AIG has recruited long-serving Aon executive Eric Andersen to be CEO, taking over from Peter Zaffino, who is also chair.

He will join on February 16 as CEO-elect and president, and Mr Zaffino will become executive chair and retire as CEO by mid-year.

Mr Andersen will report to Mr Zaffino and join the board after June 1 following a transition period.

He was most recently a strategic adviser to Aon president and CEO Greg Case, and held several leadership positions over a 28-year career at the broker.

“We could not have chosen a better person than Eric Andersen to steward the company’s next chapter,” Mr Zaffino said.

“Eric is an incredibly accomplished and widely respected insurance executive, and we have worked together closely during my tenure at AIG.”

Mr Zaffino became CEO in March 2021 and AIG says he led the insurer “through a remarkable turnaround against the backdrop of significant macro socioeconomic headwinds. Through disciplined underwriting, AIG reversed years of substantial underwriting losses … returning the company to market leadership and significantly improved financial strength.”