SEC Challenges Egan-Jones Ratings, Rattling Insurers' Capital Math

The SEC's March 2026 order questions whether Egan-Jones has the resources to rate 3,000-plus private credit investments and Delaware Life's affiliated holdings credibly. Those grades feed insurers' regulatory capital — the buffer regulators require them to hold. If the ratings prove unreliable, institutions may face uncertainty over how much capital they must keep against those assets.