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© History Oasis / Created via Midjourney
1919-1968
Starr founded American Asiatic Underwriters in Shanghai, China, which eventually became AIG.
He started selling insurance to American expatriates and expanded across Asia.
He had to relocate to New York in 1939 when Japan invaded China.
During World War II, Starr served in the OSS (precursor to the CIA) while operating his insurance business.
He was known to hire native talent, which helped him easily expand into markets that other Western companies struggled to gain a foothold in.
When he formally established AIG as a holding company in 1967, Starr had built operations across 75 countries.
1968-2005
Greenberg was a World War II veteran who stormed Normandy and fought in the Korean War.
As Starr’s successor, Hank expanded AIG from a mid-sized insurer into the world’s largest during his 37-year tenure.
After joining in 1960, he modernized AIG’s sales approach by focusing on brokers instead of agents—which slashed costs and boosted margins.
He also routinely called executives at 3 a.m. to test their readiness.
Under Greenberg’s militaristic management style, AIG’s market capitalization went from $300 million to $180 billion.
But his reign ended abruptly in 2005 when New York Attorney General Eliot Spitzer’s investigation uncovered accounting irregularities, forcing his resignation and a $1.6 billion regulatory settlement.
March 2005-June 2008
Sullivan began as a 17-year-old clerk in AIG’s London office in 1970.
He was praised for stabilizing AIG amid regulatory chaos in the beginning.
But his early success would not last.
AIG’s financial products division accumulated massive exposure to credit default swaps tied to subprime mortgages.
As the housing market collapsed, AIG posted two consecutive quarterly losses exceeding $13 billion in write-downs.
Because of this, he was fired in June 2008.
June 2008-September 2008
Willumstad was AIG’s shortest-tenured CEO.
He only served three months during the company’s most catastrophic period.
The former Citigroup executive inherited a company in free fall as the 2008 financial crisis accelerated.
Tasked with developing a recovery strategy, Willumstad never got the chance to implement his plan.
When AIG’s credit rating downgrade triggered $13 billion in collateral calls in September 2008, the government stepped in with an $85 billion rescue package.
Treasury Secretary Henry Paulson demanded Willumstad’s resignation as a condition of the bailout.
September 2008-August 2009
Liddy, the former Allstate CEO, was personally recruited by Treasury Secretary Henry Paulson to lead AIG when the government bailed the company out.
He was paid a symbolic $1 annual salary.
Liddy navigated the most turbulent period in AIG’s history as the bailout eventually expanded to $182 billion.
His tenure became notorious due to the infamous “AIG bonus scandal,” when the company paid $165 million in retention bonuses to executives in the very division that caused AIG’s collapse.
Liddy faced congressional testimony and public outrage, with protesters staging demonstrations outside executives’ homes.
August 2009-September 2014
Benmosche was a plain-speaking industry veteran who came out of retirement after leading MetLife.
He was known for his blunt leadership style.
He also once threatened to quit when government officials questioned executive compensation—restored employee morale while accelerating the repayment of AIG’s $182 billion bailout.
Under Benmosche, AIG divested non-core assets, including Asian life insurance operations and aircraft leasing, returning to profitability faster than expected.
By December 2012, AIG had fully repaid the government with a $22.7 billion profit for taxpayers.
When he stepped down as CEO, he died of lung cancer six months later.
September 2014-March 2017
Hancock, a mathematics whiz and former JPMorgan executive, took over AIG after it survived.
He prioritized data science and technological innovation to modernize underwriting practices.
But Hancock’s tenure faced challenges from activist investor Carl Icahn, who acquired a large stake in 2015 and demanded that AIG be broken into three separate companies to escape its “too big to fail” designation.
Though Hancock resisted a complete breakup, he divested several units, including mortgage insurer United Guaranty, which sold to Arch Capital for $3.4 billion.
Persistent underwriting losses and missed profit targets led to his downfall.
May 2017-March 2021
Duperreault began his career at AIG in 1973 under then CEO Hank Greenberg.
He left to build his own insurance empire and returned as CEO to restore the company’s underwriting discipline.
He halted the share buyback program, redirecting capital toward strategic acquisitions like Validus Holdings ($5.6 billion).
Duperreault’s industry credibility helped AIG shed its “systemically important financial institution” designation in 2017, freeing it from heightened regulatory scrutiny.
March 2021-Present
Zaffino, a former Marsh & McLennan executive known for operational excellence, has accelerated AIG’s transformation into a leaner, more profitable insurer.
After joining as COO in 2017, he climbed the corporate ladder to President (2020), CEO (2021), and Chairman (2022).
His signature achievement came in September 2022 with the successful IPO of Corebridge Financial, AIG’s life and retirement business, which raised $1.7 billion as the largest public offering of 2022.
Under Zaffino’s leadership, AIG has achieved consistent underwriting profits while navigating challenges including the COVID-19 pandemic and increasing losses from climate change.
His data-driven approach and disciplined execution have restored AIG’s reputation as a market leader after years of turbulence.
