The upcoming 2026 Insurance Investment Outsourcing Report (IIOR), often referred to as the “Yellow Pages” of insurance asset management, will be presented at the Corporate Funds & Insurance Portfolios Roundtable next spring. Industry veteran Steve Doire, from Clearwater Analytics (CWAN) and DCS Financial Consulting, will share insights with insurance allocators about the trends in asset capital flows over the past decade and the potential implications for future allocations.
According to Doire, “The IIOR is the definitive guide to insurance-focused asset managers. It serves as an essential resource for insurers who work with, or are considering working with, external asset managers and investment consultants.”
The 2025 report saw participation from 90 asset managers, and Doire is actively working to expand this list for future editions. For the past four years, since taking over the 20+ year-old report, Doire has gathered over 150 fields of data from participating investment managers, which include details such as assets under management (AUM), regions served, asset classes, client profiles, and services offered. Consultants also contribute data on assets under advisement (AUA) and available services.
“We are continuously identifying additional, relevant managers to include. Participation is open to all managers with $500+ million of unaffiliated general account AUM, and the final report is free to download,” said Doire.
The IIOR has become a staple for the industry, with approximately 1,500 downloads per year. “I’m honoured by how highly regarded and widely used the report has become,” Doire added.
One significant trend observed in the latest report is the growing participation of specialty managers, particularly those in private markets. The 2025 IIOR reported $4.5 trillion in insurance AUM, nearly three times the amount reported a decade ago.
Doire also highlighted the increasing trend of larger insurers, especially in the life insurance sector, outsourcing portfolio management. “In the past, it was primarily smaller P&C insurers who outsourced. Today, it’s a broader range of insurers, especially in the life space, looking to external managers, particularly for specialty asset classes.”
As a strategic advisor for CWAN and an insurance investment consultant through his own firm, DCS Financial Consulting, Doire’s extensive industry experience, including his time at DWS where he built and managed a $200 billion insurance-specific investment business, adds invaluable insight to the IIOR.
“Manager success in insurance investing is dependent on having the right resources to deliver successful strategies. The IIOR offers tangible insights that help managers build the expertise needed to navigate this highly regulated sector effectively,” Doire concluded.