U.S. Insurance Industry Unaffiliated Investment Management Update, Year-End 2016
via NAIC Capital Markets Special Reports
A good summary of insurance companies and manager outsourcing.
"An insurer may hire an unaffiliated investment manager to gain access to resources that it offers, which the insurer may not have in-house. Another insurer may seek an unaffiliated investment manager to tap its specialized knowledge or particular investment strategies or to help manage a small portion (or considerable portion) of its general account assets. Some large global investment firms offer broader access to investment and risk management solutions, while smaller firms or individuals may offer narrower or specific investment offerings. As an insurer considers outsourcing investment management, it may work with just one investment firm, or it may choose to hire multiple firms."