The number of insurers using third-party investment managers is rising quickly, according to data compiled by a consulting firm.

Insurance Asset Outsourcing Exchange reports that a record $28.5 billion was outsourced during the second quarter for 2009.

The Louisville, Ky., company cites the credit crisis as a catalyst for self-examination by insurance CEOs and CIOs. They have become more open to change that outside expertise and resources of an investment manager or consultant can make a difference.

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