KKR Says Its Insurer Global Atlantic Rarely Uses Egan-Jones (1)

KKR & Co. publicly distanced its insurer Global Atlantic from Egan-Jones Ratings Co., a firm the US Securities and Exchange Commission is scrutinizing for its rating practices in the private credit industry.

The private capital giant singled out Egan-Jones as rarely being used by Global Atlantic, in a presentation to investors to discuss its third-quarter earnings.

“Over 70% of Global Atlantic’s fixed income assets are rated by S&P, Moody’s or Fitch, and less than 1% of assets have a sole rating from Egan-Jones,” KKR said.

A spokesperson for KKR declined to comment. Egan-Jones referred Bloomberg News to a statement ...