Egan-Jones Ratings Withdrawn from Recognition by Bermuda Regulator

Egan-Jones Ratings Co. has recently been removed from the Bermuda Monetary Authority’s (BMA) list of recognized credit ratings providers, according to new guidance from the regulatory body.

The BMA no longer includes Egan-Jones among the ratings providers that can influence an insurer’s solvency capital requirements in the region, a designation the firm had held for several years. Previously, Egan-Jones was listed alongside major agencies such as Standard & Poor’s, Moody’s, and KBRA.

“We are looking into this issue as it has just come to our attention,” an Egan-Jones spokesperson stated in an emailed response. “Our performance and compliance remain superb, and we are confident we can resolve this issue and address any concerns.”

Currently, Egan-Jones has no clients based in Bermuda. The BMA has not responded to requests for further comment on this matter.

Over the past year, Egan-Jones has faced increased scrutiny as regulators aim to better understand the risks associated with insurers’ growing exposure to private capital markets. According to Moody’s Ratings, approximately one-third of the $6 trillion invested by U.S. life insurers is allocated to various forms of private credit.

The significance of credit ratings in the insurance industry has come under the spotlight recently. Bank of England Governor Andrew Bailey mentioned in discussions with UK lawmakers that he had spoken with industry figures who assured him that “everything was fine in their world, apart from the role of the rating agencies.” Following this, UBS Group AG Chairman Colm Kelleher noted that he is beginning to “see huge rating agency arbitrage in the insurance business.”

In addition, the U.S. Securities and Exchange Commission (SEC) has been investigating Egan-Jones’ business practices. SEC enforcement attorneys are looking into whether the firm and some of its senior executives exerted improper commercial influence on its ratings procedures, as previously reported by Bloomberg.

An Egan-Jones representative stated at that time that the firm takes compliance “very seriously and remains in good standing with our regulator.” He emphasized that the business “remains dedicated to serving our clients and the global capital markets.”

Having established a strong position early in the rapidly growing private credit market, Egan-Jones has differentiated itself from larger ratings agencies that primarily serve the public sector. The firm has positioned itself as a key player in private credit, rating over 3,000 private credit investments in 2024 with a team of about 20 analysts.

In the BMA’s latest capital and solvency handbook for insurers, released last month, the regulator lists the recognized credit ratings firms as S&P, Moody’s, Fitch, AM Best, DBRS, Japan Credit Rating Agency, and KBRA. Notably, Egan-Jones was included in this list in the previous two years.

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Copyright 2026 Bloomberg.

Egan-Jones Ratings Co. has recently been removed from the Bermuda Monetary Authority’s (BMA) list of recognized credit ratings providers, according to new guidance from the regulatory body.

The BMA no longer includes Egan-Jones among the ratings providers that can influence an insurer’s solvency capital requirements in the region, a designation the firm had held for several years. Previously, Egan-Jones was listed alongside major agencies such as Standard & Poor’s, Moody’s, and KBRA.

“We are looking into this issue as it has just come to our attention,” an Egan-Jones spokesperson stated in an emailed response. “Our performance and compliance remain superb, and we are confident we can resolve this issue and address any concerns.”

Currently, Egan-Jones has no clients based in Bermuda. The BMA has not responded to requests for further comment on this matter.

Over the past year, Egan-Jones has faced increased scrutiny as regulators aim to better understand the risks associated with insurers’ growing exposure to private capital markets. According to Moody’s Ratings, approximately one-third of the $6 trillion invested by U.S. life insurers is allocated to various forms of private credit.

The significance of credit ratings in the insurance industry has come under the spotlight recently. Bank of England Governor Andrew Bailey mentioned in discussions with UK lawmakers that he had spoken with industry figures who assured him that “everything was fine in their world, apart from the role of the rating agencies.” Following this, UBS Group AG Chairman Colm Kelleher noted that he is beginning to “see huge rating agency arbitrage in the insurance business.”

In addition, the U.S. Securities and Exchange Commission (SEC) has been investigating Egan-Jones’ business practices. SEC enforcement attorneys are looking into whether the firm and some of its senior executives exerted improper commercial influence on its ratings procedures, as previously reported by Bloomberg.

An Egan-Jones representative stated at that time that the firm takes compliance “very seriously and remains in good standing with our regulator.” He emphasized that the business “remains dedicated to serving our clients and the global capital markets.”

Having established a strong position early in the rapidly growing private credit market, Egan-Jones has differentiated itself from larger ratings agencies that primarily serve the public sector. The firm has positioned itself as a key player in private credit, rating over 3,000 private credit investments in 2024 with a team of about 20 analysts.

In the BMA’s latest capital and solvency handbook for insurers, released last month, the regulator lists the recognized credit ratings firms as S&P, Moody’s, Fitch, AM Best, DBRS, Japan Credit Rating Agency, and KBRA. Notably, Egan-Jones was included in this list in the previous two years.

Related:

Copyright 2026 Bloomberg.