Peter Zaffino

Peter Zaffino
Peter Zaffino
Born	Template:Birth year and age
Birthplace	Greenwich, Connecticut, U.S.
Nationality	American
Occupation	Insurance executive
Known for	Chairman and CEO of American International Group (AIG)
Education	Boston 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. 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. 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.

Early Life

Peter Zaffino was born in 1967 in Greenwich, Connecticut. He grew up in the Connecticut area and later became a resident of Darien, Connecticut. 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. 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. 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. 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.

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.

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. 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.

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. 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. The Royal Gazette and other outlets covered Zaffino's departure from Marsh to join AIG. CNBC and Reuters also reported on the appointment, noting AIG's effort to rebuild its executive ranks.

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. 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. 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. 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. 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.

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. 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.

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. The announcement also named Eric Andersen of Aon as the incoming president and CEO.

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. The Insurance Journal characterized Zaffino's departure as ending a five-year run as CEO during which he oversaw substantial changes at the insurer. Business Chief reported on AIG's succession planning strategy and the rationale behind the leadership transition.

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

Personal Life

Zaffino has been a resident of Darien, Connecticut. 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.

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

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. 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.

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. 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. 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. 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.