The Yellow Pages of insurance asset management is coming to the Corporate Funds & Insurance Portfolios Roundtable next spring. Industry stalwart Steve Doire of Clearwater Analytics (CWAN) and DCS Financial Consulting will show a room full of insurance allocators which assets capital has been flowing into over the past decade and what that may mean for future allocations. According to Doire, “The Insurance Investment Outsourcing Report (IIOR) is THE compendium of insurance focused asset managers. It serves as a reference tool for insurers who work with, or are considering working with, external asset managers and investment consultants.”

“We had 90 managers participate in the report in 2025, and we are in a constant process of identifying additional, relevant ones to add for future editions.”

For the past 4 years since taking over the now 20+ year-old report, Doire gathers over 150 fields of data from participating investment managers, who submit details of their firm’s insurance asset management business. Doire explains, “This includes AUM, regions, asset classes, client profiles, and services offered. Consultants also participate, providing information on AUA and services offered.”

“We had 90 asset managers participate in the report in 2025 and we are in a constant process of identifying additional, relevant ones to add for future editions. Participation is open to all managers who have $500+ million of unaffiliated general account AUM, and the final product is free for anyone who wants to download it.”

Emphasizing the key role that consultants play in the industry, he’s very pleased to have included data from 11 insurance-focused consultants in the most recent report and aims to grow that number as well.

Doire mentioned that he is seeing more specialty managers contribute to the IIOR, particularly those in the private markets.

“The 2025 IIOR reported $4.5 trillion of insurance AUM – nearly triple the amount reported a decade ago!”

Steve is no stranger to the insurance world, having spent a good portion of his career at DWS’s insurance group, where he built and ultimately ran the $200 billion insurance-specific investment business. Today, he splits his time as a Strategic Advisor for CWAN as their Insurance AM SME and as an insurance investment industry consultant through his DCS Financial Consulting firm.

The IIOR has become something of an institution in the industry. Doire explains, “We get about 1,500 downloads per year. I’m humbled and honored with how highly regarded and widely used the report has become.”

“Given the highly regulated nature of insurance investing, manager success is dependent on having resources that help deliver successful strategies and solutions for their clients.”

When he started working in the industry over 20 years ago, it was primarily smaller, P&C insurers who outsourced their portfolio management. Today, larger insurers, notably in the life space, are outsourcing. This is particularly true with specialty asset classes. The 2025 IIOR reported $4.5 trillion of insurance AUM – nearly triple the amount reported a decade ago!

Doire emphasizes the importance of the information detailed in the report, “Manager success in the market often depends on what insurance knowledge they bring to the table. Given the highly regulated nature of insurance investing, manager success is dependent on having resources that help deliver successful strategies and solutions for their clients. The IIOR provides useful, tangible insight to help achieve that.”

Steve’s live presentation of the Insurance Investment Outsourcing Report (IIOR) will be held on the morning of March 10, 2026 at the Corporate Funds & Insurance Portfolios Roundtable in Washington, DC.  Register for the event.

If you are an asset manager or consultant who would like to contribute to the 2026 IIOR, please click here to receive reporting instructions.

And if you would like to receive a copy of the 2026 IIOR, please complete this form.

Steve Doire is the founder of DCS Financial Consulting, where he advises asset managers, insurers, and related technology providers on a variety of financial and strategic matters.  He is a Senior Advisor at CWAN, a leading accounting and asset management technology and service platform in the insurer and asset management space.  Additionally, he is the architect and producer of the Insurance Investment Outsourcing Report, a highly regarded directory of insurance-focused asset managers and consultants with extensive data on over 100 participants.  Steve regularly participates in webinars and conferences on these topics and more.

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