Egan-Jones ratings are accepted by regulators, institutional investors, and insurance companies across the United States and internationally. Independent data validates both the breadth of acceptance and the accuracy of our ratings.
The depth of institutional acceptance for Egan-Jones ratings is documented by independent third-party data and regulatory filings. U.S. life insurance companies are among the largest institutional investors in private placement markets, making this acceptance metric a strong indicator of market confidence.
U.S. life insurance groups hold private placement instruments rated by Egan-Jones Ratings.
The 50/50 figure has been independently validated by RiskSpan, Inc., a leading financial data analytics firm specializing in structured finance and fixed income markets.
Data sourced from NAIC 2025 Schedule D filings - the authoritative regulatory record of insurance company investment holdings in the United States. NAIC does not endorse this analysis.
Life insurance companies are subject to strict investment guidelines and regulatory capital requirements. Their broad use of Egan-Jones ratings reflects confidence in the accuracy, consistency, and regulatory standing of our credit assessments.
Annual private placement ratings volume and default performance. Actual defaults have consistently tracked well below expected defaults, demonstrating the accuracy of Egan-Jones' credit assessments over time.
| Year | Rated Deals | Wtd. Avg PD | Expected Defaults | Actual Defaults |
|---|---|---|---|---|
| 2026Current | 3,248 | 3.2% | 105 | TBD |
| 2025 | 3,006 | 2.8% | 85 | 19 |
| 2024 | 2,816 | 2.6% | 72 | 20 |
| 2023 | 2,545 | 2.4% | 60 | 10 |
| 2022 | 2,167 | 2.5% | 55 | 5 |
| 2021 | 1,547 | 3.1% | 48 | 4 |
| 2020 | 1,209 | 2.6% | 32 | 4 |
| 2019 | 733 | 1.9% | 14 | 1 |
| Total (excl. 2026) | 14,023 | 2.6% | 366 | 63 |
1. Data independently validated by RiskSpan, Inc.
2. Source: NAIC 2024 Schedule D filings (NAIC does not endorse this analysis).
3. "Rated deals" = outstanding ratings on January 1 of the applicable calendar year.
4. Expected defaults based on issuer/obligor rating at start of year.
5. Actual defaults based on information provided to Egan-Jones during the applicable year.
Independent studies and regulatory analyses confirm that Egan-Jones ratings are consistent with, and in several respects superior to, those of the major issuer-pay agencies.
Public ratings within 0.07 notches (weighted average) of a major issuer-pay agency for 1,138 issuers rated by both agencies in 2025.
The major issuer-pay agency had an equal or higher rating than Egan-Jones 63.5% of the time - confirming Egan-Jones ratings are not systematically more conservative.
ESMA concluded that no notching adjustment is needed when using Egan-Jones ratings, placing them on par with the largest global rating agencies for regulatory capital purposes.
A Morgan Stanley study found that the major issuer-pay agency had higher default rates than Egan-Jones, validating the accuracy of Egan-Jones' independent ratings.
Egan-Jones holds four major regulatory registrations, enabling its ratings to be used for regulatory capital, investment mandates, and statutory purposes across the United States, European Union, United Kingdom, and insurance markets.
Egan-Jones has been registered as an NRSRO with the SEC since 2007, authorizing its ratings for use in regulatory capital calculations, investment mandates, and other regulatory purposes across the United States.
Egan-Jones is certified by ESMA under the EU CRA Regulation, enabling its ratings to be used for regulatory purposes across the European Union. ESMA's mapping study confirmed no notching adjustment is required.
Following Brexit, Egan-Jones obtained certification from the UK FCA, ensuring continuity of regulatory recognition for UK-based institutions and investors.
Egan-Jones is recognized by the NAIC as a Credit Rating Provider, enabling U.S. insurance companies to use Egan-Jones ratings for statutory capital and risk-based capital calculations.
Contact our team to learn how Egan-Jones ratings can meet your regulatory, investment, and reporting requirements.