A seasoned insurance industry veteran, Zaffino led AIG through a complex multi-year turnaround focused on underwriting discipline and digital transformation before transitioning to Executive Chairman in 2026.
Early Life: Born in 1967, Zaffino built a career in insurance and reinsurance, beginning at The Hartford and later holding senior executive roles at GE Capital's alternative risk insurance units.
First Break: His early leadership success in alternative risk and reinsurance roles provided the foundation for his appointment to top executive positions at Marsh & McLennan and subsequently AIG.
Path to CEO: Zaffino joined AIG in 2017 as Global COO, tasked with operational stabilization. He succeeded Brian Duperreault in 2021 as CEO to drive a multi-faceted strategic turnaround, including the separation of the life and retirement business and intensive focus on underwriting quality.
Original Vision: To transform AIG into a top-performing, underwriting-led company by leveraging data, technology, and superior risk selection.
Peter Zaffino's trajectory at AIG represents a classic 'turnaround executive' archetype. Joining during a period of significant volatility, he systematically pruned the company's risk profile and overhauled its core underwriting processes. His strategic focus was on simplifying the firm's structure, enhancing operational efficiency, and embedding generative AI into underwriting to drive competitive advantage. By mid-2026, he oversaw a successful leadership transition to Eric Andersen, moving to the Executive Chair role to focus on long-term strategy.
turnaround specialistunderwriting expertoperational discipline
