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Peter Zaffino

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Peter Zaffino
Born1967 (age 58–59)
Greenwich, Connecticut, US
EducationBoston College (BA)
New York University Stern School of Business (MBA)
OccupationBusinessman
Years active1990-present

Peter Zaffino (born 1967)[1] is an American finance and insurance industry executive.[2][3] He was the chairman and CEO of the American International Group (AIG)[4][5] and is the incoming Global Head of Financial Services of Palantir Technologies.[6]

Zaffino joined AIG in August 2017 as executive vice president and global chief operating officer.[7] He was CEO of AIG's General Insurance business, the company's core property-casualty insurance unit, from September 2017 to August 2020.[8][9] On 1 January 2020, Zaffino was promoted to president of AIG and continued as global COO.[10] On 1 March 2021, he became AIG's CEO.[11] Later that year, Zaffino was appointed chairman of the AIG board of directors, effective 1 January 2022.[12]

Prior to joining AIG, he was with Marsh & McLennan Companies (MMC)[2][3] for 16 years. At MMC, he was president and CEO of Guy Carpenter from 2008 to 2011, CEO of Marsh from 2011 to 2017, and chairman of MMC's Risk & Insurance Services segment from 2015 to 2017.[13]

Early life and education

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Zaffino was born in 1967;[14] his father was Salvatore D. Zaffino,[15] an insurance executive who was chairman of Guy Carpenter & Company from 1999 through 2007 and, prior to that, was CEO of the company.[16]

He received a BA in economics from Boston College,[17][18] where he played collegiate soccer as a goalkeeper,[19] in 1989,[20] and an MBA in finance from New York University's Leonard N. Stern School of Business.[18][17][21] He holds the insurance industry designations CPCU and Associate in Reinsurance designations.[18][17]

Career

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Early career

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Following university,[22] Zaffino worked steadily in the insurance and reinsurance industry,[23][24][22] beginning at The Hartford.[1] He held a number of senior executive roles at a portfolio company of GE Capital, which specialized in alternative risk insurance and reinsurance.[25][26]

Marsh & McLennan Companies

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Guy Carpenter

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From GE Capital Services,[3] in 2001 Zaffino joined Guy Carpenter & Company,[3][26][27][24] a global risk and reinsurance firm[23] and a subsidiary of Marsh & McLennan Companies in New York City.[3][26][24] From 2005 forward he successively held several senior positions[28] at Guy Carpenter, including head of global specialty practices;[22][25] managing director and eastern regional manager;[28] and executive vice president and head of treaty operations in the United States.[3]

In February 2008[3] he became Guy Carpenter's president and CEO.[3][22][25] He streamlined the company's operations and staff, improved profitability,[1] made acquisitions, and hired high-profile executives. In addition, Global Reinsurance says he improved Guy Carpenter's analytical tools for clients; overhauled operations in the United Kingdom and Europe;[29] and also worked to improve sales culture and integration within the company.[1]

Marsh CEO and MMC risk and insurance-services chairman

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Marsh & McLennan Companies, a professional services firm that includes risk management companies Marsh and Guy Carpenter and consulting firms Mercer and Oliver Wyman Group,[30] had appointed Zaffino as a member of its executive committee in 2008.[31][23][24]

In April 2011[32] MMC appointed him president and CEO of its subsidiary Marsh, Inc.,[3] a global insurance brokerage[32] and risk management firm.[33] Under Zaffino, Marsh grew in part via acquisitions, and the company launched several technological products[34] such as a mobile platform.[35][36] In 2008 Marsh had launched Marsh & McLennan Agency,[34] aimed at providing insurance for small and mid-sized companies,[37] and Zaffino continued to expand it via acquisitions.[38]

In early 2015[32][33] Marsh & McLennan Companies named him chairman of MMC's Risk & Insurance Services segment,[2] which included both Marsh and Guy Carpenter.[32][33] In this capacity he led teams providing risk advice and capital solutions to companies in around 130 countries.[39]

AIG president and global COO

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Zaffino was appointed executive vice president and global chief operating officer of AIG effective August 2017.[7][31][40][24] This entailed leading the day-to-day business of all country operations, including U.S. commercial field operations and AIG's multinational organization,[23] as well as global business services, administration,[41][27][31] and communications.[23] He was also responsible for expanding and profitably executing AIG's commercial and consumer strategies.[31][42] Zaffino was also appointed to AIG's executive leadership team[41] in 2017.[40]

He was hired by AIG's new CEO Brian Duperreault,[7] who had been CEO of Marsh & McLennan Companies from 2008[3] to 2012.[40] Together with Duperreault, Zaffino developed AIG's long-term strategy and operating plan.[43][27][31] In September 2017,[8][44] Duperreault appointed Zaffino as CEO of General Insurance,[8] in addition to his position as global COO.[13] The General Insurance division includes commercial and personal insurance,[8] and U.S.[31][23][42] and international field operations.[45][43] In January 2020, Zaffino assumed the additional title of president of AIG. Zaffino retained his position as global COO. He also continued to lead the firm's General Insurance unit as CEO until August 2020, and then transitioned to focus more on enterprise-wide leadership responsibilities in his role as president and global COO.[46][9]

Zaffino headed AIG 200, a multi-year, company-wide operational overhaul and modernization plan announced in 2019. The name "AIG 200" refers to the second 100 years for AIG, which was founded in 1919. Under Zaffino, the program aimed to improve AIG's infrastructure, operational processes, efficiency and expense ratio. Zaffino will oversee modernizing and digitizing workflows, as well as eliminating legacy processes and manual interventions. The investments in software and services are also intended to unify operations.[47]

AIG Chairman and CEO

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On March 1, 2021, Zaffino succeeded Duperreault as AIG's CEO, with Duperreault becoming executive chairman of the board.[11] In September 2021, he was appointed to lead the AIG board and succeeded Duperreault as chairman on January 1, 2022.[12] Zaffino is credited with significant roles in restructuring at AIG[48][49] and with the turnaround in its underwriting to restore the insurer to profitability,[50][51] as well as with steering the company through historic insured losses from natural disasters,[52] including Hurricane Ian’s $450 million cost to AIG,[53] and unique challenges resulting from the invasion of Ukraine.[54] That November, he agreed to a further five-year term as AIG president, CEO and board chair.[49]

Zaffino has been a strong advocate for the use of GenAI adoption at AIG and led the company to a 15 percentage-point increase in underwriting data collection and accuracy in 2025.[55][56] On March 31, 2025, AIG hosted Investor Day. Zaffino was joined by Anthropic Co-founder and CEO Dario Amodei and Palantir Technologies Co-founder and CEO Alex Karp in a discussion moderated by CNBC Anchor Sara Eisen about how generative AI is changing the future of insurance. The panel focused on the potential impact of GenAI in AIG's business regarding underwriting and claims.[57][58]

In January 2026, AIG announced that Zaffino would step down as CEO and become executive chair of the board.[59][5] He served as chair until September of that year.[6]

Palantir

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It was announced in September 2026 that Zaffino would be joining Palantir as Global Head of Financial Services.[6]

Board memberships

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Zaffino serves on the board of directors of the Michael J. Fox Foundation for Parkinson's Research, to which he was appointed in 2016.[60][61] He is also a member of the board of trustees of Hospital for Special Surgery.[62] He served as chairman of the board of AIG from January 2022 through September 15, 2026.[63]

Personal life

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Zaffino and his wife Kirsten[64] have three children.[65]

References

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  1. 1 2 3 4 Broker Battle, Global Reinsurance
  2. 1 2 3 Dipietro, Ben (May 30, 2016). "Why the Global Risks for Companies Are Growing". Wall Street Journal. Retrieved June 23, 2016.
  3. 1 2 3 4 5 6 7 8 9 10 Roberts, Sally (February 27, 2008). "Peter Zaffino named CEO of Guy Carpenter - Business Insurance". Business Insurance. Crain Communications, Inc. Retrieved May 27, 2015.
  4. ↑ Saini, Manya; Basil, Arasu Kannagi; Saini, Manya; Basil, Arasu Kannagi (January 6, 2026). "AIG names Aon's Andersen CEO as Zaffino shifts to executive chair role". Reuters. Retrieved October 13, 2026.
  5. 1 2 admin (April 27, 2026). "AIG Completes CEO Succession Plan With Anderson to Take Reins". Insurance Journal. Retrieved October 13, 2026.
  6. 1 2 3 Kellaher, Colin (September 2, 2026). "AIG's Zaffino Stepping Down as Chairman, Joining Palantir". Wall Street Journal. ISSN 0099-9660. Retrieved October 13, 2026.
  7. 1 2 3 Scism, Leslie. "AIG CEO Taps Peter Zaffino as Key Lieutenant". Wall Street Journal. No. 6 Jul 2017. Retrieved July 10, 2017.
  8. 1 2 3 4 Barlyn, Suzanne. "AIG to restructure into three new units, marking CEO's first big move". Reuters. No. September 25, 2017.
  9. 1 2 Scism, Leslie (August 14, 2020). "Executive Moves at AIG Bolster Position of Possible CEO Successor". Wall Street Journal. Retrieved August 13, 2020.
  10. ↑ Barlyn, Suzanne (December 18, 2019). "AIG names COO Peter Zaffino as president". Reuters. Archived from the original on December 6, 2022.
  11. 1 2 "Zaffino to Succeed Duperreault as CEO of AIG March 1". February 16, 2021.
  12. 1 2 Scism, Leslie (September 8, 2021). "AIG Combines CEO, Chairman Roles, Hoping to Put Years of Tumult Behind". wsj.com. Wall Street Journal. Retrieved February 4, 2022.
  13. 1 2 Peter Zaffino, AIG
  14. ↑ "Broker battle". Global Reinsurance. December 1, 2009. Retrieved January 8, 2025.
  15. ↑ "HARC's 63rd Annual Meeting: A Moving Tribute To The Zaffino And Benton Families - Hartford Courant". tribunedigital-thecourant. July 7, 2014. Archived from the original on July 7, 2014. Retrieved January 8, 2025.
  16. ↑ www.sec.gov https://www.sec.gov/Archives/edgar/data/62709/000114544306000988/d18800.htm. Retrieved January 8, 2025. {{cite web}}: Missing or empty |title= (help)
  17. 1 2 3 "Darien's Zaffino, CEO of Marsh Inc., Now on NYC Police & Fire Benefit Fund Board". Darien, CT Patch. March 28, 2013. Retrieved January 8, 2025.
  18. 1 2 3 "Leadership | Marsh". May 4, 2015. Archived from the original on May 4, 2015. Retrieved January 8, 2025.
  19. ↑ Barlyn, Suzanne (February 12, 2020). "Can a 'numbers guy' with insurance DNA finally fix AIG?". Reuters.
  20. ↑ "1863 Society Donor Recognition Book by Boston College - Issuu". issuu.com. November 20, 2013. Retrieved January 8, 2025.
  21. ↑ "Executive Leadership Team - Insurance from AIG in the US". September 2, 2016. Archived from the original on September 2, 2016. Retrieved January 8, 2025.
  22. 1 2 3 4 "(Press Release) Marsh & McLennan Companies Announces Changes to Senior Management Team". Marsh & McLennan Companies, Inc. Marsh & McLennan Companies. April 20, 2011. Retrieved May 27, 2015.
  23. 1 2 3 4 5 6 Neil, Scott. "Marsh CEO to join AIG". The Royal Gazette. No. July 5, 2017.
  24. 1 2 3 4 5 "AIG Hires Marsh CEO Peter Zaffino As Chief Operating Officer". Alliance News. No. July 6, 2017.
  25. 1 2 3 "Darien's Zaffino, CEO of Marsh Inc., Now on NYC Police & Fire Benefit Fund Board". Darien, CT Patch | Local News. Patch Media. March 28, 2013. Retrieved May 27, 2015.
  26. 1 2 3 "(Press Release) REG-Marsh & McLennan Peter Zaffino Named Chief Executive Officer of Guy Carpenter". Reuters. February 28, 2008. Archived from the original on June 17, 2015. Retrieved May 27, 2015.
  27. 1 2 3 "Peter Zaffino". Bloomberg.
  28. 1 2 Marsh & McLennan Companies, Inc., SEC
  29. ↑ Guy Carpenter: Top team, big change, Guy Carpenter: Top Team, big change
  30. ↑ "Marsh & McLennan #222". Fortune 500. Fortune. Retrieved July 6, 2016.
  31. 1 2 3 4 5 6 "Marsh CEO Zaffino Joins AIG as Global Chief Operating Officer". Insurance Journal. No. July 5, 2017.
  32. 1 2 3 4 "UPDATE 1-Marsh and McLennan names new CEO for Marsh unit". Reuters. April 20, 2011. Retrieved May 27, 2015.
  33. 1 2 3 "(Press Release) Marsh & McLennan Appoints Peter Zaffino Chairman of Its Risk & Insurance Services Segment". MarketWatch. MarketWatch, Inc. May 7, 2015. Retrieved May 27, 2015.
  34. 1 2 "Top insurance brokers: Marsh & McLennan Cos. Inc.", Business Insurance
  35. ↑ "Investor Day 2014 Webcast". Multimedia Centre. NASDAQ OMX Corporate Solutions International Limited. March 11, 2014. Archived from the original on October 31, 2014. Retrieved June 18, 2015.
  36. ↑ "FOCUS on the Middle Market: Peter Zaffino, President & CEO, Marsh LLC". President & CEO Magazine. Nexxus Publishing. October 10, 2014. Retrieved June 8, 2015.
  37. ↑ Hoffmann, Mark A. (July 20, 2014). "Top insurance brokers: Marsh & McLennan Cos. Inc". Business Insurance. Crain Communications, Inc. Archived from the original on October 3, 2023. Retrieved June 8, 2015.
  38. ↑ Kenealy, Bill (June 1, 2015). "Marsh makes big mid-market push with Texas purchase". Business Insurance. Crain Communications, Inc. Retrieved June 8, 2015.
  39. ↑ Reiss, Robert, "The 3 Risks Your Business Should Prepare For This Year", Forbes
  40. 1 2 3 Badkar, Mamta; Gray, Alistair; Ralph, Oliver. "Marsh CEO Peter Zaffino to join AIG". Financial Times. No. July 5, 217.
  41. 1 2 "Executive Leadership Team". AIG. Archived from the original on September 2, 2016.
  42. 1 2 Zaki, Ahmad. "Peter Zaffino joins AIG as Global COO". Asia Insurance Review. No. July 7, 2017.
  43. 1 2 Barlyn, Suzanne. "UPDATE 2-AIG taps Marsh executive to work alongside new CEO". CNBC. No. July 5, 2017.
  44. ↑ "AIG Announces Changes to Its Organizational Structure". AIG. No. September 25, 2017.
  45. ↑ Barlyn, Suzanne. "New AIG executive to get $15 million sign-on bonus, $1.25 million salary". Reuters. No. July 6, 2017.
  46. ↑ Scism, Leslie (December 20, 2019). "AIG Promotes Senior Executive Zaffino to Additional Title as President". Wall Street Journal. No. 19 Dec 2019. Retrieved January 29, 2020.
  47. ↑ Hollmer, Mark (August 13, 2019). "AIG CEO Duperreault 'Encouraged' by Hardening Market, Plans Operational Overhaul". Insurance Journal. Retrieved September 4, 2019.
  48. ↑ AIG, Stone Point Capital to Form Independent MGA for High Net Worth Business, Insurance Journal, February 14, 2023
  49. 1 2 "AIG's Zaffino gets 5-year extension as CEO", Reuters, Reuters, November 10, 2022
  50. ↑ AIG nearly imploded during the 2008 financial crisis. Its turnaround plan includes giving 6,000 of its employees to Accenture, Fortune
  51. ↑ AIG rewards Zaffino with new 5-year contract, The Insurer, November 11, 2022
  52. ↑ How America's Top CEOs Tackled 2022's Biggest Challenges, Institutional Investor, November 8, 2022
  53. ↑ "Insurer AIG profit slumps on hurricane costs, lower investment returns", Reuters, Reuters, November 2022
  54. ↑ Russia-Ukraine a 'Complex' Situation for Insurance Industry: AIG CEO Zaffino, Insurance Journal, May 5, 2022
  55. ↑ "Our 6 predictions for the insurance space in 2025". CB Insights Research. March 12, 2025. Retrieved May 7, 2025.
  56. ↑ "AIG no longer in "rehabilitation phase": CEO Zaffino". www.insurancebusinessmag.com. September 5, 2024. Retrieved May 7, 2025.
  57. ↑ "AIG Investor Day 2025". AIG. 2025. Retrieved May 7, 2025.
  58. ↑ Sclafane, Susanne (April 28, 2025). "AIG: Turning One Human Underwriter Into Five, 'Turbocharging' E&S". Carrier Management. Retrieved May 7, 2025.
  59. ↑ "AIG CEO Zaffino to step down and transition to executive chair". CNBC. January 6, 2026. Retrieved October 13, 2026.
  60. ↑ "St John's Insurance Leader 2013: Robert H. Benmosche". news.advisen.com. Retrieved May 27, 2015.[dead link]
  61. ↑ "The Michael J. Fox Foundation For Parkinson's Research 2015 Annual Report" (PDF). Michael J. Fox Foundation. Retrieved July 6, 2016.
  62. ↑ "HSS Officers, Trustees, Life Trustees, and Board of Advisors". Hospital for Special Surgery. Retrieved October 30, 2026.
  63. ↑ Hemenway, Chad (September 2, 2026). "AIG Executive Chair and Former CEO Zaffino Set to Exit for Palantir". Insurance Journal. Retrieved October 13, 2026.
  64. ↑ Appleton, Diana. "HARC's 63rd Annual Meeting: A Moving Tribute To The Zaffino And Benton Families". Hartford, Connecticut. No. June 23, 2014. Archived from the original on July 7, 2014.
  65. ↑ 2019-20 Women's Basketball Roster, Brown University Athletics[permanent dead link]
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