh placed him at the helm of one of the world's largest insurance brokers, which was consistently ranked among the top insurance brokerage firms globally by ''Business Insurance'' magazine.<ref name="bi-top-brokers" /> At AIG, he led a company that is among the most prominent global insurers, with operations across numerous countries.


== Legacy ==
== Legacy ==


Peter Zaffino's career spans more than three decades in the insurance and reinsurance industries, during which he held the top leadership positions at two of the industry's most significant organizations: Marsh, the world's largest insurance brokerage, and AIG, one of the largest global insurance companies. His trajectory from the leadership of Guy Carpenter's reinsurance operations to the chairmanship of AIG represents a career arc across multiple segments of the insurance value chain—from brokerage and reinsurance intermediation to primary insurance underwriting and corporate leadership.
Zaffino's career trajectory—from Guy Carpenter to Marsh to AIG—placed him at the leadership of some of the insurance industry's most significant organizations during a period of substantial change in global risk management. At Marsh, he led one of the world's largest insurance brokers through a period of strategic expansion, particularly into the middle market.<ref name="bi-midmarket" /> At AIG, he took on the challenge of improving underwriting performance and repositioning one of the industry's most storied companies following years of operational challenges.
 
At AIG, Zaffino's tenure as CEO from 2021 to 2026 encompassed a period of operational restructuring following years of financial and reputational challenges that had affected the company since the [[Financial crisis of 2007–2008|2008 financial crisis]]. His approach to leadership, as described in his ''TIME'' interview, emphasized the integration of technology, including artificial intelligence, into AIG's operations, as well as disciplined risk management practices.<ref name="time2025" />


The selection of Aon president Eric Andersen as his successor continued a pattern at AIG of recruiting top talent from other major insurance industry firms, a practice that began with the appointment of Brian Duperreault and Zaffino himself from the brokerage side of the industry. The transition plan, which provided for Zaffino to remain as executive chairman, was designed to ensure continuity at AIG during the leadership change.<ref name="bw2026" /><ref name="rn2026" />
His decision to transition to executive chairman in 2026, with an orderly succession plan involving the appointment of Eric Andersen from Aon, was noted in industry coverage as an example of structured leadership transition at a major publicly traded insurer.<ref name="bw-transition" /><ref name="rn-andersen" /> The scope of his tenure at AIG—which encompassed roles as COO, General Insurance CEO, president, CEO, and chairman—reflected a progressive assumption of responsibility over nearly a decade at the company.<ref name="aig-leadership" />


== References ==
== References ==
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Peter Zaffino
Peter Zaffino
BornTemplate:Birth year and age
BirthplaceGreenwich, Connecticut, U.S.
NationalityAmerican
OccupationInsurance executive
Known forChairman and CEO of American International Group (AIG)
EducationBoston College (BA)
New York University Stern School of Business (MBA)

Peter Zaffino (born 1967) is an American insurance industry executive who has served as chairman and chief executive officer of American International Group (AIG), one of the largest insurance organizations in the world. Zaffino's career in the insurance and risk management industry spans more than three decades, during which he held senior leadership positions at Marsh & McLennan Companies (MMC)—including as CEO of Marsh Inc. and president and CEO of Guy Carpenter & Company—before joining AIG in 2017.[1] At AIG, he rose through a succession of roles—executive vice president and global chief operating officer, CEO of AIG's General Insurance business, and president—before being named CEO on March 1, 2021, and chairman of the board effective January 1, 2022.[2] In January 2026, AIG announced that Zaffino intended to retire as CEO by mid-2026 and transition to the role of executive chairman, concluding a five-year tenure during which he oversaw significant operational and strategic transformation of the company.[3]

Early Life

Peter Zaffino was born in 1967 in Greenwich, Connecticut.[2] He grew up in the Connecticut area and later became a resident of Darien, Connecticut.[4] Details about his family background and childhood are not extensively documented in public sources.

Education

Zaffino earned a Bachelor of Arts degree from Boston College. He later obtained a Master of Business Administration (MBA) from the New York University Stern School of Business.[2] His graduate education in business provided a foundation for his subsequent career in the insurance brokerage and risk management industry.

Career

Marsh & McLennan Companies (2001–2017)

Prior to joining AIG, Zaffino spent approximately 16 years at Marsh & McLennan Companies (MMC), one of the world's largest professional services firms in risk, strategy, and people. Within MMC, he held progressively senior leadership roles across the organization's major operating companies.

Guy Carpenter & Company

Zaffino served as president and CEO of Guy Carpenter & Company, the reinsurance brokerage and risk advisory subsidiary of Marsh & McLennan, from 2008 to 2011.[5][6] In this role, he oversaw the company's global reinsurance placement and advisory operations during a period of significant volatility in the global reinsurance market. His tenure at Guy Carpenter established his reputation as a leader in the reinsurance sector and in managing complex risk transfer mechanisms.

CEO of Marsh

In 2011, Zaffino was appointed CEO of Marsh Inc., the insurance broking and risk management subsidiary of MMC and one of the largest insurance brokers in the world.[7] He served as CEO of Marsh from 2011 to 2017, a period during which the brokerage pursued growth strategies including expansion into the middle market segment. In 2015, Marsh made a significant acquisition in Texas as part of a push to serve middle-market commercial insurance clients.[8]

During this period, Zaffino discussed the evolving global risk landscape and the growing importance of risk management for multinational corporations. In a 2016 interview with The Wall Street Journal, he addressed the expanding range of global risks facing companies.[9]

Chairman of Risk & Insurance Services

In May 2015, Marsh & McLennan appointed Zaffino as chairman of its Risk & Insurance Services segment, which encompassed both Marsh and Guy Carpenter. He held this role concurrently with his position as CEO of Marsh from 2015 to 2017.[10] In this capacity, he had oversight responsibility for MMC's two principal risk and insurance businesses. During his tenure, Marsh & McLennan was ranked among the Fortune 500 companies.[11]

American International Group (2017–present)

Joining AIG and Early Roles

In July 2017, AIG announced that Zaffino would join the company as executive vice president and global chief operating officer, effective August 2017.[1][12] The hire was reported as a significant move by then-CEO Brian Duperreault, who had recruited Zaffino as a key lieutenant to assist in the insurer's turnaround efforts. The Wall Street Journal characterized Zaffino as a critical addition to Duperreault's leadership team at AIG.[1] The Royal Gazette and other outlets covered Zaffino's departure from Marsh to join AIG.[13] CNBC and Reuters also reported on the appointment, noting AIG's effort to rebuild its executive ranks.[14]

Shortly after joining AIG, Zaffino played a central role in the company's organizational restructuring. In September 2017, he was named CEO of AIG's General Insurance business, the company's core property-casualty insurance unit.[15] AIG simultaneously announced a restructuring into three new business units—General Insurance, Life & Retirement, and a standalone technology division—which Reuters described as the new CEO's first major organizational move.[16] Zaffino led AIG General Insurance through a period of underwriting discipline improvements and portfolio repositioning, serving as its CEO until August 2020.

President and Global COO

On January 1, 2020, Zaffino was promoted to president of AIG while continuing to serve as global chief operating officer.[2] In the president role, he assumed broader responsibility for AIG's overall operations and strategy across all business segments. He relinquished the CEO role of General Insurance in August 2020 as part of this transition to an enterprise-wide leadership position.

CEO and Chairman

On March 1, 2021, Zaffino succeeded Brian Duperreault as CEO of AIG.[2] Later that year, AIG's board of directors appointed him as chairman of the board, effective January 1, 2022, giving him the combined role of chairman and CEO.[2]

As CEO, Zaffino oversaw a period of significant transformation at AIG. He led efforts to improve the company's underwriting profitability, streamline operations, and reposition AIG's portfolio. In a July 2025 interview with TIME, Zaffino discussed AIG's use of artificial intelligence, the company's approach to navigating complex global risks, and his leadership philosophy.[17] In an October 2025 essay for Fortune, Zaffino wrote about the influence of mentorship and personal relationships on his leadership, reflecting on lessons learned from individuals he had worked with throughout his career.[18]

Transition to Executive Chairman (2026)

On January 6, 2026, AIG announced that Zaffino had informed the board of directors of his intention to retire as CEO by mid-2026 and transition to the role of executive chairman of AIG's board of directors.[3] The announcement also named Eric Andersen of Aon as the incoming president and CEO.[19]

The New York Times reported that the announcement sent AIG's stock price moving and described it as part of a broader wave of executive reshuffling in the corporate world.[20] The Insurance Journal characterized Zaffino's departure as ending a five-year run as CEO during which he oversaw substantial changes at the insurer.[21] Business Chief reported on AIG's succession planning strategy and the rationale behind the leadership transition.[22]

According to data compiled by Equilar, Zaffino realized approximately $174.5 million in total pay during his tenure as AIG CEO.[23]

Personal Life

Zaffino has been a resident of Darien, Connecticut.[4] He has been involved in philanthropic activities, including support for the Michael J. Fox Foundation for Parkinson's Research. His name appeared in the foundation's annual report as a supporter.[24]

Zaffino was recognized by St. John's University through its School of Risk Management, Insurance and Actuarial Science, which honored insurance industry leaders.[25]

Recognition

Throughout his career, Zaffino has received recognition from industry bodies and publications. He was honored by St. John's University's School of Risk Management as an insurance industry leader.[25] His leadership at Marsh during a period of growth and at AIG during a period of operational transformation drew coverage from major financial publications including The Wall Street Journal, The New York Times, Fortune, and TIME.[1][20][18][17]

His role at Marsh placed him at the helm of one of the world's largest insurance brokers, which was consistently ranked among the top insurance brokerage firms globally by Business Insurance magazine.[7] At AIG, he led a company that is among the most prominent global insurers, with operations across numerous countries.

Legacy

Zaffino's career trajectory—from Guy Carpenter to Marsh to AIG—placed him at the leadership of some of the insurance industry's most significant organizations during a period of substantial change in global risk management. At Marsh, he led one of the world's largest insurance brokers through a period of strategic expansion, particularly into the middle market.[8] At AIG, he took on the challenge of improving underwriting performance and repositioning one of the industry's most storied companies following years of operational challenges.

His decision to transition to executive chairman in 2026, with an orderly succession plan involving the appointment of Eric Andersen from Aon, was noted in industry coverage as an example of structured leadership transition at a major publicly traded insurer.[3][19] The scope of his tenure at AIG—which encompassed roles as COO, General Insurance CEO, president, CEO, and chairman—reflected a progressive assumption of responsibility over nearly a decade at the company.[2]

References

  1. ↑ 1.0 1.1 1.2 1.3 "AIG CEO Taps Peter Zaffino as Key Lieutenant".The Wall Street Journal.https://www.wsj.com/articles/aig-ceo-taps-peter-zaffino-as-key-lieutenant-1499283138.Retrieved 2026-02-24.
  2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 "AIG Leadership".American International Group.http://www.aig.com/about-us/corporategovernance/leadership.Retrieved 2026-02-24.
  3. ↑ 3.0 3.1 3.2 "Peter Zaffino to Transition to Executive Chair of AIG's Board of Directors by Mid-2026".Business Wire.2026-01-06.https://www.businesswire.com/news/home/20260106018357/en/Peter-Zaffino-to-Transition-to-Executive-Chair-of-AIGs-Board-of-Directors-by-Mid-2026.Retrieved 2026-02-24.
  4. ↑ 4.0 4.1 "Darien Resident Peter Zaffino Appointed".Patch.http://patch.com/connecticut/darien/an--darien-resident-peter-zaffino-appointed-to-the-ne637838e43c.Retrieved 2026-02-24.
  5. ↑ "Guy Carpenter Names Peter Zaffino President and CEO".Reuters.2008-02-28.https://www.reuters.com/article/2008/02/28/idUS71846+28-Feb-2008+BW20080228.Retrieved 2026-02-24.
  6. ↑ "Guy Carpenter Appoints New CEO".Business Insurance.http://www.businessinsurance.com/article/20080227/NEWS/200012378.Retrieved 2026-02-24.
  7. ↑ 7.0 7.1 "Top Insurance Brokers: Marsh & McLennan Cos. Inc.".Business Insurance.2014-07-20.http://www.businessinsurance.com/article/20140720/NEWS04/307209999/top-insurance-brokers-marsh-mclennan-cos-inc.Retrieved 2026-02-24.
  8. ↑ 8.0 8.1 "Marsh Makes Big Mid-Market Push With Texas Purchase".Business Insurance.2015-06-01.http://www.businessinsurance.com/article/20150601/NEWS06/150609977/marsh-makes-big-mid-market-push-with-texas-purchase.Retrieved 2026-02-24.
  9. ↑ "Why the Global Risks for Companies Are Growing".The Wall Street Journal.https://www.wsj.com/articles/why-the-global-risks-for-companies-are-growing-1464660005.Retrieved 2026-02-24.
  10. ↑ "Marsh & McLennan Appoints Peter Zaffino Chairman of Its Risk & Insurance Services Segment".MarketWatch.2015-05-07.http://www.marketwatch.com/story/marsh-mclennan-appoints-peter-zaffino-chairman-of-its-risk-insurance-services-segment-2015-05-07.Retrieved 2026-02-24.
  11. ↑ "Fortune 500: Marsh & McLennan".Fortune.http://beta.fortune.com/fortune500/marsh-mclennan-222/.Retrieved 2026-02-24.
  12. ↑ "Marsh CEO to Join AIG".Insurance Journal.2017-07-05.http://www.insurancejournal.com/news/national/2017/07/05/456564.htm.Retrieved 2026-02-24.
  13. ↑ "Marsh CEO to Join AIG".The Royal Gazette.2017-07-05.http://www.royalgazette.com/re-insurance/article/20170705/marsh-ceo-to-join-aig.Retrieved 2026-02-24.
  14. ↑ "AIG Taps Marsh Executive to Work Alongside New CEO".CNBC.2017-07-05.https://www.cnbc.com/2017/07/05/reuters-america-update-2-aig-taps-marsh-executive-to-work-alongside-new-ceo.html.Retrieved 2026-02-24.
  15. ↑ "AIG Announces General Insurance and Life & Retirement Leadership".Business Wire.2017-09-25.http://www.businesswire.com/news/home/20170925005616/en/.Retrieved 2026-02-24.
  16. ↑ "AIG to Restructure Into Three New Units, Marking CEO's First Big Move".Reuters.https://www.reuters.com/article/us-aig-restructure/aig-to-restructure-into-three-new-units-marking-ceos-first-big-move-idUSKCN1C01ER.Retrieved 2026-02-24.
  17. ↑ 17.0 17.1 "How CEO Peter Zaffino Is Transforming AIG".TIME.2025-07-20.https://time.com/7303839/aig-ceo-peter-zaffino-interview/.Retrieved 2026-02-24.
  18. ↑ 18.0 18.1 "'There will never be another one like him': AIG's CEO on lessons learned from John Richard Harris".Fortune.2025-10-19.https://fortune.com/2025/10/19/aig-ceo-peter-zaffino-on-friend-john-richard-harris/.Retrieved 2026-02-24.
  19. ↑ 19.0 19.1 "Aon's Eric Andersen Named AIG President and CEO as Peter Zaffino Transitions to Executive Chair".Reinsurance News.2026-01-06.https://www.reinsurancene.ws/aons-eric-andersen-named-aig-president-and-ceo-as-peter-zaffino-transitions-to-executive-chair/.Retrieved 2026-02-24.
  20. ↑ 20.0 20.1 "Peter Zaffino, AIG's Chief, Is Stepping Down in Latest Executive Reshuffling".The New York Times.2026-01-06.https://www.nytimes.com/2026/01/06/business/peter-zaffino-aig-corporate-changes.html.Retrieved 2026-02-24.
  21. ↑ "AIG's Zaffino to Step Down as CEO as Aon's Andersen Steps In".Insurance Journal.2026-01-06.https://www.insurancejournal.com/news/national/2026/01/06/853229.htm.Retrieved 2026-02-24.
  22. ↑ "What is AIG's Strategy for CEO Peter Zaffino's Departure?".Business Chief.2026-01-06.https://businesschief.com/news/how-aig-is-planning-for-ceo-peter-zaffino-departure.Retrieved 2026-02-24.
  23. ↑ "AIG CEO Transition Highlights Zaffino's $174.5 Million in Realized Pay During Tenure".Equilar.2026-01-06.https://www.equilar.com/aig-ceo-transition-highlights-zaffinos-174-5-million-in-realized-pay-during-tenure/.Retrieved 2026-02-24.
  24. ↑ "Michael J. Fox Foundation Annual Report".The Michael J. Fox Foundation.https://www.michaeljfox.org/files/062116_MJFF_AR_LORES.pdf.Retrieved 2026-02-24.
  25. ↑ 25.0 25.1 "St. John's Insurance Leader of the Year".Advisen.http://news.advisen.com/documents/proprietary_content/201312081945_001/DYK_St_Johns_ILY_2013_Advisen_Promo_as_of_6_Dec_2013_Draft.html.Retrieved 2026-02-24.

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