The 2026 Insurance Investment Outsourcing Report (IIOR)

$5.5 trillion AUM. 96 Insurance-focused asset managers. 12 investment consultants. One authoritative view of where insurance investing moves next.

For over a decade, the IIOR has been the definitive resource for insurers researching managers and consultants, benchmarking their asset allocation, and understanding the insurer-specific services available in the market. Now in its 13th edition — produced by Clearwater Analytics and DCS Financial Consulting — the report profiles 96 managers and the $5.5 trillion in AUM they oversee, with granular breakdowns by asset class.

New for 2026: Institutional Investor joins as Industry Engagement Partner, bringing its publications and conferences to bear on education and insight across the insurance asset management community.

Key 2026 IIOR insights:

• Private credit’s continued surge. Insurer allocations to private credit keep climbing — and they’re going deeper. Middle market lending and structured debt are displacing traditional private placements as insurers reposition portfolios for what comes next.
• Global growth across every region. Insurance outsourcing is expanding on every continent. North America, Europe/UK, APAC, and offshore markets are all growing — but the regions accelerating fastest may surprise you.
• Concentration of insurance AUM. The largest managers dominate, but specialized and mid-sized firms are winning mandates in ways the headline numbers don’t reveal. Understand the concentration dynamics shaping manager selection today.
• Insurance-specific capabilities drive selection. Customized reporting, investment accounting, ALM expertise, liability-aware portfolio construction — insurers know exactly what they need.
• See which capabilities are separating winners from the rest of the field.

Inside the report:

• Profiles of all 96 participating managers and 12 consultants
• Detailed rankings of insurance investment leaders, globally and by region
• Aggregated data on asset allocations, client profiles, and regional flows
• The trends and forces reshaping insurance investment strategy in 2026 and beyond

Get the 2026 IIOR — a free industry resource.

If you are an asset manager with an insurance asset management practice, and you manage $500mn or more in unaffiliated general account insurance assets, please consider joining the IIOR.  To get on our invite list for the next report, please send the report’s editor, Steve Doire an email at stevedoire@cwan.com