AIG has announced that General Insurance CEO Jon Hancock (pictured) will retire at the end of 2026, opening another succession question at the top of the insurer’s global P&C business with no replacement named.
Hancock, who occupied the role for less than a year, will move into a senior adviser role effective December 31. In that position, he will report to AIG president and CEO Eric Andersen and provide counsel on strategic priorities and selected growth initiatives.
AIG’s announcement did not identify who will take over General Insurance, an operation that includes North America Commercial Insurance, International Commercial Insurance, Global Personal Insurance, claims and the company’s Chief Underwriting Office.
Hancock was appointed to the role in 2025 after former Lloyd’s CEO John Neal, who had previously been selected to lead General Insurance, reached a mutual agreement with AIG not to join the company. Hancock had previously led AIG’s international insurance operations.
His departure also comes during a broader period of leadership change at AIG. Andersen took over as CEO on June 1, 2026, after joining the insurer in February as president and CEO-elect, succeeding Peter Zaffino in the chief executive role.
For brokers, the eventual choice of General Insurance CEO will be closely watched because of the position’s reach across underwriting, distribution and client relationships.
Hancock has been a visible advocate of AIG’s broker relationships during his tenure. At RISKWORLD earlier this year, AIG said more than 130 of its employees held over 640 meetings with clients and broker partners, while Hancock highlighted the increasingly fast-changing risks facing commercial customers.
Andersen credited Hancock with helping strengthen those relationships as part of AIG’s wider repositioning.
“I want to thank Jon for his exceptional service and dedication to AIG. Jon has played an important leadership role in repositioning our business, strengthening underwriting performance, enhancing our relationships with clients and partners, and advancing our talent and culture around the world,” Andersen said.
“He has been a trusted partner to me and to our executive leadership team as we have continued to build on AIG’s momentum and deliver value for our stakeholders.”
Hancock’s retirement comes with AIG’s underwriting performance considerably stronger than it was earlier in the company’s turnaround. In 2025, General Insurance generated $2.3 billion of underwriting income, up 22% year over year, while its full-year combined ratio improved to 90.1%. Net premiums written reached US$23.7 billion.
Hancock joined AIG in 2020 as CEO of International Insurance after four years as director of performance management at Lloyd’s of London. Before Lloyd’s, he spent 26 years at RSA, including senior underwriting, commercial and international leadership positions.
His advisory position will keep him connected to the insurer after leaving the General Insurance post. AIG said Hancock will continue serving on the boards of Talbot Underwriting, AIG UK and Tata AIG General Insurance Company, while also supporting the development of underwriting talent.
“It has been a privilege to be part of AIG and to contribute to its storied history,” Hancock said. “I feel privileged to have worked alongside such talented and dedicated colleagues, whose commitment to AIG’s clients and partners is inspiring. I am incredibly proud of all that we have accomplished together.”
