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Peter Zaffino

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Adapted from the English Wikipedia article Peter Zaffino, available under CC BY-SA 4.0Updated 8 August 202515 sources
Peter Zaffino
Born1967
OccupationInsurance executive
Known forChairman and CEO of American International Group (AIG)

Peter Zaffino (born 1967) is a prominent American insurance leader currently serving as the chairman and chief executive officer of American International Group (AIG).

Zaffino became part of AIG in August 2017, initially taking on the roles of executive vice president and global chief operating officer. From September 2017 until August 2020, he oversaw AIG's General Insurance division, the company’s principal property-casualty segment. On January 1, 2020, he advanced to the position of president while maintaining his global COO responsibilities. He assumed the CEO role at AIG on March 1, 2021, and was subsequently named chairman of the board effective January 1, 2022.

Prior to joining AIG, Zaffino spent sixteen years at Marsh & McLennan Companies (MMC), where he held leadership positions including president and CEO of Guy Carpenter from 2008 to 2011, CEO of Marsh between 2011 and 2017, and chairman of MMC’s Risk & Insurance Services division from 2015 to 2017.

Early life and education

Born in 1967, Zaffino is the son of Salvatore D. Zaffino, who was an insurance executive serving as chairman and CEO of Guy Carpenter & Company from 1999 through 2007.

He graduated with a BA degree in economics from Boston College in 1989, where he also played as a goalkeeper for the college soccer team. He earned an MBA in finance from the NYU Stern School of Business. Additionally, he holds professional insurance credentials including the CPCU designation and Associate in Reinsurance certification.

Early career

Following his academic studies, Zaffino developed his career within the insurance and reinsurance sectors, beginning at The Hartford. He later occupied senior leadership roles at a portfolio company under GE Capital, focusing on alternative risk insurance and reinsurance solutions.

Guy Carpenter

In 2001, Zaffino joined Guy Carpenter & Company, a global reinsurance and risk management firm headquartered in New York City and a subsidiary of Marsh & McLennan Companies. Starting in 2005, he held various senior positions including head of global specialty practices, managing director and eastern regional manager, as well as executive vice president responsible for treaty operations across the United States.

Zaffino was appointed president and CEO of Guy Carpenter in February 2008. During his tenure, he optimized organizational structure and workforce efficiency, increased profitability, pursued strategic acquisitions, and attracted key leadership talent. He also enhanced client analytical capabilities, revamped operations across the UK and Europe, and concentrated on bolstering sales effectiveness alongside internal collaboration.

In recognition of his leadership, Marsh & McLennan Companies, which encompasses professional services firms such as Marsh, Guy Carpenter, Mercer, and Oliver Wyman Group, added him to its executive committee in 2008.

In April 2011, MMC promoted Zaffino to president and CEO of Marsh Inc., a global insurance brokerage and risk management enterprise. Under his guidance, Marsh expanded through acquisitions and introduced innovative technology products including a mobile platform. Since its inception in 2008, Marsh had developed the Marsh & McLennan Agency to cater to small- and mid-sized businesses; Zaffino further accelerated its growth through additional acquisitions.

By early 2015, Marsh & McLennan Companies appointed him chairman of its Risk & Insurance Services segment—comprising Marsh and Guy Carpenter—where he led teams providing risk advisory services and capital solutions across roughly 130 countries.

AIG president and global COO

In August 2017, Zaffino was named executive vice president and global chief operating officer of AIG.[1] His responsibilities encompassed overseeing daily operations across all country units, including U.S. commercial field operations, AIG’s international business divisions, global business services, administration,[2] and communications.[3] Additionally, Zaffino was charged with driving the growth and profitable execution of AIG’s commercial and consumer business strategies.[4][5] He joined the company’s executive leadership team in the same year.[2]

Recruited by new CEO Brian Duperreault,[1] who previously led Marsh & McLennan Companies from 2008 to 2012,[6][7] Zaffino partnered closely with Duperreault to formulate AIG’s long-range strategic vision and operational blueprint.[8][9][4] In September 2017,[10][11] Duperreault appointed Zaffino as CEO of General Insurance while he continued as global COO.[10] This segment includes commercial and personal insurance lines,[10] covering both U.S.[4][3][5] and international markets.[12][8] Starting January 2020, Zaffino took on the additional role of president while retaining his COO duties. He led General Insurance as CEO until August 2020 before shifting focus exclusively to enterprise-wide leadership as president and COO.[13][14]

Zaffino spearheads AIG 200, a comprehensive operational transformation initiative launched in 2019 to mark AIG’s second century. The program aims to modernize infrastructure, enhance process efficiency, and reduce expense ratios. It prioritizes digitization of workflows, elimination of outdated systems, and consolidation of operations through strategic software investments.[15]

AIG president, CEO and chairman

On March 1, 2021, Zaffino succeeded Duperreault as AIG’s CEO, with Duperreault transitioning to executive chairman. In September 2021, Zaffino was designated to lead the AIG board and officially became chairman on January 1, 2022. He played an instrumental role in restructuring AIG and revitalizing its underwriting operations to achieve profitability. Furthermore, he guided the company through significant insured losses caused by natural catastrophes such as Hurricane Ian’s $450 million impact and navigated challenges stemming from the conflict in Ukraine. In November 2022, Zaffino secured a renewed five-year term as AIG’s president, CEO, and board chair.

A strong proponent of generative AI adoption at AIG, Zaffino has driven a 15 percentage-point improvement in underwriting data quality and comprehensiveness projected by 2025. During AIG Investor Day on March 31, 2025, he participated in a panel alongside Anthropic CEO Dario Amodei and Palantir CEO Alex Karp, moderated by CNBC’s Sara Eisen, discussing how generative artificial intelligence is revolutionizing underwriting and claims at AIG.

Board memberships

Zaffino holds the position of chairman of the board at AIG and has been a member of the board of directors for the Michael J. Fox Foundation since his appointment in 2016. He also joined the board of the New York Police and Fire Widows' and Children's Benefit Fund in 2013 and received recognition at its annual gala in 2015.

Personal life

During his time as a goalkeeper for Boston College's soccer team, Zaffino also trained with the U.S. Men's national squad. He and his wife, Kirsten, are parents to three children.

External links

  1. ↑ 1.0 1.1 Cite error: Invalid <ref> tag; no text was provided for refs named A
  2. ↑ 2.0 2.1 Cite error: Invalid <ref> tag; no text was provided for refs named II
  3. ↑ 3.0 3.1 Cite error: Invalid <ref> tag; no text was provided for refs named EE
  4. ↑ 4.0 4.1 4.2 Cite error: Invalid <ref> tag; no text was provided for refs named CC
  5. ↑ 5.0 5.1 Cite error: Invalid <ref> tag; no text was provided for refs named JJ
  6. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named F
  7. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named DD
  8. ↑ 8.0 8.1 Cite error: Invalid <ref> tag; no text was provided for refs named HH
  9. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named FF
  10. ↑ 10.0 10.1 10.2 Cite error: Invalid <ref> tag; no text was provided for refs named ZZ
  11. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named LL
  12. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named GG
  13. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named WSJ-Dec2019
  14. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Scism-WSJ-Aug132020
  15. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named www.insurancejourna.com

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