AIG said early Wednesday that its former chief executive officer and current executive chair Peter Zaffino will be leaving the board effective Sept. 15 to join Palantir Technologies Inc. as global head of financial services.

Zaffino had just transitioned to the position of executive chair on June 1. Prior to that, he had been AIG CEO since taking over in March 2021, succeeding Brian Duperreault. Eric Anderson, most recently a member of Aon’s executive committee, became the AIG’s CEO on June 1.

AIG announced the succession plan in January.

Zaffino will assume a role with AIG as senior advisor, the company said. To take his place on the board, AIG said John Rice, lead independent director, will serve as chair when Zaffino departs.

Rice in a statement said AIG under Zaffino’s leadership “strengthened its competitive position and created significant long-term value for shareholders.”

“On behalf of the AIG Board of Directors, we are grateful that AIG will continue to benefit from Peter’s guidance and advice.” Rice added.

Rice has been lead independent director at AIG since the start of 2023. Previously, he was non-executive chairman of GE Gas Power from 2018 to 2020. Rice was president and CEO of the GE Global Growth Organization for seven years.

Analytics software and data integration company Palantir said Zaffino will “drive growth and transformational impact across Palantir’s financial services business, including insurance companies, banks, asset managers, private equity firms, and other financial institutions” once he starts at the company on Jan. 15, 2027.

“Peter has spent his career challenging inertia and rejecting incrementalism within large enterprises. We partnered to deploy our products to create actual alpha within one of the most interesting and complex institutions in the world. We are fortunate that he is joining us,” said Alex Karp, co-founder and CEO of Palantir.

Under Zaffino, AIG developed a partnership with Palantir to establish an “agentic AI ecosystem” to improve the underwriting process at the insurer. Zaffino had set some expectations from using AI agents but later said its capabilities were much greater than anticipated.

AIG recently launched Lloyd’s Syndicate 2479 in a partnership with Amwins and Blackstone, marking the first time AIG deployed gen AI for a special purpose vehicle (SPV). With Palantir, large language models were used to determine whether Amwin’s program portfolio aligned with the risk appetite of Syndicate 2479. Zaffino said AIG has a “strong pipeline of SPV opportunities.”